A decade ago, surgical and non-surgical cosmetic procedures were almost exclusively only accessible to the wealthy. Today, a potent mix of social media, celebrity culture and affordability mean it’s now normal to cosmetically enhance your appearance - even common.
In 2022 alone , there was a 124% increase in Botox treatments from the year before. The fillers and Botox market alone is estimated to be worth £2.75bn1 as people seek minimally invasive cosmetic procedures that don’t entail weeks of recovery.
Thinking of breaking into this booming industry? Our compact guide will take you through the essentials and give you pointers on how to set yourself apart from the competition.
As it currently stands, the UK non-surgical cosmetics industry is unregulated, which means that, in theory, anyone can administer filler or Botox injections. While medical professionals, like nurses and doctors, do need to complete training in order to be able to administer these injectables, regulations have not yet caught up to those working in beauty salons or aesthetic clinics.2
But this is changing. The UK government have announced their intention to introduce a licensing scheme, but this has not yet taken effect and is not expected to until at least 2025.3 Still, those wishing to embark on this endeavour should incorporate the costs of certain qualifications and training into their budget once the rules have been changed.
If you don’t have a background in marketing, the first thing you need to understand is that your brand is crucial to the success and survival of your business – no matter what you’re selling. Your brand is the face your business shows the world, and it’s essential this face is one that effectively appeals to your target audience. When building your brand, consider:
You’ll then need to commission someone to create your brand collateral – logos, your website, etc.
People run successful clinics from their homes, out of existing salons, and from their own designated practice. So, when it comes to location, there’s no one-size-fits-all-rule. It’s about what’s suitable for the needs of your individual business.
Regardless of which location you choose, one thing is for sure: you’ll want to do lots of research. The location of your clinic will determine the type and volume of customer you attract, and this is something that you’ll want to strategically choose based on your individual business.
Purchasing equipment is likely to be your biggest expense when you’re just starting out. That’s because you’re funding the equipment without having yet received any profit or income from the endeavour.
That’s why it’s important to think hard about the equipment you actually need, and be selective rather than overspend.
Purchasing equipment for your clinic’s specialism (e.g., fillers, laser hair removal, etc) is just the tip of the iceberg: you’ll also need to buy sanitary tools, patient beds, furniture, utilities, and more, depending on your clinic type.
So, you’ve built your business from the ground up – now what?
Now, it’s time to protect it. The last thing you’d want to happen is for a poorly administered procedure or damning review to jeopardise your clients’ trust in you.
That’s where having the right insurance comes in.
Sources:
[1] Demand for lip fillers and Botox is a boost for UK dentists | Dentists | The Guardian
[2] Botox providers in England facing stricter rules - BBC News
[3] The licensing of non-surgical cosmetic procedures in England - GOV.UK
Alison Wild BCom (Hons), FMAAT, MATT, Taxation Technician is a highly respected industry professional who has been working with and advising SMEs in areas including tax, pensions, insurance and marketing for over 25 years. She is a fellow member of the Association of Accounting Technicians (AAT) and member of Association of Tax Technicians (ATT). She also has over 25 years' experience as a residential landlord.
This is a marketing article by Towergate Insurance. Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.
Date: November 05, 2024
Category: Beauty