Scaling With People The Membership Model: Growth Strategies and Pitfalls with Dominique Waples
What happens when businesses truly prioritize people over profits? Is it sustainable? Or just idealistic thinking? Dominique Waples, CEO of Restore Medical Spa, dispels the myth that successful scaling requires putting revenue before relationships.
"Customers are people, employees are people, vendors are people. If you don't understand people, you don't understand business." This guiding philosophy has helped Dominique build a thriving multi-location medical spa over 13 years, but not without significant challenges along the way.
The conversation delves into the reality that scaling with a people-first approach is "the long game" – requiring patience, persistence, and significant upfront investment. We explore the post-pandemic reality where employees bring their whole selves to work, and how leaders must balance genuine empathy with business requirements.
Dominique vulnerably shares a cautionary tale about how her wildly popular membership program nearly bankrupted her business due to a critical pricing mistake. Despite an incredible 85% conversion rate, they were losing money on every transaction by restricting benefits to their least profitable service. This led to a powerful realization: "Memberships aren't speedboats; they're cruise ships – seemingly small adjustments can have massive impacts."
For entrepreneurs considering membership models, Dominique offers invaluable guidance on proper pricing (hint: whatever you think you should charge, add 20%), simplifying options (no more than three tiers), and the benefits of creating a negative cash flow cycle where customers fund operations. She also reveals how personality assessment tools transformed her ability to place team members in roles they naturally excel in and enjoy.
Have you considered how a people-first approach might transform your business growth? Share your experiences or questions in the comments and subscribe for more insights on sustainable scaling strategies!