In this episode of the Medical Aesthetics Marketing Show, host Pam is joined by financial expert Danielle Hayden to discuss essential strategies for med spa & plastic surgery owners to retain more of their earnings. The conversation covers a range of topics including the importance of separating personal and business finances for new practitioners, strategic investment and expense management for growing practices, and the role of a money team in scaling businesses. Danielle provides actionable advice on bookkeeping, tax planning, and financial mindset shifts necessary for med spa owners and plastic surgeons at various stages of their business journey. Listeners will gain insights on maintaining profitability while expanding their services, balancing investments in new equipment, and preparing for significant business growth.
01:03 Meet Danielle Hayden: Financial Expert
01:42 Starting Out: Financial Basics for New Practitioners
02:24 The Importance of Separating Personal and Business Finances
03:59 Mindset Shift: Becoming a Responsible Business Owner
08:00 Pricing Strategies and Market Research
16:50 Building a Money Team for Your Business
18:31 Scaling Up: From Solo Practitioner to Hiring Help
24:50 Common Mistakes of First-Time Business Owners
25:26 Importance of Financial Statements
26:49 The 48-Hour Rule for Spending Decisions
31:14 Budgeting and Investment Strategies
33:18 Opening a Second Location
36:03 Growth Strategies for High Revenue Practices
38:52 Managing a Million-Dollar Practice
45:47 Rapid Fire Questions and Final Advice
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