We live in a busy and uncertain world. Most of us work more than we want or should. Besides, society changes at a rapid rate. Unpredictable events happen frequently, the world pandemic being one of them.
For all these reasons, people begin to feel that anxiety threatens their wellbeing. Therefore, they are willing to invest in what makes them feel good, replenished, and healthy.
The wellness industry is rapidly growing. Obviously, because it provides products and services that are vital for modern men and women.
In this post, we will explore the industry, and see what it takes to become a successful wellpreneur.
What Is Wellness and Is It a Good Investment?
In 2018, the wellness economy was worth around $4 trillion, growing to almost $5 trillion in 2019.
Unfortunately, the COVID-19 pandemic gave a serious blow to the industry. The lockdowns brought down its worth to $4.4 trillion in 2020.
However, as the world economy slowly bounces back, wellness finds itself to be in a good place. People are thinking about their health more than ever.
Besides, as the economy goes digital, remote work and screen fatigue create workers who yearn for nature, movement, and meaning. So, businesses start thinking about wellness as a means of keeping their employees productive and satisfied. Many businesses look at wellness programs as an organic investment in their employees to counter the “great resignation” movement, and that may create a growth opportunity for you.
Therefore, predictions for the wellness industry are optimistic. It is expected to grow around 10% annually and reach $7 trillion net worth by 2025.
Wellness is as old as the human need to relax. It dates back to old Eastern civilizations and legendary Roman thermae.
According to the Global Wellness Institute, modern wellness is an active lifestyle that leads to a state of holistic health.
The wellness industry consists of the following eleven sectors:
- Personal Care & Beauty
- Healthy Eating, Nutrition, & Weight Loss
- Physical Activity
- Wellness Tourism
- Traditional & Complementary Medicine
- Public Health, Prevention, & Personalized Medicine
- Wellness Real Estate
- Mental Wellness
- Workplace Wellness
- Thermal/Mineral Springs
Out of those, the personal care and beauty sector is currently the most lucrative one. There are many start-ups and beauty business ideas that seek to profit from the $955 billion worth of beauty market.
A Few Tips on Growing Your Wellness Business
Regardless of the sector you are interested in, it is the perfect moment to invest in wellness. It is not only a growing industry but also a meaningful profession and a wonderful job to have.
Here are a few tips for developing a wellness business.
Find Your Focus
As you could see, there are eleven sectors within the wellness industry. That makes a huge variety of services and products you can provide for people in need.
If you look at it from the perspective of the economy, apart from the beauty sector, the most promising sectors are:
- healthy eating,
- physical activity (yoga), and
- wellness tourism.
Also, if you look at things from the perspective of what people need, there is a lot of space to be original and innovative. For example, you can start a vocational rehabilitation program, helping military veterans and others who are impaired maintain and reinvent their careers.
Your choice of particular products and/or services will depend on many factors, such as personal interest, the supply chain, your contacts, education, etc.
Of course, in time, you are free to change your focus. Finally, you will find the best business recipe that will suit your and your clients’ needs.
Plan the Budget and Track Costs
Once you define what you want to do, the next step is to plan your budget.
First of all, you will need to determine the amount of money your business needs to launch. Then, you will need to calculate and predict recurring costs. These include materials, rent, brochures, taxes, marketing, creating a website, and so on.
And to make that budget work, make it easy for your customers to pay you online, whether they have one-time purchases or subscribe to a service requiring regular payments.
Make an Elaborated Business Model
There are several things to keep in mind while you are thinking about your business model. First of all, can you do it online, or is it connected to a physical location?
If you are a solo yoga teacher, then you can give yoga classes online. However, if you want to invest in a spa business, it is inseparable from the natural water springs and other resources.
Then, you want to think carefully about your skills, and the skills of people you want to work with.
Furthermore, how will you stay ahead of the competition? You can do that in many creative ways. You might even branch out into related areas that are not directly related to your main business (in this example, yoga), but help reduce workplace stress just as yoga does. For example, you might offer your business clients a seminar on “easy-maintenance hairstyles for work” or “etiquette for men in the workplace” as ways to contribute to a less-stressful, overall healthy working atmosphere in your clients’ offices.
Finally, a proper SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can do wonders for elaborating your risk management strategy and putting your idea in the context of the current market.
Raise Brand Awareness
Marketing is an essential segment of every business. How will your clients know about you unless you present yourself and announce the positive change you want to bring to the world?
Hiring a marketing agency is always the most effective choice, but it can be costly. Also, there is a lot you can do yourself.
Building a website can be done in a matter of hours. Starting your own blog might take more time and effort, but can be a very valuable contribution to promoting your wellness business.
Also, email marketing can play a crucial role in business expansion, because it is one of the most cost-effective marketing strategies you can use.
The Best Business Ideas to Expand Your Wellness Business
Now, without any further delay, here are some ideas you can use to start or improve your existing wellness business.
Introduce Certified Personal Trainer Services
Personal trainers are experts that help people build and maintain healthy habits. They help their clients fight laziness and personal inertia with advice and personal experience.
The tricky thing about personal trainers is that the demand for them is growing fast. In turn, there are a lot of fake life coaches, who think they can become personal trainers because they go to the gym regularly.
Therefore, hiring a certified personal trainer (or becoming one) can be a deal-breaker for a successful wellness business. Their services can be expensive, but people are more than willing to pay for getting valuable and personalized information on their health.
Start a Health and Wellness Blog
Starting a blog is one of the most popular ways to monetize your expertise and knowledge.
Your blog can be open for everyone, or if you consider your knowledge to be rare and extremely valuable, you can set up a Patreon account or premium membership plan. In such a way, the visitors of your site will be able to pay a certain amount for your best content and contribute to your work.
In order to build an online reputation, you can collaborate with various influencers in your niche. Also, you can recommend the best wellness products.
A blog can benefit you if you already have an established business as well. It can boost your SERP results and help you reach new audiences. Small business website development is a never ending process. Still, every investment in improving your website will be more than beneficial for your income.
Make and/or Sell Health and Wellness Products
People are more than willing to pay for healthy and environmentally friendly supplements, cosmetics, and even makeup. Many begin their online shopping experience with a special event in mind, so it’s wise to offer variations, such as the best foundations for tropical vacations, job interviews, or wedding days.
Also, introducing a new eco-friendly product line is always a good idea for expanding your wellness business.
Are there any traditional recipes or remedies in your region? Or is there a specific herb that grows in your surroundings that can be used for natural essential oils or creams? If yes, you can invest in an original product available at your store, or offer collaboration with local producers.
Otherwise, you can make an online shop or eCommerce store, selling rare and beneficial products to those who need them.
Yoga has never been more popular. It was one of the rare activities people could do at home during the lockdowns. And although the lockdowns are now gone, the healthy habit remains.
Therefore, yoga and wellness have almost become a synonym these days.
It has never been easier to become an online yoga teacher. There are various platforms, such as Regpacks, that enable registration and billing for a variety of online courses and events. You can use these platforms as a solo entrepreneur, or if you would like to enrich your wellness spa center offers with a quality yoga retreat.
There are many different ways you can teach yoga. You can give both individual and group classes, teach different types of yoga (Hatha, Vinyasa…), have beginner and advanced courses, etc.
As previously mentioned, corporate wellness is gaining momentum. Businesses begin realizing that investing in their employees’ well-being is beneficial for overall team productivity.
Therefore, they are interested in sending their workers to wellness programs and workshops. Team Building events for remote teams are often organized in spa centers and/or in nature.
The public trust in large pharmaceutical companies has significantly deteriorated in the previous years. Therefore, when experiencing health issues, people tend to avoid industrial medicines as much as possible. They are turning to traditional medicine and natural products.
Therefore, providing counseling on herbs and natural remedies is a great way to expand your wellness business. Also, selling special tea blends or providing online courses on herbal treatment is a great business idea as well.
The wellness industry is a fast-growing one and provides a variety of meaningful business opportunities. It can satisfy any creative, health-minded entrepreneur because there are so many ways to address the market, and valuable online tools to make a wellness business easier than ever to run.
A lot of wellness products and services can be delivered online. In that case, a variety of tools and platforms can ensure convenient booking, scheduling, and regular payments.