Without healthcare, some people with medical conditions would be unable to survive, and we would not be able to access medical assistance when needed. Access to healthcare and treatment is something that is a right by law in many countries, and it should be treated as such.
There are a lot of reasons why you might be considering setting up a business, and there is no better time to start taking the first step. Entrepreneurs have already begun to use the healthcare system to their advantage, and it can be a great source of additional income for those who are wanting to set up their own business or even begin saving for retirement.
Creating your own business within the healthcare field can open a lot of doors for you. That is why this guide has been created to help you learn everything you need to know about starting a healthcare business. It has been aimed at people who want to get started on a new project that will eventually allow them to build a reputation as a local entrepreneur.
Sample Healthcare Business Plans
Residential assisted living facilities are created for people who are independent but require day-to-day assistance to be able to carry out basic tasks such as taking their medications, bathing, feeding themselves amongst others. It is important to state that people in licensed residential care may require more assistance daily as they usually have complex health care needs.
A drug rehab center is a specialized clinic that has medical staff who provide outpatient services that are related to the diagnosis as well as treatment of alcohol, drugs, and other substance abuse. The size of this business depends on the kind of firm it is, as for-profit firms tend to be larger and more highly concentrated in the industry than public and nonprofit firms.
A sober living house (SLH), which is also known as a sober home is a facility that provides safe housing and supportive, structured living conditions for people moving out of drug rehabilitation programs. Sober living houses serve as a transitional environment between such programs and mainstream society.
Many sober living facilities also accept people who are in recovery from substance use disorders but have not recently completed a rehabilitation program.
A group home is a community-based, long-term facility for specific types of residents (juveniles) who cannot live with their families due to behavioral issues. It is important to state that some group homes treat the mentally ill and the disabled.
With more senior citizens preferring to age at home for as long as they can, there is a massive demand for non-medical home care providers in the United States. According to reports, non-medical home care has become one of the fastest-growing businesses – but it is not to be confused with medical home care.
Medical home care providers tend to offer licensed nursing and rehab services that are prescribed by a physician with stipulated guidelines.
Non-medical transportation businesses help people get to pre-scheduled healthcare appointments, including doctor visits, rehab, clinical testing, follow-up exams, and more. In recent times, the demand for safe and reliable public transportation for people with medical issues and disabilities, particularly in rural communities, has witnessed massive growth.
According to industry reports, this demand is expected to continue growing and also remain strong in any economic climate.
An elderly group home is a facility or business that provides a comfortable living environment that is restricted in the kind of care they provide. This means that an elderly group home does not provide the high level of care provided at nursing homes, but they give elderly people the option to live among peers.
A maternity group home or preferably the Maternity Group Home Program (MGH) is a niche-group home facility that supports community-based, adult-supervised, transitional living arrangements for homeless pregnant or parenting young women who are between the ages of 16 and 22, as well as their dependent children.
The maternity group home business is designed to provide an environment where young mothers can function independently in the community.
A hospice agency is a public agency or private organization or a subdivision of either that is engaged in providing care to terminally ill individuals, and has a valid Medicare provider agreement. The industry rakes in a whooping sum of $24 billion annually with an annual growth rate projected at -0.2 percent between 2016 and 2022.
A medical spa is a business that typically offers numerous health treatments. Unlike regular spas, medical spas pay detailed attention to more difficult issues such as widespread discoloration and wrinkles. The treatments include deeper chemical peels, injections (such as Botox), and laser treatments.
A medical supply company is a business that purchases medical and surgical equipment, instruments, and supplies, stores these items at distribution centers, and delivers these products to medical practitioners, clinics, hospitals, etc.
Recent data made available online shows that the global medical supplies market was worth USD 80 billion in the year 2019 and it is projected to reach USD 95.04 billion by 2026.
A teeth whitening clinic is a business that primarily provides elective dental services that improve the appearance of teeth and gums. Some teeth whitening clinics go as far as offering services that include cosmetic crown and bridgework, veneers, inlays and outlays, and direct bonding which is not generally covered by insurance, making them highly discretionary.
Available data from the United States shows that the value of the global teeth whitening market amounted to about 6.14 billion U.S. dollars in 2020, and is forecasted to grow to 8.21 billion U.S. dollars by 2026.
A medical waste disposal company is a business that disposes of medical waste. Medical waste essentially comprises wastes generated in the hospitals, laboratories, clinics, diagnostic centers et al. This waste can be harmful to humans if not properly disposed of.
An IV hydration therapy clinic is a business that offers hydration therapy to its patients. Hydration therapy is a simple treatment that delivers fluids directly into your bloodstream through a small IV inserted into your arm.
The fluids may also include vitamins, electrolytes, antioxidants, and even medications. Available data from the United States shows that the global intravenous solutions market size is expected to reach USD 18.9 billion by 2028 according to a new report by Grand View Research, Inc.
An adult daycare center is a non-residential daycare facility that provides support in the area of health, nutrition, social, and daily living needs of adults in a professionally staffed, group setting. Adult daycare is designed to provide adults with transitional care and short-term rehabilitation especially when they are discharged from the hospital or when their family members are not around to take care of them.
How to Start a Healthcare Business in 2023
If you have taken the time to carefully research your business idea, and have decided which direction you’d like to go down, then it is time to start thinking about how you want to go about creating your healthcare business. These are some of the steps that you should take on your journey to setting up your business, and some key things to think about.
1. Conduct Your Own Market Research
Firstly, an essential first step when it comes to creating any kind of business is the market research. This step cannot be stressed enough, and you should carefully consider whether there is a gap in the market for your product or service.
Luckily, within the healthcare industry there is often a lot of room for improvement, so you could use this as an opportunity to provide something that you think your local healthcare system needs.
2. Create a Business Plan
Try to be as specific as possible in order to know what direction you plan on taking your business down. This can allow you to approach local funders who might be interested in helping you out, because they will know where their money will be going as well as the fact that you have worked hard to find a gap in the market.
It is better to be over prepared, because it allows you to adapt without worrying about the consequences as much. In addition to this, creating a more detailed business plan can help you follow an appropriate time frame, and encourage you to stay passionate about your agenda.
3. How Will You Fund Your Business?
If you are new to the world of entrepreneurship, you might not know that businesses can cost a lot of money. Creating brands and advertising alone can be very expensive, which is why you should allow the time to think about how you intend to fund your business.
This can be using your savings account, or even asking local investors or other entrepreneurs if they would like to invest in the set-up of your business for a certain percentage of revenue once you begin to see profit.
If this isn’t an option for you, then you should consider applying for a loan. Schedule a meeting with your bank supplier in order to see what your options are, and what kind of interest rates you would face during the repayment period.
4. Will You Have a Designated Business Location?
Some people find it easier to imagine their business in a physical location, whether that involves a small store or setting up a stall at the next community event. However, it largely depends on the service offered.
For example, if you are providing at-home care or online services then there is less need for a store, whereas you might want a business location if your business involves a personal touch. This can include selling medical supplies, or specially designed uniform for hospital workers.
5. Identify Your Business Structure
This is something that new business owners tend to overlook, but it is important to think about your business structure because it will determine how your business functions legally.
From taxes to workers’ wages, the business structure is an important part of any business when it is in its early stages. Ensuring that you have taken the time to carefully consider business structure can allow you to focus on generating clients and a customer base during the later stages.
6. Decide On Your Business’s Name
This can be more challenging than you might have anticipated, because a catchy name can be a little difficult to come up with. Try to find something unique to you and your business that isn’t too long. A good business name is easy to remember and say. It is also worth avoiding using a name that already exists because this can cause confusion as well as legal complications.
7. Register Your Business
Once you have a unique name and rough idea about your branding, you should register your business. This can help to legally protect your brand name, and make it feel more legitimate. Registering your business can allow you to claim ownership of your brand name and ensure that nobody else can use it for their business.
8. Apply For The Correct Taxes
You do not want to get into legal trouble within the first few weeks of business, so you should apply for the correct taxes that agree with your business structure as soon as possible.
When completing forms like these, it is worth doing your own research in order to figure out which taxes you need to pay and what to apply for. Another thing that you can do is speak with a lawyer about what steps you need to take in order to make your business legal.
9. Open A Business Bank Account
This can be done using an Employer Identification Number (EIN), which is also needed to deal with the taxes of your business. Opening a business account can allow you to apply for more benefits within your bank supplier, as well as using it to apply for business loans if you need one.
Once you get to the stage of growth that you can hire additional employees, you will want to use your business bank account in order to pay wages as well as your own income.
10. Apply For Your Business License And Permits
Make sure that your business is running legally in order to prevent additional challenges from arising. This can be a complex process, and it could be worth consulting a lawyer about what licenses and permits you will need. Because the requirements differ between state, industry, and location, it is definitely worth seeking appropriate advice before applying for the right permits and licenses.
Tips on How to Build a Sustainable Healthcare Business
In order to ensure that your business will stay as active as it can be over a long period of time, you should consider some of the following things. This can allow you to continue to make money, and keep investors as well as your clients happy.
Some businesses tend to hit the ground running for several months, and then begin to plummet. Try to do some of the following things in order to keep your business gaining momentum for as long as possible.
a. Keep Yourself Educated
Always understand what is happening in your business and industry as a whole. This can allow you to anticipate your business’ next moves as well as figure out how you can adapt to the changing market. Take the time to learn about how current affairs are affecting the healthcare industry as a whole, because it can help you to make predictions and figure out what you should do to stay on top of your business.
b. Know Your Competitors
They always say to keep your enemies close, and it’s mostly so that you can figure out what they might be planning next. Keep a close eye on your competitors and try to figure out how their marketing strategy differs from yours. You could also compare their branding and target audience, depending on the specific service provided.
c. Build a Strong Business Plan
This can be something that sets you apart from other businesses on the horizon, because a good quality, strong business plan allows you to stick to your guns and focus on the moment. Rather than worrying about what your next moves are or what you need to change, you can rest easy knowing that you have already created a comprehensive business plan.
d. Build a Strong Branding Strategy
Try to think about how you can make your brand stand out from the crowd. Create a dilemma that needs to be solved, and offer a solution through your business. Try to use this to generate local interest, because these will be your main clients unless you set up an online site.
e. Build a Strong Marketing Strategy
Again, try to present your business as a solution to a problem, whether that is a hole in the market or lack of resources. Try to do your own research in order to figure out how different businesses in the past have failed, and which were more successful.
Make your research more specific by comparing your competitors’ marketing strategies and think about how you can adapt that and make it stronger.
f. Know Your Target Audience
This depends largely on the type of service your business provides, but it is worth knowing your target audience so that you know how to reach them. In addition, it is worth changing your language, tone, and advertising platform depending on your audience.
For example, younger people might not want to receive a pamphlet in the mail, whereas older audiences might not appreciate digital marketing as much.
g. Always Stay Passionate
This is something that cannot be underestimated. Try to focus on your audience, competitors and do what you need to do to stay motivated.
Setting up a business can be challenging, which is why a lot of people need to be reminded to stay passionate about their brand. It can be easy to lose sight of what is important to you, so you should try to keep some level of perspective and stick to what works best for you.