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Thursday, October 17, 2019

5 Things To Consider Before Starting Your Own Healthcare Business

Setting up a business can be hard work, especially in the healthcare sector. If you’re feeling a little lost about whether this decision is right for you then don’t despair, keep on reading to discover 5 things you should consider that may help you make your mind up.

1. Do you know your mission and values?
Your mission and values may be something you already know or they may be something you still   need to work out, but it’s advisable not to go into business without them. Take your time defining your mission and values as they will form the core of your business and company culture, you will need to refer to them regularly and adhere to them rigorously as your business grows.

2. What will your start-up costs be?
Finances are a very important part of starting a new business and an area that cannot be overlooked. Do you have the money to fund your business yourself or will you need investment? Have you considered how long it could be before you are able to turn a profit? Will you be able to support yourself financially without a salary as your business grows? Financial questions can be tough to answer and it can be worthwhile working through them with a financial advisor or accountant to make sure you aren’t deceiving yourself.

3. Who will make up your core team?
It can be very tempting to start a new business and try to do everything yourself, but this really isn’t sustainable. You will want to have a rough idea about who you will need to help you in the early stages of your business, do you have a co-founder or will you need to recruit one?  Be honest about what your strengths and weaknesses are and find at least one other person who will compliment you. You may want to also have planned out at least a rough idea as to who your first few hires will be so you can budget this into your growth plan.

4. Will you require office space?
Many small businesses start out from people’s bedrooms but they will very quickly outgrow this space. Will you require office space in order to thrive? Where would be the best place for you to set up your office strategically? Sometimes the best place for your business isn’t where you currently live, would you relocate? An office may seem a long way off in the future but growth can happen very quickly and without a clear understanding of how you will accommodate it you risk folding under the pressure.

5. Will you require IT support?
We live in a fast-moving digital age and no company is built these days without some level of technology. Will you require extensive IT to support your business? If so you are best off finding a specialist in your sector such as an IT company for healthcare who will help you manage your technology assets. IT companies will take a big pressure off your shoulders but do come at a cost, can you budget this into your start up costs?
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