The US health and wellness industry is over $52 billion. It is growing at a CAGR of 5.8 percent. These simple statistics show an industry full of promise and opportunity. The demand is there. Customers seek these services, and providers offer these and profit from them.
The question, then, is how to leverage the opportunity. If you look at challenges, it will be difficult for you to make headway.
Study the customer demand for these services in your local area. Like Sam Walton of Walmart did when he was building a retail business, going and visiting the establishments offering health and wellness services. Please speak to the staff, study the customers’ behavior, and understand the nature of provided services. Make friends with the team, watch, explore and learn.
You will understand what services are in the highest demand, the most profitable, and the skills required to provide good quality services. Another important part of a startup is identifying the right location to open your first store. Let me continue with the example of Sam Walton. He opened his stores in small towns and rural America. Competition for the service was low, and so was purchasing power. It is here he came up with the concept of everyday low prices.
Learn from one of the greatest entrepreneurs in America, and you will achieve your dream of setting up your first outlet. Just like Walton, you will find your first staff during these visits. Take them on, and give them an attractive deal that works for you and the employee.
I have deliberately kept the management jargon out of this response and kept it simple. Please look at the section sub-heading – Business growth advisory and model here. You will find more details on business growth models.