Health and wellness are integral parts of a sustainable future and it is essential for people to be healthy both physically and mentally in order to thrive. Many entrepreneurs, as well as multinational enterprises, have been capitalising on opportunities within this industry. Starting and running a wellness or holistic business is not easy. But, it can be a lot easier if you actually know what to do, in what order, and how to do it. The following are some key things you should know:
5 Things Every Holistic/Wellness Entrepreneur Should Know Before Starting Their Business
Even before you complete the registration of your business or deciding on the name of your company, it is of uttermost importance that you analyse the market segments carefully and select your niche. This goes to the very core of your business. This answers questions such as: who are your ideal customers? Where are your customers located? How should I package my offerings to meet their needs? How much do I charge for my services? These questions must be answered for any business to be successful. This industry is very wide and there are several common threads that stand out across the various definitions of wellness. Wellness is multi-dimensional, holistic, changes over time and along a continuum, and is most importantly individual, but also influenced by the environment and community. The next global trillion-dollar industry is the Health & Wellness market space, which is dominated mostly by the beauty and anti-aging product sales at $679 billion, followed by fitness and mind and body exercise ($390 billion) and healthy eating, nutrition and weight loss sales ($277 billion).
Credibility, business ethics and professionalism are at the heart of creating a solid business reputation. Reputation is a key success factor within this industry. In order to attract and retain clients, you must have specific, as well as general business acumens. Let us talk about critical specific business acumens, such as formal training or experience in wellness or holistic health. This does not have to be a degree program, but there are several shorter courses and training programs, that will help to equip you with relevant knowledge and skills needed. General acumens within this industry include cultivating and maintaining relationships, active listening and life-long learning.
Instead of focusing on price and costs, develop your revenue streams using a value-based approach. Let your customers know the value your service will add to their lives while balancing your costs and price, as well as your customer’s budget and spending power.
A very successful strategy is to create several different offerings at different price points to accommodate many budgets. This way, you can charge what you are worth while being able to reach many more people.
Pricing your products in a way that is fair to your clients and also fair to you is important. Take some time to determine what a fair price is, and don’t be afraid to charge it. You are here to serve your niche, under-charging truly doesn’t serve anyone in the long run.
Small business owners in the mind, body, and spirit field have much of their time consumed by providing products and services and keeping their businesses running. As entrepreneurs, they don’t always have time to work on increasing their client base and improving profitability. Yet, seeking new business is critical to developing the business that calls to their heart. Some key things to do when trying to find new clients are: attend expos, trade shows, develop a referral system, offer free service, giveaways and establish a strong online presence via your website and social media.
Consumers want products that will enhance their mind, body, and soul. A number of brands are offering transparency around sourcing, wages, and supply chain costs in order to help consumers understand their business model. Brands such as Everlane, Cuyana, The Honest Company, and Zady showcase ethically made products. Brands like TOMS, and Warby Parker donate products to those in need. Businesses that don’t hurt the environment and contribute to social causes make consumers feel good about what they are buying. These trends will help to design the right marketing campaigns and attract the ideal customers.
Kimona is passionate about sharing her knowledge in the form of writing and being a part of the KAI team. She is focused on living a healthy lifestyle filled with lots of fun and laughter.
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