I'd like some feedback - Holistic, Alternative and Complementary Care Niche

[SoniaG]

The Model: Business Directory and Membership Site
The Niche: Holistic, Alternative and Complementary Care professionals.
The industry: Health and Wellness

For the past two years I've created a network of Holistic, Alternative and Complementary Care professionals.
I feel like it has a proof of concept and fits the CENTS framework. My expectation is to create one for each state - either myself or franchised. Still to be determined, the foundation is currently being built.

Based on my research this industry is expected to grow exponentially - Grand View posted a market research report with projected billions in revenue potential. and an exponential growth curve of 23% through 2028.

I've been able to sell to 375 of about 1800 - with more signing up every day. I'm struggling with automation. Just signed on with ActiveCampaign (talk about rabbit hole - my goodness, give me a spreadsheet and a phone).

Average sale is about $150 - I'm currently bootstrapping it, have not looked for any investors, not sure if I should. This $ amount comes from sales ranging from $40/listing to $2500 advertisement. Along with a founding member drive to get the initial website launched - which has taken 6 months to sell. (111 x $199/ea) After founding member drive we move to a membership based platform with 3 tiers: $19.97/mo ; $39.97/mo and $97.97/mo all with an annual option.

I keep reading about the process, and with support have been able to continue doing this. I'd like to amp it up, start seeing some real revenue coming in, I'd like to see the membership program take off. - $26K per state at 52 states is acceptable too.

My time invested in this is over the top - at what point does it flip and become the event?

I've been hosting zoom networking events - 5 so far, for free, with plans to charge moving forward. between 15 and 35 attendees. Looking to polish these up, as they seem to be a desired option.

I've been sending out fairly regular emails to an email list of about 1200 (I want to grow this too).

I've been sporadically using social media and am struggling to determine how to figure out a reasonable marketing plan, as there are so many options with no simple answers. My audience is two-fold, the general public to create awareness around preventative positive health solutions and the holistic/alternative, complementary care community to get them to become members.

I've created a private membership site with a forum and community board.
I've printed directories by region.
I've launched a founding member drive for the next state.

Where/how/what is market research in this day and age? I keep jumping down rabbit holes of information that are not relevant or maybe it's because I can't relate what I'm doing with the masses of "improve your coaching business" marketing material that I'm finding.

Would love to hear thoughts. Am I on the right track? Should I pivot?

 

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[BizyDad]

I've been able to sell to 375 of about 1800

What does this mean? At a bare minimum, if 375 people are paying you basically 20 bucks a month, you're making $7500 a month. But of course you have different tiers, so this should be a minimum revenue number.

Plus you're selling ads currently? What's that looking like?

You said you launched a forum. Is it active? Have you identified volunteers to moderate?

Other than paying yourself, and the usual website / software / nominal marketing costs, are there any other costs associated with this? Am I right in assuming that you're not spending too much on marketing? It's all word of mouth and smile and dial?

Am I on the right track?

If the numbers above are accurate, yeah you're on the right track.

My company has built websites that sound at least similar to this, both for ourselves and for a couple of clients. But I haven't seen even this level of traction.

Keep improving your processes. Keep investing in your automations. Keep providing value to your audience.

Maybe I'm reading too much into what you wrote, but it sure sounds to me like you're doing great, you've come pretty far pretty fast.

Should I pivot?

To what?

I would continue to do your state by state expansion.

With an eye on the future I would say build this business/revenue stream up to a reasonable point of maturity, hire someone to run it, take the profits from it and reinvest it into your pivot at a later time.

 

[SoniaG]

What does this mean? At a bare minimum, if 375 people are paying you basically 20 bucks a month, you're making $7500 a month. But of course you have different tiers, so this should be a minimum revenue number.

This is what has been purchased since I started two years ago. These have been one and done purchases, not membership tiers, not yet anyway, but I anticipate positive results - based on the great feedback I'm getting.

Plus you're selling ads currently? What's that looking like?

Ads in printed publications - each one makes about $6,000 in profit. There are potential for ads in the email marketing I'm doing. I recently had an inquiry from a real estate company wanting to get holistic/alternative businesses renting from them.

You said you launched a forum. Is it active? Have you identified volunteers to moderate?

Not active enough. thus far, everyone is just introducing themselves. I've attempted a couple avatars with no traction. So, no need for volunteers as of yet.

Other than paying yourself, and the usual website / software / nominal marketing costs, are there any other costs associated with this? Am I right in assuming that you're not spending too much on marketing? It's all word of mouth and smile and dial?

All word of mouth, smile and dial.

If the numbers above are accurate, yeah you're on the right track.

My company has built websites that sound at least similar to this, both for ourselves and for a couple of clients. But I haven't seen even this level of traction.

Keep improving your processes. Keep investing in your automations. Keep providing value to your audience.

Suggestions as to where to go/who to talk to to improve the processes, I feel like there's a lot that could be improved upon. This is where I get stuck, there are so many intricate ways of doing all of this.

Thanks for the feedback, it's difficult for me to see being among weeds and in the thick of it all.