Wellness home business: 5 ways to keep it personal

Your wellness-based home business is in the double sweet-spot of small business:

1. Huge market: wellness goods and services are on a strong rise to be the next trillion-dollar industry.

2. Strong up-trend: home-based businesses are also on the rise, already contributing tens of billions to the U.S. economy, and accounting for more than half of small businesses. According to a U.S. Small Business Administration research report: “… the home has become a hub of business activity, entrepreneurship, and business creation.”

Great to be in good company, isn’t it?

With more than 60% of small businesses selling directly to individuals, the personal factors of your business are critical keys to your success as a home business owner. Here are five ways you can maximize the personal dimension of your wellness home business, and thus enhance your long-term success.

1. Be your own billboard. As an owner of a wellness business, you are obviously a champion of wellness choices. Are you a picture of wellness yourself? Do you use the products or services that you market? Do you have a strong personal story about their value? Do you make your general appearance a priority (e.g. with diet and exercise)? Are you a demonstration of the financial success of your home business opportunity?
2. Know what each customer values. Not all prospects - even those from your ideal demographic - have identical priorities. Do you know how each prospect assigns value to the investment that you are proposing? Do you have a strategy for demonstrating added value to each transaction? The first of Bob Burg’s 5 Laws of a Go-Giver is helpful here: “Your true worth is determined by how much more you give in value than you take in payment.”
3. Put a ‘face’ on every transaction. This is especially challenging with internet-based home businesses, where distance is the norm and you may never have a face-to-face meeting with many of your customers or partners. What is your strategy to know more about your customer than the specifics you need to complete a transaction? How many unique ways of communicating with your customer do you offer? Can customers communicate with you as readily as you distribute information to them? Do you know which is your customer’s preferred medium for communication?
4. Let your customer drive. Customer-initiated business is the most effective, and most profitable, for any size business. And it is the lifeblood of home-based businesses. In the arena of internet marketing, for example, one of the most powerful personalizing strategies is attraction-based marketing, where customers pre-sell themselves (e.g. with an internet search) on your products or opportunity prior to contacting you.
5. Join a successful team. Your business benefits from the personal dimension on the production side of your enterprise as well. Working closely with like-minded business owners toward a shared or parallel goal magnifies the impact of your individual efforts, improves your business knowledge, and offers more satisfaction in what you do day-to-day. If your supplier does not offer the team opportunities that fit you, explore concepts such as a home business owners community or mastermind group that is designed around specific success strategies or personal growth that will benefit you.

Wellness home business: follow the clues

The trends have been developing over a long period. The impact of health care spending on American business is already alarming:

• Starbucks - health care costs exceed the cost of coffee
• General Motors - health care costs exceed the cost of steel, and is three times the health care costs for Japanese auto manufacturers
• Government - health care costs equaled 17% of the U.S. Gross Domestic Product in 2008, and is expected to rise to 20% by 2017

With a corresponding impact on individuals:

• Health insurance premiums rose five times faster than wages from 2000 to present, and rose at twice the rate of inflation in 2008 alone
• The average worker paid nearly $13,000 per year in premiums for family health care coverage
• More than 46 million in the U.S. elect to be uninsured, primarily because of the high cost of the coverage

Regardless of your politics, there seems to be general agreement that this cannot continue.

As organizations unwrap the causes behind these crushing trends, they are targeting specific health issues such as smoking, obesity, diabetes, and physical inactivity. Getting ahead of these health challenges with proactive prevention and wellness lifestyle strategies is increasingly seen as key to long-term success in reversing these trends.

And 'wellness and prevention' is getting more than just philosophical lip service in this process. The dollars-and-cents perspective is pushing the policy and priority choices. For example, where studies show that individuals with obesity trigger more than $2000 in additional annual health costs, a return-on-investment goal is now visible, which organizations can use to assess the effectiveness of their investments in solutions.

On top of those direct health costs, employers are also incented by data showing more lost time due to health issues, as much as 12 times higher for obese or overweight employees, for example. When you add documented reductions in on-the-job productivity for health-challenged workers, you can see why organizations have not waited on others to explore alternatives.

And individuals and families are also wising up regarding their personal finances, since co-pays and out-of-pocket health expenses have also skyrocketed.

The shift toward investing in wellness solutions is already happening. Almost everyone has an awareness around the concept of ‘wellness’, and consumer and corporate spending is shifting accordingly. The size of the wellness industry is headed toward a trillion dollars within the next few years. Providing wellness solutions is already big business.

The savvy home business entrepreneur who aims to be a successful solution provider in wellness must assess where these spending shifts are occurring in specific markets that he or she can effectively work with. Obviously, the more effectively you follow the money, the more successful you will be. When you know where wellness dollars are being spent you can choose your offering so that your solution fills an existing - and pressing - need.

Just as you make logical choices about your specific market based on prior experience, skills that you possess, or a unique access opportunity that you have, you need to make logical direction choices for your wellness business based not only on where consumer spending is occurring now, but also where the trends are taking that spending. For example, the dietary supplement industry is in a long term transition toward a more scrutinized and monitored regulatory environment. And consumer spending is following that trend, away from suppliers with wild anything-goes marketing claims toward those with credible science-backed, certified product offerings.

It is also important to assess the timing of spending shifts as well as their direction. Knowing the timing ensures that any investment required to pursue the business in that arena is as close as possible to when a profitable return can be realized on that investment.

Follow the money clues, make sound choices, and your success is ... elementary.