As the world emerges from COVID, it is clear that wellness and self-care have become a priority for many. Consumers across the globe are increasing their spending on personal health, appearance, fitness, and more. Wellness is here to stay, it seems, in more ways than one.
According to McKinsey, the estimated global wellness market is valued at more than $1.5 trillion, with an annual growth of 5 to 10 percent. With the growing preference for personal physical and mental health services grows, more and more wellness professionals are launching their own businesses.
“In the US alone, there are over 300,000 personal trainers, over 500,000 mental health professionals, over 300,000 nail artists, and the list goes on and on,” says Omer Menashe, cofounder of Persona, a business management solution for fitness, beauty, and wellness professionals.
“We seek to strengthen the businesses of self-employed professionals whose services improve people’s lives. “We provide everything a retail bank provides, in addition to cardinal, critical and tailored services for these specific businesses.”
Americans started new small businesses in record numbers during the COVID-19 pandemic. According to the Census Bureau, more than 4.4 million new businesses were created in the US during 2020, the highest total on record. Half a million new businesses were launched in January 2021 alone.
This is, without a doubt, the era of entrepreneurs; people are taking matters into their own hands and setting up small businesses that they hope will thrive as well as make other people’s lives better. However, they may not be aware of all the obstacles ahead. Self-employment requires multiple skills and activities, from marketing to business development, from payments to taxes, that are well beyond the quality of services provided.
Money management becomes even more important when cash is flowing into the business; professional assistance can then be a significant game-changer. While hiring the appropriate consultants that can help run your new business can be costly, this platform suggests all these services for free.