According to recent figures, healthcare startups have risen steadily since the beginning of 2010. In fact, from 2010-14 the number grew by 200%. By any measurement, that is an astronomical increase. It’s no surprise that the industry is experiencing a boom at the moment. Everywhere you look there are changes to regulations and an aging population. When you put the two together, you get the opportunity to break down the glass ceiling as well as the demand for better care. A savvy entrepreneur would love to get involved, and here’s how.
Look The Part
Customers, regardless of the industry, place a lot of emphasis on looks. In the case of healthcare, they already have a perception on how an independent company should appear. In simple terms, they want what they already get in a slightly different package. Entrepreneurs can take advantage of this mentality with the right choices. Of course, you want to stamp your authority on the place, but some battles aren't worth the hassle. For example, healthcare furniture might suit the waiting room better than nouveau riche chairs. You can still have an original layout even if you use a classic theme.
Healthcare laws are scary, right? In fact, the previous statement isn’t as accurate as you might believe. Yes, there is a lot of red tape that is hard to understand, and that is frightening. But, once you simplify the language, you will start to understand that the regulations aren’t so bad. In fact, they are a competitive advantage for smaller enterprises. The big boys tend to need regulating more than the little people because they operate at a higher level. As a result, there are loopholes and rules which don’t apply to you. If you can cut through the red tape, there is a chance you can make a killing. Excuse the expression!
Don’t Swerve The Big Players
Giants like Facebook make new businesses think they should avoid the industry stakeholders. There is no doubt that it is working for them, but it doesn’t work in healthcare. The industry is too homogenous to avoid system producers, insurers, and drug makers. Sorry to burst your bubble, but the only way to win is to put your hat in the ring. It’s a scary prospect, but it isn’t impossible. Everyone has a price, and you can get them on your side if you find that price. Or, look for another soft spot which might be less expensive. Also, having contacts in the right places always comes in handy.
Those of you that take an interest in Silicon Valley will know all of the Cinderella stories. For example, X grew by Y in Z amount of months. Good for them, but that formula doesn’t translate into healthcare. Thanks to regulations, sales can take a long while to grow. That doesn’t mean that you won’t make money from the beginning, but it does mean you’ll have to wait for the big profits. If you want to get into the industry, you have to settle in for the long-haul because there is no quick fix.
As the saying goes, patience is a virtue.
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