Offer finance for a health & wellbeing business

Introduction

Running a health and wellbeing business can be incredibly rewarding, offering the opportunity to help others lead healthier, more balanced lives. However, as with any business, there are financial challenges that must be navigated. Whether you are just starting out or looking to expand, offering finance options to your clients can be a game-changer. It can make your services more accessible to a broader range of people and provide a smoother cash flow for your business. In this article, we will explore how you can offer finance for a health and wellbeing business, the benefits of doing so, and how partnering with a trusted finance broker like Kandoo can simplify the process.

Why Offer Finance for a Health & Wellbeing Business?

Increasing Affordability for Clients

One of the primary reasons to offer finance in your health and wellbeing business is to make your services more affordable. Many people understand the importance of investing in their health, but the upfront costs can be prohibitive. Whether you run a yoga studio, offer personal training sessions, or provide holistic treatments, the ability to spread the cost over a series of months can make your services more accessible to a wider audience.

Offering finance allows your clients to enjoy the benefits of your services immediately, without worrying about paying a large lump sum. This can be particularly useful for high-ticket items or packages, such as extended therapy sessions, personal training programmes, or wellness retreats.

Enhancing Client Retention

Clients who are able to finance their wellness journey are more likely to remain loyal to your business. By offering payment plans, you can encourage clients to commit to longer-term programmes or packages, which can lead to better results for them and more consistent revenue for you.

Additionally, clients who are happy with the service and payment options you provide are more likely to recommend your business to friends and family. Word-of-mouth referrals can be a powerful tool for growth in the health and wellbeing industry.

Boosting Cash Flow for Your Business

Offering finance can also have a positive impact on your business's cash flow. Instead of waiting for clients to pay in full, a finance provider can often pay you upfront, ensuring you have the funds needed to cover operational costs, invest in new equipment, or expand your services. This can be particularly useful for small businesses or those looking to scale up quickly.

By using a retail finance broker like Kandoo, you can ensure that your clients have access to flexible financing options, while you receive prompt payment for your services.

Types of Finance You Can Offer in a Health & Wellbeing Business

There are various types of finance options that you can offer to your clients, depending on the nature of your business and the services you provide. Here are some common types of finance that can be particularly useful in the health and wellbeing sector:

Interest-Free Credit

Interest-free credit is a popular option in the health and wellbeing industry because it allows clients to spread the cost of services over several months without paying any additional interest. This can be an attractive option for clients who may be hesitant to take on debt with interest charges. Offering interest-free credit can give you a competitive edge, especially if your competitors do not offer similar options.

Low-Interest Financing

If offering interest-free credit is not feasible for your business, you may consider low-interest financing options. This allows your clients to spread the cost over a longer period while keeping the overall cost manageable. Low-interest financing can be a good compromise for clients who want to pay in instalments but are comfortable with a small interest charge.

Buy Now, Pay Later

Buy Now, Pay Later (BNPL) schemes have become increasingly popular in various industries, and they can also work well in the health and wellbeing sector. With BNPL, clients can access your services immediately and defer payment for a set period, often 30 to 90 days. This option can be particularly appealing to clients who may not have the funds available right away but know they will be able to pay in the near future.

Personal Loans

For clients looking to finance larger packages or long-term wellness programmes, personal loans can be a suitable option. Personal loans typically allow clients to borrow a larger sum of money and repay it over a longer period, making them ideal for clients who are making a significant investment in their health and wellbeing.

How to Offer Finance to Your Clients

Partner with a Retail Finance Broker

One of the easiest ways to offer finance to your clients is by partnering with a retail finance broker. A broker can connect your clients with a range of financing options, ensuring they find a solution that works for them. By working with a broker like Kandoo, you can streamline the process of offering finance, making it easier for both you and your clients.

Kandoo is a UK-based retail finance broker that specialises in helping businesses offer financing options to their customers. They work with a wide range of lenders to provide flexible financing solutions, ensuring that your clients can find a plan that suits their needs. By partnering with Kandoo, you can provide a seamless and professional financing experience for your clients.

Integrate Financing into Your Sales Process

Once you have partnered with a finance provider, it's important to integrate financing options into your sales process. This can involve updating your website to include information about the finance options available, training your staff to discuss financing with clients, and including financing information in your marketing materials.

When discussing finance with clients, it's important to highlight the benefits of spreading the cost of their investment in their health and wellbeing. Emphasise how financing can make it easier for them to access your services without compromising on quality or commitment.

Offer Flexible Terms

Flexibility is key when offering finance in a health and wellbeing business. Different clients will have different financial situations, so offering a range of financing options can help ensure that you are meeting their needs. This could include offering different repayment terms, such as 6, 12, or 24 months, or providing a choice between interest-free and low-interest financing.

By working with a broker like Kandoo, you can offer your clients a variety of financing options, ensuring that they find a solution that works for them. This flexibility can help you attract a wider range of clients and boost your business's overall appeal.

Benefits of Partnering with Kandoo

Wide Range of Lenders

Kandoo works with a wide range of lenders, ensuring that your clients have access to a variety of financing options. This means that whether your clients are looking for interest-free credit, low-interest loans, or BNPL options, Kandoo can help them find a solution that meets their needs.

Easy Application Process

One of the major advantages of partnering with Kandoo is their simple and straightforward application process. Your clients can apply for financing online in just a few minutes, and they will receive a decision quickly. This can help streamline the sales process and make it easier for your clients to access the financing they need to invest in their health and wellbeing.

No Hidden Fees

Kandoo prides itself on transparency, with no hidden fees or surprise charges. This ensures that your clients know exactly what they are signing up for and can make informed decisions about their financing options.

Boost Your Business's Credibility

Partnering with a reputable finance broker like Kandoo can also enhance your business's credibility. Offering finance through a trusted and well-established broker shows that you are committed to providing high-quality service and that you are confident in the value of your offerings.

Considerations When Offering Finance

Legal and Regulatory Compliance

When offering finance in your health and wellbeing business, it's important to ensure that you are complying with all relevant legal and regulatory requirements. In the UK, businesses that offer credit must be authorised by the Financial Conduct Authority (FCA), unless they are working with a broker that is already authorised, like Kandoo.

By partnering with an FCA-authorised broker, you can ensure that your business is operating within the law and that your clients are protected by consumer finance regulations.

Clear Communication with Clients

When offering finance, it's crucial to communicate clearly with your clients about the terms and conditions of the financing options available. Ensure that your clients understand the repayment terms, any interest charges, and the consequences of missing payments. Clear communication will help prevent misunderstandings and ensure that your clients are fully informed before committing to a financing plan.

Assessing Your Clients' Needs

Not all clients will require or benefit from financing, so it's important to assess each client's needs individually. Some clients may prefer to pay upfront, while others may find financing more suitable for their financial situation. By offering a range of payment options, you can cater to the diverse needs of your client base.

Conclusion

Offering finance for a health and wellbeing business can be a powerful tool for attracting new clients, increasing client retention, and boosting your business's cash flow. By partnering with a trusted retail finance broker like Kandoo, you can provide your clients with flexible financing options that make it easier for them to invest in their health and wellbeing. With a wide range of lenders, an easy application process, and a commitment to transparency, Kandoo can help you offer a seamless and professional financing experience for your clients.

Ultimately, providing finance options allows you to make your services more accessible, ensuring that more people can benefit from the transformative power of health and wellbeing. By integrating finance into your business model, you can help your clients achieve their goals while growing your business in a sustainable and profitable way.