Rick Stollmeyer - Building a Wellness Business That Lasts

1 Cover

2 INTRODUCTIONThis 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 AccountantThe 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 Defining Your Motivations and Time Horizon Long-Term Achievement-Oriented Entrepreneurs Short-Term Achievement-Oriented Entrepreneurs Freedom-Oriented Entrepreneurs The Four Common Entrepreneurial Types Chapter 15: Select Your Integrated Software and Payments Platform Key Software Platform Requirements Key Integrated Payments Platform Requirements The Importance of Future-Proofing Software Buying Mistakes When to Implement Your Software and Payments Platform 16 Assemble Your Business Plan Why You Need a Business Plan Slide Deck The Perfect 10-Slide Deck Tips on Creating and Delivering a Great Business Plan Presentation

7 PART V: Launch Your Business Chapter 17: Launch Your Website and Establish Your Online Presence Understanding Marketing Focus on Your Target Market Define Your Customer Personas Set Up Your Website Activate Your Free Online Business Listings The Mindbody App Chapter 18: Secure Your Financing Friends and Family Financing Commercial Bank Financing Private Equity Investors Chapter 19: Grow Your Clientele with Paid Marketing That Works Search Engine Marketing (SEM) Advertising on Facebook Promoting Your Business with Influencers Email Marketing Non-Traditional Marketing Nine Tips for Better Marketing Steps to Create a Simple Marketing Plan Chapter 20: Fuel Your Business with Effective Leadership Knowing Yourself Getting Yourself Out of the Way Practice Servant Leadership Love People

8 PART VI: Keep Your Cup Full Chapter 21: Staying Well as a Wellness EntrepreneurThe Wellness Entrepreneur's Paradox What Does It Mean to Keep Your Cup Full? Staying in Love with Your Business Identifying and Focusing on Your Unique Ability

9 Appendix - Resources for Wellness Professionals and EntrepreneursMust-Read Books for Wellness Leaders and Entrepreneurs Inspirational Short Videos Licensing and Certification Programs Glossary of Marketing Terms

10 Acknowledgments

11 About the Author

12 Index

13 End User License Agreement

1 Chapter 2Figure 2.1 The Seven Dimensions of WellnessFigure 2.2 Maslow's Hierarchy of Needs

2 Chapter 3Figure 3.1 Examples of Successful Wellness Brands, 2001–2010

3 Chapter 14Figure 14.1 Motivation and Time Horizon MatrixFigure 14.2 Four Entrepreneurial Types

4 Chapter 16Figure 16.1 Example Competitor Matrix

5 Chapter 21Figure 21.1 Unique Ability Matrix.

1 Cover

2 Table of Contents

3 Begin Reading

1 iii

2 iv

3 v

4 1

5 2

6 3

7 4

8 5

9 6

10 7

11 8

12 9

13 11

14 12

15 13

16 14

17 15

18 16

19 17

20 18

21 19

22 20

23 21

24 22

25 23

26 24

27 25

28 26

29 27

30 28

31 29

32 30

33 31

34 32

35 33

36 34

37 35

38 37

39 38

40 39

41 40

42 41

43 43

44 45

45 46

46 47

47 49

48 50

49 51

50 52

51 53

52 54

53 55

54 56

55 57

56 58

57 59

58 60

59 61

60 62

61 63

62 64

63 65

64 66

65 67

66 69

67 70

68 71

69 72

70 73

71 74

72 75

73 76

74 77

75 78

76 79

77 80

78 81

79 82

80 83

81 85

82 86

83 87

84 88

85 89

86 90

87 91

88 92

89 93

90 94

91 95

92 96

93 97

94 98

95 99

96 101

97 102

98 103

99 104

100 105

101 106

102 107

103 108

104 109

105 110

106 111

107 112

108 113

109 114

110 115

111 116

112 117

113 118

114 119

115 120

116 121

117 123

118 125

119 126

120 127

121 128

122 129

123 130

124 131

125 132

126 133

127 134

128 135

129 136

130 137

131 138

132 139

133 140

134 141

135 142

136 143

137 144

138 145

139 147

140 148

141 149

142 150

143 151

144 152

145 153

146 154

147 155

148 156

149 157

150 158

151 159

152 160

153 161

154 162

155 163

156 164

157 165

158 166

159 167

160 169

161 171

162 172

163 173

164 174

165 175

166 176

167 177

168 178

169 179

170 181

171 182

172 183

173 184

174 185

175 186

176 187

177 188

178 189

179 191

180 192

181 193

182 194

183 195

184 196

185 197

186 198

187 199

188 200

189 201

190 202

191 203

192 204

193 205

194 207

195 209

196 210