In an industry beset with problems like a cost-of-living crisis, war in Europe, and pandemic, and with some new businesses struggling to gain a foothold in the marketplace, nonetheless some sectors are not just growing but actively thriving. The wellness sector being one such example.
With a cumulated revenue of around $1.5 trillion annually and expected annual growth of 5-10%, the wellness sector is booming while others go bust. One of the success stories in this sector is that of Durana Elmi, COO and co-founder of Cymbiotika, a supplier of wellness products and a leader in the marketplace. Elmi and her family hail from Afghanistan and were familiar with Eastern healing and medicinal practices. In this interview, she describes four ways an entrepreneur can succeed using her own experiences as a guide.
1. IDENTIFY A MARKET OPENING
As mentioned, Elmi was familiar with Eastern medicine, so in America, she was disappointed with the range of products on offer and thus saw a gap in the marketplace for such holistic treatment. “Identify where there is a gap in the market, and cater directly to that market. Be original and authentic to ensure success,” says Elmi. “When I looked at what was being offered by the wellness industry, I was disappointed by the low quality and harmful ingredients in existing products. We set out to make a difference. Today, our company is proud to offer high quality, meticulously sourced products, free from fillers, synthetics, or toxins. Our products empower individuals to regain control of their health and live with intention,”
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2. DILIGENT RESEARCH
Once you identify an opening, ensure you do your research to fully understand what it is you’ll be providing and the best way to deliver that to customers in a manner that is both transparent for the public to see you are a worthwhile and trustworthy vendor but also to maximize your potential and profitability in an ethical manner. “Do the necessary and thorough research to understand how your brand or product will be received by different cultures and people as you expand. Do your values align?” asks Elma. Cymbiotika have stringent certification requirements when sourcing product ingredients, states Elma, ensuring transparency and, by extension, trust with her customer base. Diligent research always pays off, both figuratively and financially, for any responsible business.
3. GET INTERACTIVE AND CONNECT
Education has become an important part of Cymbiotika’s mission statement, especially when it comes to one’s health and wellbeing. To best achieve this, Elma has educational opportunities woven into the company’s website, with such features as a knowledge center, live streams with experts, and interactive quizzes. “Create an interactive hub that takes your product-based business and turns it into a movement, a social outlet, and an educational hub for like-minded people,” advises Elmi. This approach doesn’t just go towards the goals of education but it’s also good for business. “These provide valuable insight into the products and even specialized tips on how to optimize wellness,” she adds. “I know the power that I hold, and I must be a strong role model for the women around me.”
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4. STICK TO YOUR VALUES
With so many upstart businesses failing in their first year, how has Cymbiotika thrived and prospered in a tumultuous world and marketplace? Elmi is very clear on the reasons behind her company’s ascent, “we’ve always prioritized remaining authentic to our message and products. We will never compromise on quality,” says Elmi. “Turn inwards to the mission statement and values of your company rather than solely rely on trends that come and go. Find inspiration in the people and the problems they face that are around you. A successful brand is one that solves a consumer dilemma.” But what advice would she give those starting on the path that she herself has well-trodden upon already, and her words are as inspiring as they are illuminating, “Remain genuine about your passion, and remember why you started in the first place,” she says. “Embrace change because change is inevitable, but remember your ‘why.’ Trends come and go, but your audience will know when your brand comes from a place of sincerity.”
