Medical aesthetics is big business, valued at over USD18.4bn in 2021, and the number of companies capitalizing on booming consumer demand are growing.
But not every company can afford the technologies needed to establish and run a successful beauty salon, spa or laser hair removal clinic. Fortunately, equipment loans can be a very useful tool to help your business’s growth, or simply to ensure continuing smooth operations.
Smarter Loans has already done the legwork for you. All you have to do is take a look at the handy list found on this page to see companies’ various offerings, including terms and conditions, interest rates and reviews.
Once you’ve found a company you’d like to contact, click “Apply Now”. But if you’re not sure who to go with, pre-apply with Smarter Loans, and we will connect you with a lender in Canada to suit your needs.
The medical aesthetics industry relies heavily on a variety of devices and tools that enable estheticians and consultants to perform their work to perfection. But the cost of buying every device upfront can be prohibitive, which is why many businesses choose to take advantage of loans, leasing, or financing plans.
By financing or leasing what you need, you can enjoy immediate access, without needing to make large one-off payments.
There are a lot of different financing and leasing plans available in Canada, and choosing one may seem overwhelming at first, but it’s all about finding the suitable system for your needs. The main options can be distinguished as follows:
This is a great option if your business has a positive financial history, as it does not require any upfront payments. However it is not relevant for new businesses or those with poor credit.
If your business has lower credit but can prove steady cash flow, this is the option for you. It’s ideal for existing businesses looking to upgrade or grow their machine numbers.
This option is great for those with low credit scores or starting a new venture; it involves a large downpayment or form of collateral in order to secure a loan.
Not every salon will want to go down the financing route. It’s worth considering whether your company might be better off leasing. This depends on the exact circumstances of the business.
The main difference between leasing and financing is that when you lease something, you’re effectively only ‘borrowing’ it. Your monthly payments allow you to make use of the device for the period of your lease only, and when the lease expires you must return it.
A financing or loan plan, on the other hand, means you own the device in full, and are simply paying it off gradually.
A multitude of aesthetics treatments are now widely available in clinics across the world. Before you can start down the road of financing or leasing, you have to know exactly what you will most benefit from.
The most popular offerings in Canada are hair removal and skin treatments, but even this narrow specialty requires careful consideration. Which technology is right for you (and your customers) requires understanding of a few key areas:
Let’s consider a business specializing in laser hair removal; the hair removal field is competitive, even just within laser hair treatments, and there are plenty of laser devices available – so which do you choose?
You may be interested in a laser hair removal machine powered by a diode laser or radiofrequency, or an IPL hair removal device. Or, you may not know exactly how a laser machine will integrate into your clinic moving forward.
To narrow your list of options down, you’ll need to consider:
And so on. Each and every purchase decision requires this level of usage analysis.
Now let’s look at the questions new technologies need to answer in a wider business sense. Consider:
While you can get financing or a lease on many different types of medical aesthetic machinery, we can see that choosing the right product is no small feat.
So here are some tips to make sure you’re investing in the right tools:
There are hundreds of different brands that manufacture medical aesthetic devices, all around the globe, so here’s a quick run-down of some of the major providers in the Canadian market:
Xcite Tech offers mainly skin-related devices based on microneedling or ultrasound technology to produce fast, positive results for skin tone, tattoo removal, wrinkle reduction, and so on. They also offer one of the fastest working hair removal devices on the market.
In addition to the products themselves, Xcite offers full training, free demos, support and even financing packages!
Venus Concept has one of the most extensive ranges of machines on the market, covering everything from lipolysis to hair transplant, skin tightening to diode laser based hair removal. They have multiple machines that combine functions, making them cost effective, and boast long-term partnership benefits to ensure salons using their products are optimized financially, strategically and technically.
ADSS specializes in laser hair removal, and their range includes both salon-based and portable devices using diodes or IPL.
As the name suggests, Dermaglow focuses on microdermabrasion devices and in this field are one of the main providers in Canada, despite having a limited product range. The company offers training for all buyers of their devices.
Medelink offers cosmetic and dermatological devices, both for testing and treatment, and as such are one of the more medically-minded companies offering tools that have aesthetic applications. They will work with clients to customize devices, offer full training, and have their own financing program as well.
Yes! Laser hair removal is very popular and there are many types of laser treatment that can be obtained via one of the companies listed above. Laser hair removal machines or IPL is a smart investment area for those seeking to increase their treatments in the hair removal sector.
Yes. Although the majority of aesthetic tools relating to hair focus on laser hair removal, there are plenty of options for those with other hair treatment needs (such as hair growth). And it’s not all lasers – IPL hair removal treatments are also very popular and do not require an expensive laser machine.
Almost any kind! Whether you’re seeking technology to address hair or skin needs, via lasers, a diode laser, IPL, collagen, or really anything else, you’ll be able to find a loan to fund the medical devices you need. Better skin and hair removal treatments for your customers are within reach!
Yes. Even the most basic laser hair removal machine requires training on its operation, for the safety of patients and service providers. Lasers can be dangerous. The same is true for many skin treatments.
There are so many different skin types, and treatment technology is available for all of them! If you’re hoping to treat patients with a variety of skin needs, consider a versatile device that can adapt as required. Wrinkles don’t stand a chance, no matter the skin!
In a word: no.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
