Before COVID-19, wellness businesses were booming. The “wellness economy” was valued at over $4 trillion in 2018, which was roughly the GDP of the UK and Canada combined. Then in 2019, it accounted for more than 5% of the global economic output.
Despite these remarkable achievements though, the wellness market is still regarded as a collection of fads. Many people remained hesitant to give credit to wellness practices like meditation, yoga, and massage therapy. But the misconceptions barely affected the industry, even when COVID-19 came.
In fact, the pandemic further strengthened the wellness industry. Because people became increasingly health conscious, the demand for wellness products and services grew. True enough, more people expressed interest in working out, eating healthier, or getting their health checked more often during the lockdowns. As such, prospects are looking bright for the wellness industry, making today a good time to venture into it.
Below are the rest of the reasons it’s a good idea to start a wellness business today:
1. Consumers’ Increasing Health Awareness
One of the biggest growth drivers for the wellness industry in 2018 was consumers’ increasing health awareness. Thanks to social media and the digital age in general, people of all ages became more conscious of their health and well-being. Even the busiest people with no time to visit a physician could have information about their health at their fingertips. In addition, consumers’ options for wellness products expanded.
2. Disappointing Conventional Health Care Options
Traditional or natural treatments like yoga and acupuncture became famous because some conventional treatments didn’t work, or weren’t available in the first place. Sadly, even in the 21st industry, women and Blacks still found themselves at a disadvantage when it came to healthcare services. The New York Times reported that many doctors downplayed women’s health concerns. Meanwhile, research revealed that treatment disparities were particularly apparent among Blacks and African-American patients seeking heart disease treatment or pain relief.
Issues were serious within the healthcare industry as well. According to the United Nations, the world might see an 18 million shortage of healthcare workers by 2030. Moreover, a study by Mayo Clinic found that in 2017, 43.9% of physicians exhibited at least one symptom of burnout. That percentage definitely blew up during the pandemic, with some healthcare systems in the world finding themselves on the verge of collapsing.
3. Wellness Trends are Growing
In 2020, at-home workouts grew in popularity. Between January 1 and March 11 — which was a period pre-COVID-19 —, online sales of workout equipment jumped to 55%. Some gyms also turned to renting or selling their equipment.
And when the lockdowns began, at-home workouts grew even more popular. Many people filled their days by partaking in the workout challenges on social media. Influencers promoting fitness, health, and wellness increased in followers as a result. From then on, the wellness trends bloomed and saw no signs of slowing down in 2021.
Aside from working out, new wellness trends include self-care, digital detox, simpler skincare routines, and mindful eating. These trends create the perfect opportunity for starting a business that supports those activities. If you’re choosing to offer wellness services, you can gain a solid customer base as long as you won’t disobey health protocols.
Wellness Business Ideas
Venturing into the wellness industry is great for new entrepreneurs because you can start the business from home. You don’t need a fancy facility or a huge capital to offer the following products or services:
1. Personal Training
Personal trainers aren’t solely for people who want to get buff. You can also become a personal trainer to teens who need to work on their competitiveness in sports. Your services can also benefit senior adults who wish to prevent injury when their mobility starts to decrease.
As of 2021, a personal trainer’s average salary falls between $45,010 and $76,636. The more extensive your educational background and experience are, the higher you’ll be paid.
2. Health Coaching
Some people confuse personal trainers as health coaches, but the two actually specialize in different things. A health coach focuses on improving their clients’ body and mind. Hence, as a health coach, you can help people who are struggling with their mental and physical health. You may recommend exercise and weight control practices to them, but not actually train them, which a personal trainer does.
According to PayScale, the average salary of health coaches is $45,676. You don’t need a degree or a certification to be a health coach, but getting those will increase your marketability.
3. Yoga Classes
Starting a private fitness and yoga business can earn you an average of $30 per hour. You can also sell yoga accessories and equipment to increase your earnings. However, yoga requires an ample amount of space, so you may have to rent out a separate facility for your classes. But if you’re exclusively offering one-on-one sessions, you can ask your clients to meet you at the comfort of their own homes.
From being nothing but a fad, wellness is now a lifestyle many people have gained long-term benefits from. Hence, by starting a wellness business, you’re not just hopping onto a trend, but also helping people enhance the quality of their lives.