Launching a medical startup can be a lucrative move for entrepreneurs and healthcare professionals. Of course, knowing where to start when it comes to establishing a medical-based business can be a bit confusing, even for those with professional training. To take the guesswork out of this process, here are a few basics that every entrepreneur needs to start a successful new business, courtesy of Epiphany Professional Development.
Business Plans
Every successful business begins with a well-executed business plan. Starting a business without a plan is like taking a trip without a map or GPS, and you’re more likely to get lost along the way. If you don’t have experience writing business plans, you can use online examples to get started with yours. Go through each line item thoroughly so that you do not miss any small but important details. Also, keep in mind that fluidity and evolvability are crucial for any plan.
Payroll
If you plan to hire employees, then you’ll need to start thinking about payroll. This will involve a number of important steps, including setting a payment schedule that all of your employees understand, as well as ensuring all of the proper paperwork is filled out correctly. There are also payroll taxes that need to be paid on time. If all of this sounds overwhelming, then you’re right — it’s a lot to take in! Fortunately, payroll for startup services are available that can help you streamline this process so you can focus your energy on other things.
HIPAA Policies
If you are interested in starting a healthcare business, it’s very likely that you are already aware of the importance of HIPAA compliance. HIPAA regulations require medical/healthcare businesses to take certain measures to protect patient information and privacy, and these measures can ensure securing online accounts, databases and billing services. If you’re not clear on HIPAA compliance requirements, investing in a HITRUST CSF assessment can help. Completing a HITRUST CSF assessment will also enable you to build trust with your future clients.
Startup Funding
Much like a business plan, funding is key to any small business. In fact, you should outline your funding needs and intentions in your overall plan. If you are unsure of where to turn in order to raise the capital for your new medical business, know that you do have funding options. Bootstrapping, or funding your own startup, is a common choice, but this can be a bit risky. So, you may also want to consider applying for loans, seeking out investors or even crowdfunding.
Business Connections
Do you have connections within the medical community? Hopefully, you answered “yes” to this question because if not, you could have a harder time getting your business started. That’s because networking is vital to establishing your new business into a position of authority within the healthcare industry. Some ways to network with medical professionals and other small businesses can include utilizing social media connections and attending professional events.
Marketing & Branding
Yes, even in the medical and healthcare industries marketing is crucial. In fact, even though they are an essential business, hospitals and the healthcare industry spend $30 billion each year marketing their services and products to potential clients and patients. In addition to marketing, healthcare businesses also need to focus on branding in order to build trust and relationships within the community. So, make sure your medical startup plans include both.
Office Space
Depending on the nature of your medical business, you may be able to start operations out of your home. Because HIPAA compliance and client trust is so important, however, you will eventually want to either lease or buy a dedicated space for your new business. Leasing can provide you with more flexibility for relocating your medical business, but you will be building zero equity. On the other hand, buying will allow you more options for customization, but the upfront costs can be overwhelming. In addition to buying or leasing, you can also consider building, though zoning requirements can be different for medical and healthcare businesses.
Establishing a successful medical or healthcare business does not have to feel complicated. As long as you have a plan and have your HIPAA bases covered, you should have few problems. Then you can focus on improving the community with your products and services.
Feeling unprepared to enter into the healthcare business? Epiphany Professional Development can help you develop your leadership skills so you’ll be ready to make the leap into entrepreneurship. Contact us using this online form or by calling 877-689-8256.
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