The term “alternative health” spans a wide range of products and services aimed at helping people achieve a better sense of health and wellness, often with an organic, spiritual, or more natural focus. But while more and more of these products and services emerge, the question is, should you be looking to participate in any of these industries? Let’s take a closer look at a few alternative health business examples, what you need to succeed, and whether or not it’s the right area of business for you.
What Types of Alternative Health Industries Are There? How Well Are They Performing?
The attitude towards alternative health has shifted greatly in recent years, which means that there are far more consumers embracing these types of products and incorporating them into their daily lives. But how exactly does that translate to the wide variety of industries that you might see today? Let’s take a look at a few examples.
- The Kratom Industry: Finding statistics about the kratom industry can be difficult, but that doesn’t mean that we can’t understand the scope and impact that kratom has on modern consumers. In fact, one report from the American Kratom Association estimates that there were a staggering 15,600,244 kratom consumers in 2019 in the U.S. alone.
- The CBD Industry: It’s hard to go anywhere without hearing about this hemp-derivative, and this industry has only continued to achieve impressive growth over the past few years alone. Whether you’re a fan of CBD oil or CBD flower, you’ll be surprised to learn that the CBD industry was worth $4.6 billion in 2020, and it’s expected to reach $16 billion by 2026.
- Herbal Supplements: Herbal supplements have been around for a while, so it’s no surprise that the industry had a valuation of $10.8 billion in 2020. Whether it’s black seed oil or mushroom coffee, this is definitely an industry to be in.
Regardless of what it is you’re passionate about, there are a host of alternative health businesses that are thriving today. But what do you need personally to create your own small business and achieve success alongside some of the top brands that dominate these markets?
What You Need to Succeed in the Alternative Health Business Space
Starting a business for any product or service requires you to have a few key things in order to see your efforts pay off. A few tips that you should use include:
- Developing a Strong Marketing Plan for Your Business: Your business is only as effective as the planning that goes into its creation. Now’s the time to develop a comprehensive marketing plan that addresses what you’re selling, how you’re going to sell it, and what you need to do in order to carve out a niche for yourself and brand yourself successfully.
- Researching Your Industry and Competitors: Great businesses are authoritative and well-versed in their industry. Set aside some time to learn more about the industry you want to participate in, what your competitors have done or are doing to make their mark, and where you’re going to fit into this puzzle yourself.
- Brushing Up on Your Time and Money Management Skills: Businesses can’t grow without two things: time and money. While passion does ignite the spark that creates your business, it can’t sustain it alone. You need to know how to effectively manage your time and manage your money so that you can scale your business effectively.
The more that you plan ahead for your small business, the fewer issues you may encounter as you move forward.
What Should I Consider Before Getting Started?
Thriving in the alternative health space is often a bit harder due to the nature of the products or services being sold. Before you get started on your own alternative health business, ask yourself these questions.
- Are there any legal restrictions regarding where or how I sell my products? What do I need to know before I begin packaging and selling my products?
- What are the financial implications of selling these products? Do I have to pay certain fees, purchase specific licenses or permits, or engage in other activities to start my own business?
- What does the future of the industry look like? Do certain products or services look like they might be threatened by legislation? If so, is now a good time to participate?
Being hyper-aware of any developments in your industry as well as any of the challenges that competitors have faced will help you improve your chances of success.
Can You Thrive in the Alternative Health Business Space? Absolutely!
Opportunity abounds in alternative health, and this may very well be the right choice for you if you’re looking to start your own business. Before you get started, use this guide to better understand where the money is, what you should do to achieve success, and what you need to consider before opening a business that caters to specific consumers.
Tess DiNapoli is an artist, freelance writer, and content strategist. She has a passion for yoga and often writes about health and wellness, but also enjoys covering the fashion industry and world of fitness.