Right now, the Global Market Insights 2018 Hair Transplant Market report is estimating the global hair transplant market will surpass $24.8 billion by 2024. That’s one lucrative opportunity for new entrepreneurs and a particularly compelling one for those considering entering this market. In fact, new hair restoration businesses are expected to have a higher-than-average chance at not only surviving their first year of operation, but thriving—so long as you put the right time, care, and research into starting up and maintaining your new business. That last part can seem a little daunting, but the process to building out and launching a successful hair restoration business is a little easier when broken down into steps.
Here, we outline the basic steps to creating and launching your own hair restoration business. Use this guide as a jumping off point to create your own customized checklist as you work through the steps to take your hair restoration dreams to reality.
This first step may seem like quite an overwhelming task, but investing the extra time and work now will pay off later by helping you easily navigate through the industry with a clear idea of what sets your business apart. Consider your business plan a roadmap: the more details there are, the easier it will be to navigate all the inevitable twists and turns.
For those looking for a low-budget option, business plans are entirely doable on your own, even if you happen to have little experience in this area. Many free comprehensive business templates can be found online to help provide a basic structure and guidance, while many more resources are available to help you understand all the minutiae you may have never known existed in the beginning steps to launching your own hair restoration business. For those who have a little more cash flow or connections, consider employing an experienced business consultant or taking on a business mentor whose knowledge you can tap into when things seem a little less clear-cut. Whichever option you choose, take the time needed to ensure details are accurate and every aspect of your business plan is covered as best as possible.
The business plan created in this first step will now serve as a reference tool when securing financing, even if you decide to bootstrap it and fund your business yourself. There are several ways in which you might secure financing for your new hair restoration business, albeit options may vary based on your demographics; the specifics of your business; the neighborhood, region, or country in which you plan to operate; and many more factors. Small business loans, government grants, and signing on family and friends as creditors are three common ways to secure financing for a new hair restoration business. However, there are some less traditional ways of funding your business that you may consider, such as crowdfunding or seeking out smart ways to lessen the burden of your biggest purchases.
One such consideration may be to seek out a device available through a subscription acquisition plan that offers additional benefits that can help manage expenses elsewhere in your business. For example, NeoGraft®, exclusively distributed by Venus Concept in the U.S., offers a comprehensive business solutions program alongside proven FUE technology, making Venus Concept the perfect partners for your practice. With ongoing educational training and account management support, low-cost consumables, complementary marketing assets, and on-demand technical support available with each NeoGraft® purchase, your clinic’s success becomes a top priority, even before your business opens.
Once financing is in place, it’s time to make your money work for you, beginning with one of your biggest recurring expenses: rent. With about 20% of the average business’ budget dedicated to rent or mortgage payments, finding the right location for your hair restoration business is imperative to your clinic’s future success.
The location you choose should be aligned with the overall branding plans and values outlined in your business plan, starting with considering the right neighborhood in which you’re more likely to find your ideal prospective patient. For those less familiar with their city’s neighborhoods, working with a knowledgeable real estate professional can be a real asset here.
You’ll also want to consider the amount of space you’ll need, whether other businesses in your area are competing or complementary, and some additional factors like parking and curb appeal. For those working within a strict budget, getting creative with space and considering potential additional revenue streams, like leasing a portion of your space to a physician or aesthetician offering complementary services, may help secure your ideal location even when it may otherwise seem out of your budget.
While your brand persona and business plan act as the backbone to your business, this foundation will afford little basis for success without the support of quality results utilizing a trusted and in-demand hair restoration device. According to that same Global Market Insights 2018 Hair Transplant Market report, demand is moving in favor of the Follicular Unit Extraction (FUE) transplant method, with a compound annual growth rate (CAGR) from 2018 to 2024 at 29%. More specifically, the report notes that demand for NeoGraft® hair restoration treatments, which utilize this FUE method, will boost industry growth.
While the hair loss market is large and complex, the right hair restoration treatment device can better support customizable treatments that will allow your hair restoration business to deliver outstanding, personalized results to your ideal patients. While traditional transplant procedures are more invasive, can leave a linear scar, and require significant downtime, NeoGraft® automated Follicular Unit Extraction (FUE) leaves no visible linear scar, is minimally invasive, and it allows patients to return to their routine within the same week.
Combining next-generation surgical techniques with decades of data to improve every detail of the hair restoration procedure for both the doctor and the patient, NeoGraft® is designed to help your new hair restoration clinic excel with ease. Featuring an articulated workstation, new recipient site creation handpiece, and a more efficient pneumatic motor, NeoGraft® supports enhanced consistency in implantation sites, automatically counts grafts and implants to streamline paperwork and eliminate the hassle of manual counts, and ensures all the necessary tools are within your reach throughout the treatment, all while delivering more consistent pressure and less noise for a more comfortable patient experience. Opting for a customizable and completely controllable treatment device like the NeoGraft® hair transplantation system can be a game-changer in this rapidly growing industry.
For the most part, hair restoration and aesthetics clinics in general are often owned and operated by physicians or medical professionals. Whether you fall into this category or happen to be a new entrepreneur who may lack the certifications but has the vision, you simply can’t run the clinic alone. Finding the right staff can be difficult, let alone the right staff at the right price for that tight start-up budget. Knowing the right areas in which to prioritize experience and invest in mature candidates versus those areas in which a less experienced but eager candidate may fit the bill is a significant strength.
To begin, you might consider hiring only for the roles absolutely required to run your clinic: a receptionist or administrator, a medical director (if you don’t fill that role yourself), and one or two staff to assist the physician with treatments and consultations. For those utilizing the NeoGraft® hair transplantation system, you’ll have another option at your fingertips: the NeoGrafters™ program. With a free app available for download via Google Play or the App Store, the NeoGrafters™ program allows your clinic to schedule skilled, certified, and insured hair restoration technicians at the click of a button, allowing you to staff your clinic only when needed. The app allows physicians to quickly and easily create a booking request, choose their preferred technicians based on availability, review all estimated charges, and tap into the benefits of lead generation and direct patient referrals, all while delivering optimal, consistent patient results with the NeoGraft® hair restoration system.
The final step is to actually launch your hair restoration business. A successful launch takes careful planning and targeted efforts to promote your new business and build out brand recognition. Start several weeks out and focus on creating intrigue while establishing your brand identity. When you start to post online, don’t give away too much before the big launch. Establish one or two key points about your branding that sets you apart. Consider what makes your hair restoration clinic innovative and different and introduce your brand through the lens of those key points. This will help to strengthen brand awareness among prospective patients and better carve out your spot in a competitive industry.
Pre-launch is also a great time to start building out your email list. Rather than launching your website too early, consider using your URL for a landing page that requests email addresses in exchange for offering prospective patients first dibs when your appointment calendar opens up or an invite to your launch day event. Offering benefits for following along to launch keeps prospective patients engaged and feeling valued well before they’ve entered your clinic.
For those feeling a little overwhelmed with everything all at once, this isn’t the step to cut corners. Rather than leaving your launch to the last minute, hire a professional agency to help you make this first impactful splash. Exclusive to NeoGraft® and Venus Concept partners, 2two5™ is an advertising agency that leverages the most effective digital marketing tactics alongside compelling creative for an effective all-in-one marketing solution. Advertising strategies are informed by today’s most accurate, real-time targeting capabilities to better ensure you’re delivering the right ads to the right prospective patients—and all at the right time to help your hair restoration clinic see a successful launch.
By creating a detailed business plan now, prioritizing professionalism, and opting for devices and services that are capable of supporting business growth, you’ll be setting up your new hair restoration business for long-term success. While you may need to pivot or tweak your business plan along the way, those opting for NeoGraft® and the NeoGrafters™ program will access all the benefits of a Venus Concept partnership alongside access to skilled treatment assistants available to support you as your clinic grows. Essentially, you’ll have a team and a wealth of business and treatment knowledge available every step of the way.
Ready to get started? Contact a Venus Concept expert today using the button below.