Are you about starting a corporate wellness business? If YES, here is a complete sample corporate wellness program business plan template & feasibility report you can use for FREE. The corporate wellness business industry is just gaining prominence in many workplaces and is still relatively a new idea for some.
However more employers are beginning to see the need for buying or investing in a corporate wellness plan for their employees especially as it is perceived that employees who underwent the corporate wellness program on a continuous basis, were more likely to be more productive at work than their counterparts who didn’t. Therefore companies who have seen the wisdom in not having their employees go on doctor visits and allowing the work to suffer have started investing or buying a corporate wellness plan.
The fact that this is more of a service oriented business means that you would need to think long and hard about if the business would be worth your time and investment. You might hire a business consultant who has the required industry knowledge to help you look through your business concept. The consultant could also give suggestions and tips that would help the business either during start-up or during its operation.
One key thing that must not be overlooked in the course of starting any business and this in particular is having a business plan. The business plan usually comes after a feasibility study and so would contain hard facts that can be used by the business owners in running the business. Below is a sample business plan for your corporate wellness business;
A Sample Corporate Wellness Center Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
While the wellness industry made great strides in 2015, it made better ones in 2016 as more corporate clients who often under-looked the importance of employee wellness in the work place were now considering it. This is because evidence now abounds that corporate wellness in the work place now has employees being happier, more productive, healthier, and resulted in lower health care costs and absenteeism.
Employers have begun to realize the positive impact wellness in the work place has on Return On Time (ROT) and Return on Value (ROV), as well as the traditional Return on Investment (ROI), and how tied the productivity of the work place is to the health of the employee.
Wellness in the work place is also changing for employees as they no longer see it as a program to be forced into participating but as something that can help them attain productivity without too much pressure. Wellness programs are now created to be simplistic in nature and also target all kinds of individuals.
Most companies are now making efforts to ensure they carry our biometric and cholesterol screenings on their employees as well as give them flu shots. Most companies have gone a step further to teach their employees on how to sleep better and also balance their daily and nightly activities. Employees are now given insurance premium discounts and other incentives for participating in the company’s wellness programs.
According to Fitbit, companies that incorporated wellness programs in their workplace saw an 8 percent increase in productivity from their employees. According to a research carried out by Principal Financial Well-Bring Index, in 2013, 45 percent of employees which was up from 40 percent as at 2011, stated that they would prefer employers that incorporated wellness programs at the work place.
Companies are now also offering weight loss management programs such as Zumba classes and free yoga either at work or at a nearby facility just so that employees could easily access fitness opportunities. Also, asides fitness classes, companies involved in weight loss management are also installing vending machines that gave out healthy snacks, and are ensuring that fruits are served in meetings.
Companies that do not have a large space internally for fitness programs are redesigning the work space so that physical fitness can be integrated into the daily work activities for the overall health benefit of the employee.
Finally, mental fitness is also getting recognized as employees are encouraged to dedicate a short time everyday to meditate, day dream. Volunteer or even write in a journal as a means to rejuvenate the mental wellness of the employee.
2. Executive Summary
Corey Corporate Wellness Inc is a business that is established to make profit and favorably compete with similar competitors. We are located in Brooklyn – New York and will cater to various clients in the corporate environment. We intend to offer unique corporate wellness programs to our various clients.
Our vision is to be the preferred corporate wellness brand in Brooklyn – New York and also be amongst the top three brands in the whole of the united states of America. This we intend to achieve by offering several services to our clients such as health risk assessment, massage therapy, gyms, food health and weight loss; chiropractic and acupuncture, health fairs, physical and mental contests; trainings as well as consultations.
To show our serious intent, we are prepared to ensure that we hire the right hands to help achieve the above vision. We have drafted and placed several strategies that will enable that we source for competent and experienced employees as we believe that they have what it takes to take our company to where we intend it to be.
We believe in investing in our hired employees and so we would ensure that our employees get pay packages that are similar to what can be gotten in start-ups of a certain standard. We are willing to go the extra mile to also ensure that our employees have welfare packages that are of a high standard.
Asides, ensuring that they have an enviable welfare package and work in a conducive environment, we also intend to carry out regular trainings for them, this is so as to enhance their skills and make them to be more productive in the work place. We also intend to carry out performance appraisals as well to ensure that employees who perform above board are promoted or given incentives.
Knowing how important our customers are, we intend to have an excellent customer service where we will not only meet our customers’ expectations but also exceed it as well. We know that once our customers experience our excellent customer care and how we promptly attend to issues, they will always come back to us.
We intend to ensure that our business practices are of the highest standards and that we are transparent, honest and ethical in our dealings with our clients. Asides, cultivating a conducive working environment, we will ensure that our clients’ numerous needs and requests are met.
Core Corporate Wellness Inc is owned and operated by Mr. Joseph Morrison, a former corporate exec in a fortune 5—company, and also a bigwig in the fitness industry. Mr. Morrison has not only the required certifications and qualifications but also the necessary expertise to ensure that the company becomes a success.
3. Our Products and Services
Corey Corporate Wellness intends to deal in several forms of fitness and wellness programs that are suitable in the corporate setting for our different kinds of clients. Our location is strategic and our corporate wellness programs are unique and well designed to attract the kinds of clients we seek.
Our targeted earning for Corey Corporate Wellness Inc is however not limited to just one or two services or wellness programs, our intention is to generate enough revenue to make the company’s bottom line healthy, whilst also not breaking any laws of the United States of America.
Some of the products and services that Core Corporate Wellness Inc intends to offer include;
- Corporate wellness programs which includes health risk assessment, massage therapy, gyms, food health and weight loss
- Other specialized services such as chiropractic and acupuncture, health fairs, physical and mental contests.
4. Our Mission and Vision Statement
- To be the preferred corporate wellness brand for our corporate clients locally and nationally, and to be amongst the top 3 corporate wellness brands in the United States of America.
- In order to achieve our vision for Corey Corporate Wellness Inc, we intend to develop and implement unique corporate wellness programs that will stand us out from the rest of other corporate wellness businesses.
Our Business Structure
No business will get it right no matter how many effective strategies it drafts, if there is no solid business structure to execute the drafted strategies, which is why we intend to get it right from the beginning by ensuring that we hire experienced and competent hands that so not only understand how business’ goals and objectives, but also possess the capability of taking our business to the height we want.
Our business structure was informed due to our unique vision, and knowing how important this vision is to the potential growth of the company, we are willing to pay any amount needed to ensure that we get the right hands. Also, we need to ensure that our employees are willing and ready to project the company in the image we want it.
Because of the vast offerings our corporate wellness company intends to offer, we will need to employ several hands and assign them the tasks of running the business. Our employees will be employed only in roles that fit their abilities as we believe in the ‘round pegs in round holes’ mantra.
Below is the intended business structure for Corey Corporate Wellness Inc;
- Chief Executive Officer
- Admin Manager
- Marketing Executives
- Corporate Wellness Manager
- Customer Service Executive
- Human Resources
- Security Guard
5. Job Roles and Responsibilities
Chief Executive Officer
- Drafts and ensures that the overall corporate goals of the company are achieved
- Communicates the vision of the company to the management staff and ensure that they understand
- Represent the company in high powered negotiations
- Responsible for the smooth overall administrative functions in the organization
- Coordinates with other heads of department to ensure that they are all working towards the corporate goals
- Coordinates with the Chief Executive Officer to ensure that the organization remains harmonious
- Carries out continuous market research that will help company retain existing customers whilst also attracting new ones.
- In charge of drafting marketing policies that will attract customers to patronize the services of Corey Corporate Wellness Inc
- Contacts clients for strategic meetings and represents the company
Corporate Wellness Manager
- In charge of designing wellness programs on behalf of Corey Corporate Wellness Inc
- Ensures that customers get customized designed wellness programs
- Carries out constant reviews on already existing programs and tweak to ensure that program remains perfect for the client
Customer Service Executive
- In charge of attending to customers, answering their inquiries and ensuring that complaints are not only attended to but promptly resolved
- Keeps an accurate updated database of customers on behalf of the company
- Stays abreast of information regarding Corey Corporate Wellness Inc as well as the entire wellness industry so that when answering customers can supply the right information
- Responsible for implementing the wellness design
- Ensuring that clients adhere to programs
- Coordinates with the corporate wellness manager to review wellness programs
- Responsible for sourcing for and recruiting competent employees for the company
- Carries out orientation for new employees to ensure that they acclimatize well in the organization
- Carries out performance appraisals and reviews employee welfare packages
- In charge of preparing financial statements – income statements, balance sheets, cash flow – on behalf of the organization
- In charge of vouchers and receipts and ensures that they are properly recorded in the financial books
- Prepares tax reports and ensures that they are submitted to the appropriate tax authorities for the organization
- In charge of security of the property and overall premises
- Monitors surveillance cameras to ensure that no suspicious threat enters into the company
- Constantly carries out a review on security measures to close any loopholes
- Responsible for keeping the premises clean during and after work
- Ensures that the convenience is kept clean at all times
- Responsible for stocking cleaning supplies and reporting those that are out of stock to the appropriate authority
6. SWOT Analysis
Because we intend to run a standard corporate wellness business, we have hired reputable business consultants here in Brooklyn – New York to go through our business concepts and thoroughly analyze it. The result of the analysis will help us determine if we are well suited to run this corporate wellness business and if we are, what weaknesses we have and what threats we were likely to face during the course of running the business.
Our business consultants intend to use the popular and yet effective SWOT (Strength, Weakness, Opportunities and Threat) analysis to help reach an effective judgment on our likelihood of survival in this industry here in Brooklyn, therefore helping us decide if our investment (both tangible and intangible) into this business will be worth it.
Below is the of what was conducted by the business consultant on behalf of Corey Corporate Wellness Inc;
Our strength lies in our unique corporate wellness programs designed to suit our various clients. Our business structure is well positioned to ensure that only competent employees are assigned by us and that each understands the roles assigned to him/her.
Our trainers have great experience in this kind of thing and are always ready to pass out this to employees. Our customer care executives are second to none in providing excellent customer care to our various clients and ensuring that complaints are promptly resolved before a certain period for a better customer experience for our various customers.
Finally, our strength lies in our Chief Executive Officer, Mr. Joseph Morrison, who has several stints in the corporate institutions and who has not only a robust experience in the fitness industry but has several certifications and qualifications as well.
Brooklyn is a tough place to start a business because the city is busting with different corporate wellness businesses, and so it might be a bit difficult breaking into this competitive market. However, we have laid down strategies that will ensure that our customers are aware of our entrance into the industry, plus our publicity strategies are effective towards ensuring that we are in the spotlight always.
More and more businesses are coming to see the benefit of investing into a corporate wellness plan for their employees, and so there are plenty opportunities available for us in this industry. There are also people who lie to buy a customized corporate wellness plan; this is also another opportunity for us.
The threats that we would likely face while starting or running this business are; a downturn of the economy, as this would see several companies cutting back their investments into corporate wellness programs for their employees. Another threat could be the likelihood of a competitor with similar products and services starting up in the same location that we are operating from. In as much as threats cannot be avoided in a business, we are confident, that we are going to optimize every opportunity that comes our way.
7. MARKET ANALYSIS
- Market Trends
The corporate wellness business has continued to garner popularity throughout the years. As at 2015, 70 percent of employers in the United States ensured that their employees participated in a wellness program which was up from about 58 percent who had previously allowed this for their employees in 2008.
However, businesses are still having challenges in 2016 in ensuring that their employees are adequately engaged with new wellness features, challenges and rewards. However, there will continue to be large investments by employers as they seek to ensure that their employees are emotionally, spiritually and socially whole.
Asides regular corporations and businesses, tech companies are also looking into ways to innovate and incorporate wearable gear that will not only seek to measure brainwaves but will also help in meditation programs to ensure that employees communicate better at the work place.
The year 2016, has been seen as a year where more businesses will incorporate tech into their wellness program by ensuring that their employees wear activity trackers, with there being a likelihood of additional applications and technologies.
Asides tech, more businesses are also veering towards ensuring that their employees are motivated to participate in fitness initiatives, games as well as social networking. This means that employers will seek programs that not only bring gaming wellness but one that also encourages social interaction as well for the employees.
Also, employers are looking towards not making their employees feel forced to participate in a wellness program so as not to create resentment but to ensure that the wellness program they invest in will naturally make the employees want to participate rather than feel forced.
8. Our Target Market
Even though the corporate wellness market is one that is limited to the corporate world, this is still a large market and therefore the target market cannot be restricted to a selected few. There are thousands of businesses in Brooklyn alone, and several more in the whole of New York, which is why our strategic location is of a huge advantage to us in tapping into and getting a share of the target market.
However, to help us factually determine our target market, we have conducted several marketing researches so as to know what we would expect and also what the market would be expecting from us. Therefore, our corporate wellness business will be offering its products and services to the following groups of clients;
- Financial businesses
- Government agencies
- Law firms
- Non-profit organizations
- Tech companies
- Other corporate businesses in the private sector
Our Competitive Advantage
Any business that has been established to make profit, knows that there are several competitors that it might need to compete against. At Corey Corporate Wellness Inc we intend to start a business that delivers uniquely designed corporate wellness programs that will suit the requirement and different style of our clients. We also intend to become the top three brands in the whole of the United States of America, and will do so with these competitive strategies.
We intend to have several packages of corporate wellness programs that can be afforded by different levels of clients. This means that no matter your class as a client, there will always be a program that you can afford depending on price and number of employees.
We intend to hire experience and competent trainers and wellness plan designers, those that understand the corporate industry as well as the fitness industry so that whatever programs they come up with can be attractive to our clients.
We intend to have the best customer service in the industry and this we would do by hiring competent customer care executives who understands how to relate with clients and promptly attend to whatever issues they might have. Our customer care executives will undergo continuous training intended to ensure that their skills are not only enhanced but that their productivity rate will be brought to bear on the company. Knowing how important employee welfare is, we intend to ensure that our employees are well taken care of and their welfare packages are amongst the best in the industry.
Lastly, we know that since technology has evolved so much as is now even incorporated in wellness programs, we would ensure that we raise the level by incorporating tech into our wellness deigns and programs as well as in our marketing.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Corey Corporate Wellness Inc is established with the aim of offering improving the health and wellness of our clients and their employees, so that the employees become more productive at the work place. We intend to cater to all kinds of clients, small, medium and large scale corporations.
Corey Corporate Wellness Inc therefore intends to generate income for the business by offering the following products and services;
- Corporate wellness programs which includes health risk assessment, massage therapy, gyms, food health and weight loss
- Other specialized services such as chiropractic and acupuncture, health fairs, physical and mental contests.
10. Sales Forecast
Even though the recent economic downturn slowed down the demand for corporate wellness programs, the rising economy has seen demand pick up and surge like never before as more companies are considering the social and emotional health of their employees and can also afford to pay for them.
Our sales forecast is an optimistic one as we are strategically located in Brooklyn – New York and therefore are optimistic that we would not only generate enough to cover our running expenses in the first year of business, but that we would make profit as well.
To enable us carry out an accurate sales projection, we hired the help of a business sales consultant experienced in the wellness industry here in Brooklyn to critically examine our position in the industry and come up with a factual sales forecast. The business consultant carried out an analysis based on information such as other similar start-up here in Brooklyn as well as based on as our location.
Below are the sales projections that were carried out for Corey Corporate Wellness Inc;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $500,000
- Third Fiscal Year-: $1,000,000
N.B: It should be noted that the sales projection were carried out based on the information available during the time of analysis, such as a stable economy, few competitors in the same location. Should there be any positive or negative change in the above factors, it might cause an increase or decrease in the sales projection.
- Marketing Strategy and Sales Strategy
Every business needs marketing to be able to survive. Marketing allows a business generate revenue for sustainability, growth and also expansion. Marketing also enables a business get noticed by those who require the service and is therefore said to serve a dual purpose.
There are several factors that ensure that a business’ marketing effort pays off and these are location and the kind of marketing strategies drafted. Any serious business knows that to be able to draft effective marketing strategies, a research has to take place that will enable those in charge of drafting know and understand the target market they intend to draft these strategies for.
In making sure that our corporate wellness business is preferred amongst the target market here in Brooklyn – New York, we intend to ensure that our marketing executives are empowered to draft and modify strategies that they feel will enhance their task of attracting the kinds of clients we seek. We also intend to hire a business consultant with vast experience in marketing to work with our marketing team in ensuring that they deliver on our corporate objectives.
We know and understand the importance of technology, and so we would use technology in deploying our marketing strategies to be able to achieve our vision. We would ensure that we build an app for our clients that will notify them of new products and services and also keep them updated on any news in the industry, thereby allowing us to win a large percentage of the market.
Therefore the marketing strategies that we at Corey Corporate Wellness Inc intends to adopt for our business includes;
- Introduce our Corey Corporate Wellness Inc to our target customers by sending our brochures and business cards and offering to meet with the management of our target companies.
- Advertise our corporate wellness business in relevant magazines, local newspapers and on radio and television stations.
- Throw a grand opening party that will attract the notice of our target customers
- Ensure that our business is listed in online and offline directories
- Use our social media platforms such as LinkedIn, Facebook, and Google hangout to market and advertise our business
- Advertise our business in popular blogs, forums and websites
- Engage in direct marketing
- Encourage referrals from our loyal customers
11. Publicity and Advertising Strategy
Publicity is very important for a business as it allows the business create an identity that will ensure that the brand is projected in a positive manner. Every business no matter how highly placed needs publicity that will enable it be seen by its target customers and also favorably compete with other similar businesses. At Corey Corporate Wellness Inc, we intend to explore all means of publicity for our brand.
Due to the advent of the internet, publicity for businesses have been made easier and cheaper, and so we would heavily explore all publicity strategies on the internet and mix these with conventional publicity methods to achieve our intended vision.
The different platforms we intend to leverage on in promoting and advertising Core Corporate Wellness Inc are:
- Creating a unique website and advertising our products and services there
- Creating a unique and attractive logo that will make us easily recognizable in public
- Use social media platforms such as Facebook, LinkedIn, Twitter, and Google Hangouts to promote our business
- Write engaging and educative articles and send them to forums and blogs
- Ensure that our business is listed in online and offline directories
- Place our flexi banners in strategic locations so that our customers can see and patronize us
- Pass out fliers and handbills in strategic locations
12. Our Pricing Strategy
The pricing fixed for services are not usually determined in the same way as that fixed for products, and this is due to the fact that services cannot be quantified. The corporate wellness business is a service based business and so a lot of factors would need to go into determining the right price to give to your clients. It is essential whilst setting the price that it is fair both to the customers and o your business as well, so that your customer doesn’t feel cheated and you do not run at a loss.
However, since we are relatively new in the market, we would strive to attract new customers to our business by lowering our rates for the first few months of operations. There are already strategies in place to ensure that the lowering of our prices does not hurt our business.
- Payment Options
The payment policy at Corey Corporate Wellness Inc is one that would ensure that all our customers’ preferences are covered especially as we are aware that our customers would prefer to have different options available to them when they pay.
The payment options that we intend to make available for all our customers are;
- Payment by cash
- Payment via check
- Payment via Credit Card
- Payment via Point of Sale (POS) Machine
- Payment via website portal
Our payment options were carefully chosen with our bank, which is not only reputable but has a banking platform that will ensure that all these payment options are performed without hitches.
13. Startup Expenditure (Budget)
Every business no matter how well designed it is requires start-up capital to be able to run operating expenses as well as overhead costs. Most of the start-up capital we will generate will be used to sustain the business till it can comfortably generate enough revenue to pay for itself. This means that the bulk of capital will go towards paying employee salaries and pay utility bills.
The key areas we intend to spend our start-up capital on are;
- Total fee for business incorporation – $750
- Obtaining of licenses and permits as well as accounting software – $1,250
- Cost of hiring business consultants – $5,000
- Insurance coverage (Workers Compensation, general liability) – $2,000
- Marketing expenses (expenses geared towards grand opening and regular marketing activities) – $4,500
- Operational expenses for a period of 6 months (employee salaries and bills payments) – $100,000
- Administrative expenses which includes stationeries. computer, phone, printer, furniture ) – $5,000
- Cost of leasing a facility for one year including renovations – $50,000
- Cost of work-out equipments – $27,000
- Cost of launching a website – $500
- Cost of throwing an opening party – $2,000
- Miscellaneous – $2,000
From the above report, we would need a total of $200,000 to be able to kick start Corey Corporate Wellness Inc in Brooklyn – New York and keep it running for a period of at least one year. The amount includes the facility we intend to lease as well as employee salaries and bill payments.
Generating Funding / Startup Capital for Corey Corporate Wellness Business
Every new business needs capital, and Corey Corporate Wellness Inc is no exception. Corey Corporate Wellness Inc is a business that is owned and operated by businessman and entrepreneur, Joseph Morrison. Morrison has decided on the various sources through which he intends to get his capital from.
Therefore the areas which we intend to generate start-up capital from are;
- Raising money via personal savings
- Sourcing for soft loans from friends and family members
- Apply for loan from the bank
N.B: We have succeeded in raising the following amount from these three sources; personal savings – $30,000, Soft loans from friends and family members – $40,000, loan from bank just approved – $130,000.
14. Sustainability and Expansion Strategy
Every business that intends to make profit and use that to sustain itself and also expand will require strategies in order to achieve this. Some of the factors that must be put into consideration if a business is to successfully deploy sustainability and expansion strategies are;
- The kind of employees that are employed
- Its customer retention rate
- Its overall business structure
If these factors are well looked into, we are sure that we will be able to attain sustainability and eventually expansion as well for our corporate wellness business.
Making the right decisions from early on will have a positive impact on the business. Hiring competent and experienced employees into the right positions will likely save any business some foundational problems. Our employees also have to be attuned to the vision of the company and must be ready to ensure that the vision and objectives of the company are achieved as it should.
While it is important for us to hire competent and experienced employees into the right positions, we also know how important it is to ensure that they not only work in a conducive environment but that they also have welfare packages and are offered incentives that will continually motivate them to increase their productivity in the work place.
Every business knows how important customers are and how a mass exodus of customers can ruin a business. Our sustainability strategies will include retention strategies for our customers and we intend to achieve this by offering excellent customer care to our customers by answering their inquiries and ensuring that all their complaints are dealt with promptly. We would always ensure that we not only meet the expectations of our customers but exceed it as well.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting feasibility studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress
- Purchase of trucks: Completed