Starting a holistic business isn’t as simple as opening the doors to your practice. There’s a lot that goes into building a successful enterprise. Lucky for you, we’ve put this handy guide together to help you and your practice flourish!
Get Your Papers in Order
Generally, the health and wellness sector is pretty highly regulated. So, before you start doing something, make sure you’re allowed to do it. Make sure your papers are in order. For example, naturopaths are subject to different regulations depending on the state.
Before you start your holistic healing practice, you may need to comply with certain licensing regulations. These laws could also prescribe the educational requirements and practice standards you need to meet in order to operate lawfully.
While you can probably find the information you need online, remember that laws change all the time, so it’s important to keep up with the latest industry news. Falling behind on your legal requirements could end your holistic career prematurely.
Test Your Concept
For certain types of practices, it doesn’t take a lot of work to figure out whether or not the business model will work. For example, there’s enough precedent out there on being a family nutritionist to know that it’s a pretty viable business. You see clients and they pay you. Simple.
However, things get more complicated when you want to mix things up a little. For example, if you’re a Clinical Shaman looking to lead weekly group sessions, an aromatherapist that also sells their own brand of scented candles, or a health and wellness coach that charges a monthly subscription fee.
In these cases, there might not be a lot of information out there for you to draw from, which means you may have to do your own market research. Even in cases where you know that your business model works, it’s important to make sure that it will work for you and your particular circumstances.
That means researching the demand and interest levels in your area. You can do this the good old-fashioned way, too. Conduct surveys, chat up people at your local wellness center, and stay on the lookout for competitors. You can also sign up to these Business Academy courses to get more advice and input.
Tallying up your costs and doing some financial forecasting isn’t everyone’s cup of tea, but it’s a necessary exercise. You need to make sure you’ve got enough to keep things running—whether that means securing funding or tapping into your savings to be prepared for all of your business’s financial needs.
More importantly, your forecast will be a good indicator of whether or not your business is viable. And what is a viable business, you ask? It’s one that turns a profit, of course! However, that doesn’t mean that you should call it quits if you’re making a loss for the first couple of months.
Most businesses take up to two years to start making a profit. While that’s certainly a long time, you’ll need to hang in there. The pay-off will be worth it! To make sure you stay afloat while your business is in its teething phase, consider supplementing your income with a regular job.
Develop a Brand
Most holistic professionals offer a service. And there’s no service more personal than wellness. When it comes to offering such a personal service, remember that clients aren’t buying into your business, they are buying into your brand. They are buying into you.
Contrary to popular belief, branding takes time. It’s not just about getting a great logo designed or coming up with a slogan. It’s about communicating your value to your potential clients. It’s about crafting a memorable experience and setting yourself apart from the competition. Your services shouldn’t be interchangeable and you need to carve out a niche for yourself and make a name for yourself.
Of course, this also means that people need to be aware of your services. Get on social media, hand out your business cards, and start networking. It doesn’t matter how much work you put into crafting the perfect value proposition if nobody hears about it!
Building a business is a long-term commitment. Don’t worry, with the right tools, your hard work will pay off. Do your due diligence and take your time—your future self will thank you!
Looking for the right tools to turn your healing practice into a full-fledged business? The Institute of Holistic Integrative Studies’ Business Academy is the perfect vehicle to get you to where you want to go.