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Wellness Business Plan

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Wellness is a popular and important concept today, and especially as the new national health care program emphasizes prevention of medical problems first, rather than treatment for medical issues after-the-fact. It is an industry that now generates over a trillion dollars a year and offers plenty of opportunities for new entrants. As a pro-active health business, there are an unlimited number of possible service configurations. The wellness business plan must clearly delineate the targeted market niche and the services the niche needs. For example, a wellness business targeting corporate accounts may offer on-location programs to employees, while a wellness business targeting families, Baby Boomers, business travelers, the general public, and so on will have a menu of health and fitness services offered online and offline.

Once the target market niche is selected, the wellness business plan will address a host of topics including:

  • Whether the business owner will buy an established business, develop a new business, or purchase a franchise

  • The brand image which guides interior design of the location space and the marketing, advertising and publicity campaigns, i.e. yoga and meditation versus group aerobics and martial arts classes

  • Description of the ideal location, the type of facilities required to best offer the planned services, whether the space will be leased or purchased, and the capital expenses associated with developing or remodeling the space

  • Licensing for operating the business and for the operator; most locations have specific licensing requirements to operate a business in the health and fitness industry and to present staff as certified personal trainers

  • Staffing requirements for qualified, certified and licensed personnel, i.e. personal trainers, massage therapists, licensed practical nurses, etc.

  • Equipment needs ranging from exercise equipment to massage tables to blood pressure readers

  • Range of services that will be offered and the pricing for individual services, packages, memberships, etc.

  • Website development, web-based services, and web marketing and how the website will support or supplement the physical location services, i.e. online meal planning or daily weight loss tips

Goals of the Wellness Business Plan

The wellness business plan must clearly explain the unique selling point. The expanding industry is attracting new businesses at an unprecedented rate as the population ages and people become more aware of the benefits of participating in wellness programs. Potential investors will need to know what sets this proposed business apart from all the others. For example, the differentiator might be the breadth of services, special techniques, or technologies. Lenders and funders will also look for in-depth market research with a realistic analysis of the industry and the market niche.

People in the health and fitness industry are excited about their profession and ability to help others achieve good health physically and mentally. However, passion for wellness does not necessarily equate to good business sense. The business plan must be well-written, in-depth, and on target before an angel investor, equity partner, or bank will consider providing capital resources.

OGS Capital helps new wellness businesses get up and running by working with entrepreneurs during the development of quality business plans. Consultants can also help business owners find funding once the business plan is completed. The process starts when you contact us by completing the online contact form.
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