Explain the business opportunity (the fun stuff)
The cornerstone of any medical spa business plan is a clear, data-based articulation of the commercial opportunity. To do this right, you need to have answers to the following fundamental questions:
What market problem is your spa going to solve?
How are you going to solve that problem?
Who is your target market?
Who is your competition?
What advantages do you have over your competition?
As you do the research, calculations, and soul-searching necessary to answer these questions, you must prioritize honesty. It’s easy to overestimate the market size, the effectiveness of your solution, or your superiority to your competitors, but fudging the numbers in your favor won’t get you anywhere. As good as it feels to feel good about your chances, it’s going to take a lot more than positive vibes for you to succeed in the wellness industry.
That doesn’t mean you should abandon optimism. It does mean that you need to make an effort to balance your natural enthusiasm with the strategic use of skepticism.
If that kind of thing is challenging for you, then enlist the help of a partner that has a more glass-half-empty disposition. You’ll probably fight with them now, but you’ll be thanking them later.