Starting your own integrative wellness business is an exciting experience and can be financially rewarding. However, in the beginning, many new owners are so focused on getting off the ground they tend to overlook certain aspects that will impact their future. Here are five common integrative wellness business mistakes to avoid.
5 Common Integrative Wellness Business Mistakes to Avoid
1. Think Long-Term
Think long-term. Short-term goals and solutions are short-sighted. It is tempting to take money-saving shortcuts to achieve short-term stability, but as a business owner, you must consider long-term growth. Instead of saving a few dollars today, think about how you can sustain business growth and drive the value of your services for years to come.
2. Put it in Writing
If you co-own your business with a friend, or family member it is critical to protect yourself with a written agreement. When first starting your integrative wellness business you and your partners are excited and thrilled about the opportunities. However, what goes up must come down. If your business ever hits a rough patch or is immeasurably successful, arguments will inevitably ensue. The question will be who is entitled to what? Be sure to have a written legal document that all parties must agree upon and sign. Do not ever rely on verbal agreements while in business.
3. Understand Your Obligations
Be sure you understand the business obligation you take on when opening your doors, such as building leases, federal returns, and personal guarantees. These can adversely impact the value of your business over time.
Leases, contract, tax obligation and other agreements are part of being an integrative wellness business and are not inherently bad. However, it is imperative that you recognize and understand the impact these commitments will have on your businesses future value.
4. Stop Before You Finance
If you need financing to operate your integrative wellness business, you are not alone. Frequently, other wellness business owners need financing for paying suppliers, employees, and of course overhead. However not all financing is created equal. While the need for additional funds may be urgent, it is critical for you to stop and consider the demands of the lender or investors. If the burden includes a high interest, steep debt repayment or a reduction in ownership control do not accept. Avoid unreasonable demands and take the time to find realistic business financing with a dependable financial professional.
5. Understand Your Niche
To create an appropriate growth strategy, you must take the time to understand your market as well as the community in which you reside. Define your competitors and calculate how to gain control over clients given the competitive environment. Without the proper understanding, you can not create a valid strategy or long terms plan for your integrative wellness business.
Avoiding these mistake will help lead your integrative wellness business in the right direction. However, avoiding these oversights will not guarantee your business’s financial success. Sign-up for your free HealingRadiusPro account today and start listing your business. With professional staff management software, contact management, testimonials review, online bookings and payment options we help you every step of the way.