Today, I’m going to talk about the medical sector and the vast amounts of lucrative business opportunities that lie therein. – medical business ideas
Most people would have their minds go directly to someone who has a lab coat on, and a stethoscope in hand whenever the word “Medicine” comes up;
is a bit of misconception, and the words “medicine” and “medical” encompasses a lot more than just a regular doctor.
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Right now, I’m going to open up the world of medical business ideas to you, and make
you see the possibility of making money, without necessarily having to own a hospital or manufacture drugs.
From Medical waste recycling, to child care centres and retail pharmacies, there are
a lot of business ideas that you can start with less than $100 (N36,000) here in Nigeria, as well as most other countries in the world.
I would be explaining piece by piece, some of the most lucrative medical business ideas and the levels of requirement each of them possess,
so that, by the end of the day, you readers would be able to choose from the options and start earning money in the medical line.
Business Ideas under $100
Child care Centres
I start the list with the medical business idea of starting a Child Care Centre. It is one heck of an easy business idea,
and it’s not restricted only to healthcare professionals alone; in fact, someone with 0%
expertise in Medicine and Healthcare could carry on with this business idea perfectly well.
This business idea entails creating a centre that cater for, and supervise children between the ages of 1 and 13.
These centres would be run to help working class parents, who need someone to supervise their children while they are away.
It is a plus if you have previous experience in caring for kids, but other than that, you do not need professional healthcare expertise.
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To get started with this business idea, you’d need to find a small apartment in a quiet, clean and tranquil neighbourhood;
for such a place for lease or rent shouldn’t be hard, and it’s a more significant advantage if you can find someone to give you for free (say, a family friend or relative),
The goal is to start small and grow steadily.
Try to build your customer base, and keep to high standards. Over time, you could decide to expand and move somewhere more prominent,
and make your business to offer more than just child care services; you could provide some
other childcare resources that might interest more parents, thereby attracting more customers.
There is another business idea one could get into. Although it is a bit understated and underestimated, it is an excellent medical business idea.
So, you’re starting a hospital for animals, and you would be caring for, diagnosing, and treating disabled, sick, and injured animals.
It’s a good thing as there is a rise in the ownership rate of pets in Nigeria and would be in line to benefit from that development
However, it’s essential that you know that a veterinary clinic needs a trained, professional veterinary doctor;
that could be you, or you partner with another veterinary doctor, or you could even employ one.
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It is better that you be the trained veterinary doctor in your veterinary clinic, or at least
partner with one, as that would mean you wouldn’t have to employ a professional (that could cost you a lot monthly).
Also, you’d need to set up the business in a neighbourhood that’s got a lot of pets; this means you’d have to make some findings of some locations.
You could market yourself by creating awareness in regular hospitals where you think they get patients that would likely own pets.
As you can see, this particular business requires a certain level of professional expertise in veterinary medicine. Thus, it is not recommended for everyone.
Drug Testing Centre
There is a straightforward business idea that anyone can get into without much professional knowledge.
It entails the analysis of specimens such as sweat, blood, saliva, urine, and so on, to test for the presence (or absence) of a particular drug in the person’s body system.
These Drug Testing services are needed and demanded by tertiary institutions
(typically for their new students), sporting bodies (for their athletes), police and other paramilitary bodies.
You could easily earn substantially from running a Drug Testing Centre, for specific
bodies who need the service, or individuals who independently require it.
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From the looks of things, this is a medical business idea that anyone can get into; no serious medical know-how is required.
However, you might need to take a crash course on some of the properties of some typical drugs,
the various specimens that could be gotten from the human body system, and the tools used to perform testing;
all of these shouldn’t cost you much in time and money, and it certainly helps a lot if you’ve had experience in the medically-related field.
Non-Emergency Medical Transport Service
This is another real medical business idea that’s also very easy to start up. Ordinarily, there are strict regulations
on offering private emergency medical transport services, therefore, providing a non-emergency medical transport service is an excellent way to exploit the restrictions.
You could partner with hospitals and offer to bring non-critical clients to the hospital as soon as possible.
However, it is essential that one gets duly registered and abide by the current regulations concerning this kind of business.
Egg and Sperm Bank
This medical business idea involves collecting human reproductive sperm and eggs for the use of artificial insemination and other fertility functions.
I recommend that you start this business while offering other services, such as artificial
insemination, to be recognised as a fertility centre (which would enjoy more patronage).
You’d have to source for donors to donate their sperm (for men) or eggs (for women);
you can do this by creating awareness in the nearby regular hospitals, or even take a step
further by using the digital marketing method of advertising on social media.
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These donations are then stored, and used for fertility-related functions upon demand by an authorised individual or an organisation.
This option of making money in the medical related field requires a high level of medical know-how and is bound by many stringent laws and regulations.
Therefore, it is not suitable for just about anybody, but for those that are firmly in the medical field with considerable experience.
In all, this is an excellent medical business idea, especially considering the growing number of fertility issues which could be alleviated by services such as this.
Medical Waste Disposal
This is another sweet medical business idea that anyone can get into. It involves the handling
and disposal of medical waste – which isn’t just regular waste, but contains biomedical
waste, and therefore, more sensitive and require more careful attention.
Ordinarily, hospitals and medical centres have a hard time managing their generated waste,
especially when it becomes too large; since it’s not regular household waste, it’s quite
dangerous to the environment if they decide to handle it by themselves by burning or some other means.
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This opens a massive opportunity to those who are capable of doing it, as all it takes is to
convince several hospitals that you’re able to dispose of their biomedical waste safely.
All this business requires you to do is learn how to dispose of medical waste properly,
and get the word out to as many hospitals as is possible – the more the coverage, the more the income.
Also, see if there is a prevalent medical waste disposal regulation in your city – if not, then abide by the regular waste disposal legislation.
This medical business idea is for almost everyone – provided they have the vehicle and the little knowhow about proper medical waste management.
Skin Care Centre
You could consider going into skin Care, and set up a centre that would offer skin-related services.
The services could include advanced skin treatment, and consultancy on the maintenance of skin integrity and so on.
However, you need to realise that a skin centre needs a Dermatologist (who is a doctor for the skin),
which means you have to be a dermatologist yourself, or partner with a dermatologist as an investor.
This business idea clearly requires professionals: people who have an authentic knowledge of the human skin and experienced dermatologists.
If you’re looking to try out this idea, you’d need the services of a dermatologist one way or another.
This medical business idea is simpler than outrightly owning a pharmaceutical company.
It is the distribution of pharmaceutical drugs in wholesale quantities to retail pharmacies.
It is a business model that can be done by almost anyone here in Nigeria; this is because
there is no restriction against the wholesale of pharmaceutical drugs here in Nigeria, as opposed to the serious restrictions around owning an actual pharmacy.
You could even go further by trading and distributing medical supplies to hospitals as well as pharmacies, it is possible to do that as a Pharmaceutical distributor.
You could go all in, and start up your own retail Pharmacies. Retail pharmacies are the regular pharmacies that are around the corner, or in most streets.
They are the ones people approach for their minor drug needs or ailment.
Typically, an average retail pharmacy caters for a particular neighbourhood, which means
it enjoys a constant patronage of the customers in that neighbourhood, who would keep coming back, provided you always have a good stock of drugs.
If you’re an inducted Pharmacist, giving this business model a try out won’t be a bad idea at all.
All you need to do is to acquire the necessary documents and permits, and start small; with time,
you can then decide to expand and become a Pharmaceutical chain (for example, like HealthPlus)
Scanning centres are very crucial in the treatment and management of several medical cases, and are also pivotal to the smooth operations of medical operations.
They handle scans and analysis of bone fractures, pregnancy conditions, and so much more.
This has made them a go-to for patients who need to be scanned; even hospitals partner up with some scanning centres and refer their patients there.
All of these means good business idea for you, if you are a certified healthcare professional and can take advantage of it.
You’d need more hands, other healthcare professionals, to handle the several areas of the scanning, such as MRI scans, Pregnancy scans, and so on.
Medical Billing Services
Most hospitals and healthcare centres handle their medical billings internally. Physicians
think this is the better way of handling medical billings, but a large number of people think otherwise.
For one thing, it is very expensive for a hospital to handle its medical billings all by itself, at least, more expensive than if it were handled by someone on the outside.
Therefore, a lot of money would be saved if a Medical Billing company comes in to handle the billing of the hospital.
Also, people believe that outsourcing medical billing services would help make claims easier to process if the need comes up.
This means that if you’re healthcare professional, you could help healthcare centres
and hospitals take care of their medical billings, and get paid in the process.
If you’re an investor, you’ve got the chance too, provided you can partner with a healthcare professional, who knows the intricacies of this form of business.
Similar to Scanning centres, and only slightly different, medical laboratories are places where both minor and major medical tests are carried out,
in order to acquire adequate medical information about patient, or for diagnosis, treatment or prevention of diseases.
One would need the services of Clinical Laboratory Scientists in order to run a medical laboratory,
therefore, get into partnership with some of them to get started.
You could start out small, and then, with time, build a brand around your medical laboratories, in order to improve popularity.
Once people start to see how effective and affordable your services are, they would double patronage, and would mean more earning for you.
Aerobics Centre are medically recommended places where people go to carry out regimented exercise routines for cardiovascular benefits.
They cater for people with weight issues, cardiovascular conditions, and people who need some regimented physiotherapy sessions.
Typically, hospitals do have their aerobics centres in-house, but at other times, we would have to refer patients to other aerobics centre elsewhere.
This opens a huge business potential, as you can liaise with a nearby hospital (preferably, a government hospital), and establish an aerobics centre close to it,
and seek recommendations from their doctors, so that their patients become your customers too.
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Other than that, you could employ the use of digital marketing to get word out about your establishment;
use the various social media applications to draw attention to your establishment, and be in line for more customers.
The good thing about starting an Aerobics Centre is that you don’t necessarily have to be a healthcare professional;
a little knowledge of aerobics and its functions would do just fine, although, advanced knowledge in physiotherapy would be a huge plus.
This familiar business idea is similar to the previously explained business model.
However, Fitness centres are a place where several fitness equipment are kept and people come to work out and exercise.
The exercise is majorly to build great physique and “keep fit”, and patronage is based on a membership basis; where members pay weekly, monthly or yearly.
This business model is such an opportunity especially in a fitness community, where people
are already fitness conscious and would readily pay for the services you render -Obviously, you’ve got to be fitness conscious yourself.
You could offer monthly, weekly, or yearly membership subscription, and personal training sessions too (for those who can’t make it to the gym).
You could utilize the power of social media and the word of mouth to expose your fitness centre to more potential customers.
This business model might be a little capital-intensive at start-up, therefore, I advise that you put a lot of capital into consideration when you’re starting out.
Home Care Service
You could start a Home Care Service, it is a good idea, but only for licensed healthcare personnel (depending on the country,
you’re mostly required to have a license to operate a Home Care service). It involves
the provision of assistance to adults, senior citizens and others who require additional help, but don’t necessarily need to be hospitalized.
As a certified, licensed, healthcare personnel, it could be quite lucrative to start a Home Care Agency;
especially when you find an area where there are people who need additional help, but do not have anyone to care for them.
Dietetics is a good way of making some money on the side, as healthcare personnel.
Dieticians, or nutritionists, are experts that alter the nutritional configuration of a patient’s diet, to suit his (the patient) medical and nutritional needs;
their main aim is human nutrition and its general regulation. However, to be a Dietician,
you must be professionally trained in Dietetics, and then acquire the license to assess, treat and diagnose nutritional issues.
Also, the demand for dieticians are not very high in Nigeria (elsewhere, say, USA, the market for nutritionists is very extensive),
but If you can make yourself known to quite a number of hospitals and other healthcare centres around,
you stand a slightly better chance. Furthermore, don’t rule out the possibility of using digital marketing to give yourself better exposure.
Sales of Medical equipment and supplies
This is perhaps the most lucrative of medical business ideas there is. Hospitals and healthcare
centres would regularly be in need of some medical equipment (like the syringes),
and even those equipment they would only be needing once in a while, could easily cost hundreds of thousands of naira – if not millions.
You could then imagine selling these medical supplies and equipment, and being the supply chain between several hospitals and healthcare centres.
This is one really lucrative medical business idea.
You should try to build a relationship between several different procurement officials of various hospitals and healthcare centres,
and try to convince them that they are better served when they patronise your business,
and you would ensure quality is delivered at all times; prove this to them, and you’ll be earning loyal customers the soonest.
Weight loss Clinic
While you may be sceptical about the possibility of having a weight loss clinic here in Nigeria,
you’d be happy to know that there are people who are conscious of their body size, and would like to lose some weight.
These people would like to enrol in some weight loss program, in their bid to shed some fat and regain some self-confidence.
That is where this business idea comes in, and it entails setting up a clinic solely for the
people who would like to lose weight, and offering services and resources revolving around weight loss i.e. effective weight loss pills, weight loss diets and a lot more.
Admittedly, the prospects of a weight loss clinic in Nigeria are not all that great, as there are not as many obese people here as in the Western world.
However, if you know where to look, and be prepared for when opportunity comes knocking, this could easily turn into something lucrative.
Mobile Medical Screening
This is still a novel and uncharted medical business model, but it’s still worth venturing into.
It involves the use of a mobile vehicle to carry out medical screening on the move.
Tests such as flu, eyesight, malaria and blood sugar tests, are all part of what the mobile screening would be all about.
It’s worth venturing into, especially in areas where there are low percentages of people that visit the hospital for check-ups.
Massage Therapy service
Massage Therapy is a great and lucrative medical business idea that’s open to people with a great deal of experience and expertise in Massage therapy.
Typically, patients experiencing a great fit of stress and anxiety, or want to rehabilitate their injuries, are often referred to have a massage therapy by doctors.
On its own, Massage Therapy services are still experiencing low demands in Nigeria,
but when run alongside a spa and other related services, then the prospects would improve.