Wellness services have always been a very prospective endeavour. As a matter of fact, people have dabbed with this industry on a professional level ever since the times of Ancient Egypt. So, since you are starting your own wellness gig, it’s safe to say you have a pretty big safety net to fall onto.
But, should you make this leap of faith with a blindfold? Of course not. Starting any venture without proper preparation will drastically undermine your chances for success no matter how prospective your playing field might be.
Let us take a look then at some of the basic steps you need to make to put your wellness business n sold ground and keep building from that foundation.
Pen down a solid business plan
A business plan makes the backbone of any successful organization, and even though your gig will be heavily dependent on your craft and skillset, the wellness industry is really no different. So, be sure to write your own business plan that will cover the following topics:
- Executive summary
- Business description
- Market research
- Target market
- Financial summary
- Marketing strategy
- Employment strategy
- Funding requirement
Well, if you have ever wondered where exactly to start your wellness journey, conduct thorough marketing research that will provide you with material for filling in these entries.
Provide a unique value proposition
This is that special something that will make the front and center of all of your marketing campaigns. Selling wellness products and services is simply not enough. You need to have some unique value proposition that will make potential clients choose you over your competitors. That might be a good location, niche market segment, premium services, or something else. But, you need to have some anchor that will give your business a clear market position and a decisive argument you can leverage with clients who are still on the fence about your brand.
Sort out the finances
And while you are doing that, be sure to cover all things you will need to invest your money into ranging from securing the premises (buying a spa can cost up to $800,000), initial equipment and furniture (around $120,000), and initial inventory ($40,000) to branding, staffing and management. When you finally get the bottom line, look for the loans and ownership models that match your expected revenue.
Renting the premises instead of buying, outsourcing nonvital positions, and engaging in various forms of partnership can help you trim down the costs.
Secure your assets
No matter which assets you eventually end up buying, remember these assets need to be protected. So, research the available insurance products and don’t hesitate to buy anything that will help you get back on your feet in the case of any crisis.
Of course, not all insurance products are equally useful and some insurers will plainly stack your policy with the clauses you will never possibly use. In that case, if you are wondering if I can get my refund, the answer is yes. Specialized agencies will be able to provide legal help in these matters. But, reading a bit of fine print will save you a lot of trouble in this regard.
Obtain necessary licenses and permits
This is in an instance where so many businesses have stumbled times and again. Stop repeating the same mistake and make a definitive list of licenses and permits you will need to avoid needless legal problems. Now, this list will largely depend on the country or even state in which you are living, but, generally speaking, starting a wellness center usually entails mentions like medical licenses for the services you are going to provide, a business tax ID, founding documents, bank statement, and an employer identification number.
Encourage repeat business
More than half of the revenue of small and medium companies comes from repeat business. In the predominantly service-based wellness sector, these numbers may go even higher. Therefore, your job is not merely to encourage clients to come back for more. Try to build repeat business right into the very core of your business. Ranging from your unique value proposition, pricing model, marketing strategies, and market segmentation, the opportunities for leveraging referrals and discounts for returning customers are ample. You only need to ensure that the numbers truly add up.
Well, we hope these few tips will nudge you in the right direction and help you start your wellness journey on the right foot. This industry is very old, safe, and firmly established in the public eye. So, you have all you need to make your wellness gig a success. But, that doesn’t mean you should take anything for granted. Succeeding in any industry, wellness industry included, always depended on how much effort you were ready to put into the groundwork. Now, you know where to start.
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