Offer finance for a health & wellbeing business

Introduction

In recent years, the health and wellbeing industry has seen a remarkable rise in demand. More individuals are prioritising their physical and mental health, which has led to an increasing number of businesses offering services such as fitness centres, wellness retreats, holistic therapies, and mental health support. However, while the potential for success in this industry is immense, starting or expanding a health and wellbeing business requires significant financial investment. Whether you're an entrepreneur looking to launch a new venture or an established business owner seeking growth, offering finance solutions to your clients can be a game-changer.

This article will explore the importance of offering finance options for a health and wellbeing business, the types of finance available, and how Kandoo, a UK retail finance broker, can help both business owners and customers achieve their goals.

Why Offering Finance is Important for Health & Wellbeing Businesses

Health and wellbeing services often come with considerable costs, particularly for treatments or memberships that require long-term commitment. While potential clients may be eager to invest in their health, they might not always have the upfront funds to pay for services such as gym memberships, personal training, wellness retreats, or even expensive equipment like home fitness gear.

By offering finance options, you can:

1. Increase Accessibility for Clients

Many clients may not be able to afford large, upfront payments for health and wellbeing services. Offering finance allows them to spread the cost over a more manageable period, making your services accessible to a wider audience. For example, someone may want to commit to a 12-month personal training programme but find the lump-sum payment too much to bear. With finance options, they can pay in monthly instalments, which is far more affordable for them.

2. Boost Your Business Revenue

When clients are presented with flexible payment options, they are more likely to opt for higher-end services or longer-term packages. For example, a client may choose a 12-month gym membership over a three-month one if they can pay in instalments. This boosts your revenue and customer retention, helping your business grow more sustainably.

3. Stay Competitive

The health and wellbeing industry is fiercely competitive. Offering finance options can give your business a significant edge over competitors who may not provide the same level of flexibility. In today’s market, consumers expect convenience and flexibility, and businesses that can meet these expectations are more likely to thrive.

4. Improve Cash Flow

Finance options can help ensure a more consistent cash flow for your business. Instead of waiting for clients to pay upfront or risking losing clients who can’t afford your services, finance allows you to maintain a steady income stream while still meeting your clients' needs.

Types of Finance Options Available for Health & Wellbeing Businesses

When considering offering finance for your health and wellbeing business, it’s essential to understand the different types of finance options available. These options can be tailored to suit the needs of both your business and your clients.

1. Retail Finance

Retail finance allows customers to purchase products or services from your business and pay for them in instalments. For example, if you sell fitness equipment, nutritional supplements, or wellness packages, retail finance can help clients spread the cost over a set period.

This type of finance is particularly beneficial for businesses that offer high-ticket items, such as specialised fitness machines or long-term wellness programmes. By providing retail finance, you make these items more affordable for your clients, thus increasing the likelihood of a sale.

2. Personal Loans

Some clients may prefer to take out a personal loan to cover the costs of their health and wellbeing needs. Personal loans are often used to fund larger purchases, such as gym memberships, therapy sessions, or home fitness equipment. Offering information about personal loans or partnering with a finance broker that provides them can give your clients another flexible payment option.

3. Interest-Free Credit

Interest-free credit is an attractive option for clients who want to spread the cost of a service without incurring additional fees. This can be a great way to encourage clients to commit to long-term packages or expensive treatments, knowing that they won’t have to pay interest on their repayments. Offering interest-free credit can be a strong selling point for your business and help you stand out in the competitive health and wellbeing industry.

4. Buy Now, Pay Later (BNPL)

The BNPL model has gained popularity in recent years, particularly in the retail sector. It allows customers to make a purchase and defer payments for a set period. After this period, they can either pay the balance in full or start making instalment payments. This option is ideal for clients who may want to commit to a service but need a little extra time to gather funds. For example, a client might want to book a wellness retreat but prefers to pay after their next payday.

How Kandoo Can Help Your Health & Wellbeing Business

Kandoo is a UK-based retail finance broker that specialises in providing finance solutions for businesses and consumers. Partnering with Kandoo can offer numerous benefits to your health and wellbeing business, enabling you to provide flexible finance options to your clients.

1. Simple and Efficient Application Process

One of the major advantages of working with Kandoo is the simplicity of the application process. Kandoo offers an online platform that allows your clients to apply for finance quickly and easily. The platform is user-friendly, ensuring that clients can complete their application in a matter of minutes. This streamlined process helps to remove barriers to entry for your clients, making it easier for them to access the services they need.

2. A Range of Finance Options

Kandoo offers a variety of finance solutions, including personal loans and interest-free credit, which can be tailored to the needs of your clients. By partnering with Kandoo, you can provide your clients with multiple finance options, ensuring that they can find a solution that works for them. This flexibility can help attract a broader customer base and encourage clients to commit to long-term services.

3. High Acceptance Rates

Kandoo works with a wide network of lenders, which means they can offer competitive rates and higher acceptance rates for your clients. This increases the likelihood of clients being approved for finance, allowing more people to access your services. The higher the acceptance rate, the more clients you can serve, which ultimately leads to increased revenue for your business.

4. No Hidden Fees

Transparency is crucial when offering finance options, and Kandoo prides itself on providing clear, upfront information about costs. There are no hidden fees or surprise charges, which ensures that your clients can make informed decisions about their finance options. This level of transparency helps build trust with your clients, making them more likely to return to your business in the future.

5. Customer Support

Kandoo offers excellent customer support, ensuring that your clients can get help whenever they need it. Whether they have questions about their application or need assistance with their repayments, Kandoo’s customer service team is available to provide support. This added level of service can enhance the overall experience for your clients, making them more likely to recommend your business to others.

Implementing Finance Options in Your Business

Now that you understand the benefits of offering finance options and how Kandoo can help, it’s time to consider how to implement these options in your health and wellbeing business.

1. Assess Your Clients' Needs

Before offering finance options, it’s essential to assess the needs of your clients. Are they likely to benefit from retail finance for high-ticket items, or would they prefer personal loans for long-term services? Understanding your clients' preferences can help you tailor your finance offerings to meet their specific needs.

2. Partner with a Trusted Finance Broker

Working with a trusted finance broker like Kandoo ensures that you can provide your clients with a range of flexible finance options. Partnering with a broker allows you to focus on running your business while leaving the finance side to the experts. Kandoo’s experience and expertise in the finance industry make them an ideal partner for health and wellbeing businesses.

3. Promote Your Finance Options

Once you’ve implemented finance options in your business, it’s important to promote them to your clients. Highlight the availability of finance on your website, in your marketing materials, and during consultations with potential clients. Make sure to emphasise the benefits of finance, such as the ability to spread the cost of services over time, which can make your offerings more attractive to a wider audience.

4. Train Your Staff

Ensure that your staff are well-versed in the finance options you offer so that they can confidently discuss these options with clients. Providing training on how to explain the benefits of finance and guide clients through the application process can help ensure a smooth experience for everyone involved.

Conclusion

Offering finance options is a powerful way to enhance your health and wellbeing business. By making your services more accessible and affordable, you can attract a wider audience, increase revenue, and stay competitive in a growing industry. Partnering with Kandoo, a trusted UK retail finance broker, allows you to provide your clients with flexible finance solutions while enjoying the benefits of a streamlined process and excellent customer support.

By implementing finance options, you not only make it easier for clients to invest in their health and wellbeing but also set your business up for long-term success.