Plastic surgery is an industry rapidly developing and creating a lot of opportunities for new surgeons. In fact, statistics show that this industry will gain approximately $27.79 billion worldwide in 2023. This reveals how competitive the industry really is.
So starting an independent plastic surgery practice requires a lot of training and experience, and achieving the necessary professional standards. Your main goal should be to open a place that encompasses all operations and other invasive medical procedures whose primary purpose is to change, restore, normalize, or improve an individual’s appearance, function, and well-being. Also, you have to offer your clients affordable prices, benefits, and valid conditions so you make sure they choose your clinic.
Additionally, you should be aware that, before visiting a clinic, people do online research and take into consideration everything they read and see online and then decide if your place is the most suitable one. So, before you open your plastic surgery business, make a plan because it is pointless to have a large number of clients visit your place but not choose your services. To achieve high conversion rates, you must provide excellent customer service and plan every step of your strategy meticulously.
This article will go over the six most profitable and sustainable ways to start a plastic surgery practice.
Research the competition
A competitive analysis will help you assess your potential competitors. To conduct one, first identify the institutions that are currently offering services similar to yours. For example, if you live in Toronto, Canada, make sure to research the market and find the top Toronto plastic surgery institutions this area has to offer.
If your idea is to offer several procedures like breast augmentation, liposuction, facelift, chin implant, or mommy makeover, then thoroughly research your competition and check what they offer. It will better shape your ideas and help you draw some inspiration from them.
Additionally, this analysis can teach you about current market trends, product pricing, market saturation, best practices in the industry, market gaps, and business opportunities. Although a competitor analysis is required when starting a business, it should be done regularly to improve competitiveness.
Create a business plan
Creating a business plan is essential before starting anything else. But, without first researching the medical industry, you cannot begin writing a business plan. Once you do that, create a realistic timetable, find out how to obtain funds, decide on the equipment you need, choose the location, and add everything to the business plan because all of these aspects are important steps in the process. This way, you will come to present yourself as a well-prepared professional.
Obtain funding
One of the most important aspects of starting a plastic surgery practice is having enough money. It is critical to conduct research and select the best funding option for your specific situation. You can use different funding options and resources available to get started.
In fact, you can start by deciding between loans and grants or your personal savings. If you want to get a loan read all the details beforehand. This includes all information about the payment period.
Then, if you choose grant funding, you can search for the best private organizations that provide grants for new businesses and obtain this type of funding. In the end, if none of these suit you, then make good use of your personal savings. This way, you can keep out of debt and obtain complete control over your business.
Decide what equipment you need
While you may want to purchase the most advanced lasers and devices, it may be more cost-effective to lease the equipment that you anticipate will generate the most interest from potential patients. It could be laser resurfacing, injectables, or mostly reconstructive plastic surgery options. Your geographic area and patient demographics may help you determine which treatment options are most desired and needed in your community.
Hire the perfect team
A professional team with proper skills and who knows how to provide good customer service is the key to success. Putting together a team of people who will treat your clients with respect, patience, and understanding will help you gain repeat customers and valuable referrals.
So, start small and hire two nurses, an assistant, and one more plastic surgeon. You cannot go overboard and hire 20 people from the get-go because you have to provide them with proper equipment, uniforms, and a satisfactory salary. Also, it is essential that you keep your expenses low while you’re still expanding your patient base. That is why you should hire only the necessary personnel at the beginning. You must build your brand and referral base over time in order to increase patient volume.
Create a memorable name
Consider a short, powerful name that will stand out from the competition. You must create something meaningful and closely related to your brand. It must be distinct and simple to pronounce and spell. Also, always ask for help from your closest ones. Ask for their honest opinion, and allow them to assist you if you become stuck.
Final thoughts
Establishing a successful plastic surgery practice requires patience, commitment, and planning. You should create a concise plan about the expenses and estimate how much you need to save before starting your business. By following these steps, you are one step closer to owning a very successful business.