How to start a health and wellness business!

Here is an overview from idea to plan of what to do and think about when starting up a Health and Wellness business.

By Nicole Rubin

For potential small-business owners looking to start their own venture into the health niche, it can sometimes be daunting if you don’t know where to start. Maybe it’s part of your plans for this year, or maybe you’ve been thinking about starting your own company for years. Whether you’re starting a brick-and-mortar health-food store or an online wellness tips blog, you need a strategy. Coachingandlife.com shares a few things you should focus on as you’re beginning your journey:

The plan for your Health and Wellness business

Having a succinct yet comprehensive business plan is key to getting off on the right foot when starting a company. Having a plan written out will help you think through your goals, make your priorities crystal clear, and give you a better sense of what you need to do when you encounter various challenges.

The cost for Health and Wellness business

Before doing anything substantial with your business (beyond creating a plan and ideating your goals), you need to determine how much you will need in startup capital. A few costs you may encounter as you’re setting up your company:

• Office space for employees (if an on-site business)
• Equipment and location lease (if an on-site business)
• Marketing (more about this below)
• Payroll (or money paid to consultants if you don’t have traditional hourly employees)

You can find funding through several different avenues. For instance, the U.S. Small Business Administration offers ways for small-business owners to apply for grants, depending on what their business does. (This is another reason you need a business plan for your health and wellness business right off the bat; most grant applications will require sharing your plan.) You can also apply for business loans or see if you qualify for federal stimulus aid.

The details

When you have everything figured out as far as your business plan, structure, and funding go, you may file to form a limited liability company (LLC) in your state. There are many benefits of forming an LLC, but be aware: Many states require owners of LLCs to file annual reports at the end of the year. Details like business name changes, membership changes, and new addresses (among others) need to be in this report so you don’t have to pay fees later.

The fastest way to file your annual report — quickly and accurately — is to use an online service. Some states may require you to fill out forms by hand and mail them, while others may allow you to file online.

The marketing

Businesses rise and fall on the quality of their marketing. For brick-and-mortar locations and online stores alike, if you don’t have a comprehensive marketing plan, things can go sour. Here are several ideas for getting your business off the ground and into the minds of the public:

• Identify your target audience. You will probably be targeting people of a certain age who want to make healthy changes in their lives.
• Maintain an online presence. A blog where you post tips for healthy eating can help you create a cohesive brand and position you as a thought leader in the space.
• Set up social media channels. This will help you engage the community and show a personal side — something people look for in small companies.
• Hire a brand consultant.

The technology

This is the piece that will bring it all together. Knowing how to bring your business fully online and into the modern era is the topping on the cake. In 2018, around 42 percent of small-business owners had a mobile app — meaning, they could reach more people using handhelds. It makes shopping and information gathering efficient and easy for the consumer — a highly marketable thing. Take the time to invest in your company by creating a mobile app and bringing it to the global marketplace.

When it comes to technology, you can’t forget your operational needs as well. For example, will you need a Customer Relationship Management system (CRM) or will you need to create a customized database to structure and manage your data? Also, if you plan to have staff, you need a full-service payroll system that enables you to manage every aspect of payroll. Ideally, this will include capabilities like automating and calculating payroll and taxes, running payroll reports, and direct deposit.

Gone are the days of manually tracking everything through spreadsheets, so it’s crucial to have a clear understanding of what you need behind the scenes to effectively run your business.

Bring it all together

Starting your business is a scary task, but by bringing all of these things together and remaining intentional about your goals, your health-based business will be going strong in no time.

For potential small-business owners looking to start their own venture into the health niche, it can sometimes be daunting if you don’t know where to start. Maybe it’s part of your plans for this year, or maybe you’ve been thinking about starting your own company for years. Whether you’re starting a brick-and-mortar health-food store or an online wellness tips blog, you need a strategy. Coachingandlife.com shares a few things you should focus on as you’re beginning your journey:

The plan

Having a succinct yet comprehensive business plan is key to getting off on the right foot when starting a company. Having a plan written out will help you think through your goals, make your priorities crystal clear, and give you a better sense of what you need to do when you encounter various challenges.

The cost

Before doing anything substantial with your business (beyond creating a plan and ideating your goals), you need to determine how much you will need in startup capital. A few costs you may encounter as you’re setting up your company:

• Office space for employees (if an on-site business)
• Equipment and location lease (if an on-site business)
• Marketing (more about this below)
• Payroll (or money paid to consultants if you don’t have traditional hourly employees)

You can find funding through several different avenues. For instance, the U.S. Small Business Administration offers ways for small-business owners to apply for grants, depending on what their business does. (This is another reason you need a business plan right off the bat; most grant applications will require sharing your plan.) You can also apply for business loans or see if you qualify for federal stimulus aid.

The details

When you have everything figured out as far as your business plan, structure, and funding go, you may file to form a limited liability company (LLC) in your state. There are many benefits of forming an LLC, but be aware: Many states require owners of LLCs to file annual reports at the end of the year. Details like business name changes, membership changes, and new addresses (among others) need to be in this report so you don’t have to pay fees later.

The fastest way to file your annual report — quickly and accurately — is to use an online service. Some states may require you to fill out forms by hand and mail them, while others may allow you to file online.

The marketing

Businesses rise and fall on the quality of their marketing. For brick-and-mortar locations and online stores alike, if you don’t have a comprehensive marketing plan, things can go sour. Here are several ideas for getting your business off the ground and into the minds of the public:

• Identify your target audience. You will probably be targeting people of a certain age who want to make healthy changes in their lives.
• Maintain an online presence. A blog where you post tips for healthy eating can help you create a cohesive brand and position you as a thought leader in the space.
• Set up social media channels. This will help you engage the community and show a personal side — something people look for in small companies.
• Hire a brand consultant.

The technology

This is the piece that will bring it all together. Knowing how to bring your business fully online and into the modern era is the topping on the cake. In 2018, around 42 percent of small-business owners had a mobile app — meaning, they could reach more people using handhelds. It makes shopping and information gathering efficient and easy for the consumer — a highly marketable thing. Take the time to invest in your company by creating a mobile app and bringing it to the global marketplace.

When it comes to technology, you can’t forget your operational needs as well. For example, will you need a Customer Relationship Management system (CRM) or will you need to create a customized database to structure and manage your data? Also, if you plan to have staff, you need a full-service payroll system that enables you to manage every aspect of payroll. Ideally, this will include capabilities like automating and calculating payroll and taxes, running payroll reports, and direct deposit.

Gone are the days of manually tracking everything through spreadsheets, so it’s crucial to have a clear understanding of what you need behind the scenes to effectively run your business.

Bring it all together

Starting your business is a scary task, but by bringing all of these things together and remaining intentional about your goals, your health-based business will be going strong in no time.

For more information contact Nicole Rubin here: info@coachinandlife.com