Have you been considering starting a wellness retreat business for a while? There is no better time to do so than now. As consumers are reframing their mindset around wellbeing and are considering self-care as more of a necessity rather than an indulgence, wellness retreats are on the rise.
If you have the skills, ideas, and inspiration to kick-start your business journey but are unsure what the right pathway is, then this guide is for you. In just a few chapters, we will walk you through the key components of planning a wellness retreat. From figuring out your goal to developing your marketing strategy, we will help you set a clear plan and put your mind at ease so that the whole process feels like a retreat to you.
The wellness retreat market is currently at its peak, and is projected to keep flourishing in the coming years. According to a recent market research by Technavio, it is expected to increase by USD 427.46 billion from 2022 to 2027, progressing at a CAGR of 7% during the said period.
This presents you with ample opportunities to position yourself within the wellness tourism market and capitalize on the growing need for wellness practices. In return, you will build a community of like-minded people that feels both like home and a heart-centered business to you
But with the popularity of the wellness retreat industry come certain challenges, such as intensified competition, higher consumer demands, and increasing prices for services and suppliers.
In order to thrive, you need to equip yourself with passion that fuels your growth and business acumen that helps you see the next logical step for your business.
It’s best to start your journey with a thorough market research to understand the challenges and opportunities within the market and how to best position yourself. Find out who your competitors are, which destinations they’re operating in, what type of customers they’re attracting, and how they’re performing on the marketing front.
Once you’ve covered the ground-basis, you will be able to look ahead to growth and the opportunity to build a cherished community.
Once you have a better insight into the wellness retreat business, you can start polishing the idea of how you want your personal business to look like.
Wellness is not a one-size-fits-all concept. There are a variety of retreat formats, destinations, and activities you can focus on. In a world where consumers are seeking unique, personalized, and targeted experiences, it’s important to facilitate a customized retreat program that meets your clients’ needs.
Having a clear goal will help you stay focused and master your ‘niche’, all while ensuring your mission statement and values are communicated with your customers. In 2023, customers value authenticity, and the more your personal signature is evident in your retreat business and branding, the more of your desired customers you’ll attract.
Sit quietly in meditation and imagine your business flourishing. Think about those “5-year-plan” questions specific to goal-setting. Then, write down what the purpose of establishing your wellness retreat business is. Perhaps you want to foster a community within a specific group of people, develop it as an additional facility to your hospitality business, or generate a side income. Consider your involvement in the business (sole trader, co-founder, investor), how much time and money can you invest in it, and what your return of investment expectations are.
It’s a good idea to write your mission statement, encapsulating your goal, as it will help you with determining your values and the rest of the components of your business.
As an expert in the wellness industry, you may want to think about the questions you get asked the most by your customers. This will help you identify a gap in the market and shape your business goal. You can even run a poll with your social media followers to gauge what your potential clients are interested in and get a clearer idea about your retreat focus.
Which brings us to the next few things to consider at this stage of planning your retreat business:
What is the focus of your retreat business, or your ‘niche’? From yoga and meditation retreats to ‘Wim Hof’ style experiences, there is an array of retreat formats to choose from. The focus of your retreat goes hand-in-hand with your target audience.
Who is your dream consumer? Are you planning on hosting self-discovery solo retreat journeys, dreamy couple retreats, community-centered group retreats, productivity-boosting corporate retreats, or perhaps a combination of all of those? Consider what your consumer’s interests, expectations, demographics, and approach to wellness are and create their user persona profile.
What’s your unique proposition? With such a wide array of retreat options available, you need something to make you stand out. You can take any retreat format and elevate it by adding your own signature to the mix. Perhaps you want to pass on the art of sustainability by sharing DIY eco-friendly tips at your eco village fusing a resort experience with practical skills? Or, your retreat is located in the Amazon forest where you have formed connections with a local tribe and are offering a connection with the ancient roots of the land in liaison with the tribal community?
Once you are able to answer those questions, you will have a clearer idea about how you want your retreat business to look like. The more specific you are in terms of determining your goal, focus, and target audience, the easier it will be for you to plan and market your retreat.
