How To Build a Successful Botox-Based Business Using Market Research

aesthetic nurse running her botox-based business

Aesthetic medicine is booming. While the global pandemic caused many industries to slump and many companies to fail, it only escalated demand for aesthetic procedures. And because Botox training represents a smart career move in a hot market, more and more RNs, NPs, PAs, doctors, and even dentists are expanding their practice with medical aesthetics. In fact, many of them are pivoting to aesthetic medicine altogether, choosing to focus exclusively on building a Botox-based business.

You’ll Need Much More Than Hustle

But despite the ever-increasing popularity of aesthetic treatments like Botox and dermal fillers, you can’t just assume an abundance of hustle will ensure your business’s success. If you look at the statistics, you’ll see that a significant percentage of companies fail within their first year. While there are multiple reasons for this, one of the biggest rests on the fact that many aspiring business owners neglect to conduct adequate market research. (This then leads to blind spots, which lead to vulnerability in their business model, operations, and cash flow, which—you guessed it—often leads to having to close up shop.)

Related post: 3 Things You Need to Consider When Expanding Your Practice With Medical Aesthetics

Market Research Methodologies

Market research is essentially about coming to deeply understand the broader ecosystem in which you aspire to be operating. (“Aspire” is the keyword here because you shouldn’t start planning to open your business until after you’ve done your market research.)

Market research is most commonly conducted through the following methodologies:

  • Google Analytics
  • Social listening
  • Surveys
  • Focus groups
  • Personal interviews
  • Observation
  • Field trials 

Ideally, you should take advantage of each. 

The Big 6

Regardless of the market research methodologies you choose, each will require you to ask six basic questions. These questions will likely be familiar to you from your high school English class. And while at the time you probably weren’t particularly struck by them, they will serve as the backbone of building a successful Botox-based business: 

Who? What? When? Where? Why? How? 

  1. Who? Who is my target audience? Who is my ideal customer? Who are my competitors? 
  2. What? What are the self-described pain points, needs, concerns, and desires of those in my target audience? What licensure must I hold for becoming an aesthetics nurse? What laws, regulations, zoning, and so forth must I comply with? 
  3. When? When (under what conditions or times of the year) is my target audience most likely to seek my services? When is the best time to launch my business? 
  4. Where? Where are my competitors located? Where is the most advantageous location to open my business? 
  5. Why? Why will my customers choose my business over my competitors? 
  6. How? How will my target audience become aware of my business? How many other medical aesthetics businesses are within my intended locale of practice? How will my practice stand out from the crowd in a potentially competitive market? 

Related post: The Training Courses You Need to Become an Aesthetics Nurse

Get Specific

The examples given above are just the tip of the iceberg. Comprehensive market research involves not dozens of questions but potentially hundreds. The more specific you can get specific about your questions, the more you’ll be able to learn, and the more effective your business-building efforts will be. 

For example, it’s easy to answer the first question with, “Women and men, ages 25-50.” While that’s a great start, it’s far too general. A better answer might be, “Female executives between ages 35-50, soccer moms between 30-40, Millenials between 20-30, and gay men between 30-50.”  

At face value, the answers to the questions in our example might seem obvious, and that’s the problem. If you dig a little deeper and aim for high levels of specificity, the questions will be a lot tougher to answer, which is a sign you’re on the right track. 

And regardless of whether your market research reveals that opening a Botox-based business is the right choice for you, adding Botox certification to your resume can make you a more competitive job candidate, open up new career possibilities, increase job security and satisfaction, and even help you beat burnout.  

Related post: How Nurses Can Beat Burnout With Botox Training

AAAMS Makes It Fast, Easy, Affordable, and Fun to Get Your Botox Certification

AAAMS (The American Association of Aesthetic Medicine and Surgery) is the nation’s premier, fully-accredited Botox and dermal filler training platform. We put certification within fast, easy, affordable reach with courses as enjoyable and engaging as they are rigorous and comprehensive. With 15 years of industry-leading experience, world-class instruction, and our exclusive Aesthetics Network, we’ve successfully prepared more than 5,000 students worldwide for rewarding careers in aesthetic medicine.

If you’d like to learn more about how Botox certification can elevate your nursing career, visit our website to learn more about why you’ll love training with AAAMS. Peruse our many informational blogs, peruse our aesthetic courses, and get started today!