Articles

Practical Finance—Part II by Monte Zwang
Skin Inc. Magazine January 2, 2014

Part I of this article, which appeared in the December 2013 issue of Skin Inc., discussed becoming financially fit in your skin care business by keeping things simple and determining your break-even point. more>>

Practical Finance—Part I - by Monte Zwang
Skin Inc. Magazine December 4, 2013

Editor’s note: Part II of this column will appear in the January 2014 issue of Skin Inc. magazine, and will address using tools and systems for cash control, utilizing financial professionals, and the value of constantly evaluating and updating aspects of your business’s finances.

Is your business financially fit? If you are like most, your relationship with your skin care business’ financial aspects may raise more questions than answers. more>>

You Paid What?!?  
by Monte Zwang 

If you’re reading this, you probably own a spa. But maybe you’re thinking of buying a second location, or maybe you’re thinking of selling your space to buy a bigger spot. Either way, buying or selling a spa — or any business, for that matter — is a lesson in “how to successfully give yourself a headache.” But fear not. I’m here to help you get over the hump and get your purchase or sale in order. more>>

Organic & Wellness; The Way to Wellness for Spa-Preneurs
LeNouvelles Esthetiques and Spa Magazine  December 2012

Changes for 2013
If you could increase your revenues by adding cash paid services that do not require a big investment in equipment, would you be interested? Although this is absolutely possible, it will take courage and an open mind to change some of your perspectives on healing and health care. Do we know where the spa industry is heading, Ms. Day Spa Owner? If you are not a high-end spa catering to the financially elite, you are learning that the market rate for what mainstream clientele is willing to pay is $59-$69 per month for massage and facials. Yes, the market has shifted, and the mainstream has voted. They love spa services and are willing to carve some money out of their limited budgets for these indulgences. At these rates, however, it takes many services to pay your rent. As you’re probably aware, this is especially true for skin care professionals, as product costs and supplies continue to rise. more>>

Pampering to Prevention: How Doctors, Wellness Practitioners, and Spa Can Play Together Nicely
Spa Insider August 6, 2011

by Monte Zwang
There is a perfect storm brewing that bodes well for the future of forward thinking doctors, spas, and wellness practitioners. We’re finding our way through a fusion of the services and care provided by physicians, wellness practitioners, and spa operators. In order for this to occur, spas have to be more involved with preventive wellness oriented services, and doctors need to view spas as more than an opportunity to bolster their practices with cash (non-insurance paying) patients. Spa operators, physicians, and wellness practitioners must all become lifestyle coaches and service providers. As both spas and medical clinics currently exist, an opportunity to merge the two is clearly on the horizon. more>>

Is There A Good Time to Raise Prices, and Is Now the Time?
Spa Insider  July 21, 2011

by Monte Zwang
I’m currently wrestling with a couple of my clients about raising their prices.  Is it safe?  Will it risk business? How are our guests going to respond?  We’re still in economic recovery. Money-wise, our clients are in that weird space about whether they should be spending money on guilty pleasures.  Groupon has shown us what guests are willing to pay for services. They are looking for results and a bargain. And yes, price matters. more>>

Seeing Red:
Indie spa owners sharpen their scissors to compete with Elizabeth Arden's new spa.

Good Plan, Bad Plan

You can plan, or not. What can happen? It's not the end of the world, but it may cost you money. There is a way to structure a business and its operations to optimize your financial benefits. This makes the finances of the business work for you. It's not difficult, it just requires a plan. more>>

Margin or Markup? by Monte Zwang, 3/13/10

As operators we are constantly trying to figure out how to price our products and services. In part, how our clientele perceives us as a business is related to how expensive we are or are not. We don’t want to be the least expensive, but we also don’t want to be the most expensive among our competition. So, what is a fair price for our products and services? more>>


Managing the Financial Well Being of Your Spa - Interview by Emily Talbot, Denver Resort and Spa Examiner, 7/29/09

Managing numbers on a monthly basis can be daunting as a spa owner, director or manager. Unless you have a knowledgeable and dedicated staff that understands the industry and financials, you may find yourself overlooking the most important aspect of your business.  more>>

http://www.examiner.com/article/managing-the-financial-well-being-of-your-spa


State of the Industry

Following is a synopsis of a presentation by Monte Zwang, Principal of Wellness Capital Management presented at the Spa & Resort Expo – Medical Aesthetics Conference & Exposition in Los Angeles, CA on February 21, 2009.  more >>


Finances in Real Time

How to Implement Change that Impacts the Profitability Of Your Spa. Presented to the SPA Conference & Expo, Austin, TX, Monday October 5, 2009, by Monte Zwang and Mark Machlis. more >>


The 6 Numbers you Need To Know to Run Your Business

A Spa Boom Webinar, Presented August 9, 2009 by Monte Zwang, Principal of Wellness Capital and Seth Gardenswartz, VP of Business Development and Corporate Counsel for SpaBoom.  more >>


Financial Planning in 2009

Presented June 13, 2009, at the International Esthetics, Spa & Cosmetics Conference, Las Vegas, NV, by Monte Zwang, Principal of Wellness Capital. more >>


From the Sparkle in Your Eye Through the Terrible Twos

Presented March 15, 2009, to the Day Spa Expo and Business Conference, Las Vegas, NV by: Monte Zwang and Mark Machlis.  more >>


The Art of Collecting Your Due

It’s sometimes the elephant in the room with you and your patient: money. You provide a service and you should be paid for your professionalism, expertise and time. However, collecting the money you’re due is often not easy and too often months go by before you receive payment.   more >> 

Budgeting Revisted. How do I stay on top? 

Your business lives and dies by its budget. Proper budgeting can help a business adapt to change, improve its services, and prepare for future growth. The bottom line changes as your business changes, and it requires constant attention.   more >>


The Value of a Business Wellness Budget

Do you find yourself dreading the time when you need to put together your budget? Do you practically put on a suit of armor and head into battle with your management team? Perhaps the budgeting process is preceded by this sentiment: we sure messed up last year and we can’t afford to make these same mistakes again.

It doesn’t have to be this way.   more >>


Your Dream – Their Dollars
The Methodology of Borrowing Money to Fund Your Medical Spa

It’s always been your dream and you know now is the right time to make it happen...Funding your dream takes more than a great vision for success. It takes a black-and-white detailed financial plan, and the more organized your plan is, the clearer you can present it to a lender which improves your chance of getting financing.   more >>


Menu Driven Business Planning

So you want to open a restaurant? Many people come to me with their plans, and ideas after they have decided to build or open a restaurant. It is my responsibility to assist them in their planning process and determine how clearly they have thought their concept through.  more >>


Managing Your Business’ Cash Flow

You wouldn’t drive a car without a gas gauge or speedometer, and if you’re driving on an empty tank, you won’t get very far. Then why would you make financial decisions without the proper tools? Businesses must master controlling the flow of cash.  more >>


Business Funding

Every business needs money at one time or another. The process of obtaining financing can be daunting and the chances of success limited if it is approached in a disorganized or haphazard way. Lenders are conservative critters; however it is important to understand that it is their job to lend money, and they are happy to do so if their risk is reasonable.  more >>


The Pulse of Your Business

The beginning of a new year is a time when many of us will make resolutions, some resolutions are intended to improve aspects of our personal life and some are professional life-based resolutions to achieve certain goals. Among the personal and professional resolutions you may be making, consider a resolution to improve the health of your business.  more >>


The Next Level -Getting There from Here

Many business owners have their eyes on the “next level”, but they don’t know what that is or how to get there. It’s important to know that the “next level” means different things to different people and there is no standardized definition of its meaning. Step one of defining the “next level” is first defining the vitality of your business.   more >>