Aesthetic doctors are bullish about future profits
Aesthetic practitioners have high hopes of a profitable year ahead, according to a major survey.
The economic climate may be tough but many respondents have revealed plans to expand their businesses.
And most say they are ‘fairly optimistic’ (51.6%) or ‘optimistic’ (36.3%) about their business prospects in 2024, with 80.1% saying they were on track to meet their objectives.
Accountants would, however, be horrified to know that as many as 48% of the more than 300 practitioners who took part admitted to having no business plan.
Of the 52% of people who had one, nearly three-quarters said it had changed from the previous year due to business growth, expansion, moving premises and increased economic benefits.
But others said they had changed their business plans due to moving direction, with a move towards wellness being cited as one new avenue for business.
The Hamilton Fraser annual survey found around a quarter of respondents were relatively new to the aesthetic world, having been practising in it for less than three years.
Aesthetic practitioners motivations for doing this work included ‘giving people back their confidence’, ‘helping people feel better about themselves’ and ‘patient satisfaction’.
They cited growing market demand, diverse employment and entrepreneurial opportunities, and that having less stress than in the NHS had big attractions.
But some of the sector failed to meet up to expectations. They found they had too much competition from unqualified people, difficulty in getting enough clients, and not making enough money.