According to TechCrunch, healthcare startups are predicted to grow exponentially in the coming years, with the healthcare industry becoming one of the largest job-provider in the United States.
But what are the reasons behind its growth and popularity?
Well, it seems that the most obvious one is that more and more people are in need of care. More and more millennials are becoming the main work force, with baby boomers aging and in need of medical service.
Another reason is probably the fact that we are advancing technologically, with more technologies becoming available to the healthcare industry. This completely contradicts the popular believe that the healthcare industry isn’t innovative. But with millennials at the helm, things are about to change for the better.
So, with now becoming the hottest time to start a healthcare startup, we’ve decided to give you the tricks to succeed in 2020.
Offer a Service
If you want your healthcare startup to succeed, then it needs to offer a service to someone. But not just that, you have to make sure that people will want it and will pay for it. There is no success if you don’t make any profit out of it, and there are a lot of failed startups that failed to offer the public a viable service.
So, a successful trick is to take a look at the current situation and find a product that will fulfill the needs of the marketplace. This can easily be done through surveys. Asking potential customers what are their biggest difficulties in the healthcare industry will put you on a good position to create a product or service that will help them solve it.
Find Investors
An interesting fact, almost 56% of all startups fail in the first four year. This is down to various factors and reasons, of which one of the biggest one is funding. For your healthcare startup to succeed, you need to find investors that share the same vision with you and will support you financially.
Partner Up Wisely
Finding a suitable partner that will work tirelessly for the success of the business is just as important as the people who fund you. Choosing the wrong person will ultimately be your downfall, so you’d want a partner that also shares your vision and will help share the burden. Before putting pen to paper, it’s important to make sure that the person is a good fit, but most importantly will want to work with you.
Have a Solid Business Plan
It goes without saying that a solid business plan will keep a steady ship. Startups whose business plan is below par tend to fail pretty fast. If you want to be one of those startups that make it past year 5, then a solid business plan is key. This will not only help you make profits, but it will also attract investors and provide suitable loan options.
Be Innovative
We mentioned that there is a false claim to the healthcare industry that it isn’t embracing technology enough. Well, for your startup to succeed, you have to be innovative and follow the technology train. The biggest problems with the healthcare industry are the costs and challenges. And judging by how things work, technology has the potential to be a real solution to both problems in the industry. A couple of revolutionary services that healthcare startups are focusing on are virtual doctor’s appointments, virtual diagnosis, etc.
Build Robust Mobile App
This is one way for your startup to be innovative. While a website is something that every startup cannot live without, a mobile app takes you to the next level. If you want your service or product out there, then it needs to be available on all mediums; that includes smartphones. Smartphones are the most used medium in the world, with it surpassing TVs and computers. As a matter of fact, more people use Google on their phones than on their desktops, so it’s only natural that you have your healthcare solution in the form of a mobile app. While building a robust mobile app isn’t easy, it will cement you as a source that everyone will use to solve their healthcare problems, as quoted by Digital Authority.
Marketing is Key
Your product will never reach your customers without good marketing. You can approach this step in one or two ways. You can either become a good marketing expert and create your own campaigns, or you can hire an expert to take care of everything marketing-related. However, as a general tip, there are three main things you should always focus on when marketing your product or service. Your branding is the most important one, as it should be done properly. The second one is to always have your customers in mind. Your marketing strategies should be created in a way that your customers will feel as they need you to solve their problems. And the last one is your USP. Namely, you need your product or service to be better than your competition. Factors include a better service, lower cost, better quality, and something that will make you stand out from the rest; something unique that people can easily associate with.
Keep Track on Government Regulations
This one is probably the hardest one for grasping, as it is completely out of your hands. Government regulations are present in the healthcare industry, more than any other. So you need to keep track of regulations if you want anything done. Being fully compliant will only help you, as failing to comply might lead to fines, and even complete shutdown. To understand which regulations you need to comply and embrace, we suggest you talk to an expert. Check out this article on FDA’s pre-certification requirements for medical device companies. And imagine – this is just the top of the iceberg.
Build Strong Relationships
A common mistake with young entrepreneurs is that they develop relationships that only lead toward a transactional environment. Avoid relationships that work on the principle of “what can you do for me?” Instead, try to offer what you can do for THEM, and how you can help them achieve what THEY want. Since you will be working in the healthcare industry, it’s not about you. It’s about helping the customer with his problems.
