Developing a product or service that solves problems or makes life easier is always a good idea. And building a business around it is even better. People will always pay for useful products, and even more in the health and wellness industry. People want to live and live comfortably, and one way to do that is by being healthy. But the desire for good health does not automatically mean any business idea will fly, you must take the time to develop a product or service that is worth people’s time.
Luckily, health and wellness are quite vast and you can easily come up with something viable, especially if you have some experience in the industry. Even if you don’t, with solid business chops and great ideas, you can still build a solid business. In this post, we’ll explore some areas you can set up shop, we’ll analyze some business ideas and see what it takes to get started on them.
Before we begin, we’ll explore the forms your business could take. There are four major forms your new business could take. It could be:
- Product-based: You sell health and wellness products and deliverables.
- Service-based: You sell health services and subscriptions.
It could also be:
- Physical: You run a brick-and-mortar business.
- Online: You run mainly a website or software.
There are a number of ways you can play this. Each has its pros and cons, and we’ll specify as we list the ideas. This post will focus on product-based businesses as the markets are easier to study and have lesser variables.
Product-based Business Ideas
Dietary Supplements
This can be either a physical business (you open a brick and mortar store) or an online store. You would sell health products ranging from vitamins to other supplements and health products. You should have decided on the type of products you want to sell. If you’re still lost on what to sell, you can get some inspiration from an article by the USNews on the top-recommended health products, these are what people are most likely to buy.
Why dietary supplements? A survey from the council for responsible nutrition shows that the consumption of dietary supplements has sky-rocketed in recent years with a whopping 77 percent of Americans consuming dietary supplements. The market is huge, and because supplements are products that are taken continuously, businesses that provide these supplements can make hefty profits while helping to keep people happy. Sounds like a double win.
Pros:
- High-profit potential
- Large market
- You don’t have to produce your own supplements. You can find a vitamin manufacturer to supply you.
- If you use a dropshipping model, you don’t have to pay for inventory.
Cons:
- A significant cost of a lease, and utilities if you use a physical store
- Highly competitive
Startup costs are relatively low if you operate an online store, which is what we advise.
CBD Products
CBD products have a number of known health benefits. The most popular is CBD oil, but other CBD-based products have gained recognition over the years.
Why CBD products? A study by leading CBD research firm, BDS Analytics, shows that the cannabis market is anticipated to reach $20 billion in sales by 2024. This market is obviously still growing, and the growing market presents a lucrative opportunity for business.
Pros:
- High potential for growth.
- The industry is relatively easy to enter.
- Popularity is increasing.
Cons:
- Not yet legalized in all states.
- Credibility will be lost if the product is not potent
Startup costs: If you run an online drop shipping model, then startup costs are low. Ensure that your supplier produces potent products. If you do not know any suppliers, Sera Labs Health is tested and trusted by several businesses.
Health Tech
Health tech includes technology that facilitates health and fitness. Products like activity trackers are in demand and companies like Fitbit have made millions from selling health technologies.
Pros:
- Large market ($297 billion by 2022)
- High-profit potential (if you’re retailing)
Startup costs: Minimal if you adopt an e-commerce model. More significant if you adopt a brick-and-mortar model. Very high if you plan to manufacture.
Online Deliverables
Online deliverables include recipes, podcasts, blogs, advice and all others that can be delivered digitally.
Why online deliverables? Health-conscious people are constantly on the lookout for new information, healthy food recipes, and advice on their improving their health.
Pros:
- Minimal costs
- Worldwide audience
- High-profit potential
- Location convenient
Cons:
- Barely any
Startup costs: Very low. If you plan to run a podcast, you would need to buy a professional microphone and pay for appropriate software.