How to Start a Healthcare Business in 2019
Have you been feeling closed in at the clinic or hospital you work at? Are you secretly an entrepreneur at heart? If you have always dreamed of a building something meaningful on your own, a healthcare business is an ideal choice. BONUS: You can also provide the care you want and get paid more than you do currently if your endeavor is successful.
Are small clinics/consultant firms something people want? YES! People need healthcare and not everyone prefers, to use a shopping metaphor, the “big box” experience. We’re talking about health here—something vital to our very existence. It’s serious and it’s very personal.
In 2019, the era of social media and personal branding is in full swing. That means people want doctors and care providers they know and trust. You can be that provider for someone. Your clinic can be a safe and welcoming place.
But how do you begin? Where do you even start? I’ve got you covered.
Here’s a step-by-step guide to starting a healthcare business in 2019:
Do Your Research
Starting a business is not like deciding to buy an ice cream cone. You need to learn all about business ownership, marketing, and the healthcare industry. You should look up your competitors, specifically those in your area. How is the market doing? Read a book or two on business development. You may even consider hiring a business coach or expert to help you go through the process.
Brainstorm Your Top Ideas
You know you want to start a healthcare business, but what will you specialize in? How big do you want your ideal clinic or office to be? Will you offer products or services? Take some time to consider all your options before you decide on a course of action.
Create a Business Plan
Business is, as they say, “serious business.” You need an official plan. Make one that includes detailed financial goals and plans. If you need help, find a book or article on the subject or contact an expert. Don’t wing it.
Secure Domain Name and Handles for Social Media
I know this step may seem out of order, but you need to secure the website domain and social media handles very early in the process. If the name/handles are unavailable, you may have to consider a different name. You definitely want to do this before you register your business. And the name is a nice thing to be able to tell your investors in the next step!
Raise Startup Capital
Approach the bank or other investors—and plan on spending a chunk of your own checking account—to get your business off the ground. Remember that people who invest have more success. They put their money where their mouth is and you can tell.
Register Your Business and Apply for a Business License
This is pretty simple. You just go online and register with the Secretary of State (assuming you are US-based). To apply for a local business license, just visit your city or county clerk’s office or website.
Rent a Space
This is where it gets a little more fun and real! Pick out a great space for your clinic. Then decorate it so it has a clean yet inviting atmosphere.
Post Job Listings and Employ Staff
Make sure that you are very choosy when hiring staff for your healthcare business. These are people you will have to fire if they don’t work out. You are the boss here. You want people that not only know what they are doing but who you work well with.
Buy the Essential Equipment
Whatever you need, get it and stock up the office.
Ensure All Regulations and Standards Are Met for Medical Practice
Depending on the type of healthcare business you start, you may or may not have to follow specific regulations. If you do, do not neglect those responsibilities. Your patients will thank you and so will your lawyer.
Create a Website
Hire someone to design a professional, easy-to-navigate website for you. Make sure to update it regularly! Also, it’s a great idea to have a freebie offer of a consultation or something like that or special deal to get people to come in just after you open.
Advertise Your Healthcare Business
This is where your website, social media, mailers, and anything else you have up your sleeve come in to play. Market your business like there’s no tomorrow. Your clinic should always be at the back of your patients’ minds. Send them newsletters, update the blog on your website, offer a special deal. Keep current and keep reaching out!
Open and Serve!
Launching your healthcare business will be a process, and you will have some hiccups along the way. But the result of your efforts—for yourself and for the community—will be well worth it.
Any questions? Let me know in the comments!
You may also be interested in: Three Reasons Entrepreneurs Should Consider the Opportunities in Healthcare