Hair loss is a common problem that many people experience across the world. It affects the young and old alike. According to Global Market Insights Inc., the global hair transplant industry may exceed $30 billion by 2025 because of the growing number of people visiting clinics like sapphirehairclinic.com for a hair restoration procedure.
Though the hair loss problem may be bad news to individuals experiencing it, it’s good news to entrepreneurs. This is a market that can give you an excellent opportunity to make money.
If you’re looking forward to entering this industry, there are a few things you need to consider. A hair transplant requires you to hire experienced and licensed surgeons.
Here are some things you should consider when starting a hair transplant business:
1. Business Plan
Like other businesses, a hair transplant Turkey clinic should have short and long-term realistic goals. These can only happen if the owner develops a business plan having information about the investment costs, type of services offered, competitors, and the appropriate location to run the business.
It would be best if you also considered the demography of the clients you intend to serve. If you want your business to serve international clients, your marketing strategy should outline how to reach them through the internet and other options.
The plan should also outline how you intend to get the technological devices for carrying out the transplant procedures and surgeries. Most hair transplant businesses have sophisticated technologies. For you to compete against them, you need to have current devices.
2. Hire Professionals
Medical practitioners own most hair transplant clinics. However, you don’t have to fall into this category to start such a business. If you’re just an entrepreneur interested in this business but don’t have a medical background, it would be imperative to hire the right professionals.
The process of hiring quality physicians may not be easy if you’re working on a tight budget. Most of them are experienced and may want higher salaries which you may not afford to pay. Therefore, it’s advisable to hire physicians whose salaries can fit within your budget.
An excellent way to ensure integrity and professionalism is to hire experienced clinicians and young transplant specialists. That way, the more experienced veterans will supervise and mentor the less experienced armatures.
Alternatively, it would be best to hire clinicians who can get the clinic running. These may be an administrator, receptionist, a medical director, and one or two physicians to offer treatments and consultations.
3. Source For Financing
All businesses, including a hair transplant clinic, require financing. You can fund the business yourself or explore other ways of obtaining finances. This will vary depending on your business’s specifics, demographics, country, neighborhood, and region.
Some common ways of securing financing include applying for business loans, asking friends and family members to credit you, or applying for government grants. The financing source you select should help you run your business and remain with something to survive on at the end of the month. Avoid sources with high-interest rates because they’ll drain your bank account and make it difficult to operate your business.
4. Find A Suitable Location
Finding the appropriate location for your hair transplant business is vital for its success. It’s estimated that about 20% of an average business budget goes to mortgage and rent payments. You should afford the rent for the location you prefer.
Professionals at hair transplant Istanbul advise that the location should be aligned to your overall goals. The neighborhood you settle in should help you find patients easily. If you don’t understand a particular area’s geography, it would be advisable to ask a real estate agent to help you find a suitable location to set up your business.
You may also want to consider factors like space, curb and parking appeal. If you have a strict budget, you can lease some of your rental space to other physicians offering complementary services.
5. Competition
Before considering opening a hair transplant shop, it’s vital to evaluate the competition. Competition varies depending on the geographical location. Big towns and cities may be very competitive because they have much traffic who may become patients.
It may be easy to think that the number of patients outweighs the businesses. However, most patients would want to go to established clinics rather than starting businesses. So if you build your business in an area with little competition, you’re likely to get more customers.
You can know who your competitors are by looking at online directories of your region. If you notice that there are more established clinics within the locality you intend to set up your business, it would be advisable to move to another location with less established clinics.
6. Join Trade Associations
Like other professions, the hair transplant industry has many associations that you can join to network. Participating in these associations and associating with established brands can help to improve your clinic’s credibility. Through peer connections, you may also find new patients and referrals.
Associations can also help you to know the current trends and developments within your industry. Your staff needs to update themselves on new ways of doing transplants. This may be through using the latest equipment or techniques of carrying out procedures. New trends will not only lessen the time a patient takes in your clinic, but they’ll increase your success rates.
7. Buy The Right Equipment
Marketing your business to your prospective clients is crucial. However, without proper equipment, the customers will not be satisfied with your business. You don’t want this to happen because it will give your brand a negative reputation.
Businesses with the latest equipment have a higher success rate than those with old equipment. Most current equipment supports customizable procedures that can make your business give outstanding results to your patients. Conventional transplant treatments are more invasive and need more downtime. Some may even leave patients with scars. You can combat these problems by using current devices that are minimally invasive, require less downtime, and leave no visible scars. That way, your patients will get back to their routines within a short period.
The Bottom Line
Starting a successful hair transplant business may not be easy. However, with a business plan, the right location, source of financing, the right equipment, and experienced professionals, it can be easy.
