Fundamental Steps to Launching a Health-Based Business
Article By Jason Lewis
You want to start a business that helps people live healthier, more fulfilled lives. Maybe you hope to launch a local health food store or an e-commerce company that sells wellness products. Perhaps you wish to become a nutritionist or personal trainer.
The only problem: You don't know where to start.
Getting a company off the ground requires much more than a good idea and a name. You have to consider various legal and financial factors while creating a strategy for achieving your goals. And that's just the beginning!
Below, Flow Spa has given you some practical tips for turning your dream health business into a reality.
Set Up a Business Structure
One of the first legal steps you will need to take when starting a company is to choose a business structure. There are essentially four types of structures to consider in Canada:
Sole proprietorship
General partnership
Incorporation
Co-operative
The most accessible and least expensive to establish and maintain is a sole proprietorship, but it also comes with more risks. For your health-based company, consider forming a corporation to protect the owners. This will yield limited liability, potential tax benefits, and possibly present more funding opportunities.
Write Out a Budget
No matter what type of business you start, you can expect startup costs. Your expenses will depend on your unique company, but it's critical to do your homework and write out all expenses you expect to incur. It’s a good idea to add another 20% to this number to be more realistic on what your starting costs will be.
Maybe you need to invest in market research and product development. Perhaps you will need to spend a considerable amount of time, energy, and money building and promoting your brand. The key is to know what you need to pay for so that you can figure out how to cover all of your bases for a strong launch.
Look for Grants
When it comes to funding, grants are ideal because they provide money that you don't have to pay back. There are many grant programs in Canada available to entrepreneurs (including, but not limited to):
Regional Opportunities Investment Tax Credit
CanExport
Canada Digital Adoption Program
Venture for Canada – Hire an Intern
Be mindful as you research and apply for grants. You must create a thorough business plan that outlines your goals and strategies. And you will also need to know what types of grants are earmarked for your specific industry and how to fill out a grant application effectively.
Explore Other Financing Options
If you need additional financing, you have other options. Explore the various small business loans from government and private organizations. Research angel investors, venture capitalists, and incubators that can help you get your health company up and going. And don't rule out the possibility of launching a crowdfunding campaign.
Build a Team
Maybe you want to operate as a solopreneur during the early business stages. But at some point, you will need help with running your company's day-to-day. Whether web development, content writing, administrative tasks, marketing, accounting, or any other responsibilities, look to online job boards to find qualified freelancers you can hire within your budget.
Promote Your Brand
Finally, you will need a solid brand to promote and build your company's reputation. This starts with creating a logo that accurately and attractively reflects the products or services you are offering. You will also need to choose what colour palettes and typography to use on your marketing materials.
Make your brand stand for something that you support.
And, of course, you will need to create an eye-catching website that is easy for people to use and navigate. Once you have these foundational elements of your branding in place, explore the various marketing channels that can help you build your business: social media, email marketing, paid ads, and local advertising is an excellent place to start!
If you have a passion for helping people improve their health and wellbeing, starting a health-based business could be right up your alley. Consider the tips above as you lay a firm foundation for your company, and keep researching other ways you can position yourself to flourish for many years to come. You will soon be making a living while helping others achieve optimal health and wellness!
Would you like to read more helpful content or learn about our float, and wellness centre? Explore more on FlowSpa.ca today!