I shared in the previous post that the wellness industry has a global economy worth $4.5 trillion! So now is the perfect time to venture into wellness industry if you have a passion for holistic health and well-being.
If you have a passion for holistic health and wellness, I also shared a guide that focuses on how you can establish the eight essential steps to getting started as a wellness entrepreneur.
If you’re interested in tapping into this space and desire to do so with integrity and intention, I’m here to tell you that the world needs your gifts, and I’m here to help you.
For the final portion of this two-part blog post, I will cover the next steps to take once you have the basics in place.
Become An Impactful Wellness Entrepreneur Continued… Seven Stages for the Next Level in Wellness Entrepreneurship
Stage 1 – Establish Your Business Structure
Setting up your business structure offers a formal and viable way to work with your clients. After first registering yourself as the sole proprietor of your business and hiring a team to help take care of your clients, you can register your business as an LLC (Limited Liability Company). As an LLC, you can file taxes and invoices, allowing you to continue to work with more clients.
Additionally, another side to structuring your business consists of what culture you want to cultivate. When expanding your business that requires bringing others to join your team, ask yourself the following questions:
What roles does my business need to rely on to keep moving and growing?
What characteristics am I looking for in those I am delegating?
How can my company radiate the core values I want others to resonate with?
Stage 2 – Cultivate A Community
Before launching a product or offering a service, it’s essential to grow your community. Cultivating a community comes after identifying your target audience. In some cases, it should be built before your launches to make sure you have a loyal following ready to invest in it.
The main point is to strategize the social media platforms you plan on utilizing. For example, Instagram is the most dominant platform for the yoga niche, while Pinterest may best suit more educational topics like nutrition. Think about how you can best bring traffic to your website and increase your email subscribers or social media followers.
Where would you like to have a presence on social media? Some examples are:
How would you like to expand your presence on social media?
-Creating evergreen content
Stage 3 – Strategize Your Social Media
If you didn’t already guess, one of the best ways to build a community is by harnessing the power of social media. Social media is a conducive space for growing your tribe and increasing your traffic. The challenge is identifying which social media channel works well for your needs. Usually, it’s where your target customers are most active and which channels you feel most comfortable using to achieve goals such as traffic growth, creating client relationships, and building engagement. With so many different platforms, it’s important to figure out which one(s) to invest your time and energy in.
Before you start sharing on social media, create a plan that includes a content calendar. A content calendar is extremely useful in mapping out the main themes and ideas you will communicate to your audience. For inspiration (not duplication), consider referring to social media accounts with content you enjoy following. When it’s time to start strategizing for your social media, ask yourself the following questions:
What are my goals for using social media, and what strategy should I implement to achieve those goals?
Where are most of my target audience spending their time on social media?
How can I connect with them to determine what content most resonates with them?
Should I consider recruiting a social media strategist?
Stage 4 – Have An Email List
Offering a freebie or providing a lead magnet on a topic that you know your target customer will engage with is an intelligent strategy to gain subscribers while simultaneously giving value to your audience. While social media is essential, you do not own that platform. If that particular social media channel was to crash, you could potentially lose your followers. However, having an email list is a valuable asset to your business, as access to those emails is something that is solely yours. Also, most sales come from email marketing, so it will be important to have a steady list of subscribers for consistent sales by the time you launch an offer.
Stage 5 – Clarify Your Features and Offers
Now comes the time to begin planning your monetization efforts. Exciting, right? Should be! Planning your monetization strategies is your chance to decide how you will turn your side hustle into a full-on business. Since you have done all your competitor and audience research, the next stage is to clarify how you officially provide your service or product. If you are starting from scratch, not having a product to sell, or not knowing if you even want to sell a product, I recommend launching a service as the initial cost to you is lower. To figure out if you will be selling a service or providing a product, first ask yourself the following questions:
How can I best solve my customer’s most pressing problem?
What are the benefits of my customer receiving my offer(s)?
How can I create it? How much will it cost to create it, and what price is my customer willing to pay for it?
Stage 6 – Marketing and Sales Strategy
Once you have produced your products or services, promoting them is the next step to doing a profitable business. Fun and creativity can come into play here. However, you should always keep in mind your budget and target audience. Here’s a little exercise you can practice:
-Write down the methods you will use to market your business and its products/services.
-Get clear on your short and long-term sales goals + an estimated conversion rate.
-Align your social media content to be more service-oriented before offering sales.
-Use intriguing call-to-action or limited-time promotions to generate interest and conversion.
Stage 7 – Time To Launch
Gearing up for a launch is linked to your sales strategy but is specific to how you can build momentum the days or weeks beforehand to prep and prime your audience with interest and excitement for what’s about to come. Consider integrating incentives to motivate your target audiences, such as discounts or bonuses.
In Reiteration, The Wellness Industry Is On The Rise. Rise With It In The Get Loved Up Membership.
Are you ready to seriously position yourself in an industry on the rise? Are you ready to make an impact in the world as a wellness entrepreneur?
Sign up today for the Get Loved Up Membership. There, you’ll find me diving even deeper into entrepreneurship so you can make the best use of your time and plans for your business in the wellness industry. Plus… you’ll get live online coaching with me and access to a worldwide community to connect and network with. Try it out for free for 14 days!