A Healthy Marketplace
Franchise opportunities in the health and wellness industry continue to generate momentum
by John Hoose - Founder, LaVida Massage
Infused with the same sense of buy low-sell high foresight that helps savvy investors take advantage of quality opportunities at affordable prices, prospective small business owners and aspiring franchisees are catching on to the idea that there is a tremendous up-side to those entrepreneurs who are able to open a small business now. In fact, in many respects, there has never been a better time to start a small business, and franchise opportunities represent one of the mechanisms with which to do so. In the current economic environment, new franchisees are able to lock in favorable rental rates today that would have been a pipe dream in years past, and the expertise and the financial and logistical support of a franchisor can be invaluable for new owners.
Among the many franchise options available to prospective small business owners, the health and wellness industry offers a particularly attractive blend of accessibility, affordability and broad-based consumer appeal. Health and wellness is a booming industry, with growing awareness of the long-term health benefits of regular massage. What follows are a few of the primary reasons why the health and wellness industry seems likely to continue to enjoy a robust period of expansive growth, and why health and wellness-based business opportunities are among the most positive franchising and small-business trends in today’s marketplace:
Retail detail
On the consumer side, the internet has begun to fundamentally change the way business is done. Local retail opportunities can begin to lose their value when the average consumer can purchase items from around the world with the click of a mouse and have them shipped to the front door in a relatively short period of time. Service-based businesses however, enjoy relative immunity from the transformative technologies and rapidly evolving supply-chain dynamics that have had such a significant impact on so many retailers. While the next must-have widget might be deliverable from overseas anytime and anywhere, health and wellness services remain a local and regional resource.
Economies of Scale
One of the underlying concerns among all small business owners is the looming specter of competition, particularly from the seemingly unstoppable machinery of some of the nation’s largest retailers. Recognizing how difficult it can be for a traditional retail-based small business owner to hold their own in a competitive retail market going up against the Targets and Wal Marts of the world, prospective franchisees are increasingly getting into service-based businesses that cannot be outsourced and are far less likely to be impacted by the economies of scale that give larger corporate entities such a formidable economic edge. With growing demand and a non-saturated marketplace, health and wellness is among the most promising of these service-based business opportunities.
Favorable logistics
While there are always options available to motivated individuals looking to become a franchisee or start a new small business, service-based business concepts tend to have a lower bar when it comes to the logistical complexities and initial financial investment needed to get off the ground. As so many successful business owners have discovered, starting a new small business is not the prohibitively costly feat that some might fear. For most of the average strip-center and in-line tenants out there, as little as $100,000 is enough to get your foot in the door and get up and running successfully. Service-based businesses with limited inventory are even better, and it is here where the health and wellness industry truly shines. Health and wellness compares very favorably to dry cleaning, hair cutting, and other common service-based businesses, as the up-front expense of costly infrastructure and sometimes extensive inventory can make the initial investment a more daunting challenge.
Social and demographic trends
The fact that a well-executed health and wellness-based business concept enjoys cross-generational and multi-gender appeal is indicative of broader societal trends that bode well for the industry. Health and wellness services are increasingly understood to be an important component of a comprehensive long-term healthy lifestyle, and there is a global trend toward products and activities that promote healthy living. Rising health care costs only drive this point home even more emphatically. Even the health insurance industry is coming around to the value of preventative care, with some providers offering billable codes for health and wellness services once considered to be experimental or luxury items.
Regardless of the economy, health and well-being is not something people are willing to compromise on. And with the marketplace poised for a significant recovery in the months and years ahead, there has never been a better time to own a business. As more and more health and wellness franchisees are discovering, this rapidly expanding industry presents ideal opportunities for new small business owners interested in establishing a correspondingly healthy bottom line.
John Hoose is founder of Howell, Mich.-based LaVida Massage, a unique health and wellness massage center. LaVida has centers throughout the United States, with franchise opportunities in all 50 states and in Canada. For more information on opening a LaVida Massage contact Hoose at jhoose@lavidamassage.com or visit www.lavidamassage.com.
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