Start A Home Healthcare Service Business - Business Ideas
Today’s lifestyle patterns have introduced new diseases, and demand for healthcare services is rising. As we age, we develop different health problems resulting in medical services. Thus, with the rising demand for healthcare, starting a health service business can be a lucrative opportunity.
Niche markets within the healthcare industry include:
- Ambulatory surgery centers
- Medical labs
- Kidney dialysis facilities
- Outpatient clinics
- Mental health facilities etc.
To start a health service business, research the market and acquire all necessary medical equipment. You can choose a franchise, a partnership, or start your own health center from scratch.
Starting a home healthcare service business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell home healthcare service, or selling home healthcare service online, you can use this page as a guide for everything you'll need to know.
Key Stats
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
| Office Space Expenses | $0 | $7,000 |
| Employee & Freelancer Expenses | $151 | $352 |
| Website Costs | $223 | $7,215 |
| Business Formation Fees | $600 | $4,700 |
| Equipment & Supply Expenses | $66 | $700 |
| Advertising & Marketing Costs | $75 | $4,786 |
| Software Expenses | $162 | $2,720 |
| Training & Education Expenses | $0 | $850 |
| Total Startup Costs | $1,277 | $28,323 |
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
UCLA health | uclahealth.org | #16,053 |
|
Intermountain Healthcare | intermountainhealthcare.org | #23,444 |
|
UW Health | uwhealth.org | #43,673 |
|
Fairview Health Services | fairview.org | #44,990 |
|
Caring.com | caring.com | #58,572 |
|
Axxess | axxess.com | #90,258 |
|
Healthcare Success, LLC. | healthcaresuccess.com | #98,127 |
|
Aurora Health Care | aurorahealthcare.org | #115,357 |
|
Genworth | genworth.com | #134,674 |
|
Kindred Healthcare | kindredhealthcare.com | #140,596 |
|
Tufts Health Plan | tuftshealthplan.com | #145,567 |
Pros & Cons
| Pros | Description |
|---|---|
| Flexibility | You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
| Meaningful business connections | You never know who you will meet as a home healthcare service business. This could be the start of an incredible business opportunity! |
| High customer retention rates | Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
| Pick & choose the clients you work with | Home Healthcare Service Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients! |
| Control of workload | With starting a home healthcare service business, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you. |
| Gain exposure and experience | This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you! |
| Cons | Description |
|---|---|
| Motivation of employees | If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees. |
| Low margins | The gross margins for your home healthcare service business are typically around 35%, which can make it more challenging to incur new expenses and maintain profitability. |
| High employee turnover | In the home healthcare service business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment. |
| Taxes | As a home healthcare service business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it. |
| Stressful work | This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments. |
| High overhead expenses | With starting a home healthcare service business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below. |
Marketing Ideas
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1
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
-
2
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
-
3
Pay Per Click Advertising
Pay-per-click (PPC) is a performance-based marketing method that allows you to show specific ads for services or products oriented to a very defined target, with the goal that the user visits your website or landing page.
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