Over the years, health and wellness companies have increased awareness of one’s well-being and the importance of self-care.

The personal development industry has considerably expanded because of it — making it a lucrative business venture.  

That said, are you passionate about health and wellness and want to come up with an appealing name for your business?

Read on to learn about your options for coming up with a business name and how to start your health and wellness business.

Why a Health and Wellness Business Name Is Important

A good business name not only helps attract potential customers but also conveys the company’s values and mission of the business.

A strong and memorable name can create brand recognition, making it easier for customers to remember and recommend the business to others.

It can also set the company apart from the competition and help create a unique identity in the marketplace.

Ultimately, a well-chosen name can contribute to the overall success and growth of the business, making it an important step to consider when building your business.

How to Choose the Best Name for a Health and Wellness Business

Now that we know how important a good name is for a health and wellness business, let’s explore some tips for choosing the best name.

Know Your Target Market and Competitors 

When choosing a name for your health and wellness business, it is important to know your target market and your competitors. 

Understanding your target market will help you create a name that resonates with the style and values of your target audience. 

Analyzing your competitors’ names can also give you insight into name trends and see what works and what doesn’t for the success of other businesses.

Doing this type of market research will help you better understand your target audience and your competitors, and help you make informed decisions about the best name for your business.

Ask for Feedback From Family and Friends

Asking for feedback from those closest to you can be a simple yet effective way to get outside opinions on potential names for your health and wellness business. Share your list of potential names with people who you trust and who know you well. 

Ask them for their thoughts on each name, including any associations or impressions that come to mind. This can give you honest feedback and allow you to adjust any nuances if necessary. 

Make the Name Simple but Unique

Selecting a name for your health and wellness business should involve striking a balance between simplicity and distinctiveness.

A memorable name makes it easier for potential customers to recognize you, while a unique name sets your business apart from the competition.

Combining these qualities will result in a name that is both memorable and distinguishable in the marketplace, creating a lasting brand identity.

Check for Domain Name Availability

Checking if the domain name is available is another important step when choosing a name for your health and wellness business. 

You can check to see if your business name is free by doing some research. 

This can involve creating a website on a hosting platform or checking multiple social media platforms to see if your business name is available. 

Checking the availability of the domain name can also help you avoid potential legal issues and ensure that you have a consistent brand presence across all online platforms.

200 Health and Wellness Business Name Ideas

Here are some business name ideas to inspire you and spark your creativity.

Remember your business name must be 100% unique to your state. You can find out if a health and wellness business name is available in your state by searching through your state’s LLC database.

To give you more inspiration on how to create a business name, check out this article!

How to Start Your Health and Wellness Business

Once you have an idea of the type of business name you want to go with, let’s go over how to start your health and wellness business.

In the following sections, you’ll find the fundamental steps for starting your business. 

Write a Business Plan

First, you’ll need a plan. A well-written business plan serves as a roadmap and helps define your target market, competition, marketing plan, and financial projections.

A business plan also serves as a legal document that you can present to potential business partners or financial institutions when you are seeking a loan.

To create an effective business plan, you need to conduct a market analysis, determine your legal structure, and outline your marketing strategies.

Start with the basic ideas and gradually refine them into a guideline that covers all the points that will run a smooth business. 

Decide on Your Business Structure

Next, you must choose a business structure that best correlates with your business operations. This decision will determine your legal obligations and how you pay your taxes. 

This is why it is important to weigh the pros and cons of each structure to determine which one best suits the needs of your business. 

Below, you will find the most common types of business structures and their functions: 

Sole Proprietorship

A sole proprietorship is a type of business entity in which a single individual owns and operates the business. It is the simplest and most common form of business ownership and does not require any formal registration or legal filing. 

Advantages:

  • Easy and inexpensive to set up and operate
  • Complete control over all aspects of the business
  • No separate tax return needed; profits and losses are reported on the owner’s personal tax return
  • Can deduct business losses from personal income taxes

Disadvantages:

  • Unlimited personal liability for all debts and legal issues of the business
  • Limited ability to raise capital or obtain funding from investors
  • Sole proprietors must personally bear all costs and risks of the business
  • Difficult to transfer ownership or sell the business

General Partnership

A general partnership is a business entity type in which two or more individuals own and operate the business together. Each partner contributes to the business financially and shares in the profits and losses.

Advantages:

  • Easy and inexpensive to set up and operate
  • Partners can combine their resources and expertise to benefit the business
  • Profits and losses are shared among partners, reducing the financial burden on individuals
  • Each partner can deduct their share of the business losses from personal income taxes

Disadvantages:

  • Unlimited personal liability for all debts and legal issues of the business
  • Partners are jointly and severally liable for the actions of other partners, which can lead to conflicts
  • Profits must be shared among partners, reducing individual earnings
  • Difficult to transfer ownership or sell the business without the consent of all partners

Limited Partnership

In a limited partnership, there are one or more general partners who manage the business and one or more limited partners who invest only in the business. The general partners are personally liable for all aspects of the business, while the limited partners are liable only for the amount of their investment.

Advantages:

  • Limited partners can invest in the business without being personally liable for the debts and legal issues of the business
  • General partners can receive additional funding and expertise from limited partners
  • Profits and losses can be shared among partners, reducing the financial burden on individuals
  • Limited partners can deduct their share of the business losses from personal income taxes

Disadvantages:

  • General partners have unlimited personal liability for all aspects of the business
  • Limited partners have limited control over the business and cannot participate in its management
  • Limited partnerships can be complicated and expensive to set up and maintain
  • Difficult to transfer ownership or sell the business without the consent of all partners

Limited Liability Company

A Limited Liability Company (LLC) combines the liability protection of a corporation with the tax benefits of a partnership/sole proprietorship. LLCs can have one or more members who are not personally liable for the debts and legal issues of the business.

Advantages:

  • Members are not personally liable for the debts and legal issues of the business
  • LLCs offer flexibility in management structure and tax treatment
  • Profits and losses can be shared among members, reducing the financial burden on individuals
  • LLCs offer pass-through taxation, where the profits and losses are reported on the individual tax returns of each member

Disadvantages:

  • LLCs can be more expensive to set up and maintain than other entity types
  • LLCs may be subject to more government regulations and restrictions than other entity types
  • Ownership of an LLC is typically more difficult to transfer than ownership of a corporation
  • The liability protection of an LLC may be limited in certain situations, such as personal misconduct or illegal activities

Corporation

A corporation is a legal entity that is separate from its owners, known as shareholders, and must be registered with the state. Corporations typically also have a formal board of directors and officers who manage the company.

Advantages:

  • Shareholders are not personally liable for the debts and legal issues of the business
  • Corporations can raise large amounts of capital through the sale of stocks and bonds
  • The ownership of a corporation can be easily transferred through the sale of stocks
  • Corporations have a perpetual existence and can continue to operate even after the death of a shareholder or change in ownership

Disadvantages:

  • Corporations are subject to more government regulations and requirements than other entity types
  • Corporations can be more expensive to set up and maintain than other entity types
  • Corporations have complex management structures that can lead to conflicts between shareholders and management
  • Corporations are subject to double taxation, where the corporation is taxed on its profits and shareholders are taxed on their dividends

Register Your Business

When registering your business, you will need to go through the necessary legal and regulatory procedures to officially establish your business.

This process usually involves choosing an appropriate business structure, such as a sole proprietorship, partnership, or corporation — and registering your business name.

Depending on the jurisdiction and industry, you may need to apply for permits, licenses, or an Employer Identification Number (EIN).

Registering is an important step for your business because it ensures compliance with laws, protects your business name, and allows you to conduct business transactions and file tax returns.

Obtain Licenses and Permits

The specific licenses and permits required vary by location and type of business. Generally, you will need to research the required licenses and permits, fill out the necessary paperwork, and pay the associated fees.

Some licenses and permits may require inspections or additional documentation. It is important to obtain all required licenses and permits before operating your business to avoid legal problems or penalties.

Here are some common health and wellness licenses and permits: 

  • Business license 
  • Health department permit
  • Building permit
  • Food service permit
  • Professional license

Open a Business Bank Account

Opening a business bank account is useful and important for several reasons.
For one, it helps separate your personal assets from your business expenses, which makes organizing your finances more manageable.

It also shows that your business is legitimate, which can ultimately help demonstrate your respectability as a business owner to potential customers and clients.

The process for opening a business account is as follows: You research different banks that fit your business needs and apply to open an account. In some cases, you will need legal documents such as an Article of Organization or a well-written business plan to represent your business.

Get Business Insurance

Business insurance is vital because it protects your company in the event of an accident or lawsuit. It seems unlikely, but there can be situations where something can go wrong, and it’s best to be prepared for those instances.

For example, if you run a health and wellness center with physical activities like yoga or strength training, there is a chance that someone could get hurt and the business owner of that facility would be liable if the customer decides to file a lawsuit.

Here are some common business insurance policies for a health and wellness business:

  • General liability insurance 
  • Property insurance 
  • Workers compensation insurance 
  • Professional liability insurance 

To purchase insurance for your business, make sure to shop around and see the type of coverage which the company offers and how it can protect you from any legal action. Consult with a legal professional or your accountant for further assistance. 

Look for Funding

Having adequate funds for your business is an important thing to consider. Without it, your business could face many financial burdens and be forced to file for bankruptcy.

Therefore, you should secure a reliable source of income before you start your business.

These resources can come from a variety of places such as:

  • Personal savings 
  • Crowdfunding 
  • Small Business Loans 
  • Angel Investors

However you decide to meet your financing needs, you should carefully calculate your financial projections and honestly ask yourself if the profit margins are commensurate with the appropriateness of the business.

Finalize Location and Buy Necessary Equipment

Finalizing the location and buying the necessary equipment are also essential steps when starting a health and wellness business. 

Choosing the right location involves considering factors such as accessibility, visibility, and demographics. 

Once you have found the ideal location, you can negotiate a lease or purchase agreement with the property owner. 

You will then need to set up the space to meet the needs of your business, such as creating separate areas for different services or setting up reception and waiting areas.

When buying equipment for your health and wellness business, you should consider the needs of your business and the services you will be providing. 

Make a list of the equipment you need and research the best options for your budget. You may also want to consider purchasing used equipment or leasing equipment to reduce costs.

Ensure that all equipment meets safety and regulatory requirements before purchasing. Once you have acquired the necessary equipment, you can set it up and check if it all functions properly before opening for business.

Hire and Train Your Staff

Health and wellness are all about relationship building. So when you start the hiring process, it’s important to ask the right questions in interviews.

This will help you determine if the person is a good fit for your company and if they are passionate about what they do.

After the hiring process, a concrete onboarding program is crucial. You want your employees to be familiar with company standards but also comply with all legal formalities.

Promote and Advertise Your Business

Lastly, you’ll need to promote and advertise your business. This is a fundamental aspect of ensuring the growth of your business. 

Below are key strategies for effectively promoting your business. 

  • Create and optimize a website to establish an online presence and showcase your services and products
  • Implement Search Engine Optimization (SEO) techniques to improve the visibility of your website in search engine results
  • Use Pay-Per-Click (PPC) advertising to drive traffic to your website and increase brand awareness
  • Create social media accounts on platforms such as Facebook, Instagram, and Twitter to engage with potential customers and promote your business
  • Attend health and wellness events, trade shows, and conferences to network with others in the industry and promote your business
  • Join professional organizations such as the International Association for Health Coaches or the National Wellness Institute to connect with other professionals and access resources for your business
  • Leverage the power of word-of-mouth advertising by encouraging satisfied customers to leave reviews and refer their friends and family to your business
  • Partner with other local businesses to offer joint promotions and cross-promote each other’s services

Build a Strong Foundation for Your Health and Wellness Business

Starting a health and wellness business can be both exciting and challenging.
From choosing a business entity type to finalizing the location and buying the necessary equipment, there are numerous steps involved in starting a successful business. 

Having the right guidance and support, you can overcome these challenges and turn your vision into a thriving business.

With doola, our bookkeeping services can help you streamline your finances and manage your legal logistics — giving you more time to focus on running your business. 

Our team of expert bookkeepers can handle everything from accounts payable and receivable to payroll and tax preparation, ensuring that your finances are always in order.

Contact us today to learn more about our bookkeeping services and how we can help your health and wellness business thrive.

FAQs

How do you write a catchy business name?

To write a catchy business name, try incorporating puns or wordplay, using alliteration or rhyming, and using a unique and memorable name that is easy to spell and pronounce. Additionally, consider your target audience and the values and personality of your brand when choosing a name.

What is a good name for a healing business?

A good name for a healing business should reflect the values and personality of the brand and convey a sense of calm, comfort, and healing. Consider using words like “renewal,” “balance,” “harmony,” or “serenity” in the name. 

What are fancy names for health and wellness business?

Fancy names for health and wellness businesses can include words like “luminous,” “vitality,” “wholeness,” “revitalize,” “radiance,” or “harmonize.” Somewhat similar to a luxury cosmetic brand. However, it’s important to ensure that the name is still easy to remember, and pronounce and accurately reflects the values and personality of the brand.

Genki Hirano
Genki Hirano
Content Specialist
Doola's website is for general information purposes only and doesn't provide official law or tax advice. For tax or legal advice we are happy to connect you to a professional in our network! Please see our terms and privacy policy. Thank you and please don't hesitate to reach out with any questions.
LLC 101
Popular Posts

Get started with doola and launch your US business

Turn your dream idea into your dream US business, today.