Fewer doctors are leaving education and then going on to set up smaller, independent one or two person practices or GP surgeries simply because it’s becoming more financially prohibitive to do so. Healthcare legislation, insurance and other setup costs can make it tricky to compete. However that’s not to say it’s impossible to get involved and the healthcare industry in general is booming. There are several great medical industry niches to get involved in and in this article we’ll take a look at a few of them and how to get started.
1. Medical equipment manufacturing
Designing and making your own high grade medical equipment is a very profitable and certainly thriving business for the capital rich entrepreneur to get involved with. Whilst deep pockets or significant investors might be required to get things moving forward, there are so many niches to explore. Everything from X-ray machines, ECG machines, MRI machines and all the large surgical theatre equipment that you are likely to need in a medical or surgical practice to the smaller, specialist items such as stethoscopes and even disposable or hygiene focused items. With a global market to aim for, the sky’s the limit.
2. Independent dental practice
People will always need dentists, that’s a fact. Not only for the regular routine procedures such as fillings and cleaning but also considering there’s no let up in the demand for cosmetic dental procedures such as teeth whitening and implants; there would be no shortage of demand.
Whilst not exactly investment heavy compared to many other healthcare industries you still have to factor in a few costs up-front such as investing in a prime physical location to attract as many customers as possible, you will also need to source and purchase the latest high quality equipment including restorative and endodonic apparatus, cosmetic and surgical equipment and even the latest in CAD/CAM supplies as these are precisely the sort of dental products UK patients and customers are going to expect.
A first class dental practice will also need great staff so it’s important you invest in a solid, reliable team. Your office and reception staff are very often the first experience your customers have of your business so it’s crucial that it is a positive and welcoming experience for them.
A final bit of advice regarding your potential dental startup; make sure you do your homework regarding insurance. Every business has to cover the liability bases but the insurance needs of a dental practice are unique and require considered thought. Always make sure you are appropriately covered.
3. Open an optician practice
Another booming medical sector is the optical services industry. Whilst the retail sector is enjoying a great time online, there are opportunities abound for trained and registered optometrists with entrepreneurial spirit to startup an independent optical practice. This sort of business can combine an online presence for the sale of optical products with a bricks and mortar location for eye examinations and glasses fittings. As with a dental practice, location is really important and so is ensuring that all the insurance bases are covered.
The UK medical industry is not short of opportunities for the budding medical entrepreneur or the trained medical specialist looking to start a new business venture.