With a 6.4% year on year growth rate, the health and wellness industry was valued at over $4.75 trillion in 2021. As we continue to be more aware of our health and wellbeing, this market will continue to grow. It’s a lucrative business worth investing in if it’s your passion or hobby. Navigating through the internet and figuring out which path to take can be challenging, so we’ve compiled for you the most interesting and profitable health and wellness business ideas.
Why Health and Wellness?
Before we begin, it’s good for you to sit down and think about what is drawing you to the health and wellness industry. What is it that you love about it? To help you understand the ‘whys’ and as a result, identify the right wellness business for your needs we created some questions you should ask yourself:
- What do you enjoy about health and wellness?
- Are you already in the fitness industry or running a wellness business?
- Do you want to work independently or for someone?
- Do you want to be location independent? (The pandemic has normalised online interactions, so you can run an online business without much trouble.)
- Do you love working with groups of people, 1:1 or rather limit the customer interactions?
- What is your passion? Writing, course creation, nutrition or teaching?
- Are you looking to produce physical products?
Really understanding your interests is the first step to creating a wellness business idea that is sure to succeed. Loving what you do will draw in customers to your business, helping you to prosper. As the cliche goes, if you love what you do, you’ll never work a day in your life.
How to start a health and wellness business?
Every successful business starts with a solid business plan. A business plan will help you identify your niche, state your aims and map out how you plan on achieving them. A business plan will vary in length and detail depending on the niche, but there are 12 steps every business plan should cover.
Here’s a short summary of the 12 step business plan template:
The executive summary should answer the what, why and how behind your business plan. Use this section to paint the bigger picture of your vision? Define your niche; is this going to be a pure wellness business or a combination of health and wellness?
A company overview is where you can describe your business in great detail. Building upon the executive summary, specify your target market, describe your target audience and what makes your business unique.
Paint a picture of your health and wellness business
Behind every successful company is a well-described company history. Paint a picture of your vision, how you came to the decision of starting your business will make your brand more relatable. This is how you gain the trust of your clients and investors.
Analysis of the market and customer
Before throwing yourself in the deep end, analyse the market. Once you understand the competitive landscape and the demand for the service you’re planning on offering, you will be better prepared for the challenges ahead.
A wellness business that is in a high demand niche but without competition will be easy to market, resulting in reduced time and resources spent. But, a business venture in low demand with large competition will require a lot more tactical marketing, time and resources.
Financial Planning: costs, payments and expenses
Regardless of whether you’re starting an online or a physical business you need to think about the finances.
- How will you fund your business venture?
- What is your sales forecasting for the first quarter and year?
- How will your customers be able to pay for your services?
- What will be the overall cost of your business?
- What funding are you expecting to secure for your business?
Name your wellness business
Now let's move to the exciting part; what will you name your future health and wellness business? A business name is more than just a name, it’s your brand, it’s the face of your business, the first thing people will come in contact with. Making the wrong decision can slow down your business growth.
So, I cannot stress enough how important it is for you to really think about your business name.
10 Health and Wellness Business Ideas:
Without further ado, let's get started with the wellness business ideas:
The global health and wellness coach market is expected to grow to $27.6 billion by 2030. As our understanding of lifestyle-related illnesses grows, more governments are shifting focus towards preventative person-centred care.
Health and wellness coaches help understand how by developing healthy habits clients can improve their health, vitality and well-being. Coaches advise on nutrition, workouts, stress management, sleeping as well as mind-body and positive psychology interventions.
This is a flexible wellness business that can be done part or full time, in person or online. It really depends on you and the time you have available. You can offer 1:1 or group consultations, offer webinars, online courses or even write a book!
As you will be responsible for the clients' wellbeing, completing a course or two would be beneficial. You can start with health coaching, nutrition, fitness and psychology courses if you haven’t already.
Corporate Wellness Coach or Retreat
Employers around the world are realising that investing in employees' overall health and wellbeing is good for business. A happy employee takes fewer sick days and in general is more productive.
Open your own corporate wellness coaching business, offering your services to corporations in your city. Alternatively, you can team up with an existing corporate wellness company.
If you love planning and organising, open up a corporate wellness retreat. If you have funding you can build or buy out a complete retreat. If funds are limited there are plenty of locations that can be rented out for a couple of days.
You offer all of the benefits of a corporate wellness coach but in a setting outside of the office allowing employees to truly unwind.
Blogging is another great health and wellness business idea. This can be done from the comfort of your own home, reducing the initial costs of running a business.
A health and wellness blog will allow you to share your knowledge and expertise with your readers. Producing valuable content will help you build a following and recognition from which you will be able to monetize through paid ads and sponsorships.
Although writing the articles and keyword research can be time consuming, blogging is a flexible wellness business that can be done on a side to your main job. You can also team up with a local wellness company or fitness facility and offer freelance work. Every company needs visibility and regular blog content is one way to achieve this.
Open an online shop
If your blog promoting healthy living begins to generate traffic, start to think about expanding your offering with an online store. Think about it, supplements and essential oils are part of healthy wellbeing, you probably mentioned them on your blog countless times. Instead of diverting your readers to online retailers, begin to sell them yourself.
You’ve got the knowledge, the expertise and you’ve built up trust with your readers, leverage this and convince your readers that your product is the best. Use popular e-commerce platforms to sell your products.
This health and wellbeing business idea doesn’t have to wait till your blog is off the ground, or for you to create a blog at all. You can open up an online shop at any point, as a main or side business.
Become a Personal Trainer
If you’re crazy about fitness or already work in the fitness industry, becoming a fully certified Personal Trainer could be the business venture for you. When people workout, they want to see results and one way this can be achieved by PT sessions.
Traditional PTs meet with their clients in person, at a gym or park. The modern PT with the help of a video camera and good wifi connection can offer their services online via a video call or pre-recorded content. Choosing to offer online services will give you a much wider reach.
Specialise as an instructor
If you’ve been practicing yoga or pilates for years, why not think about becoming an instructor? After all, you already know the positions, just need to learn how to safely teach others.
As a yoga or pilates instructor you can work with clients in person and as a result of the pandemic, online. You can offer group or 1:1 classes, but keep in mind that in this niche quality matters over quantity, so keep the group classes small. Don’t overbook your group classes with the hopes of generating higher profit, as if clients don’t see results they will leave.
Open up a fitness franchise
Success doesn’t always require originality, opening up a fitness franchise can do the trick. A fitness franchise is a great health and wellbeing business idea; you are given a blueprint for a successful business. Support is offered in every aspect of opening a franchise, from a foolproof business plan to finding location, marketing strategies, recruitment and training.
If cooking is your passion then take advantage of this. As our lives become more hectic, we have less and less time to cook healthy, well balanced meals. This is a real business venture opportunity, you can either teach how to prepare healthy meals or offer cooking classes. If you’d rather be more involved, you can offer pre-cooked meals. In the digital time we live in, you can also offer online cooking classes to reach a wider audience.
Create a health and wellbeing mobile app
If you’re tech savvy why not put your skills to the use and create a mobile app that will help people track their wellness journey. The possibilities are endless, from nutrition, fitness, creating healthy habits or creating an online community. Choose the niche you have expertise in and follow it.
If you don’t have experience in app building, then team up with a developer and work on it together.
What about a podcast?
In 2020 an estimated 100 million people listened to a podcast each month and is expected to continue growing. If you’re confident and hearing your own voice doesn’t make you cringe, then this could be a great wellness business idea!
Once your podcast gains popularity, you’ll be able to invite guest speakers and monetize on sponsorship advertising or recommending products. It’s a great way to start a community and have a real impact on the wellbeing of your customers.
If you’re in the fitness business already, then these health and wellbeing business ideas are great additions that will help you generate higher revenue. If you’re just starting out, then this article will hopefully guide you in finding the right health and wellness business niche for you. Either way, health and wellness is a trend that is here to stay and it’s better to mark your name sooner than later.