Starting a business can be stressful, and it’s not easy to turn an idea into a success story. But the most successful businesses come from the most driven and most dedicated individuals. If you find something that you are truly passionate about — an idea that appeals to your interests, suits your skills, and helps people in a way that you can really be proud of — then you’ll have a better shot of beating the odds.
For folks who care about their health and know a thing or two about nutrition, supplements, health, and beauty, a health and lifestyle business might be just the thing. Whether you’re interested in starting a brick-and-mortar store, an online storefront, or a brand that supplies other health and lifestyle shops, here’s what you need to know about starting your health and lifestyle business.
Getting started: from business idea to business plan
A health and lifestyle business can be a beautiful thing for you and your customers alike. You may see success even as you help others life happier, healthier, and more fulfilling lives. But make no mistake, good intentions will not give you a free pass to good business. You need to do the hard work that it takes to get everything started off right.
Before you start spending your money, raising money from investors, ordering supplies, and hiring employees, you need to prove — to yourself and others — that your business is a good idea. You absolutely need a business plan.
That means doing market research. Who is your target consumer? Which companies will be your competitors? Research locations for brick-and-mortar plans and web traffic for potential web URL homes. Consider all the expenses you’ll have. Put it all together as a business plan, and make sure that it’s properly formatted, so that investors, lenders, and others will recognize your hard work for the great plan that it is.
Once you have your plan, you’ll be able to secure funding or loans and begin to get your business off the ground. Now is the right time to speak to a lawyer about setting up your company as the right type of legal entity, so that your personal finances are shielded as much as possible from any potential problems that you business might run into.
Finding manufacturers and business partners
If you’re setting out to sell supplements, beauty products, and other health and lifestyle items, that doesn’t mean that you’re going to become an overnight expert in actually manufacturing these products. Nobody expects you to do that! Your health and lifestyle brand will be the brand that the customer sees, but — like virtually all successful brands — you’re going to work with suppliers and manufacturers.
This is good news. You wouldn’t find it too easy to start making your own FDA-approved supplements with no prior experience or connections. Working with supplement manufacturers means that you won’t have to worry about this stuff, and can focus on other aspects of your business. The supplement manufacturers you work with can deliver your products, imprinted with your company’s branding and ready to sell to customers. And, of course, your customers will benefit because you’ll be working with an established, experiences company that knows what it’s doing.
Manufacturing isn’t the only thing you can outsource. There are consultants, payroll experts, and all sorts of other professionals and companies who can help you outsource tasks that are inefficient or difficult to do as a small business.
Sticking with it
Even with the right help, it will take willpower and dedication to keep your business afloat. You’ll have to draw on your passion for the world of health and lifestyle products. Remember that you’re helping people and doing what you love. When starting a brand, always keep in mind that your passion is key!