The global wellness industry has an economy that values at $4.5 trillion thanks to rising priorities and practices for optimal physical and psychological health and overall well-being. It’s an industry that incorporates all activities that promote physical and mental well-being: from yoga and meditation to personal care and beauty, to healthy eating and nutrition, from the workplace to working at home. Now more than ever, it is vital that ‘wellness-centric’ brands and businesses continue to make their way into the mainstream.
If you’re interested in creating space and cultivating a community within the wellness space, it’s imperative to be intentional about every component that makes up your business.
For part one of this two-part blog post, I will define the essential steps to get you started as a wellness entrepreneur with a heart for holistic health and the desire to turn your passion into purpose.
Eight Stages to Become An Impactful Wellness Entrepreneur
Stage 1 – Share Your Story
Sharing your story will help you put power to the purpose behind how you choose to show up and serve in the world. Knowing your purpose humanizes your brand, allowing your audience to establish connections and trust. Create an inspiring atmosphere writing down your story as a journaling practice by asking yourself the following questions:
What is motivating me to begin my entrepreneurial journey?
What struggles or lessons did I face in the past that will help me best serve others today?
Stage 2 – Construct Your Mission Statement
Putting together a mission statement brings clarity to the purpose behind your business. An easy way to start is to write your « I help statement,» where you can fill in the blanks to the following sentence.
Example: I help (target audience) through (your method/way of helping) so that they can (the ultimate result you want for your client/customer).
See your mission statement as the “About Me” section of your website or the bio to your social media page.
Stage 3 – Find Your Vision
Even if you’re at the beginning of your entrepreneurial journey, it’s still beneficial to have a long-term goal for your business with an idea of where you want to be in 5-10 years. Find the vision for your ideal future by asking yourself the following questions:
Where do I plan to take my business in the future?
What are some of my “I-want-to-accomplish-this-one-day” goals?
Stage 4 – Boast About Your Brand
Your passion for wellness entrepreneurship is alive and on fire for a reason. Don’t be afraid to share what makes it so unique. First, analyze your market to see what solutions or answers your business can provide. Then think about what you can bring to the table that’s different and desirable by asking yourself the following questions:
How will I make my brand stand out in the market?
What sets my business apart from others?
Why would someone choose my business over another similar one?
Stage 5 – Identify Your Target Audience
Identifying who your brand will be targeting is an important step as it will help you get clear on what you can offer and to whom. Conduct research for your target audience to ensure that your services or products solve their problems and satisfy their needs in the best way possible. With a clear idea of who your target audience is, you can create content that will resonate with the right people and promote long-term growth in your community. You can identify who your target audience is by asking yourself the following questions:
What will bring others to my business?
How can I best support and serve them?
What problems are they facing that I can help them solve?
What are their future goals or aspirations that I can help them achieve?
Stage 6 – Analyze Your Target Audience
Giving surveys in Facebook groups, Twitter chats, and email lists is a handy tactic in getting tangible first-hand insights to best tweak your offers and make them irresistible. Use free sites such as SurveyMonkey or Typeform to gather pertinent information to help figure out the needs and wants of your target audience. When writing your survey questions, consider asking yourself the following questions:
Are there any important questions I can ask that will help me learn more about my audience?
What doubts do I have that I can turn into questions for my target audience?
Any key channels do I have access to get this survey to my target audience?
Stage 7 – Know Your Brand’s Personality
Understanding your brand’s personality will align with your unique flair. However, don’t forget to consider what will attract your audience most authentically. Your brand personality consists of the feeling and energy shared through its words, colors, tone, and images. It is important to figure out how your brand will form its personality as early as possible to establish consistency and a noticeable aesthetic that your audience can automatically recognize. It’s okay to experiment with different looks and layouts at first. But the most successful businesses have a distinct personality and stick with it. To allow yourself and your brand to stand out from the crowd, ask yourself the following questions:
When people interact with my brand or me, what do I want them to feel?
What words would I use to describe my brand’s personality?
What brand archetype do I want to be associated with my brand?
Stage 8 – Conduct a Competitor/Collaborator Analysis
Conducting an analysis is crucial in finding your place and price-point in the market. It can be easy to look at a person’s website and get a flood of ideas for your own business. A little caveat, though, when doing your research, make sure you are researching with an analysis’s eyes, not with copycat eyes. Always consider how you can create something special to your personal style.
The best process when identifying who your competitors and collaborators are is by making a list. First, observe your competitors and collaborators on social media by searching niche hashtags, relevant keywords on search engines and seeing how they share their content on social media. Examine their marketing strategy, price ranges, product/service offers, and strengths and weaknesses.
To Be Continued… How To Become An Impactful Wellness Entrepreneur Part 2
Now that we’ve covered the basics, check out part two for more steps on how to better position yourself as an entrepreneur in the wellness industry.