How To Start A Wellness Business: Steps To Make It Profitable

How To Start A Wellness Business: Steps To Make It Profitable

If you’re passionate about starting a wellness business, you’ve come to the right place. We’ll walk you through the process from concept development up to Day One of your business.

To begin with, turning your passion into a profitable business will require rigorous research, business skills, money, and more. You can start with a personal loan from a bank or a digital lender to finance your wellness startup. Alternatively, you can use personal savings or borrow from family and friends. 

What’s A Health And Wellness Business?

Health and wellness businesses are those that promote the use of health and wellness solutions in society. You can channel your entrepreneurial zeal for fitness and healthy living into a flourishing career. 

If you aren’t sure just exactly where to start, here are some options to choose from. 

• Becoming a personal certified personal trainer
• A fitness and wellness blog or podcast
• Buy an existing fitness franchise
• Be a stockist of health and wellness products
• A corporate wellness counselor
• Become a personal chef 
• Nutritionist
• Massage therapist
• Weight loss coach
• Run a corporate wellness retreat center

Why A Health And Wellness Business Is Profitable

Today the wellness business worldwide is worth over $4 trillion. During 2020-2024, the global health and wellness business is projected to grow by USD 1.3 trillion at a rate of over 6%. This growth has primarily been driven by a growing middle-class economy with disposable income.

Moreover, a global COVID-19 pandemic has heightened an interest in healthy living to build immunity against the virus. Additionally, the prevalence of lifestyle diseases has led more people to take a nutritious diet, nutritional supplements, and fitness classes. 

Wellness centers are increasingly becoming the go-to places to keep physically and mentally fit.

How To Start A Wellness Business

1. Decide on the product or service to offer

Do your research and pick on a wellness niche you’d want to invest in. Weigh in on how your business concept delivers a unique solution to the market. See if there’s sufficient market demand for your product. How is your product differentiated from the competition?  If you're having trouble coming up with a catchy business name, consider using a business name generator to help you find the perfect fit.

2. Identify your target audience

When you understand your target market and their aspirations, it becomes easier to develop products and services that are more acceptable to them and a market campaign they easily identify with.

3. Assemble a qualified team 

To offer certain wellness products and services, you’ll need to get a qualification. Your clients build trust in your business when they know they’re dealing with certified professionals who are authorities in their subject area. 

4. Write a business plan

Your business plan is the blueprint that details your business concept. It’s a powerful tool to attract investors and secure financing for your business idea. If you obtained a personal loan that isn’t sufficient to start off, you could use the business plan to solicit additional funding.  

5. Create your business brand

This can make or break you in the health and wellness business space. Your brand makes you stand out in a crowded marketplace. It includes your business name, logo, overall visual brand, business voice, personality, messaging, and your company’s values. 

6.Decide how you’ll fund the business 

Have a clear breakdown of your business startup costs from renting premises, marketing, paying staff, licensing, and inventory. Will you bootstrap from your savings, or seek investors or use crowdfunding platforms? Will you opt for a personal loan or a small business loan? How will you ensure your inventory is sufficiently stocked? Will you need to enlist the help of inventory financing companies?

7. Register your business 

Consider the legal requirements to run the business. That includes business registration, taxes, insurance, business accounts, and so forth. Get all the licenses you need to run the business as stipulated by your state. 

8. You’re ready to open shop

Day One. Welcome customers to your physical or online shop. Run a multipronged marketing strategy on digital and traditional platforms. Create a buzz on social media, make use of your online networks and email lists, run a blog, guest post on popular sites to drive in the traffic, whatever. Make sure your physical shop is ready for your new clients. From the reception area to toilet partitions, everything must be sparkling clean and in excellent conditions. Roll up your sleeves and keep going. 

You have what it takes to convert your passion for a healthy lifestyle into a healthy and profitable business. A personal loan can make a huge difference in funding your dream wellness business. Reach out for one today.