The onset of Covid-19 and the uncertainty that followed clearly disrupted our lives. There was an increase in the level of fear and anxiety in communities that affected people's health and well-being.
According to market experts, the health and wellness industry saw a consumer shift to online platforms as housebound individuals started adapting to life without fitness studios, gyms, or easily accessible doctors' offices.
This transition of consumer preferences has led to a surge in demand for online health and wellness services and has, therefore, paved a way for startups. So, if as an entrepreneur you are looking to kickstart your health and wellness business online, in this blog, we bring to you in-depth insights.
The last few years have made individuals across the globe more aware of their health and well-being. Hence, in a bid to live happier and healthier lives, more people are increasingly turning to self-care services.
That said, as per Health and Wellness Market by Product and Geography, the health and wellness market size is expected to grow by USD 1,299.84 Billion at a CAGR of 6.37% during 2020-2024.
By harnessing the power of technology, health and wellness coaching platforms aim to help people achieve their health and wellness goals. In this section, we discuss the benefits of online health and wellness coaching platforms in detail.
To start with, health and wellness coaching platforms are extremely convenient as clients can access them from the comfort of their homes. There is no need to travel and this saves a lot of time. Also, an online appointment with a coach who is an exact fit for what a client needs can be scheduled.
Online health and wellness platforms offer coaching that is easier on the pocket for its users. For a coach, there is no need to hire a room and pay for the expenses associated with it. Likewise, there are no travel costs or in-person visitation charges for the clients.
Many individuals can have questions about their health and wellness. However, they can feel uncomfortable raising them in face-to-face situations. This is where remote coaching platforms allow for full confidentiality. Moreover, clients can feel more comfortable in their environment and the perception of distance in the interaction can facilitate a more open disclosure.
Online coaching platforms facilitate deeper communication as there are fewer distractions from the environment. Further, remote coaching enables the coach and the client to take notes without impacting the session's flow.
A health and wellness coaching platform has three primary users - the admin, the client, and the coach.
The admin or the website owner manages the online health and wellness coaching platform. The primary responsibilities include marketing, customer care, and analysis of reports. Also, it is the admin who releases the coach's earnings once the session is marked as completed, after deducting the commission.
The coach can register on the platform to provide various health and wellness coaching services. There is a separate dashboard using which a coach can keep a track of all the sessions.
The client can login and schedule an appointment with the coach as per their requirements.
The operational flow of a health and wellness coaching platform is elaborated in the business model graphic below:
An online health and wellness coaching platform can generate revenue through various methods. These are:
This is a popular revenue generation method as the admin can charge a commission from coaches for every session.
Using this method, platform owners can display advertisements related to consultation services and for every ad or commercial displayed, the admin can charge a specific amount of money.
Selling health and wellness products on the platform can provide a business owner with a strong avenue for generating revenue. The market includes supplements, organic produce, health and wellness subscription boxes, beauty products, and more.
An online health and wellness consultation platform should have the following set of robust features:
It is pivotal for a health and wellness consultation platform to have a video conferencing feature. It facilitates interaction between a client and a health and wellness coach in real time. Further, tools like a whiteboard, screen sharing, class recording, and so on make the coaching process easier and more efficient, irrespective of the physical location.
The feature allows clients to rate and review a health and wellness coach post-session. Further, the ratings and reviews are reflected on the profile of the coach. This aids the decision-making of other clients.
Allows users to set the currency as per their preference on the platform, i.e. the prices on the health and wellness coaching platform are displayed to the users in their selected currency. Further, using this feature clients can also pay for the session according to the currency selected.
Using this feature clients can create notes during the session. These notes help in revising the previous sessions or getting a brief about the consultation.
Starting an online health and wellness coaching platform includes a set of steps. These are:
When starting an online coaching platform, conducting in-depth market research is pivotal. It gives you a clear view of what is in demand (niche) and helps you identify your target audience.
Furthermore, it is important to analyze the competitors as it helps you get a better picture of the market, and discover gaps that can be used as opportunities Wellset and Heal.me are two of the leading health and wellness coaching platforms in the market.
Before running a health and wellness consultation platform, it is important to complete the associated legalities. This includes:
State License - Traditional healthcare professionals, such as medicine, physical therapy, pharmacy, psychology, and nursing require a license from the state in which the services will be delivered. Similarly, as a licensed provider practicing online, you will be tempted to expand your services to a remote state and require a separate license. On the contrary health and wellness coaches do not need coaching licenses. But legal risks arise when they cross the line into a licensed practice, such as psychology.
Once the market research and legal formalities are complete, you can start an online health and wellness coaching platform by following any one of the two approaches mentioned below:
An online health and wellness coaching platform can be custom built (from scratch) to meet your tailored requirements. Custom development provides the flexibility of scalability, added security, and customization. However, the cost and the time of development will increase depending on the complexity of the functionality to be incorporated.
The other popular approach is to opt for a readymade solution. It is a time and cost-efficient method as no development is required. And, if you are wondering which readymade solution to choose? We have you covered.
Yo!Coach is one of the leading health and wellness coaching solutions available in the market. It is simple to use, is readymade, and comes with 12 months of free technical support. Other features include:
Powered by Yo!Coach, Nexia Wellness is a US-based health and wellness marketplace. The platform was built by fusing agile ways with a human-centric approach to facilitate better communication between clients and healthcare providers. Further, Nexia Wellness amalgamates an intuitive design and robust features that offer a seamless user experience. Key Features include:
The health and wellness coaching industry is primed for growth as the demand for health and wellness services is high. So, if as an entrepreneur you are looking to kickstart your health and wellness coaching platform, this is the right time. For more information, get in touch with us.
