Kick-start your Natural Therapy Business Strategy - TOP 10 Tips to Drive Your Success
- Created: Thursday, 15 October 2015 09:55
By IICT With non-conventional medicines gaining greater acceptance, along with an apparent growth of the ageing population, natural therapy businesses are anticipated to flourish in the future.
As such, here are 10 useful factors to take into account in manoeuvering your natural therapy business towards success:
1. Choose Experience
Studies have shown that the risk of failure is high, when kicking off a completely new venture and reality is that this would apply more so for natural therapy businesses. So, if you were to choose lucrative short term returns versus going with what you’re experienced at, select the latter. While you’re at it, stay abreast of innovative developments, techniques and treatments within your area of specialty in order to convert those experiences to expertise.
2. Can the IDEA Really Make Money?
Scrutinise the pros and cons of your idea to determine if customers will actually pay for your service. Critically assess the benefits & features customers would want versus what are being provided by other natural therapists. Thereafter when setting short term (1 - 2 years) and long term (up to 5 years) goals, determine if the IDEA can be transformed into your ‘Unique Selling Proposition’ (USP)?
If the answer is no, tweak it. If the answer is yes, go for it; you may have a winner in the making.
3. Form Professional Alliances
By forming alliances and joining professional bodies such as the IICT; it becomes that much easier for your business to be benchmarked as top of the line. Furthermore it is becoming apparent that by natural therapy providers joining together and forming stronger alliances, make it easier for them to be recognised by both the traditional and non-traditional medical industries.
4. Marketing & Promotional Plan
Remember the objective? You need a method of reaching customers consistently and therefore, establish a name for your natural therapy business. The ‘Plan’ in itself should detail how you will market your practice, first within the community and then outside. Assess the marketing avenues (traditional vs non-traditional) and make the call based on suitability. Note: The internet, direct mailers, pamphlets and flyers are more likely to render best results for this industry.
5. Competitive Edge
Within the natural therapy domain, analysing your competitive edge is all about getting practical and getting your hands dirty! That’s right, it’s as simple as collecting all their written material, join their online communities and best yet; book yourself for a session and get a firsthand taste of where they excel and where they fail. Mapping out your competitive edge becomes easier, when you’re well versed about competitors’ strengths and weaknesses.
6. Financial Analysis
To keep the backbone of your practice in good shape, deploy prudence from the onset. Maintain accurate financial records and manage your cash flow accordingly. With a close eye on actual performance (keeping in mind your start-up position), stay away from budgeting ‘optimistically’ at least within the 1st year of practice. Whilst it is vital to develop a financial plan / budget - it is equally important to monitor income vs. expenditure and assess areas that go over budget.
Carrying out research will undoubtedly lower your chances of business failure. From understanding the demographics of your customers to pinpointing ‘your’ target market size, research will shed light on even the best location for your practice. Talk to industry experts and those who’ve been through the process while getting customer feedback to assess individual needs. There is a range of information & statistical sources along with industry research publications that would help carry out proper research.
8. Identify Target Markets
Identify your target market by listing down the characteristics of those who can potentially benefit from your natural therapy practice. From age, gender, medical requirements, social strata to many other demographic patterns can lead you to pursue your target market successfully without wasting time sowing seeds that won’t render a harvest.
9. Online Presence
In a world where practically everything is online, building an online presence is vital for success. If budgetary constraints don’t permit a fully-fledged website, it would be a smart move for start-ups to at least consider having a web presence through a free web hosting service.
A fundamental requirement to ensure long term success of a natural therapy business is getting the right employees. How many hours a week do you need extra hands? Is it better to recruit an apprentice or novice who can be trained as you desire? What’s the staffing affordability? Answers to these questions will help nail down the correct team.
Adhering to these guidelines will not only enable you to succeed in kick-starting a natural therapy business, but will also ensure long term sustenance of the business.
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