Building Your Health and Wellness Startup
In recent years, there has been a growing market for health and wellness services such as personal training, health food sales, and wellness consulting. Many have seized this opportunity by starting businesses that offer these types of services, often with great success. If you're an entrepreneur looking to start your own health-based business, a few steps are all it takes to get your startup off the ground.
Setting Up Your Business
Before you begin the process of setting your business up, you need a vision for your company. This guide on how to start a business with ZenBusiness advises that you should write this down in your business plan, which will detail the services you provide while also describing daily operations, funding, and other important tasks such as defining a legal structure. For smaller businesses, legal structures such as S corps and LLCs are often beneficial to entrepreneurs. An S corp Massachusetts filing enables you to save on self-employment taxes and claim deductions on company losses, while a Massachusetts LLC protects your personal assets from being liable in business-related lawsuits. Be sure to research different legal structures to find which one benefits your business the most.
Marketing Your Business
A marketing plan is essential for growing your business and customer base. For smaller businesses, cheap and effective marketing strategies such as email, social media, and event marketing are great choices to grow your brand. Try growing your online presence by maintaining an email newsletter that keeps customers in the loop about what your business is up to. Additionally, in-person or online events such as classes or conferences are a great way to connect with people and open doors for growth.
Hiring the Right Employees
No matter what type of wellness business you are starting, hiring employees can help your business grow and become more efficient. Small business owners should consider hiring freelancers, as these employees can help fill a specific purpose. Whether it's accounting, marketing, web design, or any other logistical task, there's likely to be a freelancer that can help. Additionally, hiring a freelancer is cost effective, as you won't be paying them as often as a full-time employee.
Managing Your Finances
Keeping track of your expenditures is crucial for running your business efficiently. Using bookkeeping software can provide an easy solution for managing your finances. Try to find an accounting software program that makes it easy to organize and store receipts so that you can get the most deductions while still remaining compliant. Additionally, having insights on cash flow within your business will allow you to make informed and smarter business expenditures in the future.
Finding Extra Funding
Securing the necessary funding for your business can help your startup run smoothly. There are many sources of funding for small business owners to consider, including federal grants and loans from local nonprofit organizations. You can also consider crowdfunding platforms, such as Kickstarter, to secure funding from the public. There are more financing options available than you may think — be sure to research both local and federal sources to find reliable funding for your business.
Making Your Startup a Reality
Starting your own health-based business is a simple task when you follow a concrete plan. Follow these steps, and you’ll soon be on the path to success.
Help your business grow in our community through local events, small business advocates, and other resources by joining the Nantucket Island Chamber of Commerce.Image via Pexels