The United States has one of the largest industries dedicated to wellness. Health-based companies and startups generate $4.2 trillion annually, making up 5.3% of global economic output. The numbers aren’t surprising: Americans are constantly striving to improve their health and follow the latest scientific breakthroughs in wellness and fitness.
This is great news if you have a passion for health. Now is the time to start your own wellness-based business and help those in your community.
1. You can make a difference in the lives of others.
Your health startup can help people live healthy lifestyles and participate in activities they previously thought were out of reach. For example, it can be hard for people who experience hearing loss to participate in gym activities. Many classes and boot camps are based on verbal commands for participants. One wellness startup specifically works with deaf clients and those who experience other hearing issues to get fit. Your hearing loss or tinnitus treatment doesn’t have to define you—and can even be a reason for you to end the fitness market.
Look at what sets you apart from others in your field. What can you offer that other health and wellness experts don’t? This unique feature could be the key to your startup success.
2. It can be a side-gig in the short term.
One of the biggest challenges with launching a startup is risk. Most people don’t feel safe quitting their jobs and taking out loans to start their companies. However, you can keep your current job while building your wellness startup. Keep your wellness company as a side-gig while you build up your clients and business model. This will make you feel more comfortable when you finally decide to run your business full-time.
3. You can pass on your expertise to others.
There is plenty of misinformation in the world of diet and exercise. When should you stretch? Before or after a workout? Which is worse: fat or sugar? Is vitamin C really a system immune booster? As an expert in your field, you can bust these myths with responsible, factual information. You can guide your clients through their vitamin supplement options and explain the FDA approval process to get brands on the shelves. You can know which vitamin manufacturing brands to trust with your health and chemistry knowledge. Your clients can turn to you as a trusted source to guide them toward healthy life decisions.
4. Clients want wellness on their terms.
One of the best things about the health and wellness industry is that there are hundreds of niche markets to enter. Goat yoga has become popular for people who want to work out with animals, while other people prefer virtual marathons and other digital experiences. If you find an activity that people love, then you can build your customer base and quickly grow your business.
5. You don’t need a large amount of funding.
Some startups are exceptionally expensive: they require office space, manufacturing deals, and several employees. This isn’t the case in the health and wellness world. Some personal trainers operate in parks and carry equipment in their cars. Others offer consulting services and work from home. If you have the knowledge to offer quality services and a well-planned business model, you can get your startup running within a few weeks. The U.S. Small Business Administration offers guides for business owners. You can use their tools to calculate your costs and learn about other funding options available.
Before you launch your startup, determine who you want to help. Do you want to advise clients on their vitamin needs or help someone going through tinnitus treatment form an exercise plan that works? Whatever you choose, make sure your startup stands out and helps people get healthier.