So you want to start a luxury wellness business? Here are some tips to get you started and save you the trouble midway through your business.
Luxury wellness is such an ambiguous term these days, as it includes everything from a Spa massage, Anti-aging treatments, Holistic Fitness, Meditation and anything in between.
So for this purpose of this article let’s focus on Luxury wellness being the following:
Starting my company was the most rewarding experience in my career. It was 12 months of research using statistics from the council, developing a business plan, reviewing it 6 times, getting very clear with my target market and contingency plan. I spent countless hours speaking to lawyers, accountants, and other entrepreneurs trying to figure out next steps.
Every minute was worth it and saved me countless hours -- and the possible headache of making a huge foundational mistake -- by getting these seven things straight:
You, your goal and your needs:
The first thing to remember is that your new business means the next three years of your life are like a marriage. You will be sleeping your business, eating your business and dreaming your business all the way through. Remember to speak to your family, wife, children and any other stakeholders who would be affected by your new marriage. Be very clear about your goal, your turnover, your profit and usage of that profit, either back in the business or towards your time, your needs and wants, your minimum requirement to feel energized at the end of a hard day's work. Most business owners work for the business and deny themselves the pleasure of the profits of the business, this will leave you tired, exhausted and disgruntled. Remember only one person can make the business and break it at the same time- You. So it’s very important to be satisfied and enjoying the journey, stay fit well and relaxed
Before you have a plan, have a backup. Make sure you are clear on the following-What if you get sick and cannot attend to your business; do you have your systems and procedures in place so the second in charge can run the business flawlessly? Have you had any practice runs regarding the same?
In case you have cash flow issues is your bank overdraft in place, make sure you maintain a good relationship with your banker; a personal touch goes a long way! It beats event the stringent of systems put in place
Own your name
I made sure the company name I choose was available online, offline, patent and trademark free. This might not be applicable as of now, but in the near future, your trademark and patent (if required) would be a make or break the game. The time and money you have invested in establishing your business name could go to waste if someone else owns the trademark. I would consult a trademark expert to get more details on this subject
Get in with the law
(i) Ensure you are charging the correct amount of tax for your services or products that your business is promoting, if applicable and (ii) Obtain all of the proper licenses needed to run your new business, at a minimum. Establishing a successful business is hard enough. The last thing you need is some technical legality or administrative detail to stand in the way of your success
Don’t over – or underspend
Get your budget right; make sure you know exactly where the money is coming from and where it’s going. Make sure you outline your marketing spend and know exactly the return from it. Don’t skimp out on things your company needs. For example, it may be worth it to put RS 10,000 in an online vendor listing, but it may not be necessary to give every new customer a Rs 400 mug. Be sure to keep up with technology too -- there are many time-saving programs and apps (including free or inexpensive ones) that can help you keep track of it all, and as we all know, “time is money.”
Customer Care and Customer grievance
The most important thing in business, more than your marketing budget or your product and service offerings is the relationship with the customer. Make sure your front person is in love with his/her job, is presentable, loves people and keeps in contact with them on a regular basis. Engage with the clients and assist to offer their needs as long as it's in line with the business values and beliefs. Remember to make the client so addicted to our service that they cannot do without it, even if they leave your business for a while, they will always come back to you
Market trends change every 3 years
Every year there is a new trend, which takes about a year to reach the tipping point, once it reaches the tipping point it would take another year for it to maximize its potential, so plan strategically the 3 year period so you are ready to implement the new trend at the right time.
Over and above that remember to cross the T and dot it's for a successful start-up.
This article has been authored by Prameet Kotak, Holistic Wellness Expert.