Last Updated on February 11, 2023 by Lisa
For entrepreneurs aspiring to start a health-based business, now is the best time to do so as health-related industries continue to expand! From providing outpatient services through a private clinic to selling health products online, there’s a plethora of opportunities to choose from. In this article, we’ll explore all the important steps you need to take to get your health business off and running.
Hone in on a Market
Your first step towards starting a health-based business will be to decide on a target market. A target market is a select group of customers to whom you can sell your products/services as it serves as a solution to one or more of their pain points. For instance, if you choose to start a meal prep service, your main consumers will be health-conscious adults who want to eat healthily but do not have time to cook.
Choosing the right target market will involve thorough market research, learning about current and future customer purchase trends, in addition to finding underserved market segments overlooked by competitors.
Choose the Best Funding Avenue
Once you’ve determined your target market, the next step is to find the best funding strategy to get your business up and running. As a new entrepreneur, there are a few avenues for you to explore, such as:
- Bootstrapping: This method involves paying for all business expenses out of pocket. As a result, this is the best option for those planning to start a low-cost business.
- Business Loans: Obtaining funding from a bank will require you to create a strong business plan and have a good credit score and financial forecasts for at least the next 12 to 24 months. Additionally, you’ll need to factor in the cost of making monthly repayments.
Promote Your Business
Once you’ve decided on what to sell and how to afford it, it’s time to turn your attention toward marketing. In 2022, social media is the go-to platform for connecting with customers, educating them on your products, and motivating them to make purchases. Hence, you must create profiles on all major social networks such as Facebook, Instagram, TikTok, and more!
Additionally, don’t neglect email marketing. While the return will depend on how well you craft your content, email marketing is a must-include medium in your promotional strategy.
Protect the Business from Cyberthreats
Cyberattacks on small businesses are on the rise in all industries, and healthcare is no exception. In addition to stealing confidential business and customer data, hackers can also start using your servers to store malicious files and attack other businesses. Additionally, a cyberattack can have a major negative impact on business operations and finances.
Hence, it is important to invest in quality cybersecurity solutions that are tailor-made to keep healthcare businesses safe from bad actors by providing data encryption, threat monitoring, and a range of other cybersecurity services.
As an entrepreneur, it is easy to become overwhelmed with obligations and demands. Self-care should be a priority, not just for physical health but also mental. Taking time out of each day to do something truly calming, or treating yourself to something you enjoy can help reduce stress.
A great way to start is by decluttering your home – this simple task can provide an instant feeling of calm and control. Beyond decluttering, look into mindfulness techniques such as yoga or meditation, plan regular breaks throughout the day, get enough sleep and make sure you’re eating healthy meals. And if you’re working from home, establish a strict schedule to improve your work-life balance. Practising self-care will help ensure that as an entrepreneur you remain resilient and productive.
Running a health-based business will be a challenge, but by having a plan of attack, you’ll be ready and organized at every step of the way, from choosing your target market to investing in the best cybersecurity solutions to prioritizing self-care.
Article by Naomi Johnson at Life-Based Business
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