Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
You're listening to Medical Millionaire, your podcast for medspot owners,
medical aesthetics, cosmetics and elective wellness entrepreneurs. Each week, we
dive deep into powerful marketing strategies, proven scaling tactics, and
the secrets to attracting high end clients, all while staying
ahead of the latest industry trends. Join us as we
(00:25):
uncover insights from top industry leaders to help you boost revenue,
enhance patient satisfaction, and master the art of marketing your practice.
Hosted by Cameron Hemphill. With over a decade of experience
in the aesthetics industry, Cameron has supported thousands of practices
and providers, working with some of the biggest names, most
well respected brands, and elite industry thought leaders in the field.
(00:46):
If you're ready to level up your practice and become
a true medical millionaire, this is your podcast. Here's your host,
Cameron Handpill.
Speaker 2 (00:57):
Hey, what's up everybody in? Cameron Hemptil here your host
for Medical Millionaire. Thank you so much for taking the
time to tune in to the podcast. Our goal is
to give incredible value and insight for practice owners. So
if you own a medical as sets practice, if you
own a medspat a wellness clinic, maybe all of the above.
(01:18):
If you're doing cosmetic treatments, every single one of these
episodes that we produce are one hundred percent designed for
you and to help take your practice to the next level. So, guys,
I have a solo episode for you today, having done
one in a while, and I want to give you
a tremendous amount of value in a relatively short period
of time. Wonderful episode. If you're tuning in, driving to
(01:41):
the practice, if you're at the gym, this is going
to be heavy. Make sure to tune in. Pay attention.
I don't want to lose you. I'm going to talk
about the million dollar men's spa and what sets them apart.
So when you're thinking medspa, talking wellness practices, cosmetic, medical aesthetics,
(02:04):
anything that's injectable as GOP wants, anything that has to
do with CO two, lasers, lasers, micro needling, all of
the stuff that you guys are doing. There are metspats
everywhere people are conducting these treatments. Practices are thriving, practices
are failing, practices are going bankrupt, and practices are making profits.
(02:28):
So what truly separates the winners from the losers. How
do you have so many practices that are still trying
to figure it out? And then you have other practices
that are doing millions of dollars in revenue wonderful percentages
(02:49):
when it comes to their evendah and their profits. They
have great teams, great culture. Some of them even sell
to private equity. And it's remarkable on what the data shows.
Guys like, there's competition, we all know that, but there's
also people that are taking market share. And so what
I want to talk about is the ones that are
(03:10):
doing well. You will see a pattern. You can see
a direct correlation of success, pattern after pattern after pattern.
The people that I have on this podcast, the practice
owners that I have on this podcast, they all say
the same thing. They all are doing the same thing.
They all have a unique value proposition. They all have
(03:32):
great branding, they all have a great team, they all
are very qualified, and they all invest in marketing, and
they have great systems. They know their numbers right. And
so if you are new to the industry this beautiful specialty,
if you are in the business for over a year
(03:53):
or a couple of years, or five years, wherever you're at,
I want you to start identifying patterns of success. It's
not that there is some sort of secret formula out there.
You can do things your way. You can do things
that I make sense for your brand, your local community,
(04:14):
your audience, the way that you want to do things.
But you need to make sure you have a value
proposition and a brand lean in on that, know your numbers,
invest in marketing, continue to double down on that, and
the most important thing, guys, is just continuing to show up.
(04:34):
Success truly is about discipline and consistency and ultimately about patterns.
So if you're in this world of a sex, I
know that you have taken the time to look at
what others are doing. And I wouldn't look at it
through the lens of trying to copy or mimic what
they're doing, but look at their patterns of success. Go
(04:58):
visit them, take the time to go reach out to
some of these industry leaders in your space and go
train with them, go to conferences, understand what it's going
to take to get yourself in a position to make
a million dollar medspot. So what truly sets them apart? Again,
I've mentioned patterns, and like I have read so many
(05:23):
books and studied so many entrepreneurs their biographies. I've studied finance,
I've studied marketing, I've studied sales. I've studied how to
build a business from zero to sell it to private equity.
I've studied this thing, and I've studied people that have
done it, and people that have done it at scale
multiple times over and over again. And it's not that
(05:44):
they have some secrets sort of formula or geniusness. Okay,
it's about doing the hard things over time and not
expecting to see results immediately. Continue to show up, continue
to grind, continue to show up even when you don't
(06:05):
want to do and when you don't want to show up,
it's like when you don't want to go to the gym,
you go anyway, and I know after you went, when
you didn't want to go, you feel amazing afterwards. That's
what separates people. That is what separates true success and
the million dollar METS spot versus the METS spot that
(06:25):
is about to close their doors. Continuing to show up
and continuing to grind and continuing to have that discipline
at accountability, it's all I mean, that is the direct
pattern guys like, that's the pattern that I want you
guys to recognize is success truly is taking the ability
to show up and have discipline when you don't want
to do it. Okay, so let's talk about it for
(06:47):
a second. I want to get into the mindset of
a million dollar met spot owner. So let's talk about
mindset for a second. The million dollar met spot owner.
They think long term. It's not just about day to
day operations. They think long term. They have a plan,
they have a vision, and they map out that plan.
(07:08):
So let's just say for twenty twenty five, for example,
you want to take your current practice from six figures
to seven. Or let's say you have cross a seven
figure mark and you want to double it, triple in
whatever you want to do. You want to somehow you
want to get to two million dollars, three million, four
or five million dollars in top land revenue. You have
to have a plan, you have to think long term,
(07:30):
and it's not just about day to day if that
is your goal is to grow and scale, which it's
interesting every practice owner I talk to abouts like what
they want to do. In fact, I don't think I've
talked to a practice owner that doesn't want to grow.
Maybe that will happen one time. I'm not sure. But
everybody wants to grow and everybody has a goal. But
I'm telling you right now, a goal is just a
(07:52):
dream without action. Okay. A goal is just a dream
with that action. So as you have your goal, you
have to map out your actions and then hit your
actions and your daily activities over time is going to
get in a position to hit your goal. So the
million dollar mis spot owner, they think long term. Okay,
they focus on scaling, and they focus on systems. Okay,
(08:14):
scaling and systems. Systems put you in a position to
increase proficiency, productivity, eliminate mistakes, have the ability to reduce
headcount and put staff on other activities that make more sense.
So if you have a staff member that is doing
mundane tasks over and over again that could be automated
(08:36):
with tools and tech, roll out the technology. I have
yet to meet a multimillion dollar mit spot owner that
doesn't have robust technology and great workflows. I'm talking CRM,
I'm talking EHRs, reward programs, patient financing like true systems,
(08:57):
I'm talking tech. Okay. If I was to go open
up a met spot today, the first thing I would
do is I would go, okay, brand, location, identity, value proposition,
tech stack, and then deployment marketing like that. You have
to basically engineer your infrastructure before you can just say, yeah,
(09:19):
I'm going to open up right there and it looks
cute and fun and I can cross my fingers and
hope it works. Like, do your research, and even if
you are established, well established, do additional research. Okay, if
you plan on opening up another location, don't just think
that that second location is going to do better than
the first one. We're just as good because you've nailed
it on location one. Do your research. Understand the demographic
(09:43):
understand like like traffic that drives by Understand what the
average household income is in that area. All right, So
the system is extremely extreme important. And that goes with
staffing as well, Okay, because if you're going to scale
your practice, you're going to have to hire staff. Right.
You can be a solo injector for you know, as
(10:03):
long as you want. But if you continue to just
like sell all the hours in the day and in
the week and in the month, you're going to make
a great income, but you're you're going to get tired. Okay,
I've done it. I've built businesses historically where I did
everything and ran at like ten thousand RPMs for a
(10:25):
year or two, and my gosh, do you get tired
and burn out and ultimately you find yourself not doing
what you love, which sucks. Like that is not a
good headspace to be in, especially if you have like family,
if you're married and you have kids. I have two
beautiful daughters, Jane she's eleven, Violet she's eight, and it's
(10:47):
so important to me that I get to spend time
with them and so and the reason I get spent
time with them is I have systems and I have
staff that support my business right and I want you
guys to do the same. I'm telling you right now
you will never get the time backed. So make sure
that you invest in staff members and systems anywhere you
can buy time, anywhere you can buy time by the time, okay,
(11:11):
Because you may just be like, Hey, I'm going to
be a solo injector or provider and I'm going to
just take all the cash myself. And I'm telling you
you will learn out that there will be a point
in time where you're like, you know what, I actually
do have other hobbies outside of my practice. I love
treating patients, love meeting with them, love making them feel
(11:31):
confident and all this stuff. But truly, like you have
other hobbies are like if you're married, right, I'm married.
I have a beautiful wife, Nicolette. She's like my life partner.
We have man that Lee is my true rock. So
shout out to her. But I couldn't imagine like living
in a world where her and I didn't hang out.
You know, that would be miserable. And you know, so
(11:55):
think about this type of stuff like being an entrepreneur's amazing.
It gives you a tremendous amount of freedom, but at
the same time, it can make you locked in jail, right,
and I know it. You know for most of you
guys suiting in you know what I mean by that, right,
your passion and your actual business can become a job
(12:18):
that locks you into your environment. So what I'm getting
at is, have systems, have staff, Always look to buy
your time back. Consistently fire yourself from activities that you
should not be doing. You should not be doing administrative
tasks if you're a practice owner, right, you should not
be doing all the consultations and maybe one phase of
(12:41):
the business, you should. But if you're looking to scale,
you're looking to grow, you need to start thinking long term. Okay,
if you're doing stuff like in Microsoft Excel that can
be automated, like I still hear people that are doing
lead follow up with Excel and long you know, so
there is automation and artificial intelligence and AI out there
that can easily do that, deploy it, increase your conversion rates.
(13:02):
Like man, you know, always think to buy your time back.
In fact, there's a wonderful book out there called How
to Buy Your Time Back. The gentleman by the name
of Dan Martell wrote it. One of the most powerful
books I've ever read. So if you guys have a moment,
if you haven't read it, go get it on audible.
It's fantastic. You know, no shout out to or no
(13:24):
you know, revenue sorce there to me, just a great
book that's changed my life. Understand the lifetime value of
a patient rather than just chasing new leads, stop constantly
chasing new leads. New patients are wonderful. I'm a big
fan of getting new patients. Okay, but understand how important
(13:44):
lifetime value is. If you haven't done the exercise. Do
the exercise? How do you do it? You understand your patient,
how much they spend, how many times they come in
a year, and how long they stay with you. I've
given you, guys, the benchmarks on the previous episodes. I've
given you the data. Right understand that. Understand what a
(14:09):
patient costs to get. What does your patient acquisition costs?
What is your cost per lead? If you understand your
patient lifetime value and you truly truly understand it. I
was talking to a practice owner recently. Their patient lifetime value, guys,
was thirty grand, thirty thousand dollars per patient. When they
(14:29):
understood that, they completely re engineer their process in terms of,
oh my gosh, I am going to focus on my
patient base. Every time that patient comes in, I'm going
to give them a world class experience. I want them
to come back. I never want them to go anywhere
else ever. Ever, they re engineered their treatment programs, re
(14:50):
engineer their consultation approach, reinsure their re engineer their lead process,
their EMR process. Like, once you understand these things, it's
really going to be, you know, mind blowing. The last
thing you want is like a turn and burn shop.
You're constantly chasing new leads. Leads are coming in and
you're not able to convert them at a high rate,
and even when you do it, you almost have to
(15:10):
discount them. You're just building a turn and burn shop.
Always look to increase your patient lifetime value dollar amount. Okay,
I'm gonna repeat that. Always look to increase that. That
is the number. I would look at your over year
and make sure it's going up. And in fact, one
day you will sell or exit your practice. There will
(15:31):
be an expiration date. I hate to tell you, but
you will sell or you'll close your doors or whatever. Okay.
My sense is you're gonna want to sell it for
the highest valuation possible. Why wouldn't you. It's your Maybe
you build it, you're gonna want to get the most
out of it. That is one of the KPIs. Private
equity will be looking at or for a strategic buyer
(15:53):
or whatever. Okay, they want to buy the lifetime value
of the patient base. Okay.
Speaker 1 (16:05):
This podcast is sponsored by Growth ninety nine, The game
changer your MEDSPA has been waiting for. Running a business
in today's fast paced world is no easy task. You've
got patience to care for, a team to lead, and
a brand to grow. But what if you had a
partner to help you take your practice to the next level.
(16:25):
That's where Growth ninety nine comes in. Growth ninety nine
is an all in one digital marketing solution designed specifically
for medspas and practices. Thousands of providers already trust our
platform and expertise to streamline their marketing, grow their client base,
and free up more of their time. Whether it's cutting
edge marketing automation, building a robust online presence, or giving
(16:48):
you the tools to attract and retain loyal clients, Growth
ninety nine delivers results. If you're tired of doing it
all alone or feeling stuck with outdated strategies, it's time
to get the support you've been looking for. Growth ninety
nine has your back, empowering you to focus on what
you do best while we handle the rest. Check them
(17:09):
out at get dot Growth ninety nine dot com, slash MM.
Your practice deserves the growth you've always envisioned. Let Growth
ninety nine help you make it happen. Now back to
the show.
Speaker 2 (17:29):
I also want you to really start thinking about investing
in branding, reputation, and premium positioning. Branding is critical. Branding
is not going anywhere. Look at Nike, look at a Datas,
look at Corona, Look at Yamaha, Mercedes, look at Alerbia,
look at Benet. Yeah, look at some of the practices
(17:50):
that you guys know within the industry. Look at Terry Ross.
Look get Ruma, so get Shelby Miller, right, look at Iconcierge, Medspa. Right,
look at these brands, guys, and look at their reputation.
They have a brand, they nail their brand, they nail
their value proposition, they show up with consistency and they
have a massive, beautiful reputation with credibility. Like go look
(18:15):
at their Google business profile and it's amazing, right, And
they have premium positioning on the internet. They invest in
marketing like they invest in all the nearbet campaigns, the SEO,
the great website, the great process to click to online
book like it's injured. Like I again going back to patterns,
they all have the same correlated pattern right, So patterns
(18:38):
don't lie, right, So look at that stuff marketing that
attracts high ticket clients. This is really important, right, So
something that converts high ticket clients, especially if you're an
affluent market. You should be focused on on these clients
because lifetime value is higher. They're easier to sell, they're
(18:58):
easier to train, and they want results and they're willing
to invest in results. Okay, So if you're selling to
a business professional, right, they go to meetings, they go
to conferences, they speak shit, they probably have a podcast.
I don't know, they have a social media game that
they want their parents to look good and they want
to feel good. The better that they feel, the more
(19:20):
money they're going to make make that You're that's great,
You're making them make more money. Like I would bet
like people that have started going to aesthetics practices over
the long period of time, the ones that have a
treatment plan and see that self confidence and results, I
bet their income goes up. Guarantee guarantee it right, So
(19:41):
attract those high end clients. Websites as a sales tool, aesthetic,
high converting, mobile friendly websites like absolutely critical and get
back to patterns SEO and Google my business be at
the top of your search querers for your local market.
Invest in SEO, invest in GMBI optimization, continuously get Google reviews.
(20:03):
You have to continue to have the discipline. It's not
about getting fifty reviews and having a five star rating.
It's having a processing system in place and continue to
get Did you guys hear the recent thing that happened
to Google where there was a glitch in their system
or whatever, and all of sudden, like a bunch of
Google reviews disappeared. Hey, shoot, like you don't own Google
my business. Unfortunately, you have an account, you have a
(20:25):
license for it. Tomorrow they could actually say, you know,
we're going to start charging for Google my business, and
all of a sudden they have a massive revenue stream,
not that they need one, but you know, like I
saw just all this stuff all over about the Google
reviews and so like continuously, you know, have a process
and a system in place to continue to get more
because you're at the mercy of whatever they change or
(20:46):
whatever bugs happen in their system. Social media influencer marketing,
and I think that this is actually very important. Get
your patients to talk about you like, get them to
tell their story. Have they process in place to where
when they check out, they talk about their journey, their story,
(21:09):
their confidence, Like imagine if you type emotion they went
up on their social media, they had an emotional change
in their life and they shared that with the world,
and you help help them with them like that emotional
connection is absolutely huge. And local influencer marketing, I think,
like Matt, I can make just an episode on just
this one. I think some people try to dabble in
(21:31):
influencer marketing and they do it incorrectly. You need to
do it in a way to where that influencer is
local and they also have a direct relationship with your ICP,
your ideal customer profile. I would not do an influencer
relationship with somebody that is outside your market. Is not
(21:52):
going to work right. People need to drive your practice. Okay,
now that it's o cases people find I get that,
but for the most part, they drive in and I
would make sure that you guys have like similar followers okay.
I think a wonderful influencer would be a real estate
agent that is an influencer in your local market. Wonderful
(22:14):
influencer Okay. Another one would be someone that has to
do with hanging out with like working on high business
activities or maybe country clubs or hanging out in affluent
areas and you're promoting these types of environments. Get connected
to your local community. I think real estate agents would
(22:36):
be the best. Like somebody that matches your look too. Okay,
so if you're a female driven owner and let's say
like you're a blonde hair, blue eyed, female driven arm
just to use example, you may want to get an
influencer that kind of fits your look in a way
and can correlate with your ICP. Great way to use
(22:58):
that as an influencer. Give them some free treatments, have
a post. Whatever you want to do, make sure it's effective,
measure it right and know the numbers behind it to
make sure it worked. Content that converts have a system before,
before and after, like invest in that system. In fact,
I just visited a practice locally where I am younger
(23:20):
aesthetics and she had this amazing before and after whole
like setup and I was like, which was that before
and after set up? And she was like it was
like twenty grand and I'm like, damn it. But you know,
like she gets it. She is investing in showcasing the result.
We're buying the result. You guys sell time. We buy
results as users, kay, as patients. Like one can look
(23:44):
at it and say that's super expensive, but the other
one could look at it and say, shoot, if I
get three more patients because of this wonderful before and
after tool, and my patient lifetime value is five granded
patient or ten granted patient, like the thing paced for
itself for three patients. You know what I mean. That's
the thinking you need to get up.
Speaker 1 (24:02):
Okay.
Speaker 2 (24:04):
The power of patient retention and memberships. Man, it's memberships
are critical. We are so used to paying something on
a monthly service agreement in this day and age, like
it's odd to only pay once. Like almost everything. I
sign up for every tool. I don't know how many
subscriptions I have. I'm sure it's in that maybe high
(24:26):
teens or twenties, you know factor like Netflix, Spotify, Audible,
you know, like the list got your Jim membership, whatever
your country flip, it goes on and on, right, So
like memberships are important, we want memberships and make your
memberships easy. Okay. The most profitable medspots prioritize repeat clients
or new leads like memberships, memberships, memberships, design VP memberships
(24:52):
packages to create recurring revenue superpoort. The nice thing is
like when you start month one or let's say day
one of the month, and you have recurring revenue baked in,
you can forecast your revenues that are coming in outside
of your bookings. Okay. That also, by the way, little
know here increases your valuation dramatically. Memberships are super important.
(25:14):
Loyalty programs referral incentives that actually work, like and use
a powerful automated system. Again, going back to systems and
tech for your memberships. Okay, pricing and profitability. Charge what
you're worth, Charge what you're worth. The mistake of undercutting
prices versus building perceived value, like stop selling yourself short.
(25:39):
You guys went to school. You have credibility, you have
a brand, you have a value prop, you have a business.
Make sure to sell expertise over discounts. You don't want
to be a discount shop. You want to sell advice,
expertise and a valuable treatment plan that's going to put
people in success to see the results. Okay, bundling services.
(26:03):
If you're not bundling services, I would definitely suggest that.
And this all has to do with the consultation they
come in for like injectibles, botox and filler whatever. But like, hey,
it's going to make also sense if you get this
micro needling treatment. However, like you guys are the experts,
you know how to bundle. Make sure to bundle. People
love to try different things and put them in a
position actually try a different device. There's way more margins
(26:24):
in micro needling versus injectiles. Okay, way more margins. Bundle
that stuff. Okay, So why high performing miss pats focused
on premium treatments and custom plans. They focus there because
it increases the patient lifetime value and the patients actually
see the results. They see these results, and it's going
(26:45):
to put them in a position to continue to come
back or for their friends and family. And then of
course AI. AI has absolutely taken off. It's not going anywhere.
It's just going to get better and better. And so
stop thinking that AI is just like here for a second,
or stop taking like stop being afraid of it. In fact,
all the software you guys subscribe to you right now
(27:05):
has AI in it, and they're just going to invest
more and more into it. And so use these these
AI driven opportunities for up sales and cross seals those
types of things. Okay, of hay with me, guys. Operations
in team culture that drives growth. People want to work
at a place that's fun, a place that has a purpose.
(27:28):
They don't want to show up to a medical aesthetics
practice and just service patients. There has to be a mission.
What is the mission? Identify the mission, make sure your
team knows what that mission is. Okay. Think of it
as like an NFL team or an NBA team, what
is their mission for the season. Okay, of course they're
(27:48):
going to have a team. Everybody has a position. Everybody's
going to help put points on the guard board, everybody
is going to participate in defense. Right, They're going to
show up in practice. But what is the mission? The
mission is to win the championship? Right, So, like, understand
what your mission is and make sure to double down
on that with your team and your culture. Okay, create
(28:09):
standards for treatment, protocols for consistent results, use technology and
automation to reduce manual work, and streamlined bookings. And like
a true met SPA, a million dollar met SPA is
the one that has incentives for commissions for every single
(28:30):
one of their providers. They have strong leadership, and then
they have the hierarchy structure. Right, so you have owner,
you have management, you have lower level management, you have providers. Like, however,
your higher archy structure is make sure it's built in
a way that it supports the stand exact mission, the
same goals, and so everybody when they come to work,
they're coming to support the mission, okay, and then all
(28:53):
the activities live with inside the mission. I talked about
reviews and reputation a little bit. Just have some more
both points here, But ninety one percent of METSPAW patients
check online reviews before booking. Ninety one This is data
like directly from amspawn. That's crazy. In fact, some people
(29:16):
trust review all were referral. That's pretty well right. So
leveraging video testimonials, I don't see this nearly enough video
testimonials even for like high producing, very well established practices.
Why are you guys not getting video testimonials using those
on your social channels, using those on your paid search channels.
Like if you were going to run a paid social
(29:37):
campaign and it was just about a video of a testimonials,
like ten testimonials and before and afters, that ad campaign
is going to do so well prepared to get booked. Okay,
you can use that in your email follow ups when
leads come in your text follow ups. When lead come
equut on your website, Like, there's so much horsepower that
you can do with the video, guys, make sure to
(30:01):
start focusing on that. Okay, create a memorable spot experience.
When people come in, they're taking time out of their
hard earned day, like their day away from their family,
Like they're coming in for experience. Give them a experience
and they're going to tell all their friends and family
about it. Okay. The last point, guys, scaling beyond one location.
(30:21):
One location may be right for you, but if you're
looking to scale, know how to scale beyond one location,
know how to do it, know when the timing is right.
You have to make sure that you have like use
your first location as an incubator, iron out and flush
out everything you need to flush out before you can
do it at operation number two. And then you basically
(30:44):
you can just replicate what you did at location one. Okay.
Now that may take somebody six months or six years. Again,
completely depends on your lifestyle, your approach. However you want
to scale, how you know, if you're to have one
customer that they talk with, they have one location, but
it's like a ten thousand square foot building, right, So
it's almost like multiple locations in one kind of a
(31:05):
cool idea, and they've expanded their services and offerings and
treatments and stuff like that too, So I'm going to
leave it at that. Again. The takeaway here, guys, is
success is in patterns. Success is in discipline, Success is
an accountability, and if you want to be the next
(31:28):
million dollar medspot, look for patterns. Until next time, Happy injecting.
Speaker 1 (31:36):
Thanks for tuning in to Medical Millionaire. Every week, we're
here to help you transform your practice into a thriving,
profitable venture, covering everything from marketing and patient bookings to mindset, workflow, automation,
and beyond. Whether you're just starting out, scaling up, optimizing operations,
or planning your exit strategy, this podcast is your go
(31:59):
to for success in the medical esthetics industry. It's time
to supercharge your practice and take action today. Share this
episode with a fellow entrepreneur, Rate the show, and don't
forget to click the link in the show notes to
access powerful tools and expert guidance at get dot Growth
ninety nine dot com, slash MM, and make sure to
(32:22):
tune into the next episode A Medical Millionaire