Articles
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 . . .
One of the toughest decisions we have to make as a business owner is how much to charge for our services.
Richard Rubenstein isn't afraid of the big, bold Elizabeth Arden Red Door Spa. Rubenstein, who owns Bangz Hair Spa across Merrick Road in Bellemore from the new Red Door, which opened in early April, said even the pizza guy at La Piazza is surprised at his bluster.
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.
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?
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.
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.
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
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.
Presented June 13, 2009, at the International Esthetics, Spa & Cosmetics Conference, Las Vegas, NV, by Monte Zwang, Principal of Wellness Capital.
Presented March 15,2009, to the Day Spa Expo and Business Conference, Las Vegas, NV by: Monte Zwang and Mark Machlis.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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