Health and Wellness
The health and wellness sectors of the economy are booming. More and more, people are becoming aware of the important role that health and wellness can play in their lives. As such, these sectors are growing at a record rate, and poised to continue growing substantially over the coming decade.
According to the Global Wellness Institute, the global health and wellness market is currently valued at some $4.2 trillion dollars, and projects to increase at a rate of 5-10% per year, realizing a 12.8% increase from 2015 to 2017.
This places the value of the industry, and consequently the businesses in the industry, on sound footing for growth, at some 60% or more of the value of the medical/healthcare industry globally.
Loans for Health and Wellness Businesses
The kinds of businesses that operate in the health and wellness sectors are numerous and varied. They range from large multi-national nutritional supplement firms to national or regional gyms and fitness centers, to much smaller individualized businesses.
Spas, massage therapy centers, yoga, meditation, and much more are all under the umbrella of health and wellness. Naturally, this means there can be a great difference in the funding needs of the businesses in these sectors.
BizFly Funding offers a diverse portfolio of small business funding products, including lines of credit, loans, loans for those businesses with bad credit, loans for women-owned enterprises, and much more. Working with one of our team members, we’re sure to have one or more products that ideally suit your businesses’ unique financial needs.
Typical Uses of Health and Wellness Sector Loans
As mentioned above, the health and wellness sectors are fairly diverse in the size, scope, and nature of the businesses it supports. Therefore, the most common capital needs and uses for funding may vary considerably within these sectors.
However, some of the most reported uses of funds from our customers who work in these industries include:
- Certificates
Certification of your employees or business can be an expensive overhead piece of your business finances when running a health and wellness business. This is especially true for those businesses that have significant customer physical contact from a health and hygiene perspective, or who deploy significant equipment in their business, such as fitness centers or gyms.
Being well-trained in the health and safety aspects of equipment, products, and services that your business offers to customers may require your employees undergo government, industry, and manufacturer courses and certification programs.
What’s more, these don’t provide tangible financial returns to your business in the short-term, but rather only through the long-term employment of personnel or equipment, so paying for them can be a difficult proposition up-front. You can help fund these certification needs with capital from BizFly Funding.
- Equipment
Many health and wellness businesses use equipment that can be costly. From gym equipment to massage tables and decor, yoga studio furnishings to saunas at a spa, costs for equipment and fixtures can run quite high, both initially and on an on-going basis as you repair, maintain, and replace the equipment.
And none of these activities directly generate sales or revenue, but are critical to the overall financial success or failure of your business. Capital from a short term loan, line of credit, or other financial instrument can often be the best choice for your equipment needs.
- Expansion
As these sectors continue to grow, many existing businesses will be poised to grow themselves. Most growth requires significant funding. Opening new facilities, buying more equipment, hiring additional employees, or expanding your reach with greater marketing efforts are all expansion activities that may be useful for your business.
And they all cost money, sometimes considerable amounts of money. Business financing with a loan or other form of credit through BizFly Funding can be ideal to help aid your expansion activities and growing your business.
Benefits of Choosing BizFly Funding for Your Loan
BizFly Funding exclusively deals in funding for small businesses. We work with businesses to select and deploy the best products to meet their needs – even if they have poor credit or a limited credit history.
We know that access to capital can make all the difference in whether or not your business succeeds, grows, and ultimately reaches its full potential. We’re proud to partner with small businesses in the health and wellness sectors, and hope you’ll consider BizFly Funding for all of your business financing needs.
We’ll help you get fit and stay in shape – at least in terms of your business finances!
