Profit in your wellness business is critical to your success. You know that it takes more than setting up a brick and mortar studio to stay in business and be profitable. Depending on the city you’re from, there may be up to three wellness businesses on a single block – let’s face it, competition can be steep! It’s important to focus on how your business differentiates itself from the one down the street. Are you focusing on a different methodology, a unique offering, or teaching a specific skill set? Whatever it is, you need to find your niche and promote it.
Based on my experiences and clients these last 20 years, here are the 10 most important strategies to building your profit:
- To prevent your business from getting stuck in a plateau, keep abreast of forming trends and stay on the forefront of introducing the trends into your center or studio.
- Good website presentation is key! Your image either hooks potential clients…or leaves them unimpressed. A website is a valuable investment because it engages your niche. Make sure your website has good search engine optimization, has bright and engaging colors, and keeps a signature design.
- Identify your clients/audience, be as specific as you can. Who are they? Where do they shop? What are their desires and struggles? Target your niche audience rather than trying to appeal to everyone.
- As a business owner, you should be willing to be a student of business. Business mentors are essential – if you can find one, invest in them! Learn from those who’ve grown their own practices and replicate the strategies that are proven to work.
- Set your staff up for success! Invest in your employees with regular professional education and client service training. Offer the opportunity for career progression within your business and involve your team in the growth and development of your business. Incentive is a powerful tool…use it!
- Allow your story and personality to sell your business services. Products can be purchased from anywhere, but what speaks to others about your story will have them going to your business over other similar businesses.
- All relationships with clients get to be personal – give thoughtful service, be present with your clients, greet them and offer kindness and support where needed. You want clients to feel special at your business; they’ll remember the “feel good” energy and return over and over again!
- Hiring an employee with the right personality is much more valuable than the person’s training. If the individual has a good personality, is committed to learning and able to challenge themselves, you can always work with them on the teaching.
- Find an area in your field that is currently underpopulated and focus on filling that segment. Easy peasy.
- We have to remember that we can’t help people with our passion for “the work” if we can’t stay in business! Make sure you know your numbers so sound decisions can be made. If it does not come naturally, hire a good person to help!
The most important advice that I can give you is this: know yourself and your area of expertise, carefully consider and manage your growth, keep your online image and marketing current and don’t be afraid to ask for help or outsource specific areas of your business. Remember that you are an “employee” of your business, too. You need to be paid for your services, and the studio needs to be profitable.
If you’d like to learn more, shoot us an email at [email protected]! We’d love to connect and see how we can support you.
