Health and Wellness Coaching

Startup Costs: Under $2,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? Yes

 

In part because of a pandemic-fueled renewed awareness of both quality of life and mental health issues, health coaching has emerged as a $7-billion service market, according to MarketResearch.com. Those interested in entering this vigorously expanding space will be further enthused to note that you certainly don’t need a professional medical license to get started — a passion for both health and wellness concepts as well as the psychodynamics of behavior change will do the trick.

Ask the Experts: Najma Khorrami, founder of Gratitude Circle, and Desiree Stapleton, Owner, Founder and CEO of FMYX, LLC., and Desiree’ Stapleton & Company, LLC

What is the first step to getting a health and wellness coaching business started?

Khorrami: It’s important at the outset to understand that this will be a marathon journey with lots of pivots. Initially, you will need an investment of anywhere from $10,000 to $20,000, and if you're looking to have an app-based platform, launch costs increase to $40,000 to $50,000. You will need to figure out your core products and services and social media marketing strategies, then network constantly and feverishly, including on LinkedIn.

You can begin by watching YouTube videos on social media marketing to learn how to sell your idea, then post two to three times each day to get people on board. At first this will be difficult, because your concept will be new and people may not see exactly where you are going with it. With time, and through hard work and strategizing, things fall into place. The idea is to build a network of like-minded folks and/or those who see the value in your idea. From there, the business can expand.

It’s also a good idea to have at least one or two mentors with whom to exchange ideas and solicit feedback from regularly… a chance to see how a successful individual thinks and steers their company. Also, consider spending time on Clubhouse to practice pitching your concepts to successful business leaders. Feedback, listening and adapting are all key.

What are the current trends in the industry, and what type of person is a great fit to try this?

Khorrami: Businesses are considering health and wellness issues more and more, related to both employees and customers, and technologies that focus on wellbeing and optimized wellness are taking center stage. So the industry is growing, but the trick is to understand how to reach the customer and tailor to his/her schedule and needs.

With respect to fit — and probably not surprisingly — the best candidate is a health-conscious individual who is willing to advance wellbeing for as many people as possible.

Stapleton: As someone who is in the life coaching sector of the health and wellness industry, I’ve seen a lot more attention being brought to mental health. Before the pandemic, people weren’t necessarily absorbing its importance — most associated mental health with mental illness, and therefore didn’t care to talk about it. Now that we’ve seen spikes in depression, suicides rates, stress and overall unhappiness, people have come to learn that, whereas mental illness is a condition, mental health as a whole can be seen as simply how you’re doing mentally… feeling and coping. Are you in a good head space or facing constant stress that could cause an actual mental illness down the line?

With this increased awareness, I see people being able to talk about their struggles more openly without being shunned, shamed or misunderstood. Trends suggest that our true state of being and mental health will no longer be taboo topics.

Anyone who specializes in a certain area, maybe for their job, and who wants to share that expertise to others would be a perfect fit for the coaching industry. Many coaches are people who have worked in the industry for years and decided to develop their own practice alongside a 9-to-5 job, and/or have simply achieved success doing something and are now offering others their blueprint.

Related: Want to Be Your Own Boss? Learn How to Launch Your Side Hustle Fast.

How much money can a person expect to make in the first year and in five years?

Khorrami: In the first year you will likely lose money, but it’s vital to continue investing into the business, especially if you have a tech startup. After five years, perhaps you might generate anywhere from $10,000 to $40,000.

Stapleton: This question is hard to answer without knowing someone’s budget for business advancement. Some people get into this industry and don’t make enough to replace their 9-to-5, whereas others do. Some become six- and seven-figure earners in a five-year timeframe, while others are still trying to figure it out at that point.

A six-figure business is definitely possible, but again, it’s critical to invest in someone who can teaching them how to make that income. You can’t just throw spaghetti at the wall for five years: You need to invest in learning fundamentals and income strategies.

What kind of experience/training do you need?

Stapleton: Ideally, someone who has expertise in achieving a certain result would be the best coach — whether that expertise is gathered on the job, from years of experience and success on their own, or is just a learned hack that many people may need but not know about.

In any setting, the goal is to be able to help deliver the results promised. If you have any hesitancy when it comes to your capability of delivering, this may be the wrong industry, or at least it might not be the best time to charge for your service.

Khorrami: You need to either have health and wellness training through experience or education such as jobs, certifications, etc., but the best experience is perseverance and being able to adapt and pivot, repeatedly.

What do you wish you’d known when you were just starting out?

Stapleton: That authority and credibility are huge. Many people are doing business for money rather than purpose, and that can make it hard for people to extend trust. This is when being an authority figure in your niche comes into play; in order to become an authority figure, a sufficient number of people must develop trust in you. Being an authority figure and a credible source go hand in hand, and both qualities amplify each other. The more people you help, the higher your credibility and the more you are trusted and raised above the competition.

Khorrami: Health and wellness startups — especially those that revolve around an app — need to be very competitive, and the results may not be what you expect initially, even with the best of ideas. So, make sure to secure other streams of income, maybe through a part-time job, since revenue tends to take time to pick up.

Related: Need One-on-One Help? Book a Session with an Entrepreneur Expert.

Who are your customers and where do you find them?

Khorrami: Ideally, everyone, but realistically those interested in wellbeing for a start. If your service works for them, then their friends, and friends of friends, will want to join the group. I find my customers through Facebook advertising, connections on Facebook Groups and other trending platforms like LinkedIn.

Stapleton: Every coach or consultant will have different customers, but mine are those interested in personal and professional development. I help clients learn how to identify and hit goals — often professional women looking to set up a plan to hit career or entrepreneurial targets and those looking to receive structure and accountability while they take on a new venture. They utilize me to help break down what’s needed for each step of a plan to achieve the desired result within a desired timeframe.

What type of growth can be realistically expected year over year?

Khorrami: Anywhere from 1% to 30% in the first five years is a realistic estimate.

Stapleton: I’d say most people should anticipate spending a first year learning how to actually do business properly — developing your plan, structure and systems, along with getting legal stuff taken care of and getting your name out there, then determining whether the market responds to your product or service via beta testing. Finally, and particularly in that first year, invest in getting coached from credible and well-known business consultants or income strategists.

Are there any resources you recommend that were extremely valuable in getting your business off the ground?

Stapleton: I worked with income strategist and business consultant Nicole Walters, of Inherit Learning Company, on how to build my foundation — things like websites, LLC formation, pricing, products and services. Then I took a live eight-week course with Dean Graziosi and Tony Robbins called Project Next on how to teach what you know as a business, and learned that what people want are quick and easy fixes — at an affordable price and from credible sources.

Khorrami: Financial investments from family were of great help.

Related: Get the No.1 Guide to Starting Your Own Business

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