3 Common Reasons Why Your Wellness Business Isn't Working (And How To Fix It)
Starting a new business can be exciting, overwhelming, and scary all at once. And if you want to learn how to start a wellness business, whether online, health coaching services, wellness products, or a healthy meal delivery service, you must know what you’re getting yourself into.
Our first thoughts when starting a business consist of choosing the best business names, creating a logo, and printing business cards. But there is so much more to it. And, if it were that easy, everyone would own their own successful business. But the facts are it takes hard work, dedication, and understanding the risks involved before jumping the gun.
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No matter what type of business you start or whether you are selling a product or service, there will always be some type of risk. This is why it’s crucial that you uncover the most common reasons why businesses fail and how you can decrease your risk and improve your chances of success.
Here are some of the common reasons businesses fail and what you can do to prevent it,
Not Doing Enough Market Research
When you jump into any type of business without researching the market, understanding the customers, inspecting the competition, or determining if there’s money to be made, you’ve set yourself up for failure.
Market research is by far the first and most important aspect of building a successful business. Let’s face it, this is a time-consuming step, but it’s essential as it’s the foundation of your entire business.
Here’s what you’ll discover throughout your research,
If there’s a flood of eager customers that have money to purchase your product and its growth potential,
You’ll find out if something is missing in the market that your product or service can fill.
Discover who your competition is and how you can take the competitive advantage within the market.
You’ll achieve this by gathering information about your potential customers and analyzing existing businesses that are successful within the market. You’ll be able to walk away from this research to understand what the market needs and narrow down your niche to target a specific group with limited competition. This will allow you to understand your potential customer, and properly communicate what you are selling, and contribute to creating an effective branding campaign for your company.
Choosing A Product/Service In A Competitive Market
The last thing you want to do is compete with companies with an endless or high budget. One of the best ways to keep your advertising costs low and reach more eager customers is by narrowing down your target audience. The way to do this is by choosing a specific niche within the market.
Let’s say that you’re passionate about helping people lose weight. The weight loss market is tremendous and super competitive. Rather than choosing weight loss, you could target people who suffer from a health condition that needs to lose weight. For example, you can target people dealing with an underactive thyroid struggling to lose weight.
Narrowing down your market will prove to be successful in every aspect of your business.
Not Branding Your Company
You’ve done the research and understand your market now; you’ll need to effectively use that information to develop a brand for your company. Branding is more than a cute logo in your favorite colors or nice business cards. The goal is to leave a lasting impression, so even if they aren’t planning to purchase your product or acquire your services immediately, they will think of you later on when they do.
That is the power of effective branding and why you must take the time to create this based on your target customers, their needs, expectations, and problems. When you’re able to connect with your customers, they are likely to keep you at the forefront and become loyal customers, making growing your business much easier.
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by Dr. Monisha Bhanote
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