Accounting for Health and Wellness Centers - Med Spas - Fitness - Beauty Salons| |
The Health and Wellness industry has been a huge growth market that most accountants have essentially ignored.
According to a variety of sources, Health and Wellness Centers are poised to grow 10-12% annually here in the US. Health and wellness encompasses physical wellness, nutrition, fitness, mental health and rest.
Here are driving forces for growth:
- Lifestyle-related ailments (diabetes, stress disorders, blood pressure, asthma, mental health, etc.) are pushing many Americans to radically change their behaviors and approach to wellness.
- Sleep deprivation and newer solutions are encouraging many Americans to experiment with cell phone apps, cpap machines and even cbd gummies.
- Healthy eating, nutrition and weight loss will take on increased importance
- Physical fitness will continue to grow for all age types. While sports and active recreation is a large part of this, yoga, meditation and fitness wearables are gaining acceptance.
- The spa industry along with thermal/mineral springs are growth factors as well.
- IV Therapy becomes common place for fatigue, dehydration, vitamin therapy and avoiding ailments (cold and flu) by boosting their immune system. Hydration centers are commonly called "drip bars" or "hydration bars" outside of hospitals and intensive care units. Hydration centers are open to the public and don't require a prescription.
- Mental Wellness Apps and online therapy are growing domestically and globally.
- Plant-based eating continue to gain acceptance.
The combination of these trends fully supports overall growth for locally owned health and wellness businesses.
Below are two examples of CPAs who are putting out the welcome sign to health and wellness centers, med spas, fitness centers, massage parlors, sleep clinics, and beauty salons of all types.
For those that would like to target franchise operators in this same space, here is another CPA targeting the same industry.
Despite the growth across each segment of the wellness industry, very few accounting firms are specializing in this area. Hence, a large opportunity for you...