If you are thinking of setting up a med spa outfit, you should factor in the cost of the equipment you need to get the place up and running. Now, it does not matter if you are considering a basic spa or a large-scale operation. Setting up a spa (any kind of spa) costs good money but you should not let this discourage you. A spa is a money-spinner if you do your homework. In any case, you can get access to medspa equipment financing if you go about it the right way. Below are some things you should know if you are looking for cash to buy equipment for your spa.
Start Small
Most banks will not advance you any money if you have not started your spa. Banks and finance houses believe in helping people who help themselves. This means that if you have set up your business already, your banker will be happy to help you expand the business. For this reason, you should buy all the basic equipment you need and get your spa up and running. Just buy affordable items like your pedicure ottoman, hot towel cabinet, facial steamer, magnifying lamp and manicure table. It makes sense to invest in other items like retail products display shelves (even if you have nothing to display for now), rotary brush machine and a massage table. With these and other items, you can start basic operations. Now, you can approach your banker for equipment finance loans and you will be more likely to succeed because you have started something.
Apply for a Small Loan Initially
If you are applying for a loan for the first time, you should ask for a relatively small loan. The reason is quite simple. If you are able to repay the first loan in good time, you can apply for other loans and the bank will approve the loans because you have shown your bankers you can be trusted. With this first loan, you can buy items like a facial chair, a Vichy shower and a Jacuzzi or a whirlpool tub.
Apply for a Large Loan
At this time, it is safe to assume that your business is booming and your bankers trust you. Now, you can apply for a large loan (within reason, of course). With this loan, you can buy Swiss showers, hydrotherapy tubs and other expensive equipment. Pay off the loan in small installments and you are good to go.
Final Word
Medspa equipment financing is not rocket science. Do things the right way and your bank will finance you.