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Marketing and Promotion CHAPTER FIVE By Amy Kamin The Business of Esthetics as improving their psychological well-being. This is accomplished by providing the most exceptional care, based on solid training and skills. No matter how altruistic your intentions, the bottom line is that success is related directly to the income generated by your practice or spa, as well as the money that remains after expenses: your profit. Having a thorough understanding of common business tools will enable you to develop a lucrative skin care business in what has become a truly competitive market. A CULTIVATE A BUSINESS ADVANTAGE Whether employed by a day spa, a medical spa, or a destination spa, and especially if they own their own facility, estheticians today face many of the same challenges. In order to survive—and thrive—in this challenging environment, having a competitive edge is a necessity. Developing a working knowledge of the basic terminology that is well- known to most business professionals will enable you to evaluate the viability of the day-to-day strategies and decisions you make in order to implement adjustments to increase your odds of success. FAILING TO PLAN IS PLANNING TO FAIL For every entrepreneur, a business plan is the foundation on which to build their operation. Similar to a road map, a business plan defines your path to success and illustrates the route you will take to reach your ultimate destination. Don’t allow the prospect of creating such a document intimidate you. You probably already have identified many of www.ascpskincare.com s an esthetician, you most likely selected your profession based on an interest in enhancing your clients’ appearance, as well your goals, how you are going to achieve them, and what it will take for you to do so. Plugging in the corresponding numbers can seem challenging, but consider engaging the services of an accountant if you need assistance—especially if you are preparing a plan to submit to a financial institution, venture capitalist, or other lender to secure financing for your business. TYPES OF BUSINESS PLANS There are two kinds of business plans that have their own particular significance: a nonfinancial plan and a financial plan. The nonfinancial variety details your basic vision of your enterprise, including both short- and long-term goals. The financial version is a blueprint that specifies how much money you will need, where you intend to obtain it and how you plan to distribute it. It is important for these financial goals to be realistic, so that you can run your business efficiently. Both types of plans are interdependent, because it is essential to understand your objectives fully in order to define them in quantitative terms. COVER THE BASICS The following categories are integral components that should be included in your business plan. • Executive summary of your business concept, target market, and competition. A business concept is key in enabling you to articulate what will distinguish your business from others. For example, you may want to open a day spa that provides no-nonsense skin care targeted to a baby boomer clientele. You plan to open this facility in a free-standing neighborhood building that currently is occupied by a bank, as well as several medical and dental practices. However, an analysis of your competition successful business handbook 73