How to Start your own Medical Aesthetic Practice
So you want to know how to start your own medical aesthetic practice? Starting your own medical aesthetic practice can be a rewarding and fulfilling career move, but it can also be a daunting and overwhelming task. There are many things to consider when starting a business, and it’s important to make sure that you are well prepared and fully informed before taking the leap. In this article, we will provide an overview of the steps you need to take to start your own medical aesthetic practice, as well as some tips and best practices to help you succeed.
1. Should I Start my Own Medical Aesthetic Practice?
Before you begin thinking about anything else, ask yourself these questions: Are you willing to put in the work it takes to start a medical aesthetics business? Do you have the time to start a business? Are you excited to start a business? If you answered yes to all of these questions, then congratulations! You are setting yourself up for success.
2. Naming Your Medical Aesthetics Practice
Envisioning names for your new practice is easily the most exciting step. However, before setting your heart on one, you need to do your homework. Check out our blog post “Naming Your Medical Aesthetics Practice” for more tips.
- To start, search the database of business names in your state to ensure that the one you have your eye on isn’t taken.
- Does the name have any previous bad reviews associated with it? Google around and see what you find. This can be amusing 🙂
- Make sure the name you’ve chosen isn’t trademarked. You can easily do a trademark search on Google. You also need to make sure a URL is available. If the URL you want is not available, you can always get creative by adding a dash or inserting your city after the title. For example, Forever-Beauty.com or ForeverBeautyPDX.com
- Keep it short and simple and no funky spellings! Aim for a name that is easy to pronounce and spell.
- Think twice about naming your practice after yourself. A business name that includes your personal name can make it difficult for your practice to grow and evolve. For example, if you decide to retire or move on to a different field, a business name that includes your personal name may make it harder to find a buyer for your practice. By naming your medical aesthetic practice after yourself, you will always be tied to this business which makes it potentially hard to sell or to replace yourself and the work that you do.
“By naming your medical aesthetic practice after yourself, you will always be tied to this business which makes it potentially hard to sell or to replace yourself and the work that you do.”
3. Register Your Medical Aesthetics Practice
Once you choose a name, you’ll need to register your aesthetics business both federally and through your state for tax purposes. You can choose to do this with a business attorney or online. The cost is a couple hundred dollars.
Then, get your Federal tax ID number and your state index number. This number will be required when setting up online payment processors or banking accounts related to the business. It can also serve as proof of existence for suppliers or vendors who may require this number before offering goods or services at discounted rates.
Lastly, keep in mind that the requirements for registering your medical aesthetic business will vary depending on your location.
4. Establish your Commercial Address
Establishing a commercial address is an important step when setting up a medical aesthetics practice. Choosing the right location is key to ensuring that customers have access to your services and that you can cultivate a positive brand identity in the area. Here are some tips on how to go about finding your commercial address:
- Finding a shipping location is often a challenge if you’re just getting started and if you don’t know where you’re going to be yet, but you have to do it. You cannot ship medical goods to a residential address even if you have it listed as your “business” address.
- Consider factors such as foot traffic, parking availability, and proximity to other businesses and amenities.
- You may also want to consider the overall aesthetic of your location – does it match the branding and image you want to portray for your business? Talk to local businesses, as it can be helpful to get advice from people already established in the area. They may have insight into which parts of town are most suitable for medical aesthetics practices and what kind of prices you can expect for renting/buying premises.
- Lastly, think about the physical layout of your space – will you need a separate treatment area, reception area, and office space?
5. Open New Bank Accounts
When starting a new medical aesthetic business, it’s a good idea to set up a business bank account. This will make it easier to track your income and expenses and to prepare your tax returns. Also, because it is important to keep your personal and business finances separate.
Our recommendation is to go with your local credit union, or US Bank as they treat small businesses well. Credit unions are financial institutions that operate in a similar way to banks, but they are owned and controlled by their members, rather than by profit-seeking shareholders. This means that credit unions are able to offer many of the same products and services as banks, including business banking services, but with a more customer-focused approach. Because credit unions are not-for-profit, they generally charge fewer (or lower) fees on their business accounts. There are several pros to joining a credit union such as lower fees, better rates, community focus, and a more personalized service.