According to the World Economic Forum, new business applications have surged in the US during the pandemic. Sure, they might have plunged during the first few months of the pandemic. However, they have quickly recovered and have continued soaring up until now.
A year after the COVID-19 outbreak, it’s best to consider venturing into business. The US Chambers of Commerce recommends pandemic-relevant businesses. These include online reselling, digital marketing, delivery service, fitness programs, cleaning services, and home improvement services.
But as COVID-19 is a global health crisis, it makes sense to start a health and wellness business. Your goal must be to foster the health, wellness, and overall well-being of individuals and families in your community.
Here’s how to launch a health and wellness business amidst the pandemic:
1. Consider the health impact of the pandemic
When jumpstarting a particular business, think of how the COVID-19 crisis has impacted people’s health. Doing so will help you determine how you can help address health issues through your business venture. Know that the pandemic has not only affected physical health but has also led to mental health issues. Here are some health issues brought about by the pandemic:
- Poor nutrition due to food insecurity
- Weight gain due to less physical activities
- Depression and anxiety due to home isolation
- Substance use and abuse as means to cope with the crisis
- Untreated underlying health conditions due to pandemic restrictions
- The rise of infectious diseases due to the focus on vaccination
2. Identify the health needs of your community
The next thing to do is to identify the specific health needs of your local community. By knowing their needs, you’ll be able to decide on the right business venture to cater to these health needs. That said, it’s best to conduct research and perform due diligence. For food insecurity, you can consider opening a food delivery service to supply healthy meals. If you notice an increase in obesity issues in your community, consider launching eating disorder recovery programs. For mental health problems, you can offer online counseling services.
3. Focus on your area of expertise
Now that you’ve determined public health issues and your community’s health needs, consider your field of specialization. It’s better to launch a business that you’re well-acquainted with. As such, this business venture must be something you’re passionate about or interested in. For example, if you took up a course in nutrition and dietetics, you can open a food business and offer nutritious food to your community. If you’re a physical therapist, a chiropractor, or a skilled nurse, consider providing home health care services. If you’re a pharmacist, open a pharmacy in your area.
4. Check your finances and set your budget
Critical to the overall success of a business venture is your finance. To begin with, set a budget for your business. If you need financing, consider borrowing money from a bank, financial institution, or lender. One option is applying for a small business administration (SBA) loan. Keep in mind that you need a huge capital outlay to fund various aspects of your business. These include building your construction cost or a property lease, material supply expenses, labor costs, and other miscellaneous expenses.
5. Factor in your business licensing and local requirements
If you’ve decided on a particular health and wellness business, go ahead and secure your business license. But before doing so, ask your local authorities what the requirements are. You’ll probably need to comply with the local code for building construction. You also have to secure all the necessary paperwork to be granted a business permit. Lastly, you must register your entity name, trademark your business identifiers, and even register your domain name.
6. Start launching your health and wellness business
At this point, it appears that you almost have everything in place. What better way to do than to launch your health and wellness business? Know that it doesn’t end here! There are a lot of things to consider in promoting your small business and expanding it over time. In fact, you constantly need to study your market, maintain your business’ financial health, and make the necessary adjustments. If planned and executed properly, you’ll see your health and wellness business grow and flourish over time.
Starting a health and wellness business is a good idea in a COVID-stricken world. But when taking the plunge, consider the pandemic’s health impact, your community’s health needs, and your area of expertise. Also, be sure to come up with a budget, get a business permit, and set your business on the right footing. Not only will this help you meet the health and wellness needs of your community, but you’ll also earn some profits amid the COVID-19 crisis.
