Starting a health or wellness business is easier than you might think. You could do it in a handful of days. This includes everything from registration to setting up a brick-and-mortar presence, if applicable. You just need some initial funding, a vision, and some grit and determination. Here, HONEYBUNNYTWEE walks you through the process of starting a health-related business, covering the initial setup and finishing with tips on how to grow your business:
Building Your Own Health-Related Business: From Start to Finish
Create a business plan
Not creating a business plan is shooting yourself in the foot. It’s hard to do, but you must do it! A business plan is a roadmap of how you’re going to start, maintain, and grow your business. It covers all the specifics, from the funding to the marketing – and everything in between. It will help you determine your startup costs, your expenses, the legalities, the viability of your vision, and the concrete goals you need to take to succeed. The SBA offers a guide on making a thorough business plan.
Gather up some seed money
You’ll need funding to both set up shop and keep your business going for the next 6 to 12 months. Make sure you have enough working capital – cash on hand – to meet both foreseen and unforeseen expenses. The seed money can come from your savings, from family or friends, grants, or loans. Cryo Philadelphia offers a list of institutions that offer grants to health (and other) small businesses.
Figure out the best legal business structure
Pay attention to the legal business structure. It affects your taxes, liability, paperwork, fundraising, and more. By default, you create a sole proprietorship when you set up a business in the US. This isn’t necessarily what you want – if you ever get sued, your personal assets are treated as your business ones. It’s a good idea to set up an LLC or similar to protect your personal assets. For most small businesses, LLCs are a good option.
Hire a good team that has your back
Depending on the type of business you’re launching, you may need employees to help you run and grow your business. Building a team tends to be a time-consuming process, so it’s best to start early. Consider what kind of expertise you need, write a suitable job description, advertise, and start recruiting. If you need immediate assistance, hiring freelancers is an option.
Marketing is the secret sauce to business success. Research your ideal customers and figure out a solid strategy to appeal to them. A well-designed logo is a must-have. It will accompany your marketing material, create a strong first impression, build brand awareness, and separate your business from the competition. You don’t necessarily need to pay for logo design services – you can use an online custom logo maker and do it on your own. Simply pick a style and icon, add in text, and pick from an assortment of logo themes, fonts, and colors.
Grow your business
Growing your business is all about making short-term and long-term goals, based on your business plan. Here are some concrete suggestions on how to get the ball rolling:
- Setting up and refining work processes.
- Using low-cost or free software to speed things up.
- Building a website or social media channel to raise brand awareness.
- Creating a unique brand identity.
- Building a customer database and cultivating leads.
- Creating a marketing plan of action.
Keep brushing up on your health-related knowledge
Last, but not least, don’t forget to continue learning. Healthcare and wellness is a field that’s constantly evolving, with new technologies being introduced frequently. It’s a good idea to keep an eye on market trends and customer demands, long-term, and then make changes accordingly to stay relevant long-term.
It takes time for a business to be established. There will be tough times, initially, and plenty of roadblocks for you to navigate. Don’t give up too early, prepare yourself mentally, and pick up the entrepreneur mentality to succeed.