Being a medical student or a health professional is not an easy feat. Worse is being an entrepreneur at the same time. Medical entrepreneurs are those medical students, health workers, and professionals who work extra hard to be financially free. And to start this journey, I have created this list of online health industry business ideas for all to guide your decision in choosing the best start-up for your career.
My Sources for the health Industry Business Ideas
All the health industry business ideas listed below are from extensive research of profitable businesses which may not stress medical students and health workers much depending on their location.
Just in case you missed it, Medarchive Magazine carried out a campaign in the last month of December 2020 titled the Medical Entrepreneurship Fest. This was an attempt to discover medical entrepreneurs in Nigeria and Africa, what they do, and how their businesses are impacting the healthcare industry.
Following the results of the Medical Entrepreneurship fest of December 2020, one can conclude that medical students and healthcare professionals rarely engage in businesses that are not within the scope of medicine and healthcare.
Most Medical entrepreneurs are infopreneurs. People who sell their knowledge in the medical world either directly to people in return for money or to an audience on a platform that is monetized with the help of advertising agencies.
9 health industry Startup business ideas
Below are the 9 health industry business ideas for a startup.
1. Medical Education Materials Sales
This is the number one on the list of health industry business ideas for medical students.
This is because this is something a medical student can do without it affecting their study time much. Instead, it could be a booster in helping you to be more meticulous and efficient while doing your studies in preparation for medical exams.
Education resources are arguably the most wanted of all resources among medical students. There are loads of study materials, required for one to successfully pass their medical exams. You can Utilize your study periods as an opportunity for compiling and arranging your study materials for sale after you must have passed the exams.
Such medical education materials could come in form of:
- Text Books
- Past Question Papers
- Study cards
- Lecture Notes/jotters
- Mnemonic notes
Blogging is one of the health industry business ideas that requires patience and a little bit of dedication for you to make actually monetize it. But all the same, there are some techniques you can implement to reduce stress as a medical student or health professional and it is described below.
Most blogs owned by medical students are usually within the medical and health niche. This means that they write mainly about topics that are related to medicine and healthcare.
Some may just focus on writing health tips from their daily lectures in class or from their studies.
But the Competition on Health Blogs is High!
Yes, if you write articles on health, you will definitely find yourself competing with older and established health blogs and websites like Healthline, Verywellhealth, etc.
But the idea here is to find topics related to healthcare that these older blogs are not talking about.
For instance, you can focus more on;
- Mental health
- Diets and Nutrition
- Medical Entrepreneurship, etc.
In fact, any department/course in medicine is a full-blown blog niche waiting for a dedicated blogger to work on.
With a little bit of specificity in the health topic, you want to blog about, you will find out that you will easily rank and get more popular on search engines.
Also, do not forget to get this Ultimate blogging guide I wrote for just NGN 1,000 or USD $3.99. It contains everything you need to start your own blog with monetization and search engine optimization strategies that work.
3. Write and Sell Books
I have met many medical students who are very creative at writing. But one challenge they have is organizing their busy schedule in medical school and actually writing a masterpiece worth selling.
Writing books is one of the best of the health industry startup business ideas, although it requires time, dedication, and consistency.
Also, these days, publishing books online are completely free of charge for everyone, and as the author, you are even paid for publishing e-books on such platforms. The only thing required of you is just to package it using a simple software which I described in this post:
So just put aside a little time out of your study periods and dedicate it to writing your first book. You will thank me later in the long run.
4. Medical Equipment Sales and Supplies
Medical equipment is just like study materials in the medical profession. There are many tools that are always needed by medical students and health professionals for use in clinics.
The major challenge in setting up this business is finding a little capital for the startup, and finding a source for buying these tools. Many stores sell such in wholesale at a much cheaper rate than you can get anywhere. You can start by contacting them and doing your initial market survey while looking for your capital.
5. Start a Youtube Channel
This is just like starting a blog. Are you a guru in any medical course? It is time to open a Youtube channel for creating and uploading your tutorials on them for other students to learn from it.
You don’t need to worry about monetizing it with Google Ads for a start. You can use the platform to sell some affiliate products or your own study materials once you start getting a good number of dedicated subscribers.
You can find a myriad of medical-related products and study materials on affiliate sites like Clickbank, Amazon, and others.
Once you do a great job, a lot of other medical students will be willing to listen and watch your tutorials.
6. Brand Ambassador/Influencer
This is one of the health industry startup business ideas that usually comes after you must have established your presence on your blog, Youtube channel, or after authoring a book of great repute.
You can find some brand ambassadors who are also Influencers on various social channels and study what they do and try to emulate them.
Health companies and Pharmaceuticals are looking for such health professionals and medical students on a daily basis for the promotion of their products, and are ready to pay them a fortune for it.
7. Paid Newsletters
If you are not ready for the mental stress that comes from blogging, you can use one or more of the mailing software like substack, Mailchimp, etc to write paid newsletters on health and give your subscribers reasons to pay you for it.
Remember that you must be really offering them something worth reading and of great quality to be able to monetize it.
But all the same, even if the newsletter is free, you can still advertise your affiliate products to them once in a while for them to buy, or sell your virtual contents to them.
8. Mobile Health Test Kits
This may sound awkward, but is one of the best business opportunities for medical students. It involves using your medical tools to carry out simple checks on people who are not within the hospital facility.
This will work best in some regions of Africa, Asia, and other third world countries where many families do not have access to simple test kits like a sphygmomanometer, Thermometer, Weighing scale, Glucometer, etc.
You can help them carry out these tests using your own test kits while collecting a little token for your hard work.
9. Hosting Webinars and Health Education Programs
This is one of the health industry business ideas that is actually very profitable.
You may have seen some health professionals in various fields anchoring health events tailored to educate the masses on issues of public health concerns. These persons are actually paid by some television stations for such sessions.
Also, you can independently host your own health education programs either physically or virtually using webinar platforms like Zoom, Google Meet, or Gotowebinar. In return, you can collect a portal pass/fee, or even use the opportunity to market your products or medical services.
Many Health Workers are not Profit-Minded
The list of health industry business ideas is endless. These nine are the little I could remember for now.
One challenge faced by health workers in monetizing their skills is the odd belief about the medical profession that medicine and entrepreneurship do not mix. One can rarely find a health worker charging someone for services like giving a health talk or even helping them take vital signs outside the hospital setting. But it is very easy to pay artists, models, and sportsmen for entertainment.
But the idea of medical entrepreneurship will revolutionize healthcare and will solve the problems of unemployment and over-dependence on the government by young health workers especially in third world countries.
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