Hair Business

A Preliminary Outline

Synergy Consulting Group

Introduction

-Includes overview of company leading up to where and why Client’s needs originated.

  • Hair Salon to Day Spa
  • What type of business is run
  • Client notices visible market transition to Med Spa and wants to take action, etc.

-Includes overview of project

  • Client’s original needs and focus
  • SCG’s scope of project (briefly)
  1. The Doctor/Spa Relationship

-Findings on common Industry Practices and why this is applicable to Client’s practice as well.

  • Physician involvement programs (on call, on staff, med director, etc)

-Potential ways to compensate physician

-List of potential physicians (of different backgrounds) to pair up with

  1. The Business Model

-Includes two business models (with diagrams)

  • Explanation of each model to include advantages and disadvantages
  • Tax Purposes
  • Limited Liability
  • Connections to HDAK, etc
  • Each business model will also show the potential Dr./Spa relationship connection
  1. Insurance for Business Models

-This section includes ways to insure against medical malpractice given partnership with physician.

  • Includes explanation of adding to Physician’s original policy and taking out separate policy of insurance.
  • Average costs
  • List of insurance providers to contact
  1. Staff & Management

-Description of how to incorporate management of med spa with management of day spa.

  • Business Model Diagrams used here again
  • Includes recommendation on how to coordinate physician, med spa and esthetician appointments

-Includes staff licensing information and training information

-Scope of what each type of profession is able to perform

  1. Equipment

-Justification for division of equipment into x categories (example – laser, light, etc)

-Brief description of each piece of equipment analyzed

  • Pictures wherever possible
  • Manufacturer contact info wherever possible

-For each division of equipment (IPL, LED, Thermage)

  • Each piece of equipment
  • Equipment Cost
  • Other variable costs
  • Break Even Analysis
  • Payback period
  • Specify how we determined number of procedures performed monthly/yearly etc (Bob will probably need to help us out here)
  • NPV calculation
  • Specify why we used the interest rate we chose for our calculations
  • ROI Calculation
  • Tables: Break Even Numbers, Payback Calculation, NPV Calculation, ROI Calculation
  • Graphs: Break-Even Graph

-For each division of equipment :-

  • Comparative Break-Even Analysis (to determine which equipment we would recommend knowing the number of procedures – some have high fixed/low variable costs or vice versa)
  • Tables: Break Even Numbers
  • Graphs: Comparative Break-Even Graph

-For all divisions of equipment:-

  • Quantitative Comparison Table: Includes criteria such as ease of use, ease of maintenance etc (whatever information we have available)
  • Qualitative Comparison Table: Includes prices, usage stats such as pulses per use or whatever it was

-Our Calculation Summary Table: Tabulated version showing all Break-Evens, NPV’s etc for all pieces of equipment presented in a clear table as a one-stop-shop for all relevant information

-Our final recommendation for type of equipment for each division and justification in each case

-Table: Tabulated view of the equipment we chose for each division.

VI.Action Plan

-Breakdown the implementation into a list of steps such as partner with physician, buy new equipment, setup new corporation, setup room on premises etc

-List categories by which each step will be evaluated including monetary cost, time cost etc

-Specify rating scheme for the criteria (will probably use stars with one star being least cost/effort – 5 starts being most cost/effort)

-Table: Tabulated view of action plan with each step on the Y-axis and each category on the x-axis. This can also be a GANTT chart

VII.Implementation Plan

-Will probably be done in terms of months

-Take each step of the action plan and detail the necessary implementation procedure for each month after initiating the process of becoming a med spa

-Table: Tabulated view of the implementation plan with the tasks on the y-axis and months on the x-axis. Detail what to do for each task, each month for the next 6 months for the short term plan

-Table: Long-term plan, similar to the above but for the next 3-5 years after the first six months

VIII.Appendices

-List of relevant doctors in the area

-List of all equipment looked at

-Brochures & other information

-Articles & Research