Aesthetic Businesses in the UK
The aesthetic industry has seen a huge leap in demand and market size. Recent reports suggest that 7.7 million people had an aesthetic treatment in the UK in the past 12 months. This shows that aesthetic businesses, whether going solo or establishing a clinic, could generate higher potential income in the years to come.
As the market and demand increase, practitioners training for aesthetic treatments has also risen. As far as we know, at least 940 aesthetic clinics are registered in the UK, though these numbers don’t reflect solo aesthetic professionals or a representation of the number of practitioners doing treatments in an aesthetic clinic.
With the overflowing market, it is still a wonder why 90% of aesthetic businesses fail in their first year. In this blog, we will examine the key reasons why many aesthetic businesses fail and how to avoid their mistakes. Make sure to follow closely!
1. Lack or Unclear Aesthetic Business Strategy
The fatal flaw of most aesthetic businesses is the lack of an unclear business strategy. We know that you’d like to make money off of aesthetic treatments, but without a clear and well-written business strategy, you’re preparing yourself to fail. Successful aesthetic clinics or solo aesthetic practitioners have a clear goal for their target market, a financial goal, and growth strategies to promote their business. Without a proper business strategy, serious problems like unreasonable decisions, unorganised allocation of resources, and ultimately, business failure can arise.
How do you avoid it?
Prepare a well-thought-out and organised business plan. I know it’s simple to say and hard to do, but a business plan shapes your approach towards your business goals. Before preparing a business plan or strategy, try extensive research on the market first. Check what the ideal client is that you’ll mostly cater to, their wants and needs, and the things they’ll like. This will give you an advantage over most startup aesthetic businesses, as you’ll be able to pinpoint their needs without them telling you.
Download a free business plan for your aesthetic business by clicking here.
2. Financial Management
You’re not doing business if you’re not earning enough. Financial mismanagement is a plague that most aesthetic businesses suffer from. Many aesthetic businesses may find themselves spending on luxurious equipment, designs, and other non-essential items for their business. Without a strong grip on financial matters, aesthetic professionals may find themselves spending more than what they are earning. Worst scenario, you won’t be able to cover your operational costs, which may lead to your business closing.
How do you avoid financial mismanagement?
Having a clear business strategy or plan will help you with financial management. Understanding your day-to-day costs, financial position, and becoming more efficient in controlling overhead costs will help you tone down your spending and understand your major expenditures. Another method to help you manage your finances is to ensure your customers pay on time. With Faces, get deposits easily when clients book at your clinic. Faces will help you decrease your no-shows and client cancellations with our robust deposit feature!
3. Ineffective Marketing and Customer Acquisition
What’s a business without its customers? Aesthetic businesses without an effective marketing strategy and good customer interaction will ultimately fail. As our profit is reliant on customers, clinics and aesthetic practitioners fail due to a zero marketing strategy. Inadequate online presence, community engagement, and community building would deter any potential customers from messaging your business.
How do I successfully market my aesthetic business?
Use Faces! Faces have a free marketing tool built into our app that helps your business build online credibility. We offer a clinic marketplace for visibility, a free website builder to lay the foundations of your online presence, and a marketing manager you can hire for as little as £3 a day! Besides Faces powerful features, you can also take advantage by understanding how your competition markets themselves; try to peek at their Instagram account and take some notes!
Conclusion
Failing to prepare means you’re preparing yourself to fail. Dreaming about a successful aesthetic business is easy, but building one takes time, effort, and willpower. We know it’s not easy, but Faces is here to ensure you’re on the right path to success. Internalise what you’ve read and download Faces to get these powerful features for free. Download today!