Are you planning to start a new business this year? If yes, why not consider an investment in the home healthcare business?
Home healthcare refers to the nursing and in-home care that are provided at the residence of the patient, instead of at the hospital. Typically, patients are seniors over the age of 60, although sometimes you may care for younger patients too.
Today, home healthcare is one of the few markets that’s steadily growing in U.S. Here are 10 reasons why you need to invest in this market:
The number of seniors is set to increase rapidly
Today, the 25-40 age group is the largest it has ever been in history. By 2050, the number of people who will be over 60 years of age, is expected to grow to 2 billion globally. The USA will account for a whopping 83.7 million seniors over 60 by 2050. With the number of seniors growing steadily, it makes great sense to invest in a market that will see a lot of growth opportunities.
The cost of starting this business is relatively lower compared to other businesses
The cost of entering the home care business is significantly lesser than starting a lot of other businesses. For one, you won’t have to invest in any fixed assets such as buildings and hospital beds, because your team will treat patients at home.
Second, many medical equipment can be rented, and you won’t need to buy them, which will increase your entry expenses. Your only major expenses will be labor and operation costs.
It allows you to work with people from diverse backgrounds
The home healthcare business allows you to work with different people, from various backgrounds. From doctors to pharmacists to medical equipment distributors to insurance agents, you’ll have to build professional relationships with a variety of people.
Additionally, when you work with patients and their families, you meet people with unique life stories. You will be able to forge deep bonds with these families and you’ll be present every step of the way, as your patient makes their journey towards recovery.
You don’t need to have a background in medicine to start this business
While some types of home care services require a background in medicine, there are other services that don’t. So, you can invest in this business.
Also, if you’re only planning on financing the business and not becoming a carer yourself, you don’t even need to have a degree in healthcare. You can hire professional nurses who are qualified to care for patients.
It’s not a typical desk job
One of the greatest advantages of starting a home healthcare company, is that it doesn’t involve a boring, behind-the-desk, computer-facing job. You’ll interact with patients and their families every day and be an integral part of their lives. If you enjoy working amidst people, this business will be great for you.
The industry is not as vulnerable to economic downturns
The demand for healthcare will less likely to cease. So irrespective of whether other industries are in the grips of a recession, you can be confident that the home healthcare sector will not experience these downturns.
Even if there is an occasional drop in demand for home care, things will return to normal much quicker than other industries, because healthcare is a necessity for most of the population.
There’s a huge opportunity for expansion & franchising
The best thing about starting a home healthcare business is that you can start one right in your neighborhood. Once you’ve established yourself, you can easily expand to nearby neighborhoods and grow.
You can also adopt a franchise model once your business picks up, which will help you increase your businesses’ profitability.
It’s a job that can help you make a difference in the world
More than the economic benefits afforded by the home healthcare industry, it is the altruistic benefits that matter a lot. As a home healthcare service provider, you get the opportunity to give back to the world and really help your patients lead lives of quality. If you are the type of person who enjoys helping people and making them happy, this is the most fulfilling business.
If you get home healthcare insurance, it usually contains two types of insurance – Professional Liability Insurance which protects you from any claims on professional mistakes and negligence and General Liability Insurance which protects your business from claims around physical and financial damage caused by your business.