6 Profitable Healthcare Business Ideas to Pursue in 2020

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The global health and wellness industry is worth a whopping $4.2 trillion. The number of people who’re becoming more self-aware about the need to embrace healthy lifestyles is increasing every day.

If you’re an entrepreneur, there’s plenty of opportunity in this industry. You can carve out a small piece of cake from this multi-trillion industry and have it to yourself. However, you need to identify a good opportunity and work toward making it a success.

Don’t know where to start?

In this article, we’re sharing healthcare business ideas that, if brought to life, can grow into highly profitable ventures. Keep reading!

1. Health and Wellness Coaching Practice

The need for health and wellness coaching is at the heart of the health industry's growth, especially in the United States. As much as people are becoming more self-aware about their health, they’re not in a position to achieve optimal health on their own. They need the help of health and wellness experts.

As such, you’ll be bang on the money if you start a health and wellness practice today.

Like most healthcare business ideas, this one requires more than having the money to actualize it. You need to be a health and wellness coach in order to start this business. It’s just like how only a doctor can open a physician’s office.

There’s a workaround, though.

You can set up a health and wellness studio and hire a certified coach to lead it. Your job will be limited to the commercial aspects of the facility.

2. Healthcare App

The vast majority of people in the United States now own a smartphone and a good number are using their devices to access health services and information. It’s no wonder there are over 400,000 health apps across the various mobile app stores.

Creating your own health app can turn out to be a lucrative money-making opportunity.

The key is developing an app that centers on a health niche with a big market. For instance, yoga is rapidly becoming popular across the United States, and people are practicing it in their offices and homes. They rely on YouTube tutorials and other digital aids, such as yoga apps.

Developing a proper app that can get millions of downloads requires expertise, so if you know little or nothing about app development, you have to bring in an expert and share your vision with them.

Once your app is live and getting users, there are a couple of monetization strategies you can pursue. One way is to offer a subscription service, where premium members gain access to the best content and even live training. Another option, which is less desirable because it affects user experience, is to run ads.

In addition to having an app, you can create an accompanying website and monetize it.

3. Start a Yoga Studio

Although yoga apps are quite helpful, nothing beats the experience of practicing yoga in a studio or health wellness facility. It’s for this reason starting a yoga studio makes perfect business sense.

To start a yoga center, draw up a business plan and identify a suitable location.

A lot rides on how you will design and lay out the space. A yoga studio should evoke feelings of quiet, calmness, and tranquility. If yours doesn’t, attracting loyal clients will be an uphill task.

Lucky for you, there are companies that specialize in designing yoga spaces. Hire one in your area and let them do the job.

4. Medical Marijuana Dispensary

The medical marijuana industry is worth $2 billion right now, but forecasts show it will hit $50 billion in 2029. What’s more, marijuana is legal for medical purposes in 33 states—and counting.

Starting a medical marijuana dispensary is an ideal way to break into this industry and capitalize on its growth. Dispensaries sell medical cannabis in various forms, including edibles and oils, but to patients with a prescription.

The legal requirements for starting and operating a medical marijuana dispensary vary from state, so you must ensure that it’s legal in your state in the first place. It’s also important to note that cannabis laws might change in the future. Knowing how these changes can potentially affect your business will help you make smart decisions before you start the business.

5. Medical Records Management Service Provider

The Health Insurance Portability and Accountability Act of 1996 requires healthcare providers to protect patient information.

As such, hospitals, physician’s offices, nursing homes, and other healthcare facilities have a legal responsibility to protect the health information they collect from patients. However, most of these facilities don’t have the technical know-how required to guarantee 100% information privacy and safety.

This is where medical records management companies step in. They help healthcare facilities and other organizations that handle medical records to ensure the privacy and safety of the information they possess.

As an entrepreneur, you can start your own medical records management service and grow it. There are a couple of effective ways to scale your health business and this is one of those businesses that have the potential to rake in millions.

6. Personal Training Business

Commercial gyms have always been our #1 destination when we want to break some sweat and shed some fat or build a muscle. That’s changing.

Public gyms don’t offer much privacy and there’s little to no personalized service. Plus, with a crisis like COVID-19 forcing people to avoid public spaces, personal training is quickly becoming the preferred option among many people.

Now is the best time to start a personal training business.

If you’re already a personal trainer, starting up is as easy as setting up a website, marketing your services, and waiting for clients to hire you. And if you’re not a trainer, you can still set up a company, hire trainers and pay them to attend to your clients.

Turn These Healthcare Business Ideas into Sustainable Businesses

Good healthcare will always be central to people’s lives. They will often turn to various health service providers for treatment, advice, and coaching. With this guide, you now know the various healthcare business ideas you can start and make a difference in people’s lives while earning tidy profits.

Keep reading our blog for more small business ideas.

 

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