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Last Updated on December 28, 2021
Increasingly, women are becoming a central force in the small business ecosystem. Today, nearly 40% of companies in the US are women-owned. So if you’re an aspiring woman entrepreneur looking to start a business, you’re on the right track.
The health & wellness space is a multi-billion dollar industry and one of the hottest business niches for women entrepreneurs to build profitable local or online stores.
Of course, it takes time, money, and relentless effort to build a good health & wellness store, and you’ll need to make the right partnerships, from suppliers to lenders to couriers.
Thanks to the rise of the internet, eCommerce, and alternative lenders. It’s easier than ever for women to access start-up capital to launch eCommerce stores from home and AI-powered business tools to build relationships and market their brands through online channels.
Again, there are government programs, non-profits, foundations, and online lenders geared towards offering loans for women.
The reality and future of the wellness industry
According to Statista, the global health and wellness industry was valued at $4.4 trillion in 2019, and it’s projected to grow to over 6 trillion by 2025.
That speaks to one thing: people will continue to put money on products and programs that help improve their health, appearance, nutrition, sleep, mindfulness, fitness, and overall wellness.
Look at the stores selling vitamins, supplements, health/wellness books, and pills for different ailments. Things are flying off shelves, right?
Don’t wait! This is the right time to jump in and get your piece of the pie.
Some health and wellness industry ideas for small business
Identify your niche
Health and wellness is a broad industry, and there are so many products you can sell. Thus, your first step towards building a successful business in this industry is to identify an ever-green in-demand and profitable niche market.
Hot health and wellness niches to look into include:
- Healthy eating
- Weight loss
- Reproductive health
- Hair loss
- Digestive/gut health
Sell profitable products
Once you have decided on your niche, find profitable products to sell to your target audience that solve specific pain points.
To find popular and profitable products, take advantage of the online tech tools listed below.
The secret is to find rare and low-competition products that add value and meet your buyers’ wellness needs at a reasonable price.
Partner with low-cost suppliers
Your profit margins will depend on the cost you source your goods. Look for low-cost suppliers and manufacturers that offer high-quality health and wellness products that you can sell at considerable markups.
Chinese and Asian manufacturers/suppliers are top examples of sourcing quality products for pennies on the dollar.
Market your brand
Once your store is up and running, take advantage of social media, search engines, email, and other online channels to tell everyone that you exist. Free and paid ways to drive traffic to your store include:
- Search Engine Optimization(SEO): Make sure your website is mobile-friendly and optimized for speed.
- Content marketing: Create keyword-focused content about your products and the audience’s pain points to drive organic traffic.
- Facebook: Have a Facebook page and post relevant content linking back to your website.
- Paid advertising: Run pay-per-click ads on search engines and social media to drive traffic to your website faster.
Tools that can help you to start your wellness business
Tech tools help you remove the guesswork out of your market research. Below is a list of tech tools that can help start a wellness business a breeze.
- Google trends: Helps you identify top products in your niche
- SaleHoo Market Research Lab: Helps you find trending, low-competition, and best-selling products to sell online and a list of the best suppliers.
- AliExpress: Lists hot products on Aliexpress and the best suppliers
- eBay top seller page: Lists best selling products on eBay
- Amazon bestseller page: Lists best selling items on amazon
- Social media platforms: Help you gain insight into popular products people are talking about in your niche.
Financing options to begin this new adventure
You’ll need money to get your wellness business off the ground and keep it growing for many years to come. Top financing options for women include:
Here’s a list of top grants you can apply for:
- InnovateHer Challenge: Grants up to $40,000
- Tory Burch Foundation: $5,000 business education grant
- The Amber Grant: up to 320,000 grants awarded yearly.
- Girlboss Foundation grant: Grants of $15,000
Business loans for women
There are several lenders you can look into to obtain small business loans for women, including:
- SBA loans
- Different lines of credit
Loans for immigrants
Many immigrants lack a social security number( SSN) and employer identification number (EIN) and struggle to access capital from most lenders. Luckily, a few online lenders have started to offer ITIN loans to immigrant business owners.
Visit the link in the intro to learn more about small business loans for women and how to choose the best lender.