Building a Wellness Business That Lasts. Rick Stollmeyer

      

      Table of Contents

      1  Cover

      2  INTRODUCTION This Book Is for the Wellness Community The COVID-19 Thunderbolt My Journey to the Wellness Industry

      3  PART I: Understand the Wellness Industry 1 Making a Living in Wellness The Hero's Journey 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

      4  PART II: Prepare Yourself for a Hero's Journey 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 Essential Trait #3: Agile Thinking Essential Trait #4: Effective Decision Making Essential Trait #5: Adaptability Traits You Don't Need to Be Successful 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

      5  PART III: Conceive Your Business 9 Select Your Mentor, Lawyer, and Accountant The Importance of a Mentor The Importance of Lawyers, Accountants, and Bookkeepers 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 12 Lay Your Foundation with Your Competitive Advantage Understanding Cost Advantage 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

      6  PART IV: Plan Your Business 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 A Vibrant Culture Is Never Static 14 Design Your Role