As the concept of med spa attracts consumers from all the levels, franchising paves the way for this business to expand to all the markets.
With facilities like Medical spa, the famous saying ‘Age is just a number’ justifies itself quite well. Since the concept of medical spas has come into the picture, consumers are ready to tamper with the signs of aging to make themselves beautiful (externally, of course) without going under the knife.
The number of Medical spa, also known as med spa, is rapidly increasing to help people get the exotic experience of spa and beauty procedures like Botox both simultaneously. The amalgamation of relaxation and rejuvenation is a combination that consumers love. With Med spa becoming a rage in the beauty and wellness industry, it has become a promising opportunity for beauty and wellness entrepreneurs and investors to start with an entrepreneurial venture. Let’s dig deep into the med spa industry to know why it is a lucrative opportunity for entrepreneurs.
Penetration of Technology Giving the Push
With the added benefits of modern day technologies and medical staff along with relaxation and natural treatments, consumers prefer going to a med spa rather than going to a traditional or day spa. Technology has played a vital role in the mushrooming of medical spas in the market. Advancements in non-surgical treatments like Botox injections, laser surfacing, and body contouring have allowed people to keep their youth without spending on expensive surgeries that may be quite riskier.
As technology makes things quite easier for consumers, it paves the way for the growth of technology driven businesses, and med spa is no exception.
Growing Population of Target Population (Gen-X)
With the rapidly increasing population, Gen-X (people with birth years ranging from 1960s to 1980s) are also increasing in numbers, that means the population that requires aging solution are constantly rising. The majority of med spas have clients in their mid-thirties, forties and fifties. Another interesting thing about the growing population is that it makes the med spa business a long-lasting business opportunity. This is because the millennials (people with birth years ranging from 1980s to 1996) are going to be the centre of attraction for all the businesses for a long time period as they are going to be the largest living generation as per statistics. Despite the fact that now the millennial generation is younger, there are certain chances that there will be the highest demand for services like med spa in the coming future from the millennial generation as they will be huge in number. So, investing in a med spa business or franchise will be a lucrative decision in terms of stability in future.
Lucrative Franchising Prospects
With franchising becoming one of the highly rewarding business models, med spa franchises are taking over the market. As the concept of med spa attracts consumers from all the levels, franchising paves the way for this business to expand to all the markets. Low-cost business model and trending business idea together gives birth to a successful venture. This is why entrepreneurs and investors are keen to invest their money in med spa franchises. Talking about the investment required in starting a med spa franchise, it ranges from Rs 20 lakhs to Rs 50 lakhs depending upon the area and prominence of the brand. The investment can be earned back in 24-36 months. Owning a franchise can help the investors and entrepreneurs in starting a med spa with comparatively lesser risk, ensuring greater returns.