Toronto’s fast-rising medical aesthetics industry is catching the attention of investors. More and more entrepreneurs are becoming interested in franchises for sale—a trend that is not at all surprising.
It’s easy to get caught up in what this industry promises. Dynamic market activity, skyrocketing profits, and swelling customer demand create the perfect recipe for success.
But before purchasing your own franchise, read this article first. Here, we’ll talk about the four pitfalls to watch out for when buying a medical aesthetic franchise for sale.
1. Skipping the research
Why it’s a mistake: Rushing will get you nowhere, especially if it’s your first venture into the medical aesthetics industry. Instead, spend the right amount of time to do your due diligence.
What to do instead: Choosing the right medical aesthetic franchise requires thorough research. Running a franchised clinic essentially means working with a business partner, so you need to be sure it’s someone you trust.
A reputation check is critical—a franchisor should have stellar reviews and proven capabilities. Here, Canada MedLaser is a good example. They’ve been in the industry for over a decade, so they’ve amassed a large and loyal market base across Ontario.
In addition to the brand’s reputation, here’s what you need to find out:
- Details of the franchising agreement
- Competitive advantages of the business
- Training, marketing, and sales support
- Inclusions of the franchise’s package
2. Underestimating the initial and ongoing costs
Why it’s a mistake: We all know that opening a business comes with risks. But as an entrepreneur, you must show up prepared. Investing in a franchise for sale without thoroughly assessing the finances involved is a disaster waiting to happen.
What to do instead: Detailed financial planning is key. Consider the upfront costs, franchise fee, equipment, and location.
Another oft-overlooked aspect is the ongoing spend. Royalties, marketing fees, and operational expenses can add up and affect the profitability of your medical aesthetic clinic.
Once you know what to expect, make sure you have a sufficient contingency budget for at least the first year of operations.
3. Choosing the wrong location
Why it’s a mistake: In medical aesthetics, your clinic’s location is crucial. Setting up in spots with a sluggish market is the last thing you want.
What to do instead: The best way to tackle this is to work closely with the franchisor.
If you intend to open a medical aesthetic clinic in Toronto, get in touch with Canada MedLaser. Their 13 locations all over Ontario, including Toronto, are a testament to their deep industry expertise gained over many years.
They also collaborate closely with franchisees to find the best places where there’s a rising demand for skin, hair, and beauty treatments.
4. Overlooking training and marketing support
Why it’s a mistake: The main point of buying a franchise for sale is faster time-to-market. Lack of training, marketing, and sales support from the medical aesthetic franchisor may delay your launch.
What to do instead: Find a franchisor that can provide the foundation you need to succeed.
For instance, certified and trained aestheticians can send your customer ratings soaring right away, even if you’re the newest player on the block. Marketing and sales support can also ease your workload, especially if you’re not an expert in these areas.
Established clinics like Canada MedLaser offer a franchise package that runs on a robust business framework.
This includes staff training, recruitment, a marketing kit, and sales assistance. With a ready-to-implement model, you don’t have to start from scratch. Rather, you’ll have everything you need to start operating right away.
Strive For Long-Term Success: Choose Canada Medlaser
A common mistake many entrepreneurs make, whether they’re aspiring or seasoned ones, is focusing too much on their immediate goals. But business is a marathon and not a sprint.
In medical aesthetics franchising, this means choosing the right clinic to invest in.
If you’re ready to take the next step, reach out to us. Canada MedLaser prioritizes your success by equipping you with everything you need to thrive. Let’s work together!
