Planning to start your health and wellness business? Now is the best time to do so. According to research, the wellness market is currently worth more than $1.5 trillion and is expected to grow 5-10 percent annually. And with consumers becoming increasingly conscious of their nutrition and diet needs, there is no end in sight to the high demand for health products and services.
Let’s look at the various factors you need to consider to start a successful health and wellness business-
Choose Your Market
The health and wellness industry is vast, with various opportunities to choose from. Here are a few popular ones:
Online Personal Training – According to one researcher, this is one of the fastest-growing markets and is projected to be valued at $59,231 million by 2027. Its massive growth is spurred by the convenience it provides to customers as they can exercise at home, get expert guidance, and don’t need to spend on gym memberships.
Health Products – With an increasing number of individuals becoming health conscious, they are also willing to pay premium prices for products. These include vitamin supplements, sleep aids, immunity boosters, weight management supplements, and more.
Health Coaching – Coaches work closely with clients developing personalized health plans based on their needs. This includes creating a diet plan, educating clients about tracking food intake, and developing an exercise regime.
Select Your Niche
The best niche is one that is in-demand and where you can earn a profit. However, your niche needs to be broad enough to cater to a significant number of people, but if there are a lot of competitors, it's best to choose an alternative.
In-demand niches in the market include–
Develop an Online Presence
Having a strong presence online is integral for your business to be successful. It is important to be present and advertise on platforms where your target audience is. Popular platforms include– Instagram, Pinterest, Snapchat, and TikTok.
Additionally, it is important to create your website to showcase your product, brand, and services. Businesses with websites are considered more credible than those that don’t. Your website also allows you to create a connection with your customers which is important especially for new businesses.
Decide How to Sell
Using your website as a platform to sell is an ideal scenario but it also involves partnering with manufacturers and payment gateways, having a delivery service, and other nuances. An alternative is to take advantage of existing avenues to sell your product–
Drop Shipping- This involves advertising the product on your social platforms and website and receiving orders from customers. You in turn order the product from a drop shipping center (a manufacturer or wholesaler) for a lower price and have the product delivered to the customer. The result? You make a profit on the difference in the price.
Affiliate Marketing– Similar to drop shipping, in this option you do not need to invest in manufacturing, storage, packaging, or delivery of the product. You advertise the product on your platform using an affiliate link. When a customer clicks on the link, they are directed to the affiliate partner’s website to complete the purchase. You get paid a commission for each sale.
Manage Your Staff Well
For your business to be successful, you need to have a good team. Having an efficient staff, even if small, can help your business scale and be profitable.
But, as the owner, you need to ensure compliance with labor laws and rules. One of the most important being, accurately documenting employee work hours. The easiest way to do this is to add accounting software to your daily tools. Popular apps like QuickBooks maintain up-to-date tax tables and information, help you navigate tricky concerns like paying contract workers, and will even guarantee your compliance. You can also use their reporting to communicate with your accountant.
Investing in payroll software can be expensive. One alternative is to use Excel to create timesheets. Excel is a powerful program that is easy to use and stores large amounts of data. In addition, it allows you to perform complex calculations such as – calculating tax withholding, overtime pay, and more.
By identifying the right market and niche you can set your health business up for success. The important part is to stay up-to-date with popular trends in the market and cater your products to the demands of your customers.
A huge thank you for guest blogger Suzie Wilson contributing this resource to Wise Marketing Pro. For coaching, SEO services, marketing strategies, and much more, connect with Wise Marketing Professionals. Call (912) 472-8166 for more information.