Do you want to succeed in the spa business or, for that matter, any business? Rule No. 1: Creating a successful business is about much more than having a flashy logo, great idea or fabulous location.
You have to know everything about your key asset—the people who you want to walk through your door. The competition is stiff for small businesses. In 2008, an estimated 627,000 businesses opened, while more than 595,000 closed. The U.S. Small Business Administration also reports that seven out of 10 new businesses exist for at least two years, and only about half survive five years.
Specifically relating to spas, the International SPA Association (ISPA) reports more than 21,000 spas were operating in the United States at the end of 2008. That’s an increase of 18.8% above the 2007 figure of 17,900 spas. Day spas dominate the industry at 79% of total spas while medical spas continue to grow at the fastest rate—85% since July 2007.