The health and wellness business is highly lucrative in today's health-minded market. Finding the right store or service to provide to a particular community, however, takes more than a little money. Knowing the health needs of a particular area and buying into the right franchise can be complicated.
Instructions
1. Determine what market interests you in terms of health and wellness; think of things that are relevant to your life that you can relate to. Write down a list of stores, shops, and services that you frequently take advantage of that utilize health and wellness products.
2. Do some market research in your area on what kinds of health stores and services are offered. Plug into an unexpressed market need. For instance, if your city has plenty of gyms but no juice bars, or plenty of juice bars and no exercise equipment shops, then you should be looking at what is missing.
3. Read the franchise's website for further information on obtain directions and procedural standards for securing a franchise. Look for trade show opportunities where you can go and interact with franchise owners and receive one on one information on the nature of the franchise and their pros and cons.
4. Conduct interviews with franchising agents. Ask pertinent questions such as what the pretax net profits are, what training programs are offered, if any additional working capital is necessary, how is the company supplied, and what support the franchise offers to franchise owners. Obtain a copy of the franchise provisions and regulations and go over it with a knowledgeable business attorney. Make sure that the contract meets your needs and that it is a secure investment for you before jumping in.
5. Begin writing your detailed business plan after determining your net worth, credit rating, and the viability of the health and wellness franchise you have chosen. Determine whether you will receive financing from the franchise themselves or if you will need to seek financing elsewhere.
