During 11 years as a broker serving wealthy South Floridians, Nicole Oden made a lot of money, endured a lot of stress and spent a lot of time in spas getting rid of both. So when she became dissatisfied with the spas in her area, she decided to open her own.
In short order, she researched the industry, prepared a business plan, secured a bank loan and in November 2004 opened Spa Eleven, an 11,100-square-foot luxury day spa in Delray Beach. Ms. Oden says the 70-person enterprise generated a modest profit on $3 million in first-year revenues, and she is investigating two more locations.
Running a spa is perhaps the ultimate feel-good business, and spa owners say helping others look better and feel more relaxed is a major benefit of their job. Earning a healthy income in the business, however, is hard work, given the challenges in employee retention and financing.
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