If you started your wellness business because of personal talent, a desire to make a positive impact on the world, or any other noble, life-changing cause, I’m talking to you. And it’s time for some tough love.
The statistics are real. 50% of small businesses fail in the first five years. And it’s not because of a lack of passion or desire. It’s a lack of all the rest of the stuff… The work-life balance stuff. The business stuff. The marketing and promotion and lead generation stuff. Or more specifically, the lack of it.
Most people start wellness businesses because of a passion for something, a desire to make the world a better place or sell something the world needs, or something that could change lives. But when you break it down, the perfect business owner is both right and left brained. Creative and organized. Honest and selfish. Self-aware, determined, and resilient to failure. I don’t know a whole lot of people like that… do you?
Ready for the good news? If you have business smarts but no passion or creativity, your business might look good on paper, but it won’t have the heart that creates loyal, forever-customers. But, if you have the passion and drive and just need to learn the business stuff, I believe you have a fighting chance for the long haul. You can learn the business stuff, but it's a lot harder to learn passion.
Riddle me this…
If you answered yes to all three of these questions, you’re in luck. You have a fighting chance. Here are a few things you’ll need (like water and air) in order to set your roots and grow.
Who is your competition?
You want to pick a niche that has an audience and having some competition is good. That means there is demand. Demand breeds competition and competition keeps business owners honest, determined, and customer focused.
What happens if you have an idea for a business but no competition in sight? Start off slow and get your idea in front of a few people at a time. Test the market to determine if you have something worth selling, and the price people will pay.
What is your unique angle?
Once you know what you’re selling and who your competition is, it’s time to figure out your audience and what problem they need solving. It’s your job to solve that problem in a different - and hopefully better – way than your competition. What unique angle do you bring to the market? How do you sell products or services that are similar to a similar audience?
What is your most ideal marketing technique?
The final piece of the puzzle is marketing. Once you know what you sell and how to set yourself apart from your competition, it’s time to find your meet your customers where they are. If they read the local paper, advertise in the local paper. If they hang out on Facebook, start a group and run Facebook ads. You might find that advertising at local events is the most lucrative method of marketing.
In the beginning, it will probably be a lot of trial and error and that’s okay. Don’t be afraid to fail fast, learn faster, and move on to the next option. Never assume you know what your audience wants. When you find something that works, don’t question it, just run with it!
Looking for more help turning your passion into a marketable business? Check out the free mini-course created for health and wellness business owners to help them build a strong business foundation and take the overwhelm out of marketing.
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