Do you want to start a healthcare business with low investment? If so, find here a list of the best healthcare business ideas for healthcare professionals and people related to the medical profession like pharma, medical doctors, etc.
Healthcare is an evergreen inflation-free industry full of business opportunities. The industry offers a wide range of businesses for entrepreneurs. Depending on your investment capacity and skill, you can explore any healthcare business as a low-cost or cash-intensive business model.
Currently, US healthcare spending at approximately 15% of GDP, which is the highest in the world. Around 85% of citizens here have health insurance, either through their employer or purchased individually.
The growth of the healthcare industry is by and large because of the aging global population, chronic diseases, and gradual awareness of better living among more and more people. Hence, starting a business in the healthcare industry is a good business proposition at present.
Find below a list of the best healthcare and medical businesses to start with a low budget:
56 Healthcare Business Ideas
#1. Aerobics Centre
The demand for aerobics centers is growing in the last few years. Regardless you are an expert in aerobics or not, you can initiate an aerobics center. The most important aspects are the right location and business model. Additionally, you must identify the exact demand for this type of service.
#2. Alternative Healthcare Center
Basically, alternative healthcare centers provide healthcare in different ways. Usually, they use aromatherapy, Naturotherapy, Acupuncture, Unani, etc. The demand for this type of service is growing these days.
#3. Ambulance Service
Starting an ambulance service business is lucrative for entrepreneurs who enjoy outdoor activity. Also, the business is easy to start. However, you must have sound networking skills to getting long-term success.
#4. Anti-tan Clinic
the demand for this type of niche and specialty skin clinic is growing these days. Nowadays, tanning is one of the most common problems for skin-sensitive people. However, the business demands strategic planning and moderate capital investment.
5. Botox Clinic
Botox clinic business is getting popular in the last few decades. People more and more are looking for a botox treatment, especially the middle-aged. If you have the necessary knowledge, starting this business can fetch you good returns.
#6. Biological Drugs Production
Basically, biological drugs are medicines made from living cells through highly complex manufacturing processes. And they are used to prevent, treat, diagnose, or cure a variety of serious and chronic illnesses. The list includes cancer, chronic kidney disease, autoimmune disorders, and infectious diseases. The business is highly capital-intensive. However, it has a huge future prospect too.
#7. Blood Bank
In critical situations, blood is one of the most precious items. And in developing countries, there is a supply deficit of blood. So, setting up a private blood bank is one of the lucrative opportunities in the areas where you can understand the demand.
#8. Corporate Wellness
Corporate wellness programs work to nurture wellness in workers, regardless of the work environment. Generally, employers look for this type of service in factories, corporate offices, large corporations, and small corporations alike.
#9. Counseling Service
Mental health is a key part of our overall well-being. Current figures suggest that one in four people in the United States will experience a mental health problem each year. The most common types include depression and anxiety. So, the demand for counseling services is always there.
#10. Dental Clinic
If you are a dentist, you can open a dental clinic with a full-scale service. However, starting a dental clinic demands capital investment. You will need upfront startup capital for procuring the space, medical equipment, and hiring manpower.
#11. Diagnostic Center
Actually, the diagnostic center is a traditional and evergreen business. And even then, the industry is growing rapidly. Nowadays, most popular centers provide services at the patient’s doorstep. Additionally, they provide reports online too.
Actually, dietitians are the experts who alter their patient’s nutrition based on their medical conditions and individual needs. Additionally, dietitians have regulated healthcare professionals. Additionally, they are licensed to assess, diagnose, and treat nutritional problems. You can start the business in many ways like home-based or with your own clinic.
#13. Disposable Syringe Manufacturing
Disposable syringes are made of plastic material and are used in the field of medical and veterinary science. The product has wide market potential. You can start a disposable syringe production business with moderate capital investment.
#14. Empty Gelatin Capsule Making
Basically, empty gelatin capsules are the product o the f pharmaceutical industry. The product has a huge demand. However, the manufacturing process is not that complex. You can initiate a manufacturing unit with moderate capital investment.
#15. Eye Clinic
Initiating an eye clinic is the perfect opportunity for eye specialists. Also, you can run a drug store and a spectacle store with the clinic. The different eyesight problems among the population are growing. So, the demand for this type of specialty clinic is also increasing.
#16. Fertility Center
Fertility centers are specialty medical clinics. They assist couples, and sometimes individuals, who want to become parents but for medical reasons have been unable to achieve this goal via the natural course. The demand for this type of service is increasing rapidly.
#17. Firstaid Box Retailing
If you want to start a small retail business in the healthcare industry, then you can consider this. Nowadays, there are numerous opportunities you can explore for starting a retailing business including offline and online.
#18. Fitness Center
If you are a fitness expert and looking for business opportunities, then you can start a fitness center. However, the business demands upfront startup capital investment. You must secure a good location and procure quality equipment.
#19. Fitness Equipment Selling
This is another great retail business you can start as a healthcare business. Apart from retailing, you can also consider distributorship or dealership opportunities. Otherwise, a franchise is also a great option for beginners.
Basically, it is an open-air or covered location for gymnastics, athletics, and gymnastics services. Nowadays, the gym is one of the most popular fitness locations for all age groups of people.
Read: How to Start A Gym Business With No Money
#21. Health Blogging
Presently, blogging is one of the most profitable online businesses one can start today. However, you must have some sort of expertise in a specific field. And if you have knowledge in the healthcare segment, then you can initiate a health blog successfully. You can check our detailed guide on how to start a blog and make money to learn more.
#22. Healthcare Magazine
If you want to start a business in the media and publication industry, then you can consider a healthcare magazine. The business is highly profitable. However, it demands substantial capital investment and strategic planning.
#23. Health Fair
Health fairs are getting huge popularity on both national and international grounds. And there are several reputed companies who look for a space for showcasing their products and services. However, it is undoubtedly a big business. Additionally, you must have a solid network in the industry.
#24. Herbal Product Production
As people understand the harmful effects of chemical products, the demand for herbal products is increasing very fast. Some of the most popular items are herbal hair oil, soap, detergent powder, cosmetics, etc.
#25. Home Healthcare Agency
Basically, home health care agencies provide a wide range of services at a client’s home for an illness or injury. Usually, these services are less expensive, more convenient, and just as effective as the care you get in a hospital or skilled nursing facility (SNF). So, the demand for this type of service is increasing rapidly.
#26. Massage Therapy
If you have the right skill and expertise, you can start a massage therapy business in numerous ways. First of all, you can offer the service at the client’s doorstep. Otherwise, you can secure a location for establishing a massage parlor.
#27. Medical Gloves Production
If you want to start a healthcare business in the small-scale manufacturing segment, then starting a medical gloves production business is perfect for you. The medical gloves-making process is simple. And you can initiate the business with moderate capital investment.
#28. Medical Insurance Selling
This is one of the most profitable healthcare businesses that demand entrepreneurship ability. Basically, the business doesn’t demand any specific degree and you can start with almost zero capital investment. However, you must have sound networking skills.
#29. Medical Store
Eve, in this digital era, a small medical store has enough potential of earning good revenue. Typically, you can sell drugs, medicines, healthcare, personal care products, etc. However, location plays an important role in this business.
#30. Medical Tourism
Nowadays, medical tourism is a popular business. Basically, it refers to people traveling to a country other than their own to obtain medical treatment. And as an operator, your primary responsibility is to arrange the trip in a hassle-free way and provide the best treatment as much as possible.
#31. Medical Waste Disposal
The environment of a clinic and any medical establishment highly depends on proper waste management. Basically, medical waste has the potential to increase bacteria and germs. So, if you want to make money out of only waste, then this is the perfect opportunity for you.
#32. Midwifery/Doula service
These are services that have huge demand globally. And the demand is increasing rapidly. You can start the business as home-based with almost zero capital investment. However, if you want to scale up, then you must invest in the business.
#33. Mobile Medical Checkup
If you want to start a healthcare business that demands outdoor activity, then you must consider starting a mobile medical checkup service. The business is highly profitable. However, the business demands initial capital investment for procuring vehicles and medical equipment.
#34. Nursing Home
Actually, the nursing home is a traditional business. Basically, nursing homes provide a wide range of medical and healthcare-related services. Though the business needs substantial capital investment it has enough potential too.
#35. Online Pharmacy
If you want to start an online healthcare business, then you can start an online pharmacy or online medicine store. There are several platforms that you can explore for setting up the store. However, the business demands strategic planning and initial capital investment.
#36. Orthopedic Supply Store
Basically, you can open an orthopedic supply store in two ways. Either as offline brick-and-mortar stores or online stores. Also, you can consider starting the business as a franchise or distributor of a reputed company.
#37. Pediatric Clinic
Basically, a pediatrician is a child’s physician who provides not only medical care for children who are acutely or chronically ill but also preventive health services for healthy children. So, the demand for pediatric clinics is increasing very fast.
#38. Personal Training
If you are a personal training expert, then you can consider starting a business in the personal training industry. Comparatively, the business is easy to start. Broadly, you can start the business in two ways. You can start either home-based or from a good location.
Basically, a polyclinic provides medical consultation in several segments under one roof. Additionally, a polyclinic provides treatments that need on maximum single-day stay. The polyclinic business is getting popularity throughout the world. However, the business demands moderate startup capital investment.
#40. Sanitary Napkin Production
Basically, sanitary napkin comes under the women’s hygiene segment. Though an automatic unit costs really high, you can set up a semi-automatic unit with a comparatively small investment. For long-term success, the business demands intensive marketing and a wide distribution network.
#41. Senior Home Care Agency
If you want to start a service-based healthcare business, then you can consider starting this business. Definitely, seniors need intensive care on a regular basis. That is why the demand for this type of niche service is growing rapidly.
#42. Specs Store
A specs store with other eye accessories is a lucrative retail healthcare business both in developing and developed countries. Generally, the specs store sells spectacle frames, glasses, lenses, etc. The business demands hyperlocal advertisement. Also, you can consider starting as a franchise partner.
#43. Sperm Bank
The sperm bank is also popular as a semen bank or cryobank. In the United States, sperm banks maintain lists or catalogs of donors that provide basic information about the donor such as racial origin, skin color, height, weight, the color of eyes, and blood group. Basically, this is an opportunity that has huge future potential.
#44. Surgical Bandage Production
Generally, you can produce surgical bandages from white bleached cotton gauge cloth of suitable quality. The manufacturing process is simple and demands a small area for unit operation. However, the business demands specific licenses and permissions from the Govt. authority.
#45. Teeth Whitening Center
Tooth whitening lightens teeth and helps to remove stains and discoloration. Whitening is the most popular cosmetic dental procedure because it can greatly improve how your teeth look. Most dentists perform tooth whitening. Undoubtedly, this type of service is getting huge popularity these days. You can start this business with a small retail location and medical equipment.
#46. Tobacco Deaddiction Center
The tobacco de-addiction center is also popular as a tobacco cessation clinic. Generally, this type of clinic provides several value-added services too. As people are becoming more conscious of the harm of smoking, the demand for this type of clinic is increasing.
#47. Veterinary Clinic
Modern veterinary clinics provide a wide range of services for pets and livestock too. The list may include simple check-ups, dental care, and surgical procedures. If you have an educational background in the veterinary segment, you can open a veterinary clinic.
#48. Vitamin Selling
If you want to start a retail healthcare business, then you can consider vitamin selling. Literally, there are numerous ways you can start this business. However, setting up an online vitamin store that attracts a niche demographic is the wisest proposition currently.
#49. Weight Loss Clinic
Basically, weight loss clinics provide different advice and consultations for achieving the weight loss goal of the patient. However, the weight loss clinic is different in nature than the gym. The business demands moderate capital investment and proper marketing planning.
#50. Yoga Center
Basically, yoga is a bunch of physical, mental, and spiritual practices or disciplines. The yoga practice helps to live a stressful life and enhances overall wellness. Therefore, yoga is getting huge popularity these days globally. If you want to initiate a yoga center then space is the only investment. However, you need to provide a good internal ambiance for your clients to run a successful Yoga Center.
#51. Air Ambulance Service
Definitely, starting an air ambulance service is a cost-intensive business. However, the business has huge potential in both developing and developed countries.
#52. Medical Aesthetic Clinic
The number of aesthetic clinics is on the rise across the globe. Aesthetic treatment is typically medical and aesthetic procedures along with relevant skincare products. A trained medical aesthetic practitioner can consider starting a clinic as the demand for this kind of service is growing by the day.
#53. Drug Rehabilitation Center
It is estimated that the number of drug-affected people will increase by 11% by 2030. Hence, the need for professional drug rehabilitation centers is only increasing. Running a drug rehab center is not only rewarding but a profitable business too.
#54. Create a Healthcare App
Healthcare mobile apps are designed for the help of both medical professionals and patients. Doctors can monitor patient health tracking, appointment scheduling, etc. On the other hand, through a healthcare app, patients can book a doctor’s appointment, seek medical advice online, buy medicines, etc.
If you have some experience in the health industry, consider creating a mobile app that addresses the concerns of patients or medical professionals. Experts predict that the healthcare mobile app industry is going to see huge growth in the coming years.
#55. Medical Billing
Small-size healthcare facility centers often find it difficult to maintain and track financial transactions of different kinds. Hence, the demand for medical billing specialists are growing in the last few years. If you are a beginner, get trained by a local training institute or online and start this business.
#56. Medical Transcription Services
The job of medical transcriptionists or healthcare documentation is to convert voice recordings from physicians and other healthcare professionals into formal reports by using electronic devices. It is an expert job and is paid highly.
FAQs on Healthcare Business
Is Healthcare Business Profitable?
Industry experts predict good growth in the healthcare industry in the coming years. The national health spending in the United States is projected to grow at an average rate of 5.5 percent per year from 2018-27 and to reach nearly $6.0 trillion by 2027.
The growth in the healthcare sector will fuel more job opportunities in the healthcare sector. As per the U.S. Bureau of Labor Statistics, there will be a job growth of about 15% during the period of 2019-2029.
The reason for more spending in the medical sector is primarily because of the aging population in the United States. By the year 2030, one in every five residents will attain retirement, as predicted by U.S. Census Bureau.
The above figures prove beyond doubt, that healthcare businesses are bound to grow in the coming years.
How to Start a Healthcare Business?
To be successful in the healthcare business, it is extremely important to plan it properly. Before you jump into starting a healthcare venture, check out the following steps:
- Understand the Demand & Market
- Choose products and services carefully
- Use Technology to provide quality products at an affordable price
- Create a Business Plan
- Make your healthcare Business legally compliant
- Calculate the cost of starting and running a healthcare business
- Arrange Fund
- Create an effective Hiring Plan
- Be creative in promoting your medical business
If you are interested in starting a healthcare business, then we hope this list of medical business opportunities will definitely help you in making an informed decision.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.