Why a health and wellness franchise?
Maybe you’ve noticed, but personal health and wellness is one trend that’s increased dramatically in popularity in the last few years. These days many audiences are choosing to spend their hard earned money on wellness rather than material products. This trend is evident in the surge of health and wellness services that populate the landscape. From weight loss to hair loss, from sore muscles to short lashes and everything in between, if it’s wellness related, there’s a program or service out there that can help you take care of it.
In fact, the health and wellness industry is now a 4.2 trillion dollar industry (and growing), according to the Global Wellness Institute (GWI). This can be further broken down into sub-industries:
- Personal care, beauty, and anti-aging: $1,083 billion
- Healthy eating, nutrition, and weight loss: $702 billion
- Wellness tourism: $639 billion
- Fitness and mind-body: $595 billion
- Preventive and personalized medicine and public health: $575 billion
- Traditional and complementary medicine: $360 billion
- Wellness real estate: $134 billion
- Spa economy: $119 billion
- Thermal/mineral springs: $56 billion
- Workplace wellness: $48 billion
Clearly, the health and wellness industry is a fast-rising elevator that’s going straight to the top. So how can you make sure you’re on it? Taking advantage of this incredibly popular industry is easy with franchises. However, with so many sub-industries, franchise options, and product/service categories, it can seem a bit overwhelming at first.
How to get started
First, determine what your interests are. With so many facets of the health and wellness industry, there’s most likely a particular sector that speaks to you or fits with your existing interests and lifestyle. While you certainly don’t have to limit yourself to what you know, it’s a good start to recognize that if you’re interested in it, others are too.
Next, take a look at some of the practical considerations. Will this franchise be your main source of income? How involved do you want to be in the business? Where are you located? How much can you afford to invest? Answering these questions will help you eliminate franchises that are wrong for you right away.
Finally, factor in your long-term plans and goals. Do you want to pass on your business eventually? Or maybe you know that you’d like to sell. While the future isn’t set in stone, it can help to know that the franchise system you pick will help enable and support your future plans.
And the most important step…
Get yourself a franchise expert! They can walk you through everything in-depth and will be there with you every step of the way to answer any questions you might have. For instance, did you know that health and wellness franchises are SBA registered and approved? This means that with an SBA Express loan, you could be eligible for up to $350,000 with as little as 10% down. A franchise expert can help you navigate this process and ensure that you’re not missing any details.
Are you ready to consult with an expert today? Easily set up a friendly and professional appointment with Hundred Acre Consulting (at no charge to you!) or check out these helpful articles to learn more about franchising and becoming a franchise owner.