Checklist for opening a wellness business

You want to make people feel good, and what better way than by opening a wellness business? With a worldwide market size estimated to reach nearly $9 trillion by 2028, your new business can do more than help people improve their health — it can be a lucrative opportunity for you, too.

Use this wellness business checklist to start delivering exceptional care to your patients. 

1. Find Your Niche

Your niche is what makes you special. Here are some examples of niches in general wellness industries:

• Life coaches: Maybe you'll market to college grads or established professionals looking to change careers.
• Nutritionists: Popular topics in the nutrition space include gut health, intuitive eating, plant-based diets and sports nutrition.
• Alternative medicine specialists: Herbal medicine, massage, acupuncture and naturopathy are possible focuses.

Establishing a niche helps you target a specific audience, gain a competitive advantage and hone your branding.

2. Choose a Name

Set your wellness clinic startup up for success with a unique and memorable name that fits your niche and brand. Evocative words like "soul," "vitality," "balance," "radiant" and "renewal" can inspire you. You could also try a business name generator or engage with an artificial intelligence chatbot to get ideas flowing. 

Once you've got a shortlist of possibilities, it's time to check domain name and trademark availability. Online tools make it easy to see if the domain name you want is in use, and you can consult the United States Patent and Trademark Office website to confirm your trademark. 

3. Create a Business Plan

Your business plan lays the foundation for your new clinic — so it's easy to see why starting one can feel overwhelming. Luckily, the Small Business Association (SBA) provides quick and easy tips and templates.

Your traditional business plan should include the following:

• Executive summary
• Company description
• Market analysis
• Organization and management
• Service or product line
• Marketing or sales
• Funding request
• Financial projections
• Appendix

A lean startup plan offers a quicker option and may work if your business is pretty simple or you know you'll change your business plan frequently. Here's what to include: 

• Key partnerships
• Key activities
• Key resources
• Value proposition
• Customer relationships
• Customer segments
• Channels
• Cost structure
• Revenue streams

4. Cover Your Legal Bases

First up is determining your business structure. Popular options include:

• Sole proprietorship: You have complete control, and your business assets and liabilities are not separate from your personal ones.
• Partnership: Limited partnerships and limited liability partnerships are the simplest options if you're opening your clinic with others.
• Limited liability company (LLC): An LLC protects you from personal liability in most instances, and your profits and losses get passed through to your personal income without facing corporate taxes.
• C and S corporations: A C corporation, or C corp, separates the legal entity from its owners. They offer excellent protection against personal liability but are more expensive to form. An S corporation, or S corp, allows owners to avoid the double taxation of C corporations.
• Benefit corporation: These organizations are driven by mission and profit. Completing the B Impact Assessment is the first step toward certification from the B Lab.
• Close corporation: A small group of shareholders can run a close corporation without a board of directors. Many family businesses find this structure beneficial.
• Cooperative: These organizations have user-owners. Typically, the board of directors and officers run the company, while other members have voting power to control its direction.

The federal government requires certain types of business insurance for organizations with employees, including: 

• Workers' compensation.
• Unemployment.
• Disability insurance.

You may also want to consider general liability, professional liability and commercial property insurance. 

5. Pick a Location and Get Licenses

The necessary licenses and permits vary depending on your state and business activities. Your new wellness clinic may not require any federal licenses, and you can check your Secretary of State's website for specific information on state requirements. 

Your chosen location also affects:

• Taxes.
• Zoning laws.
• Minimum wage laws.
• Standard salaries.
• Rental rates.
• Insurance costs.
• Utility fee costs.
• Property values.

All that to say, it's an important decision. These questions can help you out:

1. Where does my target audience live and work?
2. How much can I spend on a commercial lease or building purchase?
3. How much space will I need?
4. What are the area's state and local tax implications?
5. Are there government incentives for small businesses?
6. What business activities are allowed according to local zoning laws?
7. Where are my competitors located?

6. Work Out Your Finances

Part of making your business plan is figuring out your finances. Here's how:

1. Research typical revenue in your industry to come up with a monthly estimate.
2. Add up fixed costs, including rent, insurance, payroll and marketing.
3. Consider variable costs, including utilities and credit card transaction fees.
4. Subtract your fixed and variable costs from your projected revenue.

Grants and loans can help cover startup costs. Check Grants.gov and the U.S. Chamber of Commerce's comprehensive list of grants and loans.

7. Set Your Services

What services will your wellness clinic offer? A nutritionist, for example, might provide one-on-one appointments, group sessions for sports teams and supplemental resources like ebooks. When pricing your services, consider:

• Your experience and level of education.
• The quality of your equipment.
• Average prices of similar services in your area.
• The complexity of your services.

You can make your business more appealing to new patients by offering free consultations, discounts for first-time services and exciting patient loyalty programs. 

8. Hire Employees

The SBA offers an easy-to-follow process for hiring and paying employees. When finding and screening candidates, follow these tips:

• Be clear and realistic about job expectations.
• Attract job-seekers from various sources.
• Ask behavioral and situational interview questions.
• Assess the candidate's experience and how they would fit your organization's culture.
• Consider the candidate's career goals.

In addition to other practitioners and specialists, don't forget to hire front-desk staff and admin roles. 

9. Purchase Equipment

Purchasing equipment, whether massage oils or coaching software, requires balancing your budget with pleasing your patients. High-quality equipment also boosts efficiency and safety. 

When you're still in the early stages of business ownership, prioritize essential items, such as business software. Once you're more well-established, you can buy the fun stuff — like decor and extra office supplies. 

10. Make a Website and Take to Social Media

Establish yourself as a credible choice in the wellness space with a well-organized website. After registering your domain name, you can start creating the following pages:

• Home
• About
• Services
• Contact

If you do not want to design your site yourself, you can outsource to a third party — just remember to include the expense in your budget. 

You'll also want to set up a Google Business Profile and explore search engine optimization techniques like conducting keyword research. 

There's no way around it — your business needs to be on social media. While TikTok, YouTube and X are all viable options, Facebook and Instagram remain the platforms with the highest levels of engagement. Consider doing 15-minute yoga sessions on Instagram Live, posting new promotions on Facebook or making informative nutrition videos for TikTok. 

11. Plan Your Opening Day

The big day has finally arrived! For your opening day, you might host an invite-only special event with appetizers, do a social media giveaway or offer one-day-only discounts. You could also give away branded items to your first 10 visitors, such as tote bags or stickers. All of these ideas can boost loyalty and encourage repeat business.

12. Choose Software

With the right software, professionals in the wellness industry can simplify their scheduling, maintain patient records and manage their financials. 

PatientNow's all-in-one software is scalable and offers practice management, digital marketing and integrated payment processing features. Exceed industry standards and streamline clinic management from the moment you start your new business with PatientNow.

Partner With PatientNow For Integrative Wellness Software

When you're ready to take a step toward business ownership, let PatientNow help. Our platform for wellness professionals helps you reach new clients, maintain compliance and data security, and increase practice efficiency. 

Schedule your complimentary demo and strategy session today!