Do you want to start a holistic wellness business? If yes, find here a stepwise guide on starting a holistic business covering aspects like finding a niche, licenses and permits, market opportunity, etc.
As per the information received by the World Health Organization, 65 to 80 percent of the world’s population largely depends on holistic medicine as a primary treatment for their healthcare needs. An American study estimates American spent around $30 billion on holistic wellness treatment solutions. Every country in the world including the United States is encouraging holistic medical treatment presently. The sector has been growing by around 5 percent annually from 2015–2017.
Here are the 10 Steps to Start a Holistic Wellness Business
1. Select Your Niche
The first thing to consider before starting a holistic wellness business is to find what product or service you are going to offer. The holistic wellness service business industry is big. You can be a wellness coach, yoga teacher, personal trainer, nutritional therapist, acupuncturist, or can sell products related to the industry. Select the niche as per your strength and resources.
2. Understand the Market
You must carry out market research to understand the local demand for wellness services in your nearby community. Find out the local competitors, if any and collect information regarding their product/ service offers and the gaps which are not provided to the customers. It will help you in approaching your products to the consumers in the best possible way.
3. Name the Wellness Company
Choosing a proper name is extremely important for long term success for any business. It holds true with holistic wellness business too. Select a name which appropriately related to your company and the products/ services you are offering to customers. Check this guide to know more about naming a business.
4. Form a Company
Forming a legal company helps you running your business legally and without hassles and tension. Every country and state offer different business structures for forming a company. If you are from the United States and want to separate your personal assets with business assets, forming an LLC is a better option.
5. Get Appropriate Licenses and Permits
Talk to the local competent authority and procure the required licenses to operate at the desired location. In some states, you don’t need any license to run a holistic nutrition business. For example. if you are in California, no need for any permits from the government authority to practice the profession. However, for dieticians, one must obtain state certification.
6. Determine Startup Costs
The start-up cost for starting a holistic wellness business depends on the products/ services offered. If you are starting a holistic coaching/ clinic business the startup cost is not much. You need to hire a space for rent if you don’t have your own, a few pieces of furniture, accounting software, and a website. However, if you are selling wellness products, you need to invest in the inventory.
In addition, include the costs associated with compliances for registering and running the company.
7. Create a Business Plan
Baes on the information gathered, create a business plan for your holistic business. Write in detail about the reasons for starting this business, the services you are offering, the operating plan, startup costs and financial plan, and a marketing plan. You can also take help from business plan generators if you think you need some guidance.
8. Get Business Insurance
It is highly advised to buy insurances for your holistic business. In the case of any unfortunate situation which may come from any issue, this business insurance saves you. Talk to local insurance vendors and purchase the most suited insurance cover for your business.
9. Set Pricing
Pricing is a make or break decision in this business. Check with competitors and learn their pricing strategies. You can check this guide on steps to follow to fix pricing.
10. Promote your Holistic Wellness Business
Building a brand is essential in the long term profitability of the holistic wellness business. The reason is simply that success largely depends on the faith among customers and the reputation of the company. Creating a website and maintaining a blog goes a long way in building trust among customers. Create a social media profile and try to post the activities of your company on a regular basis.