Clueless About How To Build
A Successful Business
In The Self-improvement Industry
Book Description
Ever wondered what it is like to operate in the self-improvement industry?
Is self-improvement something that you love to do but don’t know how to go about it?
Would you like to learn about the opportunities in this industry and how to maximize them?
If yes, then this book is for you.
In this book, you will learn,
How to create a successful business model in the self-improvement niche.
Various business opportunities you can explore.
Useful tips on getting started in the self-improvement niche.
Tips on starting a successful book publishing journey.
And lots more…
Why walk alone when you can receive all the help you need to be successful?
Get this book today to increase your efficiency and maximize the amazing potential available in the self-improvement industry!
Book Excerpt
Excerpt from Chapter 2 – What is the Growth of the Self-improvement Industry in the Recent Years?
Statistics of Growth and Future Projections:
Some facts about the growth of the self-improvement industry are interesting as well as enticing for content creators.
● The self-improvement industry was estimated at $11.6 billion in 2019. It also took a hit due to the coronavirus pandemic, like all the other industries, and was reduced to be estimated at $10.5 billion in 2020. The market jumped to $11.5 billion in 2021. It is expected to grow steadily at a CAGR of 5% - 6% from 2021 to 2028. The self-improvement industry is estimated to grow to $14.0 billion by 2025. (Source: Marketdata LLC).
● According to a report published by NPD, the unit sales of self-improvement books increased at 11% CAGR in only six years from 2013 to 2019 to reach a figure of 18.6 million in 2019. (Source: Market Research).
● The number of self-published books in the self-improvement segment overtook sales growth. The number of unique ISBNs grew from 30,897 in 2014 to 85,253 in 2019. This indicates the growth in the number of new people entering the industry. (Source: Publishing Perspectives).
● The interesting fact is that the self-help book market was valued at $800 million in 2018. And the self-help audiobook was valued at $769 million. This shows the adaptability of the consumers to a totally new way of using self-improvement content. (Source: Market Research).
● Majority of self-help book authors are men. 62.5% of self-help book readers are women. So, another interesting thing that emerges here is that while more men are writing self-help books, their readership is largely women. (Source: Quartz).
● Another area that showed a steep rise was the virtual training, webinars, online coaching, and web-based courses during the lockdown and subsequent work-from-home by almost all organizations worldwide.
● Several holistic institutes also developed their own paid and free online courses.
● Several subgenres emerged in the self-improvement segment. Amongst these, Health, Gym, Weight Loss, and Fitness Club markets were the major ones valued at $37 billion. (Source: IBIS World). Due to flexible working hours and increased health awareness, people have started preferring to work out from home instead of taking a gym membership. This has resulted in a significant rise in the demand for fitness equipment. The market, valued at $11.5 billion in 2019, is expected to grow at a CAGR of 3.5% to reach $15.2 billion by 2027. (Source: Allied Market Research).
● The top three self-help topics with the consumer percentage are Confidence - 10.2%, Career Guidance & Interview Skills - 7.8%, and Motivation - 7%. Interestingly, the percentage of the audience interested in Stress Management is only 0.8%. (Source: Richard Step).
● The meditation app market is expected to reach $4.3 billion by 2027. The top ten Meditation Apps earned 195 million in 2019. (Source: Tech Church).
● The market for educational toys for the development of the minds of kids is expected to reach $31.62 billion by 2026. (Source: PR Newswire).
● Baby boomers have been steady consumers of self-improvement books and educational materials. Millennials are a close second and are expected to take over soon. (Source: Market Research). Some informal projections state that millennials show an interest in investing close to $300 per month on self-improvement books and educational materials. (Source: BrandMinds).
● Women in the age bracket of 40 – 50 years consume more self-improvement products and services. (Source: Brandon Gaille).
So, all in all, the future looks very bright for the self-improvement industry.
As a Business Coach, whenever I see future growth projections for an industry, I also see the potential of participation and the prohibitive nature of the competition.
The potential of participation in the self-improvement industry is phenomenal for all content creators. With the passing of time, the competition will also keep increasing. But, I always believe that the biggest competition one has is with one's own self. Experience matters the most in the self-improvement segment. Age is no bar. In fact, the more you age and gain experience, the better your chances of doing great in this industry. Most successful motivational speakers in the world are nearing or above 60 years of age. So, if you have the grit and creativity to top your own last work, you can always be in demand.
The strong inclination towards the convenience of digital downloads and virtual learning makes for easy entry into the segment. Today, the market available to anyone is virtually global, with various demographics to target.
The best time to do anything is always NOW. If you have sound knowledge about any topic that can be considered to be included in the self-help and self-improvement segment, have the courage of conviction, and take the leap of faith now.
The growth of the industry is pretty well defined. What you will do to get a portion of all that is totally up to you. If you move forward, write to me and let me know your progress. If you feel stuck and need help, reach out, and I will help you move forward.
“The choices you make from this day forward will lead you,
step by step, to the future you deserve.”
― Chris Murray, The Extremely Successful Salesman’s Club.
Read more about how you can participate in the self-improvement industry and How To Build a Successful Business in The Self-improvement Industry in the full book.
