The health and wellness industry is a trillion-dollar industry that has been performing exceptionally well over the last few years, and it is projected to continue doing so. This makes this a good industry for both first-time and experienced entrepreneurs to try their hands at. However, it’s important to understand that starting any type of business comes with some risk, no matter how great the odds seem. Still, knowing which industries are growing and doing additional research gives you a better chance of being successful.
Here are four tips on how to start and successfully maintain a wellness brand.
#1: Knowing Your Industry and Choose a Niche
The health and wellness industry is a fairly large one, so it’s important to know the different segments and choose one or two to focus on for your brand. This industry has five main segments that can be broken down further, and these include:
- Fitness (personal trainers, yoga instructors, etc.)
- Mental health (therapists, psychologists, etc.)
- Nutrition and healthy eating (wellness coaches, dietitians, chefs, and physicians)
- Personal care (massage therapists, spa owners, etc.)
- Wellness tourism (helping tourists find ways to stay healthy during vacations)
While all of these are services, you can also create and sell products relative to each segment, such as workout equipment (fitness), wellness drinks and powder mixes (nutrition and healthy eating), and aromatherapy (personal care).
#2: Creating Your Brand Identity
Your brand identity is what comes to mind when consumers think of your business. The first step to creating a brand identity is choosing a name and logo for your business. This will be applied across your website, social media profiles, and packaging, so it’s important to make sure that you’re happy with what you’ve chosen. Once this is taken care of, you can begin to build your brand’s image online by making yourself relatable to consumers and putting your brand’s mission out there.
This is why it’s important to have a mission statement and/or state what’s valuable to you. Whether it’s using vegan products or donating to charity, your personal mission must resonate with your consumers. The more personable you are when interacting with your consumer base, the more likely you are to gain and maintain customers.
#3: Setting Up Your Company
Whether you’re wanting to be an online business or an in-person business, you’re going to need to set up your company after you’ve done your research on the wellness industry. Start by creating a business plan, as it acts as both the map of your business journey and a proposal for financing. Next, you’ll need to take care of the legal aspects of your business, such as insurance, permits, licenses, and having certain certifications may also be necessary.
For those wanting to operate from a physical location, you’ll need to choose an appropriate business location. Also, if you’re hiring help, you’ll want to make sure you’re hiring the most qualified and passionate people for your company. This isn’t the most glamorous part of starting a business, but it is the most necessary.
#4: Marketing Your Business
Before you even open your doors (or before your website launches) you can begin marketing your business. Just make sure that if you set a specific opening date you’re set to open on that day. And keep in mind that marketing doesn’t stop once you’re open for business.
All businesses should have a website and social media presence, even if they operate fully in person. This just helps with marketing as you’re able to reach a wider audience. Examples of online marketing strategies that you’ll be able to take advantage of include:
- Content marketing
- Email marketing
- Pay per click/PPC (e.g., Google Ads)
- Search engine optimization/SEO
- Social media marketing
You can also invest in promotional items to help promote your business. Some of the best promotional items for wellness companies include stress balls, water bottles, blender bottles, baseball caps, and coffee mugs. Promotional items can be given away as a part of an online promotion, or they can be sold alongside your main products.
Keep in mind that creating and running a successful business will take time and patience. You should also give yourself room to grow, so don’t overdo it by ordering too many products or choosing a bigger-than-necessary facility. This will end up costing you more money than it would to start small and then spend the extra money required to grow your business.
