This blog is adapted from the book, Beautifully Profitable / Forever Profitable, © 2014, by Cheryl Whitman
As an extension of a practice or medical spa’s brand – as well as an additional revenue stream – private label skin care products are becoming increasingly important in the market.
A future blog will lay out what is required to set up a private label line that meets or surpasses brand name lines, as well as the pluses and minuses. In that blog, we will direct you to the right manufacturers to meet your expectations, and identify some of the best product line for your projected volume and budget.
However, this blog offers instead three options – the basis for considering whether private labeling is right for you.
Although it may not seem possible, your private label product line can become a reality, and do so with a minimum investment. Generally, there are no large minimums required by those who specialize in compounding private label products. Additional savings can be realized by using your private label line in your back bar and treatment room.
Product lines vary in cost, as well as the length of time it takes to complete the manufacturing process. There are several options based on your budget.
Future blogs will explore private labeling in more detail – for now, consider which approach is right for you, and start planning for how you’ll market and sell those products, how you’ll compensate your staff, and the impact these will have on your practice’s brand image.