Do you want to be a holistic health entrepreneur like Dr. Marina Buksov? Launching a business in the health and wellness industry is incredibly rewarding, but it can also be challenging. As with any business, you will need to navigate several steps before you can start earning money. And each step comes with a potential for error. Making mistakes isn’t the end of the world, but it can severely damage your company and hurt your ability to grow.
Thankfully, you can learn from the mistakes of others so you can avoid them yourself. To help you successfully launch and run your business, I’ve compiled some of the biggest mistakes made by new business owners.
Neglecting the Legal Steps
The legal steps involved in starting a business are admittedly tedious, but this doesn’t mean you should skip them. Failing to pick the right business entity, register your business, or protect your personal assets can cost you valuable time and money. Forming an LLC is a great way to cover all of your bases without taking on a sea of paperwork or complicated reporting requirements. An LLC will limit your personal liability, offer tax benefits, and ensure greater flexibility for your business. Learn what it takes to form an LLC in your state. Online formation services such as Zenbusiness make it easy to form an LLC on your own, so there’s no reason to skip this step!
Not Creating a Business Plan
A business plan is a valuable tool for businesses of all shapes and sizes, regardless of whether they’re looking to secure funding from investors. Writing a business plan is not a waste of time. A business plan will force you to make tough decisions, like which products to sell or which audience groups to target. Your business plan will also help you determine whether your idea is flawed, giving you a chance to conduct further research, test your products, or establish a realistic budget. Unless you’re approaching investors for funding, Shopify recommends keeping your business plan simple and informal.
Overlooking the Importance of Branding
Branding your business goes far beyond the creation of a logo. By creating a strong and memorable brand for your business, you’ll be able to convey your core values to your customers and connect with them on a deeper level. People will perceive your business as recognizable and trustworthy. Branding also makes it easier to advertise your business, inspire your employees, and generate new customers through word-of-mouth referrals. For examples of great branding, check out these holistic businesses that have nailed it!
Trying to Do Everything Yourself
Many small businesses start as one-person shows. But if you’re trying to save money by doing everything yourself, you’re going to spread yourself thin. It’s important to accept that you’re not an expert at everything. No one is! Do what you do best and hire people to shore up your weaknesses. Hiring freelance copywriters, graphic designers, web developers, marketing professionals, and social media managers will help you access top talent and free up your time for big-picture projects.
Being Afraid of Failure
It’s natural to fear failure when starting a business. After all, you’re pouring a lot of time, money, and energy into this project. It’s important to remember that failure is normal and common in business. Being scared of failure can prevent you from moving forward, taking risks, and tackling big goals that could catapult your business to the next level. To make failure seem a little less scary, Toggl Track suggests anticipating potential problems and developing a system for how you’ll respond to failure. This will help you normalize failure and view it as an opportunity rather than a setback.
Entrepreneurs in the holistic health industry can make a real difference in people’s lives. If you can avoid common business mistakes as you get your business off the ground, you’ll be in a much better position to help your customers and build your business into the company of your dreams.
Are you starting a holistic health business? I’m Dr. Marina Buksov, a holistic nutritionist and health coach who specializes in minimally invasive and natural healing methods for the mind, body, and spirit. Check out my coaching programs for help starting your own wellness business!