Assessing transactions rather than the need in a market is of prominent importance when starting a wellness business. This is because the need in a market can be fleeting, while the transaction is what ultimately generates revenue.

Monetising wellness business need not be tech driven:

For example, there may be a need for a new type of social media platform around the wellness product/commodity, but if there is no way to monetise that platform, it will not be successful. On the other hand, if there is a way to create a transaction around the platform, such as selling advertising or premium features, then the platform can be successful even if the need for it is not as strong. But will people really browse through endless nutrition products online with an intention to not buy them and still get attracted to advertisements? Most likely not.

Wellness business should serve the underserved market for growth:

Another reason why assessing transaction is important is that it can help you to identify a market that is underserved. If there is a need in a market, but there is no way to monetize it, then that market is likely already being served by other businesses. However, if there is a way to create a transaction around the need, then you may be able to identify a market that is not being served by anyone else.

Of course, it is important to consider both the need and the transaction when starting a business. However, if you are only focused on the need, you may miss out on opportunities to create a successful business.

Wellnesss business is primarily about solving a pain point rather generating cash upfront:

Of course your business will generate revenue, but first comes your business ability to solve an issue. What are the problems that your buyer is facing that your business can solve? If you are a B2B business then can you provide the customized solution to your buyer on their end product. Or If you are a B2C wellness company then can you enhance end consumer experience and directly connect and automate product experience for them? But if you are a tradition trader, who buys on advance and sells on credit there by making a margin, then you are a financier and there is a space for you as well, but with high financial risk and less with regards to human health risk.

Your Wellness business solution should get converted to money:

How will you generate revenue from your business? For B2B business end consumer comfort is not the priority but perhaps bulk supply on time and maintaining quality in each batch is of prime importance. For B2C wellness business, the end consumer’s comfort via their physical product promise is what recurring transactions are based upon and hence data on ailments that a substantial number of biological species suffers from is of importance and their wellness solutions.

By

Ruchi Khanna