These days, an increasing number of people seek an escape from the big city life, making spas an accessible sanctuary for them to relax and disconnect. Growth in the health category continues to increase, and therefore the thriving spa industry continues to attract entrepreneurs and investors wishing to capitalize on the segment’s outstanding growth.
Those who have decided to use their entrepreneurial spirit to start their own spa will most certainly begin with creating a spa business plan/model. This guide covers the essential parts of a great business plan and some tips for converting your vision into reality.
A concise and well-designed spa business plan not only gives you and your team a clear roadmap to success, but it’s also necessary if you plan to obtain funding from banks or to recruit partners.
To constitute a successful spa business plan, you need to:
Define your business
This first section of your spa business plan should cover your company’s basics, mission, and operational philosophies. You should explain the purpose of your organization and describe your customer service idea. Other things to be included in this section are:
- The name of your spa business
- Your facility’s address
- Contact information
Define your market
Who is going to visit your spa? When defining your market, you should analyse the local spa market in terms of size, consumer trends, and growth potential. An analysis of such nature will help you understand the current and future competitive environment in which the spa will operate.
To easier define your market, consider, amongst other things, the following:
- Do you target your services and products primarily to men or women?
- Where do they live?
- What do your clients do for a living?
- How much money do they make and can spend on things such as your business?
- How old are your target clients?
Create a market plan
Describing how you intend to market your spa effectively is a fundamental part of your spa business plan. This section should include all the methods you will use to advertise your business; social media like Instagram and Facebook, your main webpage, email marketing, traditional marketing like tv-commercials, etc.
Identify your management team
To run a successful spa, you need strong spa management skills and motivated and educated staff. In this part of your business plan, you should describe all your service providers in-depth (therapists, hairdressers, makeup artists, etc.).
Define an Operations Plan
When creating your spa business plan, you should make a detailed day-to-day plan containing the activities and support you will need to run your business. Indicate the team members responsible for each task, including service, administrative and support personnel.
One should not underestimate the importance of deriving your development costs, sources of financing, and potential earnings. In many cases, sloppy planning and the absence of financial assets cause bankruptcy for new corporates in the business.
That’s why you must know how much money you need to get started, where it will be coming from, what you will be spending it on, and how long it will take you to earn it back.
Spa business plan course
You have now gained a small insight into the essential parts that must be included in your spa business plan, but there are still many factors to consider when creating it.
Spa Business Education offers a complete spa business plan course, providing you with all the knowledge you need to succeed with your planning. By taking our course, you will get the following:
- Guidelines for measuring how well your spa business is performing
- Knowledge about how to write your own business plan, point by point
- Awareness of what the three essential elements of your business goals must include
- A simple fill-in spa business plan template
Contact Spa Business Education today and enroll in our spa business plan course online, and you’ll get all the resources, support, and tools on how to create and take your spa business to the next level.