#8 Tips for a Successful Business in Wellness Industry
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The wellness industry is currently going through a rapid growth phase.There is a misconceived notion that wellness as a concept is active only in Western countries. The concept of wellness has always been present in Indian and Chinese civilizations.
Our Ayurveda and Yoga textbooks are not just about disease management but also elucidate a holistic approach towards wellness and health. In recent times due to factors such as globalization and an increase in consumers' lifestyle choices there is a trend amongst people to live a healthier lifestyle.
India is a highly populated country where a majority of people still havent moved towards a healthier lifestyle. There is huge scope for helping these people to ensure the population is fit and healthy. According to a report conducted by FICCI and Ernest &Young the wellness industry is expected to reach a size of Rs 1.5 trillion by FY20.If you are looking to capitalise on creating a successful business venture centred on growing wellness industry here are some tips you need to keep in mind.
1. Have a Plausible Vision
The crux of starting a business should fundamentally begin with a feasible idea. The wellness industry has various segments such as products catering to sports nutrition, beauty specific care, vitamin supplements, and disease specific care etc. The market is huge and there are many untapped areas, which still go unnoticed that can be explored. Entrepreneurs should be wise in choosing which area they are passionate about and are keen on pursuing.
2. Understand Your Target Audience
In order to execute a successful business plan, comprehensive market research is the most effective step. Preparation is the key to making a mark in not only the wellness industry but, in any other industry as well. An extensive SWOT analysis needs to be conducted to understand what are the opportunities and challenges present in the market and who are your competitors and how your product is different from theirs.
3. Product Innovation
Product is the most important of all; if the product is unique its market demand would automatically increase. A lot of time and energy should be spent on product development.Creative and innovative products or service based solutions command higher margins than the generic products already available in the market.
4. Create Awareness
There is a lot of knowledge gap in the market as Indian audiences are mostly unaware about wellness- specific products. These consumers need to be empowered with accurate answers to their wellness related questions. Many unscrupulous players tend to exploit this knowledge gap and prey on consumer’s ignorance. The new entrants desiring a long innings in this industry should focus on delivering responsible and safe products to the consumers. It is therefore extremely critical to market your product right, PR plays an important and cost effective tool to reach out to your TG. Apart from that regular ATL and BTL activations also help in creating awareness.
5. Digital Presence
The online wellness industry is flourishing and no matter what area of health you are working in, there is bound to be a niche audienceand community dedicated to it online.Entrepreneurs need to cultivate a strong digital presence on various platforms to boost up their sales and expand their horizons. It is truly important to have engaging and relevant conversations on platforms like Facebook, Twitter, Instagram. Apart from that investing in Google Ads also help in reaching out to your precise audience.
There are various types of business structure any entrepreneur can choose from, to begin their venture. It can vary from a sole proprietorship to a partnership. It is imperative that an entrepreneur conducts a comprehensive research on the various options available to them. This is because, choosing the right structure can be critical to the success of any company.
7. Adhere to Regulations
It is beneficial to be acquainted with regulations of government bodies pertaining to your particular industry. For instance, entrepreneurs who manufacture protein supplements should adhere to the regulations of the Food Safety and Standards Authority of India (FSSAI).Following guidelines religiously can be a completive advantage for your business.
8. Believe in Yourself
Building a successful business is no easy feat, a lot of hard work and determination is required to prosper. There is no shortcut to success, no matter how tough the journey may be, commit to your goals and you shall succeed.