The global wellness economy is a colossal industry, estimated by the Global Wellness Institute (GWI) at $4.5 trillion and representing roughly 5.3 per cent of global economic output in 2017. Defined as industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives, the wellness economy encompasses 10 varied and diverse sectors.
Wellness real estate: The construction of residential and commercial/institutional (office, hospitality, mixed-use/multi-family, medical, leisure, etc.) properties that incorporate intentional wellness elements in their design, materials and building as well as their amenities, services and/or programming. Note that wellness real estate is broader than (but encompasses) wellness lifestyle real estate, which focuses on the residential component.
Workplace wellness: Includes expenditures on programs, services, activities and equipment by employers aimed at improving their employees’ health and wellness. These expenditures aim to raise awareness, provide education, and offer incentives that address specific health risk factors and behaviours (e.g., lack of exercise, poor eating habits, stress, obesity, smoking) and encourage employees to adopt healthier lifestyles.
Wellness tourism: The aggregation of all expenditures made by wellness tourists—primary and secondary, international and domestic—including spending on lodging, food and beverage, activities and excursions, shopping, and in-country transportation.
Spa economy: Refers to spas and the related cluster of sectors that support and enable spa businesses. The spa economy includes spa facilities, spa education (for therapists and managers/directors, both initial training and continuing education), spa consulting, spa capital investments, spa associations, and spa-related media and events.
Thermal/mineral springs: Encompasses the revenue-earning business establishments associated with the wellness, recreational and therapeutic uses of water with special properties, including thermal water, mineral water and seawater.
Fitness and mind-body: Includes gyms and health clubs; personal training; yoga, Pilates, tai chi, martial arts, and other mind-body practices; fitness and exercise clothing; fitness and exercise equipment; and wearable devices.
Healthy eating, nutrition and weight loss: Includes vitamins and supplements, fortified/functional foods and nutraceuticals, natural and organic foods, health foods, sports nutrition, nutrition and dietary services, and weight loss/management products and services.
Personal care, beauty and anti-ageing: Includes beauty and salon services (excluding spas); skin, hair, and nail care services and products; cosmetics, toiletries, and other personal care products; dermatology; prescription pharmaceuticals for skincare; as well as products and services that specifically address age-related health and appearance issues, such as cosmetics/cosmeceuticals for skin/face/body care, hair care/growth, and pharmaceuticals/supplements that treat age-related health conditions.
Preventive and personalized medicine and public health: Includes medical services that focus on treating “well” people, preventing disease, or detecting risk factors—for example, routine physical exams, diagnostic and screening tests, genetic testing, etc. Personalized health uses sophisticated information and data for individual patients (including genetic, molecular, and environmental screening, analysis, and diagnostics; personalized disease management services; and health IT such as electronic health records, telemedicine, and remote patient monitoring) to provide tailored approaches for preventing disease, diagnosing and managing risk factors, or managing and treating conditions.
Traditional and complementary medicine: Encompasses diverse medical, healthcare, holistic, and mentally or spiritually-based systems, services and products that are not generally considered to be part of conventional medicine or the dominant health care system—including homoeopathic, naturopathic, chiropractic, Traditional Chinese Medicine, Ayurveda, energy healing, traditional/herbal remedies and supplements, etc. The nomenclature for this sector is evolving alongside growing consumer adoption of traditional/indigenous, complementary, alternative and integrative medical practices outside of the conventional/Western medical system.
Source: The Global Wellness Institute
A Side Hustle Idea Treasure Trove
If you are thinking of entering the wellness industry don’t limit your first side hustle to one of the many modalities listed above. Expand your ideas to include business models aimed at the people working in, and the businesses operating in, the wellness industry.
For example: Say you want to become a health coach but you haven’t even started your coach training yet. Then, think of ideas of how you can use your existing skills, say bookkeeping or project management, to start helping health coaches today. Apart from getting your side hustle off the ground, you’ll also start building your professional wellness network.
Your possibilities for starting today are literally endless.
- Give this some serious thought: How can you use your existing skills to start a side hustle that can serve as a stepping stone to your future dream full-time wellness business?
- Start mingling with like-minded individuals. Join the BadassPreneurs private Facebook group and also follow the LinkedIn page.
I am sorry that this lesson was not useful for you!
Let us improve this lesson!
Please tell me how I can improve this lesson?