Launching a Healthcare Business? Essential Advice to Consider

If you've been planning to pursue a business in the wealth and wellness space, now is the perfect time to do so. The Global Wellness Institute reported that the health industry is valued at over $4.5 trillion and is only expected to grow more in the coming years. But if you're a first-time entrepreneur, you may be worried about setting up your new company. If you've been looking for helpful tips on starting your own health-based business, keep reading as we break it down below.

Coming up with a Winning Business Idea

The hardest part of launching a business is coming up with your business idea. Kyle J. Larson reports that to develop a winning idea, you will need to find a niche within your industry. Are you stumped for ideas within the health space? You could go the e-commerce route and sell gym equipment, health supplements, fitness gear, and activewear. You could also start a health food and nutrition store or become a personal trainer. There are many options out there for all kinds of skill and commitment levels, so be sure to research potential business ideas before deciding on the best option for you. 

Hiring a Dream Team

Employees are the foundation of your business and will be critical to scaling and growing your company. The success of your business will hinge on your ability to lead other team members effectively and efficiently managing everything from finance and marketing to operations and customer relations. Use job sites like LinkedIn and Monster to find the right team, and have a vigorous hiring process that enables you to find the best talent. You should also have a proper onboarding package set up so that your employees are primed for success right off the bat. 

Keep Your Clients Happy

To best serve your new customers, try to incorporate their feedback into every step of the sales funnel. Incentivize feedback through promotional deals and offers so that you can incorporate client feedback from the start. This will keep your company aligned with changing consumer needs and demands.

Choose the Right Business Entity

Another critical part of running your new business will be choosing the correct business entity. For example, an LLC in Illinois is popular among emerging entrepreneurs. There is very little paperwork needed to start an LLC, which ensures your personal assets are protected from your business’s liability in lawsuits should your company ever face a worst-case scenario.

Starting an S corporation in Illinois gives business owners the ability to claim financial losses as tax deductions. It’s especially popular with individuals who start companies on their own since it offers considerable self-employment tax savings.

Finally, a sole proprietorship is another easy and inexpensive option to set up. It is also ideal for many, as you'll be able to report all your business income and deduct your business losses on your tax returns. Another benefit of this is that the tax rates for the sole proprietorship business structure are also the lowest. 

Marketing Your Business

Marketing your business is a make-or-break element for your business. Leverage the power of social media to raise awareness for your new brand and get the word out. Content marketing through blogs, informational videos, and helpful posts will be the way to go, as it will establish you as an expert in your field and build credibility. Be sure to use search engine optimization (SEO) principles when posting anything on social media, as this will help boost your rankings on Google and other search engines. 

The health and wellness space is one of the world's fastest-growing markets. It is a fast-moving space with lots of opportunities for growth and development, but it is also a space that welcomes innovation. So what are you waiting for? The world awaits your new health-based business!

The Glen Ellyn Chamber of Commerce has entrepreneurs from all walks of life you can connect with and learn from. Join our chamber today!