Do you have an interest in a health-care business but don’t know what exactly to start with? Do you need health-related business ideas that will help you become self-employed? You’re in the right place if you answered yes to any of these questions. Here are some profitable health-related business ideas to help you gain financial freedom.
Overview Of Health-Related Business Ideas
To begin with, what is health-related business?
Healthcare or health-related business is a business sector that provides medical products or services to patients and the world at large.
Also, they manufacture medical equipment, drugs, and medical insurance and facilitate other health-care provisions for patients.
That said, the health-care sector is a wonderful place for those desiring to work in health-related fields.
Also, it is an evergreen industry with lots of business opportunities.
Since health-care service is one the most important component of human lives, health-care attendants will always be in demand.
Furthermore, a report from MedicalDialogues stated that the health-care industry is one of the largest sectors when it comes to revenue and employment.
Meanwhile, they expect the revenue to grow to $133.44 billion by 2022.
Presently, there is a shortage of skilled personnel in the health-care industry.
And this has created huge opportunities for entrepreneurs interested in health-related business.
Today, investors, medical aspirants, and entrepreneurs venture into this business because some health-related business ideas require low startup costs.
Also, businesses in this industry are generally profitable.
Why You Should Invest In Health-Related Business
Here are some reasons why you should consider choosing a health-related business career.
It Offers Job Satisfaction
If you are the type that like helping people and making a difference in their lives, working in a health care center is a good business opportunity for you.
This is because health-care workers are driven by passion and find satisfaction in what they do.
According to research, 84% of physicians and health-care staff in most countries have a higher rate of satisfaction with their careers.
Precisely, as of 2017, the average job satisfaction score of nonclinical health-care staff was 77.6 out of 100.
So, venturing into the health-care business will allow you to pursue and nurture your passion.
Also, it will help you fulfill the purpose of helping others while earning a living from it.
Ultimately, you can choose to care for patients while they recover or do extra work to keep the medical facility running smoothly and get paid for that.
It Has Positions For All Educational Levels
Irrespective of your educational qualification, the health-care industry will always have a space for you.
With or without a doctorate or nurse degree, you can always explore the health-care industry because many roles are available.
For instance, with your high school diploma, you can work as a pharmacy technician and get paid.
In a nutshell, you can always get a good-paying job in the health-care sector with the most basic qualifications.
It Has A Job Prospect
Presently, there are many career options in the health-care industry.
So, you can easily get one that suits your preferences.
Research reveals that since the Boomer population increased, the industry has expanded tremendously and is expected to grow by 14% from 2018-2028.
Also, the advancement in medicine and the population growth has created room for the high demand for medical staff around the world.
With this, your chances of getting a good-paying job in the health-care industry are much greater.
There Is High Earning Potential And Other Benefits
Arguably, the health-care industry is one of the most prominent and well-known service providers among other industries.
Considering the rate of their service, they are always seeking new and skilled workers.
So, highly skilled health-care professionals tend to earn more than those who are not.
Research also states that some of the highest-paid specialists in the medical field earn an average of $609,639 per year.
Above all, there are always great jobs available in the health-care sector for any level of education.
These jobs offer competitive payment when compared to other industries.
Opportunity To Attract International Job Offers
If you’ve always dreamed of working and living abroad, venturing into the health care industry could make it easy for you.
Health care personnel are needed around the world.
As such, being a health care professional will make it easier to process your visa to go and work with foreign companies overseas.
Overall, with the right qualifications and skills you can make your dream to work and live abroad a reality.
There Is Flexibility In Working Hours
We all know that all the hospitals and other health-care centers render 24/7 services.
So, they offer a flexible work schedule that includes the option of day-shift, over-nights, or even short-work weeks.
Given so, the industry will always need people to work at those different hours.
Through this, you can do other personal work alongside this profession.
Also, it will allow you to be more involved and committed to your family life and create a better work-life balance.
Combining these factors, there’s a thriving market for health-related businesses.
As an aspiring new business owner, these are so many reasons why you should go into health-related business.
Future Relevance Of Health-Related Business; Health-Related Business Ideas
Health awareness and the importance of medical treatment have increased the popularity and growth of the health-care industry.
Statistics show that health-care is one of the fastest and largest-growing industries in the whole world.
It’s also the largest source of employment and pays well above the national average.
Research shows that an average health-care worker in the U.S earns $60,976 a year.
Aside from that, nationwide spending on health is expected to grow at an average rate of 5.5% by 2026.
According to the U.S. Bureau of Labor Statistics, employment in healthcare-related occupations is expected to grow by 18% from 2016 to 2026.
On top of that, it is projected that by 2026, nearly half of the 20 occupations in the health industry should have the highest percentage when it comes to employment.
What are we saying?
The health-related business industry will continue to be relevant as long as humans exist because health-care is one of the basic needs of man.
12 Health-related Business Ideas
Below is the list of the best health-related business ideas you can start as an aspiring entrepreneur.
1. Start A Retail Pharmacy Store
Owning a pharmacy store is one interesting healthcare service you can start as a business.
With this business, you can provide different kinds of medical services to your customers and make a reasonable profit from it.
Alongside the prescription drugs, you can decide to add food and dietary supplements, cosmetic products, provisions, and OTC products.
This is to add to your revenue.
Without any doubt, this is one of the best health-related business ideas you can start in any location of your choice.
It will require you to rent a shop, get the necessary permit or license, and a decent amount of startup capital.
2. Start Medical Record Management
Another health-related business idea is medical record management.
It is also called record keeping.
There are two ways to engage in this business.
First, you can decide to work directly with doctors, clinics, and hospitals to keep and manage the patient records.
Alternatively, you can also work with clients to provide services and train their staff on medical records management.
However, you’ll need to gain competency and a good reputation to get your ideal clients.
The job opportunity in this field is equivalent to the average of all occupations.
According to BLS, the medical records and health information specialists’ earnings are $51,840 annually.
So, this is an excellent offer you can lay your hand on.
3. Provide Ambulance Service
This is another great business opportunity you can start as a beginner.
Though, the business has two dimensions, emergency ambulance service and non-emergency ambulance service.
As a beginner, non-emergency services are one of the easiest ways to start.
This is because it requires just a few skills and resources to start the business.
With your serviceable vehicle, you can start providing ambulance services on a need basis and make cool cash from it.
You can pick up the patients from their present location and drop them in their respective hospitals, clinics, or their home.
On the other hand, an emergency ambulance service requires skilled medical personnel and a good number of specialized vehicles to be run.
Overall, if you’re just starting, we suggest you begin with the non-emergency ambulance servicing business.
This will fetch you reasonable profits while you expand the business with time.
4. Become A Nutritionist
To start a nutrition business, you must be an expert on food and nutrition.
Also, it’s essential that you have a passion for a healthy lifestyle and the ability to counsel on nutritional issues.
You could advise clients on how to increase or decrease body weight and other diet-related concerns.
The reason why you should be an expert is that you’ll coach people on eating healthy.
That will include everything about nutrition, vitamins, and minerals that promote good health and prevent diseases.
Fortunately, there are different courses available online that can help you become an expert.
Even more, you can acquire a bachelor’s degree in nutrition science, clinical nutrition, or food science.
To become a certified nutritionist, there’s needs to obtain a license from any of the following associations;
- Commission on Dietetic Registration (RDN)
- The Board for Certification of Nutrition Specialists (BCNS)
- The Clinical Nutrition Certification Board (CNCB)
Being certified, there are several work opportunities for you out there.
You can work in health-care, food science, and technology, and large-scale organizations such as;
- Management nutritionist
- Sports nutritionist
- Public health nutritionist
- Clinical nutritionist
- Registered dietitian nutritionist, and others.
5. Set Up A Fitness Business Center
Starting a fitness center is another example of a health-related business idea.
This might be capital-intensive, but it is profitable as well.
The business involves providing personal training, required equipment, and professional instruction.
All you will need is background knowledge about fitness, a nice location, and necessary equipment that can attract your customers.
6. Herbal Products Manufacturing
Herbal product manufacturing is another cool way to make money in the health-care industry.
So, if you are looking for an innovative business idea in this field, this is a clear opportunity to start one.
Without any doubt, almost all health-care products contain chemicals that could be harmful to the body.
Due to this, many prefer to take organic or herbal health-care products than orthodox medications.
So, you can acquire the necessary skills, qualifications, and certifications to produce your herbal/organic drugs for different ailments.
You can combine producing herbal drugs with herbal soap, oil, cosmetics, and other things to diversify your income streams.
All it will require is a decent amount to get the raw materials.
Then, you’ll need to decide the herbal products you want to produce, obtain approval from the local authorities, and start production.
Finally, you’ll need to find a nice location for your business, or you can even start producing from the confines of your home.
7. Production Of Gloves And Face-Mask
After the covid-19, almost everyone started using gloves and face-mask.
They either wear it to banks, hospitals, pharmacy stores, or even corporate offices to avoid contracting the virus.
With this event, the demand for gloves and face-mask grew and may continue to increase.
So, if you are looking for a manufacturing business to start with, we suggest you go for glove and face-mask production.
It is one of the most profitable healthcare-related business ideas with low startup costs.
8. Weight Loss Center
Another way to start a business and make money is by owning and managing a weight loss center.
Most people don’t have time to go to the gym or fitness centers.
This has resulted in a high increase in obesity.
The increase in obesity has increased the risks of heart disease, blood pressure, diabetes, and other diseases.
According to NIHR, Metabolically healthy obese people have a 28% increased risk of heart disease compared with people of normal weight.
So, here comes another opportunity to start a weight loss clinic.
You would provide services on how to reduce weight by medicine, diet, or any other available means and make reasonable profits from it.
9. Opening An Online Pharmacy Store
Due to technological advancement, some people hardly go out to buy things.
Most people prefer to order drugs online and expect them to be delivered to their doorstep.
Therefore, opening an online pharmacy store would be one of the best health-related business ideas you can go into.
To achieve this, you would open a website where people can book and order products and have them delivered to their homes.
For a start, you can provide special offers or discounts as a way of attracting and keeping customers.
10. Fitness Equipment Marketing
Advertising and marketing fitness equipment is also an ideal health-related business idea you can opt for.
Fitness activities are more effective and efficient with the right equipment.
So, as a health-care entrepreneur, you can start supplying fitness equipment to gym centers and others who may need them for workouts in their homes.
Alternatively, you can as well go online by opening an online app or web store where you can advertise your business and attract different customers.
Although, starting this kind of business could be capital-intensive and may cost you up to $30,000 depending on the equipment you want to go for.
11. Surgical Equipment Marketing
Apart from marketing fitness equipment, you can market surgical equipment as well.
Many small hospitals may not go directly to the manufacturing companies to get surgical equipment.
So, it is ideal you get in touch with them and start marketing and supplying that equipment on demand.
Frankly speaking, the proceed from it is quite decent even if you make a few sales in a month.
Tips On How To Start A Health-Related Business; Health-Related Business Ideas
To achieve success in any health-related business idea, you need to plan very well.
This is the reason why you need to consider the following steps:
- Personalize your business.
- You need to understand the demand & market.
- Offer quality and affordable products or services with the right technology.
- Create a unique business plan.
- Register your business to make it legal.
- Calculate the cost of starting and maintaining a health-care business.
- Raise Fund
- And be creative in promoting your business health-care business.
Conclusion On Health-Related Business Ideas
Here is the end of the health-related business idea opportunities in this review article.
We believe that one or two business ideas here will incite you.
So, pick the business idea that interests you and start right away.
Remember, you can’t achieve anything without starting anything.
For more information on health and fitness, you can check out the Health And Fitness Business Ideas.