As an aesthetics provider, one of the first and most important decisions you make is choosing where to locate your practice.
That old mantra “location, location, location” is no understatement. Location is critical to your marketing, your positioning, your foot traffic, repeat business, visibility, and profitability. So how can you ensure you're making the right choice?
The neighborhood or district you choose should be convenient for your clients. That means it is easily reachable, and generally central in your target geography. Consumers tend to prefer shorter travel times (think 20 to 40 minutes maximum), especially before and after treatments.
Choose a style of neighborhood that fits your practice. Do you want to be in a central business district so you can service clients from nearby offices? Or are you targeting referrals from medical practitioners and want to set up shop near professional buildings? Suburban locations can be good options for serving people close to their homes. Of course, you also want to be in a part of town where clients feel comfortable dropping in, and where you can take advantage of foot traffic.
Walk around the neighborhood and see how it feels before making a decision. Take note of local businesses, and how your practice might fit into the ecosystem. You might also want to look up some local spots on reviewing sites, as highly-ranked spots will add some luster to your business by proximity.
Now that you might have a short-list of neighborhoods to set up in, make sure you understand how much competition you will face in your location before going any further.
A good starting point is to research the existing businesses in the area and determine if they are complementary or competing. A medispa founded five years ago would be classified as competing, for example, while a complementary service would be an upscale gym. Still, the presence of established competitors should not immediately rule out a location. Do more research about other practices to see if there is a unique niche to inhabit, or an untapped demand to meet.
Once you know the lay of the land, you face a few strategic alternatives, including locating near similar providers or choosing new locations. Locating near competition isn't always a bad thing, so long as you are capable of differentiating yourself or attracting their clients to build your own customer base. The success or failure of these options depends a lot on the popularity of your treatments and the impressiveness of your results.
Once you have zeroed in on a neighborhood that suits your practice and its offerings, you're now ready to start looking at buildings and offices. The physical building you choose and its surroundings are essential considerations for the future success of your practice. You will want to compare several options. A good real estate agent will be very helpful in the process.
The appearance of the place, its situation within or among other buildings, its accessibility, and the suitability of the site itself, will all play a role here. And you can’t neglect financial considerations—if the perfect spot is costing you an arm and a leg, it might be time to move on.
There are dozens of different ways to spot the perfect place for a new medical aesthetics practice. And with the right data and a strong sense of direction, it’s surprisingly to make an informed choice for your future aesthetic success.
For more insights into the location selection process, and tips on increasing the value of your medical aesthetics business, download our comprehensive report, How to Choose a Location that Will Make Your Aesthetics Practice Thrive, and give your clinic the tools you need to maximize your success.