While med spas are known to offer a wide range of effective beauty treatments, many of them may be missing out on a lucrative opportunity to expand their business: laser hair removal. There is a huge demand for this procedure, with 1,086,830 laser hair removal treatments performed in 2017 alone. This makes it the fourth most popular non-surgical cosmetic procedure, and the number one laser treatment overall. Even more compelling, 92% of the patients who tried it report that they are satisfied with the results.
The level of interest in permanent hair removal is widespread. A survey conducted by the American Society for Dermatologic Surgery found that 70% of consumers were considering having a cosmetic treatment, and almost half of those are interested in having laser hair removal treatments. All of this interest adds up to an enormous market. According to the American Society of Plastic Surgery, the average cost per treatment was $354, making laser hair removal a $366,750,215 industry.
Take Advantage of the High Demand for Laser Hair Removal
Demand for hair removal with men
To make this picture even more promising, the popularity of the procedure is also growing among men. Within the population of people who had laser hair removal in 2016, 17% of them were men. This represents a 3% increase in the number of men who had the procedure over the previous year. Given the growing interest among men, offering laser hair removal not only has the potential to increase interest among the current clientele, it also opens up an entirely new customer base. Businesses that offer it have something to draw in the partners of their existing clients, as well as creating interest among many other men who are looking for permanent hair removal.
Startup costs and equipment
Setting up for laser hair removal does include costs, particularly the price of the laser itself. To maximize the financial return on the investment in a laser, it’s important that the one you choose doesn’t have a high cost of ownership. If the instruments require frequent servicing, or there are added charges for each treatment, these expenses can quickly cut into profits. A good example of a laser with low cost of ownership is the Pronto Plus, which Quanta has available for a fixed low price. In addition to the lower initial cost, the Pronto Plus boasts a high level of reliability that keeps costs down and eliminates the need for costly service contracts. Similarly, there are no expensive recurring costs such as disposable parts and per-use fees. A low cost of ownership enables each procedure to give the highest return on investment.
Taking into consideration how substantial the market is for laser hair removal, it is a wise investment to brand a med spa as a business offering this service. Directed advertising that establishes that the procedure is now available is a solid way for an existing business to attract a new customer base. The widespread interest in this procedure makes laser hair removal a promising entry point into a market that may be otherwise missed. Marketing that clearly states that a med spa offers laser hair removal is a powerful way to reach new customers.
Established med spa businesses can sometimes overlook profitable opportunities to expand the services they offer. You may find that adding this procedure is easier than you expect. Laser hair removal treatments often efficiently fit within the space you’re already paying for. The treatments will require a minimal increase in staff payroll and similar expenses. Given the enormous interest in laser hair removal, there is huge potential for profit for those businesses that are set up to serve this expanding market. If you’re looking for ways to increase your earning potential and tap into an entirely new market, then you owe it to your business to look into what hair removal lasers can do for you.