Feature Article: Health & Wellness
Health and wellness is a unique category of economic industry, while it continues to change with fads and demands; some things remain consistent.
Gina Gill | Franchising USA
“While portions of the industry have come in with a blaze and disappeared, one thing remains consistent – Americans are interested and willing to invest in their health and wellness.”
Exercise and a balanced diet have been the underlying part of health and wellness, but there are also diet trends, aerobic workouts and self-care crazes that have come and gone. While portions of the industry have come in with a blaze and disappeared, one thing remains consistent – Americans are interested and willing to invest in their health and wellness.
While some industries may focus on a fleeting moment of health opportunities, franchises remain dedicated to all aspects of a field to keep consumers interested and franchisees profiting. The benefit of a franchise in any field, especially one that can be fickle, is the ability to track trends and market according to current demands. While also providing staple products and services that keep costumers coming through the door. Franchises have the knowledge, expertise and experience to incorporate short term fads into the business, along with side guaranteed services that will never fade.
Health and wellness have a variety of options to choose from, and it also has a substantial fiscal impact across the world.
The global industry is currently worth $4.2 trillion and is expected to continue rising. No matter what your interest or passion in the field, there are diverse opportunities with excellent profit potential.
This is the best time to consider a health and wellness franchise because more people are interested in self-care. People are using their spare change to reenergize and take time for themselves, and care for themselves and willing to invest in such treatments. The global industry grew by 6.4 per cent between 2015-2017 as consumers started investing in their personal wellness.
A new trend that is supporting the industry is wellness tourism. Owning approximately 14.6 percent of tourism expenditures at $494 billion in the US, wellness tourism is travel to promote a tourist’s health and quality of life in numerous different ways. This includes physical exercise retreats, relaxation and spiritual journey, including meditation and yoga, and beauty treatment, to name a few. With an increase in such specified tourism, franchises are now responding to international customers, as well as domestic ones.
Spa
What used to be considered a rare luxury is now a part of a lot of American’s lives. People are taking advantage of their free time to treat themselves and really indulge in time spent relaxing and resting. Spas were once connected to hair salons and mainly offered a few services – while that is still a franchising option, there are many choices within this industry alone. Some spas are connected to hotels, provided an even higher profit margin. While other spas are huge retreats with pools, baths, hot tubs, saunas and food services, it depends on the breadth of services a franchisee would like to take on or the size of the franchise they would like to run. There are also small spa options with a few services. Either way, there is potential in all opportunities to run a great profit: the global spa economy is worth nearly $119 billion. A spa would have to follow specific health codes and provide employees trained professionally in some areas. A franchisor can help support a franchisee with all the criteria and ensure all the proper boxes are checked.
On a personal level, a spa business would be an excellent investment for someone who would like to take advantage of all the services offered. It is an investment that guarantees to mix business with pleasure.
Traditional and Complementary Medicine
Aside from spas, there are treatments people seek for relaxation, as well as a means of medical treatment. Massages, physiotherapy and acupuncture are a few of the complementary therapies used for rehabilitation, as well as a way to simply relax. While there would be some competition with small businesses, franchises have excellent reputations and marketing that gives investors a leg up.
“What used to be considered a rare luxury is now a part of a lot of American’s lives. People are taking advantage of their free time to treat themselves and really indulge in time spent relaxing and resting. ”
While these forms of treatment have been around for a while, they have gained more popularity over the years. Clients are interested in a natural and drug-free way to heal in a low-risk approach. The demand for acupuncturist has increased over the last few years (up 50 percent in the previous five years in 2007)and expected to continue to rise because it is low impact, safe and low cost – as well as relaxing and beneficial.
The risk with a franchise focused on complementary medical treatments is relied somewhat on health trends to keep the profits rising. While it has been an interest of Americans over the last decade, clients could find other forms of treatment or prefer invasive medicine with quick results in the future. If that is the case, a franchise can roll with the punches and response to the client’s demands.
If you have a background in the field, a franchise might be worth the investment. Instead of working for someone else, you could work for yourself and create a healthy work-life balance, and enjoy a healthy profit.
Fitness of the Mind and Body While gyms are an obvious franchising industry, there has been increasing interest in mindfulness, yoga and meditation. As the understanding around mental health is being expanded, people are increasingly aware of the need to take care of themselves on many different levels.
Seventy-six percent of people using meditation are doing so with the purpose of general wellness as it helps with anxiety, as well as physical ailments. There are many other health benefits to meditation, and the practice has been increasing over the last few years.
Franchises have tapped into this market, offering yoga and wellness studios for people of all ages, and levels of ability.
If spirituality and mental health are a passion of yours, the industry is a great way to help others gain calmness and take care of themselves safely and healthily. Again, it risks being a short term fad, but its an ever-evolving industry with many different approaches. Do some research in competing businesses, as well as services and products being offered by franchises that increase the profit. Also, ask franchisees the long term plan of the business and trending figures for the future of the industry.
The Health and wellness industry is one of the most profitable franchise options available, but it’s hard to keep up with what is in and what can easily die out. Since there is such a huge variety, it’s best to do a lot of research before jumping into such a significant investment. While a huge spa resort might turn a considerable profit, it might not be easily accessible to a lot of Americans. Will people be willing to pay for spiritual services once they are more comfortable with their wellness? Will the continued open discussion about mental health help these businesses boom or die out?
Well, self-care should remain a continuous form of treatment, and an option for great business opportunities, it would be beneficial to look into long term numbers or even request that a franchisor provide plans future trends or change in demand.
While it’s evident that the health and wellness industry is booming financially, it’s also one of the most fulfilling industries to invest in. It allows you to provide a service that offers treatment, healing and relaxation to the hard workers in the country and a calm escape to those who are visiting.
ABOUT THE AUTHOR: After receiving an English Degree, followed by a Journalism Diploma, Gina Gill became a freelance journalist in 2008. She has worked as a reporter and in communications, focusing on social media. She currently works as a community information officer with Epilepsy Society, while pursuing her writing career at the same time.
“Seventy-six percent of people using meditation are doing so with the purpose of general wellness as it helps with anxiety, as well as physical ailments.”
“If spirituality and mental health are a passion of yours, the industry is a great way to help others gain calmness and take care of themselves safely and healthily.”