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A Quick Guide to Starting a Health-Based Business

    Ayurveda Online Course NCBTMB CE CreditsIf you’re passionate about health and wellness and ready to take your career to the next level, starting your own business can be a great way to share your knowledge with the world and improve the lives of others. Check out these tips from Sacred Stone School & Center to learn how to start a health foods store, yoga studio, gym, spa, or another wellness-related business.

    Narrow Your Focus

    Whether you’re most passionate about food and nutrition, yoga, physical fitness, massage, or herbal medicine, there are so many profitable business ideas within the health and wellness space. But rather than offering multiple products and services right off the bat, it’s best to narrow your focus and choose just one or two offerings as a new business owner.

    Some examples of health and wellness business ideas include personal training, health coaching, yoga, herbal medicine, chiropractic care, massage therapy, nutritional therapy, acupuncture, and corporate wellness. Alternatively, you could create health and wellness products such as dietary supplements and workout gear, or you could open a physical location such as a wellness studio, health foods store, juice bar, or healthy restaurant. Some other options include health and wellness blogs, e-commerce stores, health tracking apps, and podcasts.

    Follow a Guide

    Once you’ve decided what kind of business you’re going to be doing, check out the ZenBusiness – Start a Business Guide. It provides an excellent overview of the major steps you’ll need to take to get your business started on solid footing. Once complete you’ll be a business owner!

    Calculate Your Startup Expenses

    Once you’ve chosen the right idea for your health-based business, you’ll need to calculate your startup costs. Some common startup costs include training, licenses, and credentials, office or studio space, web hosting, marketing materials, and business formation expenses.

    If you’re opening a yoga studio, for instance, you’ll want to budget for commercial real estate costs, legal fees, construction, insurance, utilities, and other operating expenses. For health coaching businesses or e-commerce stores, however, you can meet with clients remotely and sell your products online — eliminating the need to rent a physical office space. The cost of starting your health-based business will depend on the specific type of business you’re launching.

    While startup costs vary, there are several ways to obtain the funding you need to get your health and wellness business off the ground. These include:

    • Crowdfunding. Crowdfunding platforms such as Kickstarter, GoFundMe, and Indiegogo can be used to raise money for your business idea.
    • Small business grants. You can also find and apply for grants offering funding to qualifying small businesses.
    • Small business loans. Bank loans are not the easiest to obtain as a new small business owner, as this type of funding is typically only available to established businesses.

    To get your business started and increase your chances of securing the funding you need, be sure to choose a structure for your business, write a business plan, pursue the right types of financing, start your grant applications early on, and develop a comprehensive sales and marketing plan. Funding your business idea won’t happen overnight, and it’s important to allow yourself plenty of time to prepare each grant application.

    Invest in Accounting Software

    Running a profitable business is dependent on maintaining accurate financial records and keeping tabs on your cash flow. When you utilize software for bookkeeping and accounting, all your finances will be in one place, which makes it substantially easier to manage your business. This software can also offer automated invoicing, the ability to snap and store receipts, and real-time profit and loss reports. Best of all, your business can save as you may not have to hire accounting and bookkeeping professionals.

    Build Your Team

    Depending on the type of health-based business you’re starting, you may need to hire one or more employees to help you serve your customers, clients, or students. Health food stores, for instance, need cashiers, shelf stockers, and suppliers, while gyms may need personal trainers, instructors, wellness coaches, and/or nutritionists. You can find your first few employees over the internet, through a staffing agency, or by posting job openings in local newspapers and trade journals.

    Market Your Health or Wellness Business

    To promote your new business and get your offerings in front of your target audience, be sure to create a website or e-commerce store, set up social media profiles on Facebook, Instagram, LinkedIn, and Twitter, and build an email list. Your email list can be used to share newsletters, blog posts, discounts and promotions, products and services, and other business updates.

    You’ll want to create a logo for your business, but you may not be able to afford a designer’s services when starting out. Instead, find a logo maker online that you can use for free. You’ll be able to customize a template with colors, text, and images that suit your business. Once complete, you can download it to use as you like.

    To market your new health-based business, you could also offer free products and classes, create a mobile app, partner with brands and influencers, and run local wellness events. Look at what your competitors are doing to promote themselves and find ways to do it even better. Adelina Karpenkova of Joinative shares some additional marketing strategies for wellness businesses.

    Improve the Health and Well-Being of Others

    Whether you’re a yoga teacher, massage therapist, nutritionist, personal trainer, or health foods retailer, starting a health-based business will enable you to improve the physical, mental, and emotional well-being of your customers, clients, or students. Choose a focus, find funding, invest in accounting software, hire employees, and market your business. The global wellness economy continues to grow, and starting your own health-related business can be a great way to turn your passion for wellness into a profitable and rewarding career!

    If you’re interested in beginning your career with astrology and bodywork, visit Sacred Stone School & Center today!