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Rick Stollmeyer. Building a Wellness Business That Lasts
Table of Contents
List of Illustrations
Guide
Pages
BUILDING A WELLNESS BUSINESS THAT LASTS. HOW TO MAKE A GREAT LIVING DOING WHAT YOU LOVE
INTRODUCTION. This Book Is for the Wellness Community
The COVID-19 Thunderbolt
My Journey to the Wellness Industry
1 Making a Living in Wellness
The Hero's Journey
A hero ventures forth from the world of common day …
… into a region of supernatural wonder …
… fabulous forces are there encountered …
… and a decisive victory is won …
… the hero comes back from this mysterious adventure with the power to bestow boons on his fellow man
2 The Seven Dimensions of Wellness and Maslow's Hierarchy of Needs
The Seven Dimensions of Wellness
Maslow's Hierarchy of Needs: The Force Driving Wellness Industry Growth
3 The Generational Lens
The First Wave of Wellness (1980–1996): Boomer-Driven and PC-Enabled
The Second Wave of Wellness (1997–2010): Gen-X-Driven and Internet-Enabled
The Third Wave of Wellness (2011–2020): Millennials, Smartphones, and Cloud Technology
4 The Future of Wellness in a Post-COVID World
5 First Things First: Identify What You Love, Get Certified, and Work in the Industry
Identify What You Love
Get Certified and Start Working
When Your Enthusiasm Peters Out, Try Something Else
6 Five Essential Traits of Successful Wellness Entrepreneurs
Essential Trait #1: Authentic Enthusiasm
Essential Trait #2: Grit
Developing Your Grit
Essential Trait #3: Agile Thinking
Developing Mental Agility
Zooming in to focus on the details
Zooming out to focus on the big picture
Talk with Successful Business Owners
Essential Trait #4: Effective Decision Making
Your Head
Your Heart
Your Gut
An Example of Using Your Head, Heart, and Gut
Essential Trait #5: Adaptability
Traits You Don't Need to Be Successful. Being Super Fit
Getting a College Degree
7 Five Financial Metrics Every Entrepreneur Must Know
Revenue
Cost of Revenue
Gross Profit (or Gross Margin)
Operating Expenses
Net Profit
Examples of Gross Profit, Gross Margin, and Net Profit in Wellness Businesses
INCOME STATEMENT, JANUARY 2020
8 Embracing the Holy Grail: Sustained Profitability and Value Creation
Sustained Profitability Is Hard
Sustained Profitability in Wellness
Understanding Value Creation
9 Select Your Mentor, Lawyer, and Accountant. The Importance of a Mentor
Qualities to Look For
Examples of Great Mentors
Finding Your Mentor
The Importance of Lawyers, Accountants, and Bookkeepers
Why You Need to Engage a Good Lawyer Early
Selecting Your Lawyer
Accounting Professionals Are Worth Every Dime
Understanding Why You Need a CPA
Knowing What a Bookkeeper Can Do for You
Selecting Your Accounting Professionals
Hiring a Business Coach or Consultant
10 Define Your Target Market
Defining a Target Market Is Not an Excuse to Discriminate
Defining the Right Target Market
Sizing Your Target Market
11 Evaluate Retail versus Home-Based and Virtual Business Options
Understanding the Options
My Wife's Journey through the Rapids
Learn from Our Mistakes
A Hard Decision
12 Lay Your Foundation with Your Competitive Advantage
Understanding Cost Advantage
Value Creation and Pricing
Value Creation and Discounting
Differentiated Experiences
Enjoyment Is about Brain Chemistry
The Four “Feel Good” Brain Chemicals
Helping People Become Addicted to Wellness
Using the Five Senses to Design “Feel Good” Experiences
Thinking Through Your Differentiated Experiences
13 Create a Vibrant Company Culture with Purpose and Core Values
Defining Your Purpose
Preparing to Write Your Purpose Statement
Crafting Your Purpose Statement
Defining Your Actionable Core Values
Four Qualities of Actionable Core Values
Crafting Your Core Values
Mindbody's Core Values. Committed to Wellness
Audaciously Achieving
Humble & Helpful
Empathetic
Consciously Evolving
A Vibrant Culture Is Never Static
14 Design Your Role
Defining Your Motivations and Time Horizon
Long-Term Achievement-Oriented Entrepreneurs
Short-Term Achievement-Oriented Entrepreneurs
Freedom-Oriented Entrepreneurs
The Four Common Entrepreneurial Types
Chapter 15 Select Your Integrated Software and Payments Platform
Key Software Platform Requirements
Key Integrated Payments Platform Requirements
The Importance of Future-Proofing
Software Buying Mistakes. Software Buying Mistake #1: Choosing Your Platform Based on Price Alone
Software Buying Mistake #2: Trying to Develop Your Own Custom Solution
When to Implement Your Software and Payments Platform
16 Assemble Your Business Plan
Why You Need a Business Plan Slide Deck
The Perfect 10-Slide Deck
Business Plan Slide 1: Your Purpose Statement
Business Plan Slide 2: Your Industry Expertise
Business Plan Slide 3: Target Market Customers
Business Plan Slide 4: Competition
Business Plan Slide 5: Competitive Advantage
Business Plan Slide 6: Floorplan (for Retail Wellness) or Wireframes (for Virtual Wellness)
Business Plan Slide 7: Menu of Services and Products
Business Plan Slide 8: Unit Economics
Business Plan Slide 9: Financial Forecast
Business Plan Slide 10: Exit Strategy
Tips on Creating and Delivering a Great Business Plan Presentation
Chapter 17 Launch Your Website and Establish Your Online Presence
Understanding Marketing
Focus on Your Target Market
Define Your Customer Personas
Set Up Your Website
Activate Your Free Online Business Listings
Free Search Engine Listings
Google My Business
Bing Places for Business
Free Social Media Listings
Facebook Page
Instagram Business Profile
YouTube Channel
Twitter
Yelp Page
The Mindbody App
Chapter 18 Secure Your Financing
Friends and Family Financing
Commercial Bank Financing
Private Equity Investors
Chapter 19 Grow Your Clientele with Paid Marketing That Works
Search Engine Marketing (SEM)
Tracking Results of Your SEM
Advertising on Facebook
Tracking Results on Facebook
Promoting Your Business with Influencers
Email Marketing
Tracking Results of Your Email Marketing
Non-Traditional Marketing. Gift Cards
Podcasts
Nine Tips for Better Marketing
Steps to Create a Simple Marketing Plan
Chapter 20 Fuel Your Business with Effective Leadership
Knowing Yourself
Getting Yourself Out of the Way
Practice Servant Leadership
Love People
Chapter 21 Staying Well as a Wellness Entrepreneur. The Wellness Entrepreneur's Paradox
What Does It Mean to Keep Your Cup Full?
Staying in Love with Your Business
Identifying and Focusing on Your Unique Ability
Appendix - Resources for Wellness Professionals and Entrepreneurs. Must-Read Books for Wellness Leaders and Entrepreneurs
Inspirational Short Videos
Licensing and Certification Programs. Acupuncture
Esthetics
Massage
Personal Training and Group Fitness
Indoor Cycling
Pilates
Yoga
Glossary of Marketing Terms
Acknowledgments
About the Author
Index
WILEY END USER LICENSE AGREEMENT
