Making a Spa Business Plan - 9 Steps for Financial Bliss

There is a lot that goes into creating a successful spa that fulfills your needs, your employees’ needs, and your clients’ needs. And it all begins with a spa business plan. 

*Cue the dread.* 

Yes, we know making a business plan is likely the least fun part of opening a business. But we are here to tell you that it is quite possibly the most crucial part of your business. The business plan describes how to run your company, so look at it as a guidebook. 

Since we know creating a spa business plan is a drag, we are here to make it a bit easier. Today we are filling you in on all you need to know to create the business plan that will bring you financial bliss.

Step 1: Write the description of your company

Here is where you get to share with others the basics of your spa including its mission and the philosophies behind it. Essentially, this is a longer version of your elevator pitch — how you do a quick sell of your spa business. 

You want to include some basic things like:

• Company name

• Address

• Contact information

• Type of business (LLC, sole proprietorship, etc.)

This description should also mention the type of spa you’re operating, the reason why you started your spa business, and any milestones your spa has already experienced. These milestones can include things such as store openings, sales goals, and more. 

This section is, in short, a humblebrag about your spa and vision, but keep it professional.

Step 2: Plan your finances

This is where things can get a bit complicated if you’re not a numbers person, and you may want to enlist the help of a financial planner to guide you through this step.

Do not underestimate the importance of financial planning in your business model — it could be the make-or-break of your spa. Many times, the failure of a business is a result of poor planning and a lack of capital. 

You want to plan on how much money you need to get the ball rolling, the source(s) of that money, what the money will be spent on, and when you’ll earn it back.

Step 3: Zone in on your target market

It’s time to get specific about your ideal customers. Here are some of the questions you need to answer to define your target market for your spa business plan. 

• Who will come to your spa?

• What will they buy?

• Are your target clients male or female?

• How old are they?

• Do they have children?

• What do they do for a living?

• Where do they live?

• How much money do they make?

You can have fun with this as you create different personas of sample clients. For example, one you create may be Melissa. Melissa is 43 years old, lives in your area, and works as a stock broker. She is financially successful but needs a massage twice a month to alleviate the stress from her job and her two children. Creating a fictional client can help guide your planning process as you make crucial decisions about what’s worthy of investment and what isn’t.

This part doesn’t have to bessful. It needs to be realistic so that it provides the necessary information, but enjoy getting creative, too.

Step 4: Location, location, location, and licensing

Maybe you already have a spa location and are looking for a new one, or maybe you’ve yet to set up shop. Either way, this part of the business plan is key to your spa’s success. 

For a business such as a spa that relies on in-person visits, you need a location that suits several different needs. Here are some of the things you want to consider when it comes to location:

• High-traffic area

• Easy access

• Easy (possibly even free) parking

• Distance from competitors

In addition to location, you need to think about the licensing requirements for the area as well. This can vary depending on the state your spa is in.

Here are some of the licenses you may need:

• Business license via the SBA

• Employee licensing

• Health inspection regulations

Step 5: Time to market

How do you plan to market your spa? Marketing may not be the most intuitive thing, but it is undeniably necessary for success. So how will you get there?

This part of your spa business model is one of the most important. It should cover all aspects of how you plan to market your spa, including things such as email, social media, website, review sites, and more. 

Included in this step is also planning your marketing budget. Marketing costs can get out of hand quickly if you’re not strict about spending, so take the time to sort out how much money you should put into the different areas and methods you plan to use.

Step 6: Plan your offerings

This is where your expertise finally gets a chance to shine: the creation of the spa menu. What services do you want to offer? What type of experience do you want to build for your clients? And how is that different from other spas? 

Will you be doing special deals for couples? For brides? For gifts? And anything else? Think about what you want the spa experience to be for everyone that walks into your spa, and create your menu from that. 

Any supplies or machines that you need in order to provide these experiences and services to your clients need to be included in the financial part of your business plan.

Step 7: Choose your team

A spa is not the type of place that’s a one-person show — you need a team of people to make your business run smoothly.

Take the time to think about who you want to have at your spa — estheticians, massage therapists, stylists, and more. Who do you know that would be the perfect fit? Who would you love to have on your staff? Get specific. 

Outline what each person’s skills are and why they are someone that you feel you must have on your team. Maybe you already have this team of people put together beyond just in your mind, and that’s great! Then focus your attention on creating profiles for each person to describe why they are so fabulous and why your spa needs those specific people to run successfully. 

You should also include in this the tasks that each of those team members is responsible for so that you can ensure you have everything for the day-to-day of the office covered.

Step 8: Extra, extra, read all about it

This part of your spa business plan should include any supporting materials including obtained business licenses, permits, and more. This is where research and organization pays off. The more specific detail you have, the more easily a potential investor or lender can see your spa’s potential.

Step 9: The grand finale

You can finally breathe a sigh of relief because we’ve made it to the last step of the plan. Though weirdly, this will actually be the first part of your business model.

The last step is the executive summary which is just a short overview of  of your business plan’s highlights. We saved writing this one for last because you need to fully craft out the other sections before knowing what to summarize. Just be sure you put it at the front of your plan when everything’s completed.

You’ve already done the hard part: coming up with the spa business ideas that can set you apart from the competition. By putting these business plan pointers into effect, you’ll also have the blueprint for your spa’s success.

Boulevard was built to help your business achieve profitability at scale without losing an inch of sanity. See for yourself! Get a free demo today.