How to Create a Resilient Holistic Business

It’s been a rollercoaster ride working as a holistic practitioner over the last few years. Whilst we don’t know how long the current economic situation will last, increasing your business resilience will help you to weather the storms and come out stronger on the other side.

History shows us that buyer behaviour does change during a recession. People take longer to make decisions, they compare prices more, cut down on non-essentials, and make swaps for cheaper or second-hand options. Add to this, their increased cost of living - they need more income just to maintain the same standard of living. To make it feel worse, the fear is constantly fuelled by the media.

Here in the UK, our healthcare system is at breaking point, but there is a hugely underutilised resource in the form of complementary and alternative medicine (CAM) professionals. This is an opportunity for everyone working within health and wellbeing, even in a challenging economic environment.

People Still Spend in a Recession

In recessions, people spend on critical things such as their health, maintaining their home, and car repairs. But also, on the smaller things that make them happy. The last recession in the UK was a boom time for nail bars because they provided a small luxury that made their clients feel good about themselves.

The areas people continue to invest in are key to improving their wealth, their health, and their home. And whilst they will invest in these areas, they’re looking for great value for money.

Demonstrating how you can help your clients improve their health and wellbeing whilst providing them with amazing value (and this doesn’t necessarily mean cheaper), will help you create a sustainable flow of clients and money in your business.

According to Forbes, businesses that are likely to thrive in a recession include:

Health

People value their health and wellbeing and for many, it’s their #1 priority. They’ll continue to invest in things that benefit their health and helps them to feel better about themselves.

For example, if you specialise in Pilates for rehabilitation with a reputation for getting people living life to the full again, someone who is recovering from an injury won’t want to wait to get back to country walks or their favourite sport again, they’re motivated to get the support they need when they need it.

Online Teaching and Education

Online training has seen massive growth in the last few years, especially following the lockdown, and the move towards working from home. There are simple ways to provide online training even if you don’t have a website that you can add to your offers to support your clients.

For example, if you’ve developed a certain way of working that’s admired by your peers, you could run an online workshop for them, sharing your skills and experience.

Beauty Businesses

People like to feel good and will pay for small indulgences like skincare to compensate for bigger losses like not being able to go on big holidays. These indulgences are affordable luxuries that give you a happiness boost without the big price ticket.

For example, if you’re a medical herbalist or an aromatherapist, you could create luxurious skincare products that are affordable and make your clients feel great.

Food and Drink

We still have to eat and drink and whilst people cut back on going out, they will treat themselves to tasty luxuries to replace the lost meals out.

For example, a nutritionist could collaborate with a local producer and create menus with great-quality local produce.

Flexibility is Key

Trying to battle through and keep doing what you’ve always done isn’t the answer - unless business is good. You need to keep your client in mind and move and adapt to the market. This is a huge advantage you have as a small business owner; you can be more flexible and faster moving than the bigger businesses.

Look for opportunities that fit with how you help clients and your values.

Continue Marketing

When times get tough, marketing is often put to the end of the to-do list, but this is a big mistake! It’s a great opportunity for you to stand out as many of your competitors may have stopped marketing themselves.

Your clients need constant reassurance during uncertain times, so staying quiet during a recession may damage the trust you’ve already built. Support them with the help they need now!

It’s the time to build your personal brand and be visible educating people on the value of what you do and how you can help them.

Work on Your Own Resilience

You are your business, and without you, it doesn’t work. Ensure you’re prioritising your own health and wellbeing and be a shining example to your clients. Here’s a blog on how to build a resilient mindset if you need help with this.

Free Guide to Future Proof Your Holistic Business

Building a resilient business will help you to weather the storms ahead. There are practical steps you can take to help to future-proof your holistic business and make it more resilient. Check out my free guide and checklist plan to help you – get your copy here.