Posted By Administration,
Saturday, May 5, 2018
Updated: Friday, May 4, 2018
By Alex R. Thiersch, JD, Founder/Director of the American Med Spa Association (AmSpa)
Alex: Congratulations Terri Ross on being selected AmSpa’s Member Feature of the Month! Tell us about your med spa, Lasky Aesthetics & Laser Center. What’s been going on?
Terri: Growth. Exponential growth. I’m really proud that we’ve hit the 3 million dollar mark in just 3 years. We’ve brought on new providers, new treatments and services, and really just learned how to perfect the infrastructure.
Alex: Lasky Aesthetics seems like a fairly laser-heavy practice. What’s the biggest money-maker treatment in your med spa right now?
Terri: Definitely Laser Skin Resurfacing, Alma Fractional, Skin-Tightening, and CoolSculpting.
Alex: Were these treatments a conscious choice of you based upon numbers. or was this just kind of the way that it happened?
Terri: Lasky is a little unique. Four Doctors own it and when they developed the business back in 2010, they all had their own practice off-site. They did their own injectables, so by default the practice became laser heavy. They kept their own patients. It was a grass-roots business at the time.
Well that failed. When they brought me in on 2014, the med spa was doing about a half million dollars. Realizing that we had to make a shift in the business infrastructure, I came in and really treated it like a start-up. I re-evaluated the overhead, the cost of goods, figured out what treatments were yielding the most money, learned what the patient market demand wanted, and decided what was best to do different.
Alex: Do you still offer injectables? Or, is it mostly laser treatments?
Terri: We do. It’s just a smaller percent of the business. But we’re finding that it’s allowed us to become a niche. We really are known for treating very difficult skin conditions. As a provider, if you don’t have that kind of a background or have years of experience as an extender, then you don’t have the skillset to diagnose. It’s blended well for us.
Alex: Okay, you can’t name yourself in this next question, but what do you attribute to being the number one factor of success for Lasky? #LLC
Terri: It’s honestly the hiring of impeccable staff and investing in them. We’ve heard this throughout the last couple of days here at the AmSpa Boot Camp, it’s about good staff. Having them trained properly, adequately understand what treatments you offer, customer service, and just business acumen. Whether it’s me or anyone else. This is not an easy business to be in. It’s highly competitive, especially in Beverly Hills. Utilize the resources that are available, especially with AmSpa.
Alex: That’s what we do here at AmSpa! Thank you Terri for your continued support and we wish you the best of luck in the future success at Lasky.
Get to know Rejuvenate Med Spa Founder, Christina Imes
"When I was a little girl I loved to play board games all the time with my friends. Before they would arrive I would take all the pieces out of the box, and have the game ready. I'm not one for reading directions entirely, so each time we played the game would be different. I basically made it up as we went. Each slide, marble and ball trap in the Mouse Trap game representing whatever I wanted for that day. Each little carload of pink and blue pegs in the game of Life meaning something different every time we played. Of course, some of my friends had played these same games at their homes, and they did read the directions thoroughly. I was typically able to convince my friends that my way was better, and besides I was in charge.
Not until recently had I thought about how much one can learn about their personality from owning and running a business. Many of my employees would be able to tell you for example that I make decisions quickly (very impatient); I have a hard time admitting I'm wrong; and I'm much more of a big-picture thinker. Oftentimes personality traits are divided into good and bad. I realize that sometimes traits can be described as bad for some and good for others.
In the 2 ½ years that Rejuvenate Med Spa has been open I will tell you that impatience and the need to be right all the time are not so great for my business. Impatience led me to purchasing a $3,000 software program before totally doing my due diligence. The software turned out to be garbage, and the investment was a waste! I hired an esthetician not long ago even though my business partner told me he thought it was a mistake. "No, no I said. You wait and see. She will be great." I too had a sinking feeling it wasn't going to work, but my ego got in the way. Fortunately I did fire her after only a couple of months. However, once again money wasted. Weaknesses are hard to run from when you own a business. They weave themselves into every aspect of your business if you're not careful, and become glaringly obvious when they affect the bottom line.
With 2017 just ending, I was writing down my goals for the med spa. I began to look back at the mistakes I made in 2017, and realized they all stemmed from my individual, distinctive character. My class at Goldman Sachs pushed me to hire people who are good at things that I find challenging or unrewarding, but I need constant reminders to be conscious of these behaviors that can be detrimental to my business. Personality traits define us and can be very challenging to change. Some psychologists believe personality characteristics largely stop changing around the age of 30.
I surround myself with friends and employees who hold me accountable, and feel comfortable enough to come to me when I do something they don't love. I won't say I always agree with them, but it definitely helps knowing I have people in place who care about the success of my business as much as I do. Revenues in 2017 were up 40%, so we are doing something right! Yoga and meditation have also been excellent tools for me in learning to release the patterns of the past.
I hope my fellow scholars are able to find tools that allow you to stay focused on your strengths. I also wish that your businesses continue to prosper no matter how many little pink and blue pegs are in your car."