Are you passionate about health, fitness and nutrition? So are millions of Americans. According to The Global Wellness Institute, the wellness industry grew by 12.8 percent between 2015 and 2017 and accounts for 5.3 percent of the global economy.
This could be an ideal time to launch a wellness business.
What is wellness? From organic skin-care products to meditation apps, the concept encompasses just about every product or service you can think of that affects the mind, body and spirit. However, the following key sectors identified by GWI are most promising for entrepreneurs:
- Personal care, beauty and anti-aging ($1,083 billion in 2017)
- Healthy eating, nutrition and weight loss ($702 billion)
- Wellness tourism ($639 billion)
- Fitness and mind-body ($595 billion)
- Spa economy ($119 billion)
- Workplace wellness ($48 billion)
Here’s an overview of some of the fastest-growing wellness trends that have the greatest potential as business startups.
Personalized diet and nutrition counseling
“Personalized” is the key word in today’s diet, nutrition and weight loss industry, a market that some estimates project will hit $11.5 billion by 2025. Successful entrepreneurs will tailor nutrition advice to clients’ specific goals, genetic makeup and food sensitivities, as well as special diets such as keto, vegan, paleo or Mediterranean. There’s a focus on improving overall health and performance rather than simply losing weight.
Like yoga 20 years ago, meditation is just starting to explode, according to The 2019 Global Wellness Trends Report. Already, meditation is tied with yoga as the most popular alternative medicine practice in the country, but there’s still potential for more growth. In the coming year, look for drop-in meditation centers, fitness programs that incorporate meditation, and a wider range of ancient meditation practices to enter the mainstream.
In contrast to “overtourism,” (tourists flooding popular vacation spots), wellness travelers seek to boost both mind and body with vacations that enhance their physical, mental and spiritual wellness. That could mean traditional spa activities such as daily yoga and meditation with a vegan diet prepared by a chef or going “off the beaten path” to experience little-known wellness practices of local cultures.
Anxiety disorder is the top mental health issue in America. Not only does anxiety cause personal problems, it also cuts into business productivity and reduces employee satisfaction. As businesses strive to retain employees in a competitive market, a workplace wellness business that helps promote happier, healthier employee lifestyles will be in demand. You can provide everything from massage and yoga to meditation and fitness training to office workers.
One-stop wellness centers
“Holistic” is the buzzword for wellness in 2019 and beyond, according to The 2019 Global Wellness Trends Report. That’s behind the trend of wellness centers that incorporate medical treatment, fitness classes, nutritional advice, personal trainers, yoga and meditation and other wellness activities in one place. Similar to co-working spaces, one-stop wellness centers provide a place for members to drop in and have all of their wellness needs taken care of in a community of like-minded people. Consider partnering with other wellness entrepreneurs to start a center or locating your business in an existing center.
Would you rather write code than do crunches? There’s still opportunity for tech startups to create apps that help people track their fitness progress, monitor their food intake or stick to their meditation practice. Just be sure to check out the competition closely before you start developing your big idea, so you don’t enter a niche that’s already saturated. Female reproductive and sexual health are areas with promise, according to The 2019 Global Wellness Trends Report.
The same wellness trends that humans embrace quickly trickle down to our furry friends. According to CB Insights, high-grade pet food, pet health products, pet fitness trackers and pet nutritional supplements are all growth areas attracting attention—and venture capital. If the market for a particular wellness concept is already saturated in the human space, pivoting to pets could give you the edge you need.
The global appetite for wellness isn’t going away. Starting a business to serve consumers’ quest for self-improvement offers the opportunity to help others while also making a healthy profit.
- Client Spotlight: Rachel Estapa, Founder and CEO of More to Love Yoga by SBC Team
- 4 Ways to Add Wellness in the Workplace by Cathie Ericson
- How Health and Beauty Franchises Are Making Luxury Affordable by Heather R. Johnson
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
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