No matter the state of the economy, it seems one industry is always in need: healthcare. Healthcare is a thriving industry, and one ripe for eager entrepreneurs. With the recent healthcare reform, the health industry is evolving to meet the needs of many individuals.
There are many facets of health that can offer viable business opportunities for anyone eager to start a business. The key is to identify what needs you’d like to meet when you create your own business in healthcare franchising.
According to a 2014 report by the International Franchise Association, consumer spending on healthcare is predicted to increase by 4.9%, offering entrepreneurs a chance to fill a void. The same report estimated revenues in the “personal care industry” are expected to expand by 3.7% this year. If you’re interested in a small business opportunity in health care franchising, the first step is to choose your niche. Look at your skills and assets, to see what opportunity matches your expertise.
Do you love to help others and take care of individuals? If so, those are two valuable traits you need to succeed with a home health care business. There are several profitable franchises available in the personal care industry, including senior care. Home healthcare small business opportunities offer services assisting and sick individuals in the comfort of their own home. These services can include bathing, feeding, and light housework. If you are a former nurse or other health care professional, home health care might be a good choice for your small business. Don’t worry about not having enough experience, as there are multiple opportunities for training in home health. Home healthcare businesses do not generally require inventory, and you can start the business from home after checking on proper regulations. You may choose to buy an establish business from its owner or open a franchise. Whatever you decide, home healthcare has a lot of profitable options.
Medical Equipment Sales
If you have a background in sales, the medical equipment industry can be a good choice. As the technology for healthcare evolves, so do the needs of individuals. Equipment can include mobility aids such as canes, walkers, crutches, and more. To run this business, you can set up an online store to provide customers with these valuable products, open a retail office, or offer both options to consumers. An online retail store is especially appreciated by the elderly or housebound, as you can ship products direct to their door. Costs vary according to the complexity of your business and inventory, so research any obstacles thoroughly.
Wellness Services and Products
Many consumers want to take care of their health, and this offers you a chance to cash in on their needs. Wellness services and products can include aerobics and fitness centers, personal training services, and more. You may also choose to sell vitamins, which can be a lucrative business, especially as many are concerned about weight-loss, energy, and anti-aging properties. Many entrepreneurs have turned to opening weight-loss clinics, instructing clients on the best options to lose weight. Wellness health care options let you help offers with getting healthy, and can reward you financially.
Medical Education and Alternative Medicine
Opportunities in the medical education field are vast, and can include preparing expectant parents. You can start a service to offer childbirth or new parent classes, and if you would like to train as a doula, you can help mothers with the birth of their babies. The equipment and costs associated with these businesses are minimal. Perhaps you want to explore alternative health, such vitamins and supplements. Some individuals don’t go to “big pharma” for their medical needs, and instead rely on alternative medicine. In 2013, the Smithsonian found that alternative medicine is a $34 billion dollar industry. With many individuals, particularly mothers, opting for herbal remedies or other treatments for their families, this business is a good niche for you to cash in on. Medical education is a rewarding field in more ways than one, and some opportunities have few needs and relatively low start-up costs.
Now that you know the variety of healthcare small business opportunities, you can choose one fits your skills and interests, then educate yourself on any needed licenses, permits, and certifications. Dive in and get started!