Essential Start Up Lessons All Healthcare Businesses Need To Consider
A Guest Post by Jamie Costello
The healthcare industry is worth millions thanks to an ageing population and increasing interest in wellness. There are plenty of reasons why aspiring entrepreneurs are looking into starting up a healthcare business. However, because there’s plenty of money to be made, healthcare is highly competitive. Employment in healthcare-related occupations in the US is predicted to grow 18% from 2016 to 2026. More interestingly, half of the 20 occupations projected to have the highest increase in employment by 2026 are in healthcare. With this in mind, here are essential startup lessons that healthcare businesses need to consider:
#1 Earning Consumer Trust
When starting up any healthcare business, the primary requirement is that the business is highly competent with all the right healthcare qualifications and a skilled workforce. This is vital for health and safety purposes, as well as winning over consumers by showcasing your expertise. No potential customer is going to buy into your business if you don’t have the right qualifications, and they are even less likely to recommend you to a friend. Healthcare is largely based on word of mouth, so establishing a solid reputation for your business is crucial.
#2 Establish Your Niche
Going into the industry with a niche can be extremely beneficial in the success of your healthcare business. This is because much of healthcare is specialised, so if you can tap into an area with low barriers to entry but high returns, then it could be very lucrative.
#3 Keeping Up With Trends
Healthcare can be a trend driven industry, so staying up-to-date with the latest crazes could be a good way to stay in touch with your target market. Everything from cosmetic surgery to health and wellness medical spa wilmslow has trends every so often. Look out for spikes in interest within your industry and offer deals to draw in more customers.
#4 Stay Competitive With Big Players
The industry is full of established businesses; from private healthcare to medicine manufacturers. This means that every entrepreneur already faces pressures to compete with them before they even enter the industry. However, it could be said that the key is to work with them, not against them. Working with the corporate giants could benefit your business if you establish a good working relationship. You may find that you can offer them something in return.
#5 Utilise Consultants And Experts
With any healthcare business it’s good practice to utilise consultants and industry experts if you’re unsure of anything and you’re seeking advice. This may be a consultant you have regular contact with or help on a one-off project. Your authenticity is everything, and consumers need to be able to trust what you’re selling. The help of an experienced healthcare expert can provide a different perspective on issues, offering you information you might not have considered before.
#6 Embrace Regulations
It will come as no surprise that the healthcare industry is highly regulated. It’s an industry full of rules because of the nature of the business. This is to ensure consumer safety, as well as reassurances for the entrepreneur. Many people dislike the idea of regulation, but in reality, it’s a workable process that needs to be done. In fact, being up to speed with all required regulations can be a competitive advantage.
Why Start A Business In Healthcare?
The healthcare industry is thriving, and aspiring new business owners can expect to see high return on investment if they’re successful. Arguably, there’s never been a better time to start a business because of the ageing population. In 2016, the population of the UK was 65.6 million, it’s projected to grow to 74 million by 2039, the largest ever. Within those, 18% will be 65 and over and a staggering 2.4 who are 85 and over. If you can establish a viable healthcare business that targets an ageing generation, you may just be onto something.
Originally published at The Daily MBA.