Introducing Lauren Armes, Founder of Welltodo Global
Lauren Armes
Meet Lauren, Founder of Welltodo Global. A media platform providing access to essential global wellness news for brands, entrepreneurs and investors. They investigate industry news, consumer trends and insights, with the aim of influencing business decisions, spotlighting opportunities, and celebrating the many different opinions which define the wellness industry.
Here she shares how she started, her top tips for business, the importance of knowing your finances and being more than just a ‘brand’ .
Website: Personal Welltodo
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“I’m an Aussie living in London – it’s been 7 years, even though I had only planned to come for two. I set up Welltodo 5 years ago as a passion project to help me find my “big business idea”. It started out as blog spotlighting cool new wellness-focused offers in London, and soon took on a business slant. In the process of interviewing hundreds of entrepreneurs it has blossomed into a global industry news platform, events business and jobs board, and I now also co-own a number of other service based businesses that support the industry. ”
Welltodo
You are also a business coach: how do you think this has helped your business?
I started business coaching because I had so many people asking to “take me for coffee to pick my brains”. Whilst I loved doing that, I soon realised that free coffee didn’t pay bills. I decided to invest in a business coach myself and soon learnt the value of working with someone who has been where you want to go. Business coaching became a natural extension to my business and allowed me to really invest that revenue back into resourcing and expanding Welltodo.
What does a typical ‘day in the life’ look like for you?
I break up my week by dedicating days to certain tasks. I spend Monday and Wednesday working with my coaching clients, and Tues, Thurs and Fri to more generally growing Welltodo and my other businesses. I would usually go into the office those days, scheduling meetings for a Thursday. An average day starts with coffee and ends with some form of exercise – with lots of meetings, calls, and laptop time in between.
What’s your vision for Welltodo?
Right from the beginning it has always been about connecting people in the wellness industry with key insights that can inform decision making. As that evolved, it became clear that my vision is support as many people as possible to build an incredible business or career in wellness. I’m motivated to do this because the wellness industry is now needed more than ever – and there has never been a better time to turn a passion for wellbeing, into a thriving business.
What advice would you give to anyone looking to start their own business?
Get clear on what you’re going to sell, how you’re going to make money, and create a forecast. You can have a beautiful brand, lots of social media followers, and all the ambition in the world – but if you aren’t making money, you aren’t a business (unless you are heavily funded and revenue is intentionally delayed).
Invest in yourself.
You are the most critical element in the business.
Find a coach, mentor, advisor…. Read ALL the business books, and go to as many educational events as you can. Be a lifelong learner.
What were the main steps to setting up Welltodo?
The first step was building an audience. Since I didn’t actually know at that time that Welltodo would become a business, I wasn’t hugely focused on a product/service. This was a bit of a downfall as I very quickly ran out of savings and had to make some big sacrifices in order to keep going. I returned to Australia for a brief stint to really put my head down and focus on revenue generating activities – which was where our first event was born. Since I’d been producing a lot of content and had a sizeable email list, I was able to sell 150 tickets to our first event and continue to do so monthly for the next year.
What were some of the ‘low’ points of building your business?
I continued to live extremely frugally, returning to the UK and living with my (then) boyfriends’ parents for short time. It wasn’t any easy time – I remember not being able to afford to go shopping, eat out, or even get my haircut at one point. But being under that level of pressure actually forced me to level-up, find ways to make money, and eventually build a thriving 6-figure business.
Lauren Arms - Founder of Welltodo Global
What are your top financial business tips?
Find an incredible accountant. It took me a few attempts but I now work with an incredible firm who don’t just think like accountants, they think like entrepreneurs. I believe that it makes all the difference when you are somebody who wants to run a great business and make money. If you’re somebody who says (in your own mind or out loud) anything like “I’m not good with numbers”. Then as of this moment right now, commit to changing that. If you run a business, you have to be good with numbers.
Remember, nobody was born an entrepreneur,
you have to learn the skills,
and knowing your financials is critical
What do you think are the upcoming trends for wellness?
With the global shift in consumption caused by COVID-19 – more than ever we are concerned about our health, wellbeing and taking better care of ourselves. In light of this, we will be moving more towards a blended approach to online and offline fitness resources, demanding greater personalisation of products and services, and increasing our focus on mental wellbeing through meditation and mindfulness.
What do you feel are the differences between the way you run your personal and your business finances?
They are very similar approaches actually. I check in on my finances regularly, ensure that I’m aware of what is going on, not spending mindlessly and increasing my knowledge of how it all works. I very much think of my business as the engine for my personal finances – meaning, if the business grows, my personal wealth grows. So they’re very interlinked.
Describe your relationship with money and personal finance?
I love this question. About 4 years ago I invested in a few books and a course focused on money mindset. I’d never considered my relationship with money before this.
I’d never considered that I might have habits and beliefs around money that were socially constructed or taught to me by my parents either consciously or unconsciously.
I started to read books like “Think and Grow Rich”, “How Rich People Think” and “You Are A Badass At Making Money”. It was game changing. Now, I really do think of myself as being in a relationship with money, and as with any successful relationship... that means checking in regularly (I check my bank balances every day), investing in the relationship (reading and learning about money), and saying nice things (affirming positive beliefs around money). It’s life changing stuff.
How do you define wealth?
I’d define wealth as the financial reward of taking responsibility and ownership of your money.
What tools or resources do you currently use to invest?
I have an ISA, a pension, a high interest savings account, and my next investment will be in property. I also consider my business portfolio to be an ongoing investment in myself and my future.
What is the best financial decision you have ever made?
Starting a business.
Lauren Armes - Founder of Welltodo Global
What did you learn about finance and money when you were growing up?
I learnt to value money, think carefully about how I spend it, that it’s important to save for things you want rather than use credit cards, and to never take it for granted. I feel extremely privileged to live in a country where I can easily start a business and make money.
I was always taught that financial literacy is important and that if you work hard, you will be successful.
You recently got married - (congratulations!) - did you make any significant changes to the way you organise your finances as a married couple?
Thank you! Yes, we did. Firstly, we read a fantastic book by a well known Australian financial expert called The Barefoot Investor by Scott Pape. It stresses the importance of having regular conversations about money with your partner – which he suggests you do each month over a fancy dinner! He also has some great strategies for future-proofing your finances, having reserves of money for emergencies, and ensuring you’re planning for the long-term.
My husband and I run our businesses together so we always talk openly about our financial goals, dreams, and the practical aspects too.
Once we got married we set up a joint account and are clear about where we want to get to financially.
Who is your role model?
When it comes to finances? Scott Pape (see above)!
What inspires or motivates you?
Living a long, happy, fulfilled life.
If you could invite 3 artists to dinner, dead or alive, who would you choose and why?
Brene Brown, Elizabeth Gilbert and Glennon Doyle
(writers are artists, right?).
Recommended book and podcast?
My book, following the thread of this conversation, would be The Big Leap by Gay Hendricks (I also recently read and loved Untamed by Glennon Doyle), and of course the Welltodo Podcast.