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As aestheticians who come from a medical background, some of us struggle when it comes to managing the finances of our practices. It is always advisable to lean on the expertise of those who had started their success story from scratch. Listen to Dr. Lisa Jenks, who has more than a decade of experience in running a successful medical spa in the field of aesthetics, sharing “what non-financially trained people should know about running a medspa”.
- Background on Dr. Lisa Jenks
- Starting a practice from the scratch
- Cash vs. accrual inventory protocols
- How does each system work?
- Which system is the most effective?
- Why accrual system is more appropriate for a medspa?
- Its importance on inventories
- How will it affect payroll?
- How to figure out how much you should make to gain profit out of a new device you purchased?
- How do you benefit from a balance sheet as a medspa owner?
- Where to place gift certificates?
- How to increase your assets than your liabilities as a starter?
- How will it impact when obtaining a bank loan?
- How to use a profit and loss statement to reassure a smooth run for your practice?
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Category: Business of Aesthetics Podcast