Re-Opening a Successful Aesthetic Practice Post Covid19 Closures

Prior to Covid19, the medical aesthetic industry was trending in a steep incline since the mid 1980’s.??The Aesthetic Society reported an “increase of 13.3% in non-surgical procedures between 2015-2019” and those patients “spent nearly 8.3 billion dollars in procedures in 2019” (Industry Insights Inc. 11, 20).??The aesthetic and cosmetic industry has historically been sheltered from economic changes as patients continue to seek aesthetic services and purchase cosmetic products regardless of downturn times.??In fact, there is often a slight uptick as patients seek to compete for new jobs, new relationships and wish to feel better.??In 2001, the term “lipstick index” was coined by the chairman of Estee Lauder as the company observed a sharp increase in lipstick sales during the recession.??The psychology behind this buying pattern was because these services and products were considered “morale boosters” and could even be thought of as a “third indicator of an economic recession” (Hill 14).??This patient buying pattern applies to non-surgical?aesthetic services as well since these services are often more affordable and less risky than surgery with results that are visible either immediately or over a short period of time.??As the aesthetic industry entered the 2019 pandemic, there was a sense of confidence based on history.??However, no one could predict sweeping closures that would bring the industry to their knees, albeit temporarily.??Closures and restrictions of personal services created a pent-up demand that remained almost insatiable, forced manufacturers to pivot to novel approaches to sell their products and paved new ways for businesses to remain successful with less financial risks. This means that?aesthetic practitioners wishing to re-open their practice post Covid19 closures will be successful due?post-Covid pent up demand and new business models and opportunities.

In early 2021, the governments deemed all personal services to be non-essential and forced them to close until further notice, confusion mounted, and practitioners were left scratching their heads.??How could the government deem injectable fillers, lasers, and energy-based medicine non-essential???As doors locked and lights dimmed the practitioners all wondered what would become of their practices; would patients return, or would they simply find aesthetic services to indeed, be “non-essential”???Student practitioners were concerned about entering an industry that was once unshaken and was now crumbing, concerned about how they could open a business in this new reality.??What no one could predict is that the patient demand for services that make them feel good, improve their appearance, and contribute to their overall mental well-being would remain essential.??Suddenly, despite closures, patients were online seeking future services they could have once restrictions lifted.??According to Hillary E Jenny et al in the?Journal of Aesthetic Surgery,?the reason that patients’ interest in procedures increased was “seeing themselves in the mirror more often (43.2%), desire to look better after the crisis (41.8%), and increased time on social media (40.4%)” (Hillary et al).

A new business model in the USA is emerging and is offering a light at the end of tunnel for new practitioners and those who are seeking to reduce their business risk.??Aesthetic providers need physical space to perform their services, capital equipment and many consumable products.??The rent, leases and the cost of consumable products determines what the service fees will be.??These costs present a challenge when attempting to determine what to buy to remain successful and competitive.??A new business model, Vansanity, has emerged allowing the treatment providers to “rent” space within a facility that has state-of-the-art equipment, competitive consumable pricing, marketing, and flexibility of use.??Practitioners who rent these spaces can do so hourly, daily, and weekly.??Reception, scheduling, and billing services are all built into the business model allowing the practitioner a turn-key solution with little to no risks like those that come with the responsibility of owing your own space.??This new business model has also allowed new practitioners to enter the market more easily than they would have in previous years.

The pandemic has proven that the aesthetic industry can weather, pivot, and grow during severe economic changes.??Pent up patient demand and novel approaches to the business model have allowed practitioners not only to remain in business but also to expand their service offering and open new businesses confidently.??Whether you are an industry veteran or a new practitioner, re-opening an aesthetic practice post Covid closures has never been easier or more affordable with low levels of risk and easy pathways to entry.??Now is the time to make the world more beautiful and confident one face or body at a time.?

Industry Insights Inc. “The Aesthetic Society National Databank Statistics 2019.”?The Aesthetic Society, The Aesthetic Society, 2020, www.surgery.org/sites/default/files/Aesthetic-Society_Stats2019Book_FINAL.pdf.?

Hill, Sarah E., et al. “Boosting Beauty in an Economic Decline: Mating, Spending, and the Lipstick Effect.”?Journal of Personality and Social Psychology, vol. 103, no. 2, 2012, pp. 275–291., doi:10.1037/a0028657.?

Jenny, Hillary E et al. Driven Insights on the Effects of COVID-19 on Public Interest in Medical Aesthetics: Part II (Active Analysis).”?Aesthetic surgery journal?vol. 41,3 (2021): pp. 75-82. doi:10.1093/asj/sjaa173