Small businesses are still in good shape to join the wellness industry.
Welcome to the 2020s—the start of a whole new decade. Since it’s still quite early in the new year, many of you are likely still thinking about the resolutions you made—or still considering making some.
Did you resolve to achieve a better work/life balance? Many small business owners do, since running our businesses tends to consume much of our waking hours. Personally, I’ve never liked the work/life balance debate since “balance” implies 50/50 and we all know that’s an impossible to achieve dream. So you need to decide, sometimes daily, what percentage of your day is going to be devoted to work and what percentage to your personal life.
I want to focus in on one in particular, because it’s not only a possible solution for your work/life struggle, but it’s an area rife with entrepreneurial opportunity—wellness. While we first addressed this trend nearly a year ago, wellness is still booming.
Part of the reason is the industry is huge and all-encompassing. It includes everything from organic skin-care products to meditation apps and more. Essentially it addresses passes just about every product or service you can think of that affects the mind, body and spirit.
Wellness is a $4.2 trillion-dollar industry. According to The Global Wellness Institute, these are the wellness niches with the most entrepreneurial potential:
- Personal care, beauty & anti-aging ($1 trillion)
- Healthy eating, nutrition & weight loss ($702 billion)
- Wellness tourism ($639 billion)
- Fitness & mind-body ($595 billion)
- Spa economy ($119 billion)
- Workplace wellness ($48 billion)
Meditation is a particularly promising area. It’s tied with yoga as the most popular alternative medicine practice in the country. And yet there’s still a lot of growth potential. Depending on the size of the market you live in, opportunities include drop-in meditation centers and fitness programs incorporating meditation
Pet wellness is a “thing,” too. The pet supplement industry alone, in 2018, was worth upwards of $635 million, according to a report from market research publisher Packaged Facts.
I wrote more about the wellness industry here.
Wellness stock photo by Look Studio/Shutterstock
