If you want to become an entrepreneur and you’re passionate about helping other people, consider starting a company in the healthcare industry. Not only are there many sectors to choose from, but there is also a lot of demand for medical businesses. Here are the top six issues to think about as you prepare your business plan.
- Your Issue
Every company acts as a solution to a problem. Perhaps you think that good healthcare is too expensive, so you start a health insurance company that offers lower premiums than your competitors. Maybe you’re passionate about racial biases in the medical world, so you open a business that educates doctors and nurses about the dangers of prejudice. If you’re having trouble coming up with an issue, work with nonpartisan political action groups such as No Labels. These organizations have plenty of information about problems that matter.
- Your Angle
Once you’ve picked an issue to solve as a healthcare entrepreneur, you must decide on your angle. Do you want to start a grassroots company that motivates members of your community to cause change? Would you prefer a business that directly solves the problem through its services or products? For example, if your business addresses poverty-related health concerns in children, you could start a business that trains nutrition experts. On the other hand, you could also start a company that manufactures affordable vitamins for children living below the poverty line. The approach you take depends on your budget, your company’s projected size, and your outlook on the issue.
- Your Solution
Now it’s time to get into the solution for your chosen problem, otherwise known as the products or services that you offer. If you’re going to sell nutritional supplements, medications, or other consumable products, you must be a licensed pharmacist. You must also work with the Food and Drug Administration if you want to develop your own supplements rather than ordering them from vendors. For entrepreneurs who want to offer services such as education and training, you must develop a curriculum that is certified by the proper authorities. Work with lawyers and accountants to ensure that your products and services are legal, ethical, and sustainable.
- Your Model
Having thought through the ideas behind your company, you have to consider the ways to turn those ideas into reality. First, what does your company look like? Do you have a brick-and-mortar store and office, or do you offer your services remotely? Are you centered in one location, or do you hope to have many branches throughout the country? You also need to decide on your company’s structure. Most likely, you’ll need at least a few employees, so you must decide on their qualifications. Depending on your purpose, you may hire people with as little experience as high school interns and as many credentials as a doctor of cancer biology. Finally, consider how you fit into this picture; what do your day-to-day responsibilities look like, and how might they change as your company grows?
- Your Funding
A key part of your business plan involves creating your proposed budget and asking your investors for funding. However, if your network is small and your purpose unusual, you might not get enough capital through investments alone. When this happens, research government programs to see if your services qualify you for any grants. This is especially likely if your company will help underserved communities. Look for loans through the Small Business Administration and small banks, who are more inclined to give entrepreneurs approval. Don’t be afraid to use alternative financing methods such as crowdfunding to cover the rest of your expenses.
- Your Timeline
Your healthcare business plan helps you to make a realistic strategy for opening your doors, so one of the key elements is your timeline. Starting with the day that you intend to release your business plan, when will you take each step towards your company’s first day? Include major dates such as the day that your lease begins and the day that you’re going to start applying for loans. Add in seemingly minor tasks such as designing your logo and beginning your hiring process, too. It’s harder to forget about these jobs if they’re part of your business plan. Leave room for unexpected delays at all stages, but choose a targeted opening date as soon as possible. Your potential investors are more likely to give you their funding if your business opens in the foreseeable future.
Starting a company in the healthcare industry can be overwhelming at first. So many laws govern the medical world, and each company provides such essential services that you’re afraid of messing up someone’s healthcare. However, if you prioritize these six issues as you create your business plan, you’re sure to start your company off right.
Daniel Bailey is a known content writer from California, USA. He writes content in different niches such as social media marketing, finance, business, etc. He’s a day time blogger and night time reader currently working for some blogs. He enjoys pie, as should all right-thinking people.
