Diving in head first is not an option if you want to start and run a successful healthcare business. This does not mean starting a healthcare business is not a good idea, in fact the healthcare sector offers huge potential and numerous business options. Coronavirus has highlighted the need for medical staffing and domiciliary agencies and the growing ageing population in the UK require a variety of other services. You could also consider providing a medical billing or transcription service.
6 Healthcare Business Opportunities
All of the healthcare business
ideas below have relatively low set up costs and offer a huge potential for growth. With the right marketing and determination, you can quickly establish a steady profit and grow your chosen healthcare business.
- Healthcare Recruitment agency
The health care sector will always require staff and provides a strong client base that is recession proof. You can set up a healthcare recruitment agency from home, conducting interviews virtually. You will need to put in a framework for good practice and ensure you follow all Care Quality Commission regulations. There are various options including, providing staff for care homes, private hospitals and clinics and of course the NHS also heavily rely on healthcare recruitment agency staff.
- Independent Living Mobility and Accessories Business
This type of business can either be completely online or a combination of a consultancy service and an ecommerce store. There are clear market opportunities, with older individuals in the UK population choosing to stay in their own homes for as long as possible. There is also the additional mobility impaired market, which is growing at an unprecedented rate.
- Medical Billing Service
Small private providers such as medical clinics, therapy services and plastic surgeons require the services from a medical billing company. Setting up this type of company is more complex than other healthcare businesses. You will also need to complete an online course to obtain a medical coding certification.
- Medical Transcription Service
Doctors, surgeons and other types of medical professionals use voice recordings for documenting important information. There are 2 business opportunities within this field. You can start a company and use freelancers to complete the transcriptions or you can employ medical transcriptionists. Of course, you could start using freelancers and progress to employing staff when you have established a steady client base.
- Domiciliary Care Agency
The demand for home careers is increasing with a growing older population and relatives often living long distances away or unable to offer support due to their own personal commitments. Domiciliary care agencies can offer hourly, daily or 24 hour support and are required by long term disabled people, people with mental health conditions, older people and anyone who needs temporary support.
- Supported Living and Assisted Living Care Agency
Separate to domiciliary care
is a high demand for supported living or assisted care Unlike supported living or assisted care is not inspected or given ratings by the CQC. The costs are the responsibility of the individual's local authority making this a very secure business which can quickly generate a profit. A supported living and assisted living care agency, may be proving non-medical care inside a supported living residence or to adults living independently, with learning difficulties or mental health challenges. You can provide various levels of support from assisting with personal care needs, such as washing, to helping choose appropriate food or helping someone who has left a care home or foster home how to manage on the financial support they are provided with. You can also set up supported living residential premises, normally this would be one property with permanent residents that need more consistent and readily available non- medical support.
Children’s homes can provide accommodation to under 18 year olds. This can be temporary to provide relief to parents with a child or children who have special needs or disabilities or permanent for children, including children with learning and behavioural difficulties, who have not been placed in foster care. The local council will pay all of the costs within an agreed framework dependant on the level of care you are providing. All providers and managers of children’s homes must register with Ofsted under the Care Standards Act 2000 before they open. Additionally, in order to open a children’s home, you are required to meet a number of legal requirements. For more information Ofsted have put together a general guide, I have put the link below.
10 Business Start-Up Tips
Follow these 10 start-up tips and you will increase the likelihood of starting and running a successful healthcare business:
- Write a plan with dates for when you need to secure funding, obtain certification, gain CQC registration and any other tasks that are time sensitive.
- Assess the competition and check out the demand for the business you want to start, if you will be online and make a list of what you consider will set you apart from competitors, list your strengths, weakness and differences and then make a list of your key unique selling points (USP,s).
- Work out what your sales forecast will be for the next 12 months, list all initial costs, ongoing costs and predict incoming profits, to work out what your gross profit will be monthly, quarterly and annually.
- Assess if you will need to obtain further finances and decide how to do this, options include business loans, credit cards and allowing investors to have a percentage of your company in exchange for providing funding. Linked In is an excellent platform for finding investors another network worth joining is The UK Angel Investment Network, which connects Angel Investors with appropriate new business start-ups.
- Take a free online course, they are offered by various companies, including NatWest(you don’t need to be a customer), Open University and one course offered by Coursera called Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship, has been rated as one of the top course’s available online and covers the basics of how to choose your business specialisation and assess the industry and markets you will be operating in.
- Check what insurance you will need, this could include, public liability insurance, professional indemnity insurance and employers’ liability insurance.
- Consider how you will staff your company, if you plan to use freelancers, check out platforms like Worksome to get a feel for the market rates charged, if you plan to employ staff make a list of what to check regarding rules and regulations a good place to start.
- Analyse the growth of the market you intend to operate in and future predicted growth, resources that can help include the:
Office for National Statistics
UK Statistics Authority
- Decide on how you will brand and market your company and if you need assistance with branding or marketing take some time to research the companies you will choose.
10. Assess contacts you already have and reach out to anyone you know in the industry who may be willing to provide advice and mentorship, you can also get help with networking and free mentorship at:
Most importantly take time out from business planning for yourself to avoid burn out, ensure you give yourself at least one hour of ‘me time’ a day, have a bubble bath, curl up and read a book or do something you enjoy. Refreshing your brain and ensuring you remain focused is an essential element of success for any new business start-up.
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