If you dream of operating your own luxury day spa, now may be the perfect time to get started.
While running a successful spa can be challenging, according to Lynne McNees, president of the International Spa Association, the spa industry has the bonus of being (nearly) recession proof.
The reason is simple: When times get tough, the need for stress relief increases.
For millions of people, this means visiting a spa to help them disconnect and recharge their batteries. In fact, during the height of the 2008 recession, the U.S. spa industry recorded more than 160 million visits, an increase of almost 16 percent from the previous year, with total revenues of $12.8 billion. By 2013, the number of annual spa visits had increased to 164 million, with total revenues of $14.7 billion.
What makes these numbers even more impressive is that the spa industry is mainly composed of thousands of individually owned spas. While there are a number of chain spas, none of them hold a dominant position in the industry.
Common Office Supplies when starting a business
Determine the services you will offer and the income you need to generate
While there are numerous services you can offer, the International Spa Association considers a business to be a spa as long as it offers at least two of the following services: massage, skin care, or body treatments.
Taking the time to carefully select your service offerings will help you to better differentiate your business from your competitors. For example, you might decide that you only want to specialize in just a few services instead of offering a wide variety. Or you might decide that you want to offer services that are not commonly available at other local spas.