Business Idea: Meditation
Meditation training is becoming part of our daily activities. Meditation is a mind-body practice that leads to contemplation. It helps cope with stress leading to improved focus and relaxation,( Astin, 1997). Work pressure keeps on increasing as a result of a high level of production, which requires both mental and physical strength; this calls for business entities to embrace meditation practice as a tool to uphold endurance among its customers. It creates a perfect market niche; hence, venturing in it is likely to be a profitable one.
IBISWorld market research firm estimates the meditation industry to be $1.1 billion; mindfulness training makes up 7.4 percent of the $15.1 billion alternative health care market in the United States .its increase of more than $100 million in the year 2016 shows the profitable nature that meditation business boast. The trend is likely to increase as more business companies have integrated the meditation services making it a compulsory training that employees have to attend. It indicates that the alternative health care industry is still growing.
A successful business meditation requires passion and dedication to start. I will first locate a suitable area to set up a work station. I will then hire competent and shrewd workers with varied skills since the field comprises different areas, which are medicine, massage therapy, fitness, and psychology. Another critical aspect would be the creation of mass awareness through advertisement. Moreover, i will also put in place suitable payment methods that would help keep clients loyal to the business by signing up short renewable contracts.
Additionally, i will ensure that the station is in an area with little competition hence increasing the client turn over hence more profit. Lastly, I will conduct demonstrations and issue free talks at places like colleges and centers. Will build the brand, demonstrate business value, and aids in the recruitment of customers.
Besides starting an exceptional business with the right workforce, doing market research is an essential step for a startup. Market size is the salient component of the research; the need to know the size of the market serves to show the extent to which the business is operating. Market sizing gives clues to market trends. It will help get an insight into the competitive market by getting to know how crowded the industry is. I will also know what companies are ahead. By conducting top-down market sizing, I will know the total market of the business and then affirm a realistic estimate of the market share. None the less, I will do a follow with bottom analysis to determine where realistic growth could take the business in five years.
Consumers and corporate managers may be dubious of the value of meditation training hence the need to have a proper marketing and selling practice, (Schmidt-Wilk, Alexander, & Swanson, 1996). It will take a focused approach to get to those with similar needs and mindset. The existence of stable meditation firms makes it harder to enter the market and immediately get the required response. Clients will also want to learn from someone with solid practice and credentials hence the need to apprentice with expert trainers.
There exist other business ideas that serve the purpose of meditation. Movies are a great source of getting calm; they relieve stress as it is only the mind that is active. Many movie theatres are already operating, and this makes it harder for meditation businesses to have a monopoly. Sauna services also offer relaxation exercises, some people prefer them due to their availability and short duration of services.
Starting a meditation business is likely to have positive reception from clients because there exists a favorable environment to support it. Meditation effects are experiences that every worker feeling stressed should seek as part of their remedies.