Clearly, with the high margins of med spa businesses, there’s significant opportunity in this industry. Although the pandemic impacted some med spa services, others have adapted and thrived. Once COVID-19 cases decreased in the U.S., demand for medspa services spiked. Because of the pandemic, Devin Haman, CEO of Beverly Hills Rejuvenation Center, says more consumers started:
- Placing a higher value on self-care.
- Receiving employer-provided wellness benefits.
- Feeling more stressed and seeking out relaxation.
5 Popular Options for Financing Your MedSpaThere's a wide array of med spa financing options for business owners to choose from. These options include:
- SBA loans: The SBA offers financing to business owners that can't attain traditional funding.
- Term loans from alternative lenders: If you want a loan with set terms and convenient monthly payment options, this is an ideal option.
- Credit cards: There are many credit cards designed specifically for small business owners.
- Equipment financing: If you need funding for equipment, you can secure an equipment loan.
- Merchant cash advances: If your business accepts credit card payments, you may qualify for a cash advance.
- The lender's overall offer
- Interest rates
- Payment plans
- Credit score requirements
5 Ways to Use Financing for Your Med Spa
1. Purchase MedSpa EquipmentWhether you’re upgrading equipment, ordering pharmaceuticals, or investing in spa treatments, equipping your medspa is no small expense. Per Mindbody Business, the following equipment runs to about $30 per square foot:
- Basic treatment tables
- Facial machines
- Technician chairs
- Treatment trolleys
- Lobby furniture
- Office equipment