The health and wellness market is massive and growing, estimated to reach $1.5 trillion globally. If you’re interested in becoming an entrepreneur in the field, now is a great time to get started.
Whether you decide to start a fitness ecommerce shop or a local health food store, there are some essential best practices to consider when establishing your business. Read on for a comprehensive guide to getting your health-related startup off the ground.
12 Steps To Start A Health Business
1. Research Your Business Idea
Before you jump in with both feet, research your business idea. You want to determine whether there is sufficient demand for the goods and services you plan to offer. Surveys are a great way to connect with consumers and get the information you need.
Not sure what kind of business you want to start? Startup Ideas offers plenty of inspiration. Options in the health field could relate to nutrition, fitness, or mental wellbeing, to name just a few.
2. Draft A Detailed Business Plan
A business plan is a comprehensive guidebook to how your business will be run. It includes details like a description of your products and services, management structure, financial projections, and marketing plan.
Planning out all these details in advance will be helpful once your company is up and running. Never written a business plan before? No sweat. There are free templates online you can use to help you through the process.
3. Register Your Business As A Legal Entity
Registering your business as a legal entity has various benefits. First, it helps to protect your personal liability in case your business gets into trouble legally. It also makes it easier to keep your professional and personal finances separate.
Finally, having a separate legal entity for your business can provide tax advantages. Consult a business attorney regarding what type of business model—such as an LLC versus a corporation—is right for you.
4. Determine Your Startup Costs
Your startup will likely require some investment to commence operations. Common startup costs include commercial rent, inventory, employees, marketing, and business permits and licenses.
You also have to consider practical assets like technology you’ll need to maintain operations. Make a list of all your startup costs and calculate them to determine how much you’ll need. This calculator from the Small Business Administration can help.
5. Find Funding To Get Off The Ground
Once you know exactly how much money you’ll need to start your business, the next question is how you’ll get it. If you have money saved, you might finance your business yourself.
Alternatively, you might prefer keeping your savings for emergencies. In this case, there are many sources of external funding you can turn to. Examples include government loans, angel investors, crowdfunding, and bank loans.
6. Set Up A Business Bank Account
You should always have a business bank account to manage your company finances. BMO explains that this allows you to separate your personal transactions from business transactions.
It also lets you start building a credit profile for your company, which can be useful if you want a loan in the future. Further, it will make your business look more professional. Finally, having a business bank account will streamline bookkeeping and taxes.
7. Get The Tech Tools Necessary To Support Business Operations
Regardless of the field they operate in, every business needs a few tools to maintain operations. Examples include computers, mobile phones, and software.
As a startup, you may want to invest in technology like project management and collaboration software.
Automation tools are also useful, allowing you to save time and money. For example, you can automate your social media posting, so you don’t need a worker to do the job.
8. Define A Unique Brand
Your brand is what sets you apart from the competitors in your field. Odds are that there are other businesses that offer products or services similar to yours. You want to stand out from the crowd.
Towards this end, take the time to define your brand. Think about what makes your business unique, the company’s values, and its mission. Drafting a mission statement and a visual mood board is a great way to start defining your brand.
9. Create A Compelling Website
our website will be a cornerstone of your brand. It should have a cohesive message and visual appearance, and highlight what makes you unique from other health-related businesses in your niche.
Your online platform is also a way for potential consumers to find you online, especially if you take the time to optimize it for search engines. You can create your own website using a tool like Wix or hire a web designer to do it for you.
10. Invest in Marketing To Reach Consumers
Once you have the basics like your brand and website in place, it’s time to expand your reach. Marketing is the answer.
ZenBusiness highlights the value of digital marketing tools, which tend to be cost-efficient but still offer a wide reach—and thus a positive return on investment.
Examples of digital marketing techniques include pay-per-click advertising, social media, content marketing, and email marketing.
11. Build A Supportive Team of Employees
The right team will help drive your business success. Especially when you’re working in a field like health, you want to ensure your employees share your values.
It’s important that your company and the people who work for it present the image of health and wellbeing you are trying to project. When hiring people, don’t just look at their credentials. Also consider their value system. The easiest way to do this is via face-to-face interviews.
12. Expand Your Network To Extend Your Reach
As your health company grows, you can raise your profile as a business owner via networking. This is an excellent way to meet potential business partners as well as possible employees, investors, and customers.
Take part in health industry events—both in person and digital—to get your name out there. You can also host your own events to connect with others. Hosting webinars or podcasts is a great start.
Starting a health-based business is a savvy move and can be a great way to make a living. That said, don’t expect overnight success. You have to put in the work described above to ensure a thriving and long-lasting venture.
For more resources to help you get your startup off the ground, check out the Startup Ideas knowledge hub.
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Author: Julia Merill