Scaling a Business

In this article, you will learn more about scaling a business, especially in the wellness industry.

Once you have a clear and robust idea for your business in the wellness industry and you’ve road-tested your concept, conducted market research and mapped out a plan for growth, it’s time to get into action.

Inevitably there will be costs associated with setting up your business, things like:

• Branding and design
• Product development and design
• Stock or inventory
• Equipment needed for a service
• Premises to deliver a service or sell a product
• Legal fees for trademarking or protecting your idea
• Insurances
• Software systems for payment processing
• Staff
• Other professional services like advisors, accountants, etc.
• Marketing
• Travel costs
• Miscellaneous other costs

You’ll have mapped out these costs in your business plan when considering the operational costs and marketing of your business, and in doing so, you’ll know exactly what sort of position you’re in regarding needing additional capital.

This week we’re looking at how to finance your launch and growth by examining the various models for either self-funding, borrowing money, raising money, or bootstrapping your business. ‘Bootstrapping’ is a commonly used term in the entrepreneurial world, but may be new to you. It is an approach to building a company from the ground up with only your existing resources, such as personal savings and cash coming in from the first sales.

We’re also going to look at the importance of building a great team so that you have access to all the skills and knowledge you need to create a sustainable venture. If you’re thinking about when, why and how to scale up your operations, you will need to understand how to approach this with clear milestones in mind. This helps provide you with clarity on when to change your direction, and when to persevere.

Once you’ve financed your project, we’ll be ready to start marketing your wellness business. This is where we’ll learn about telling a powerful brand story that resonates with your audience, as well as how to leverage digital marketing tools and influencers in the wellness industry. We will bring this to life in some real examples.

The wellness industry can be a very collaborative sector. Most founders of businesses in this space share common values, aspirations, and goals to positively impact the well-being of others. With this in mind, we’re going to look at the benefits of networking and forming connections and the power of partnerships (especially where complementary sub-categories within wellness converge).

We will then explore the mindset needed to launch and grow a successful business in wellness, including building resilience, understanding the importance of failing fast, and returning to the reason you started in the first place, or ‘your why’.

Finally, we’ll reflect on the importance of seeking out support from other entrepreneurs, mentors and finding inspiration in the stories and experiences of others, and understand that this won’t be an overnight success story. Building any business takes grit and determination. You may be working in an industry you feel extremely passionate about, but starting a wellness business requires a long-term commitment.