As the world emerges from COVID, it is clear that wellness and self-care have become a priority for many. Consumers across the globe are increasing their spending on personal health, appearance, fitness, and more. Wellness is here to stay, it seems, in more ways than one.
According to McKinsey, the estimated global wellness market is valued at more than $1.5 trillion, with an annual growth of 5 to 10 percent. With the growing preference for personal physical and mental health services grows, more and more wellness professionals are launching their own businesses.
“We realized that a majority of them were operating as self-employed professionals offering services … [+]
“In the US alone, there are over 300,000 personal trainers, over 500,000 mental health professionals, over 300,000 nail artists, and the list goes on and on,” says Omer Menashe, cofounder of Persona, a business management solution for fitness, beauty, and wellness professionals.
“We seek to strengthen the businesses of self-employed professionals whose services improve people’s lives. “We provide everything a retail bank provides, in addition to cardinal, critical and tailored services for these specific businesses.”
Americans started new small businesses in record numbers during the COVID-19 pandemic. According to the Census Bureau, more than 4.4 million new businesses were created in the U.S. during 2020, the highest total on record. Half a million new businesses were launched in January 2021 alone.
This is, without a doubt, the era of entrepreneurs; people are taking matters into their own hands and setting up small businesses that they hope will thrive as well as make other people’s lives better. However, they may not be aware of all the obstacles ahead. Self-employment requires multiple skills and activities, from marketing to business development, from payments to taxes, that are well beyond the quality of services provided.
Money management becomes even more important when cash is flowing into the business; professional assistance can then be a significant game-changer. While hiring the appropriate consultants that can help run your new business can be costly, this platform suggests all these services for free.
“Risk comes from not knowing what you’re doing.”
“We help with payment tracking and collection, tell you how your business is doing, show you how to pay less taxes and help you save for what you do have to pay,” he says. “By doing this, we enable wellness professionals to focus on establishing and scaling their business.”
Menashe is a digital marketing professional with over 20 years of experience. He is the founder of a leading digital marketing agency and his partner Eran Artzi is a fintech technical professional, product to market expert and former Director of New Initiatives at ASAPP. “We’ve been dabbling in fintech for quite some time and have focused on development in several companies,” Artzi explains. “We’ve seen the rise of neobanks,and the “APIing” of financial services and came to realize that building challenger banks is merely the first step in building complete financial experiences tailored to different markets. When Covid hit, as residents of NYC, we witnessed first-hand the ripple effect of the pandemic, which included lockdowns and closures, and witnessed so many people around us having to reinvent themselves as self-employed professionals. This new market was in need of suited solutions and that’s when these two realizations collided and led us to develop the platform.”
While developing robust automations the founders connected with hundreds of professionals to understand their needs and pain points. “We realized that a majority of them were operating as self-employed professionals offering services in the fitness and mental-health fields. As top professionals, they were passionate to succeed, but they had not taken into consideration that they needed more than their professional skills to do so; they needed tools to manage their business effectively.”
“The community that we serve did not have robust banking solutions and were also left behind when it … [+]
The company has been invited to Stripe’s Treasury private beta which empowered the platform with state-of-the-art financial capabilities and connected the company with its banking partner, Goldman Sachs. “Using their infrastructure, we’ve managed to realize our vision and are now coming out of the beta development phase.”
The wide yet unique community that they serve is wellness-oriented; and this platform is geared to provide them with another form of wellness and peace of mind. According to its founders, this platform will also level the playing field as it is also driven by equality.
“The community that we serve did not have robust banking solutions and were also left behind when it came to getting rewards, cashback and other perks. We make sure they enjoy equal services, including payment collection, scheduling, an online personalized purchase store, expense management that allows visibility, tax service, FDIC Insurance, all in one.”
“Risk,” said Warren Buffet, “comes from not knowing what you’re doing.” In a rapidly growing industry, the need to excel is bigger than ever, and finding solutions to the challenges and obstacles can make all the difference.