Everything You Need to Know About Starting a Wellness Business
The wellness industry encompasses a ton of different opportunities and concepts that allow you to turn your passion into a business. From a digital yoga studio to a personal chef or meal kit delivery service, there are a lot of different ways to enter the wellness market.
With 2020 changing the face of wellness, your meditation retreat abroad went out the window, and wellness at home took on a whole new meaning. The reality is that staying both mentally and physically fit the last year has been tough. Like many businesses, the wellness industry has pivoted with companies that make healthy living easier, coming out on top.
When it comes to starting a wellness business, to go from an idea to a physical concept and bring your business to fruition is a journey. Here, we discuss everything you need to know about starting a wellness business:
- The Wellness Industry in 2021
- Health and Wellbeing Business Opportunities
- 4 Great Wellness Brands to Learn From
- 8 Tips for Starting a Wellness Business
The Wellness Industry in 2021
The global wellness industry is now worth $4.5 trillion. Business growth in the sector is encouraging. Every year, you see entrepreneurs come to the market with an exciting wellness product or service. Some brands stand the test of time, others fall flat. While the wellness industry continues to grow, there have been a few key shifts over the past year.
When talking about any change in the current climate, the coronavirus pandemic is at the core of it. It’s a situation that has affected so many people around the world and has prompted a big change in consumer behavior, priorities, and mindset.
It comes as no surprise that going forward the industry is seeing a big focus on immune health. On top of this, workplace wellness is driving change within the wellness market. It’s not just about your physical and mental health either, the COVID-19 crisis has pulled financial wellness into the market. Your finances tie in with your greater health and wellness.
Similar to the fitness industry, wellness is coming into the home. Brands are finding ways to offer their services and products in a home setting. Home wellness as well as getting out in nature will both be key drivers for the wellness industry.
Alongside the changes caused primarily by the pandemic, there is another shift in the wellness market. 2021 is set to be the year for diversity and inclusivity in wellness. The Black Lives Matter movement has brought into focus the need for diversity throughout multiple sectors. As consumer awareness continues to rise, inclusivity will be a major factor in the decision-making process.
Health and Wellbeing Business Opportunities
Wellness is an umbrella term that covers everything from fitness and physical health, nutrition, mental health and mindfulness, and sleep. It really does cover a range of brands and topics. Whether you’re an aspiring wellness entrepreneur with a new business idea or want to add a virtual wellness coaching business to your gym’s offering, there are plenty of ideas to enhance your wellness business.
Fitness, Mind and Body Activities
To start with, the physical health economy is a significant part of the wellness industry. Think sports, fitness, mindful movement, equipment, technology, apparel, and footwear. It’s a billion-dollar market that shows how critical movement is in supporting a healthy lifestyle. From gym memberships or an online personal trainer to a yoga teacher and health club, the opportunities are limitless.
Nutrition, Weight Loss, and Healthy Eating
Nutrition and healthy eating cover a range of business opportunities. A nutritional therapist, personal chef, , weight loss coach, healthy food products, dietary supplements, and even an organic juice bar all slot into this area. A person’s wellness is made up of so many different elements. Although the wellness industry is crowded, there are still new ways you can help someone live a healthier life.
You can see this in the way supplements have transformed into a personalized service that is tailored around you. The supplement brand Care/of delivers personalized supplements to your door that you can adjust around your life. This added level of personalization takes what is essentially a supplements brand and makes it feel unique. It creates an entirely different experience.
Personal Care and Beauty
Personal care and beauty are another form another part of the wellness puzzle. With anti-aging, preventative skincare, and other beauty products and services, it’s a billion-dollar segment of the wellness industry. Opportunities for this would include massage, natural beauty products, and home wellness products.
Wellness Tourism, Retreats and Spas
Although the tourism sector is currently struggling, wellness tourism, retreats, massage therapists, and spas are big business. The question will be how a wellness provider in this category can bring in at-home wellness to generate income despite closures. It’s a big part of the wellness industry and still has the potential for even more success as restrictions begin to ease around the world.
4 Great Wellness Brands to Learn From
Health and well-being are incredibly important. What’s interesting is that wellness is having an increasingly bigger role to play in the larger healthcare picture. With more accessible and affordable ways to stay healthy and rising health care costs, more and more people will be interested in improving their overall well-being. Here are four great wellness brands to inspire your business venture.
Calm is rated the number one app for sleep, meditation, mindfulness, and relaxation. It’s considered very successful and is on a clear mission to make people happier. With mental health issues on the rise, isolation and financial uncertainty pose a serious health risk for many people’s mental state. Through a series of questions, Calm creates exercises based on each user’s need. This level of personalization is essential for the user. The app is highly effective, easy to use, and a great tool for reducing stress.
WelleCo by Elle MacPherson is a health supplements company that produces super elixir greens powders. The powder mix combines 45 ingredients and is on the more expensive side of the wellness market at $135 for the starter park. The brand is polished and the elixir is created using science; adding complete authority.
The Nue Co.
The Nue Co. launched in 2017. They wanted to redefine the relationship you have with health. Through innovation and science, this wellness company delivers supplements without chemicals. Again, similar to WelleCo, the brand uses science to create evidence-based supplements that aim to improve their customer’s health. It’s designed to be simple yet effective.
On the fitness side of the wellness world, Fitbit is a great example of a brand that has faced steep competition but still remains a big player in the industry. In recent years, Fitbit has undergone some major changes. Google has recently completed its acquisition of Fitbit. By combining the health and fitness knowledge of Fitbit with the operations of Google, no doubt there will be exciting products on the horizon. But even with all the new changes, Fitbit has always excelled at creating a community and encouraging movement with digital challenges and some friendly competition.
When you take a closer look at some of the best health and wellness brands right now, you see how they leverage technology to create a fantastic user experience. Apps and digital tools allow for a seamless user journey and it’s clear that technology will continue to have a big role to play in your wellness business.
8 Tips for Starting a Wellness Business
It’s an intriguing time to think about health and wellness business opportunities. The wellness industry continues to grow and the latest developments in technology open up the door to innovative new possibilities. Here are eight tips for starting a wellness business.
1. Develop a Concept and Do Your Research
If you have an idea for a business, it’s time to develop a more solid concept and do your research. All the information you collect in the early stages of your business planning will put you in a stronger position down the line. Your research includes competitor and market analysis. Do you have a solution to a problem? Is there a large enough audience for you to scale your business? Ultimately, if you can create a solution for a problem and be an expert authority in your niche, you can outrun your competition and stand out from the crowd.
2. Know Your Audience
Part of the research stages of starting a business includes knowing exactly who your audience is. Depending on your type of business, you may have multiple audience personas. Segment your target audience so that you can find out as much information as possible. Think about demographics, interests, dreams, hurdles, life milestones, and more. When you know who you are targeting, you can get the right message to them on a platform they use at a good time. Combining these elements gives you the best opportunity to convert a stranger into a paying customer. Consider how a gym may have older members, weightlifters, and post-natal clientele. These people have different needs and aspirations. All this affects your overall business and marketing strategy.
3. Get Qualified
This stage may not apply to everyone, but the majority of people will need to get a qualification. Or at least, hire a team with the right qualifications. Qualifications create authority and trust. You can see this with Elle Macpherson’s WelleCo brand. The supermodel works with doctors and scientists to create a product. This builds trust. The same applies when you’re creating a results-driven workout or developing a healthy eating plan or service. Part of running a wellness business is having the qualifications to be an authoritative voice in a sea of noise.
4. Write a Business Plan
Writing your business plan is a pretty big task in itself. Your business plan will form the foundation for your business. You will refer to it as you build your business. It’s your blueprint. You wouldn’t build a house without a plan. You shouldn’t start a business without a business plan. Give yourself the best chance of success, secure funding, manage your business effectively, and attract investors with a solid business plan. It should include sections such as your mission statement, executive summary, industry analysis, and financial projections.
5. Create and Establish Your Brand
Having a strong brand can be a big differentiator in the wellness world. It can be what makes you stand out and gives you a unique edge against your competition. When starting your business, you will need to create and establish your brand. Your brand is about how people see you, it’s the voice you use, your personality, and the way your business looks. Elements to consider include your visual brand, messaging, values, and qualities.
6. Think About Your Finances
Another important part of starting your own business is securing your finances as a start-up. How will you fund your business? You have a few different options to consider. Firstly, determine how much you need. If you can’t self-fund the venture, look to investors and crowdfunding. You also have the option to get a small business loan. Your financial projections section of your business plan should help you determine your finances as well as secure potential investments.
For some excellent advice on breaking down your finances as a fitness business, check out this episode of The Fitness Founders Podcast:
7. Legal and Insurance Considerations
When starting a new business, you will have certain legal and insurance elements to consider. You will need to register your company, obtain the right licenses and permits, sort out your tax, open a business account, get insurance, and consult with legal professionals. Your needs may change depending on the type of business you have. For example, an online business has different needs than a physical business with an in-person location.
8. Nail Your Marketing Strategy
Finally, develop and craft an incredible wellness marketing strategy. You can create the best digital fitness studio with a great app, but if no one knows about it, you’re not going to get that far. Your social media and marketing strategy raises brand awareness, attracts new customers, and gets the ball rolling. The best marketing plan is a multipronged approach that takes into account your target audience. Data is your friend and the more you know about your ideal customer, the better you can target and convert them into a paying client.
Going forward, successful businesses will have a digital element. Whether that’s a digital fitness platform, an ecommerce wellness brand, or a virtual health coach, at-home wellness is crucial. Consumers expect personalization, a polished brand, and a great user experience. As the wellness industry continues to grow and adapt, entrepreneurs have the potential to catapult a new innovative business into the market.
The post Everything You Need to Know About Starting a Wellness Business appeared first on Glofox Blog.
Alicia Adendorff is a reporter for Healthy Organic Lifestyle.