How to Launch a Successful Health-Focused Business
Health-focused businesses are booming, as most people have at least some degree of desire around getting or staying healthy, or changing up their physical fitness or diet routine. Getting in on this lucrative line of business can be a great business model. The 5th Floor can be an asset in the process, providing entrepreneurs with mentoring, start-up support, and tips on how to make the most of co-working spaces.
What Will You Do?
Some health-related businesses have more requirements than others. This is especially important if you’re selling supplements, foods, drinks, or other nutritional items, or providing any type of physical service, like personal training. According to the U.S. Chamber of Commerce, you’re wise to consider the specifics of what you’d like to do and check into the regulations around that particular industry. There may be certain types of licensing you need to have to sell your product or service. Getting a business license and appropriate insurance are key for steps to getting your business up and running.
Do You Have a Plan?
Successful business owners draft a business and marketing plan that outlines key operational functions and budget projections to help ensure they’re on the right path. According to the U.S. Small Business Administration, the plan will help you conduct market research, identify target markets, and make informed budget choices and income projections. Not only does a business plan keep you focused, organized, and on track, it’s also a requirement when applying for small business funding. Lenders will want to see that you’ve done your research, have a viable plan of action in place, and will be a good steward of your finances.
Where Will You Operate?
Many health-based businesses are great as e-commerce companies, particularly if you’re doing virtual consulting or product ordering. You might also opt for a storefront or a home-based business. Make a determination about the location that will work best for your needs and establish yourself accordingly. Forming a limited liability company, or LLC, can be beneficial in a number of ways, including helping reduce the potential for some types of liability and making it easier to file your taxes. You can do the legwork yourself and avoid pricey lawyer fees, or save both time and money by using an online formation service. Read online reviews before selecting a company.
Do You Need Employees?
Even if you plan to primarily run your health-based business on your own, there may be times when utilizing freelancers, independent contractors, or even part-time staffers can be to your benefit. Consider the type of work your company needs that is easy to hand off to a professional. For example, you’ll want a compelling and interactive website, social media presence, and marketing, advertising, and customer service assistance. These are great business functions to outsource to others. You can find qualified pros on online job boards and by word-of-mouth from others in your industry. Always inquire about references, turnaround time, and costs before hiring anybody.
How Will You Build Your Customer Base?
Health-focused businesses do best by cultivating a repeat clientele. For example, if you’re a personal trainer, ideally you’ll want to schedule a series of sessions with customers rather than deal with one-and-done scenarios. If you’re looking to launch a nutrition store or an e-commerce supplement business, your goal should be to create relationships with customers that are long-term in nature. Consider a customer loyalty rewards program that will help consumers feel appreciated and special, and keep them coming back to your business.
Starting your own company is an exhilarating and exciting experience. Having a plan of action in place and recognizing the need to conduct your due diligence prior to launch can help place you on the road to success.
In addition to providing clients with optimal workspaces, The 5th Floor offers comprehensive levels of support to business start-ups while helping them make key industry connections. Visit the site today to learn more.
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