Are you thinking about starting your
own medical imaging business? You’ll want to first take a look at some of the
key considerations first.
It’s no secret that the healthcare industry is one of the largest and fastest-growing industries in the world. In that growth, healthcare trends have created opportunities for entrepreneurs to provide various diagnostic services… and guess what kind of diagnostic services? If you guessed medical imaging, then you’re exactly right! The great thing about this is that you’re able to provide these services to patients at a much more affordable rate than hospitals and other medical facilities and still be able to profit.
With starting a medical imaging business,
you’ll be able to cover a broad range of diagnostic procedures like MRIs,
ultrasounds, CT scans, and radiology and bone density screenings. Now, if
you’re a radiologist, you could just look for jobs in radiology but when you have
an entrepreneurial spirit, you’re going to want to start your own medical
Now, in order to be in the medical imaging
industry, you can’t be a full-on “newbie”… you have to have experience and
knowledge not only from a medical standpoint but also from a business
standpoint. This is a costly business endeavor and it can be easy to bite off
more than you can chew, costing you lots of money. Ideally, you need to have a
background in the healthcare industry.
In entering the journey of your startup
medical imaging business, the biggest barriers you’ll encounter are industry
connections and capital. As far as building your industry connections, the best
way to do that is to attend various networking events… that’s just something
that you will have to do on your own, essentially. But as far as capital
requirements, here are the top factors you need to consider:
If you lease your medical equipment, it can
significantly lower your upfront costs. Now, you will end up paying more if you
than you would if you financed the equipment but you’re not at a total loss. By
leasing your equipment, you have the ability to return your equipment and
upgrade to newer models of equipment.
In case you weren’t aware, medical imaging
equipment is very expensive. One piece of equipment can cost you as much one
million dollars and more! So, in order for entrepreneurs trying to get their
start in this business, they have to look to investors for their startup
capital. In your search for investors, be sure to search for strategic
investors who are knowledgable about the industry and are willing to provide
you with the finances you need to start your business.
Branding in the Medical Imaging
Startup medical imaging businesses tend to
greatly suffer when it comes to brand recognition solely because their brand
lacks recognition, history, and visibility with customers in comparison to its
competitors. One of the biggest ways a medical imaging business can compensate
for that is by seeking the help of marketing professionals to increase your
You first and foremost definitely want to have
your own business website and from with that, the marketing pros may recommend
you start a social media business page or even encourage and help you to host a
marketing event to bring brand awareness to your business.
Competitors in the Business
Before considering starting your medical
imaging business, you first want to check out your competitors in the industry
to see if there is even a need for your business in the area where you plan on
opening up shop. You want to look at your competitors and see how your business
will put your patients at a greater advantage than your competitors. If you can
see the vision of your business being more beneficial and helpful to patients
than your competitors, then get yourself ready for your launch!
Learn As Much As You Can About
If you’re genuinely serious about starting
your own medical imaging business, you’re going ot want to learn as much as you
can about the industry and the best way to do that is to talk to other
entrepreneurs in the industry. They’re going to be able to give you first-hand
instances on their experiences and hopefully you’ll be able to learn from their
successes and failures.
According to the Small Business Association,
small businesses have a 48% chance of surviving the first five years but your
business doesn’t have to be part of that statistic… your medical imaging
business can go on for many, many years but in making mistakes, you learn from
your mistakes. According to Business Town, some of the
biggest millionaires scratched their way to success due to learning from the
mistakes they made, so sometimes you have to make those mistakes in order to
grow and learn from them. The key thing is to not make the same mistakes.
All things considered, starting your own
medical imaging business is not for everyone. Regardless of if you have the
will and determination to do it, there are other factors to consider that will
determine if you need to go on this business venture. You must be knowledgable
in the and have relevant experience in the healthcare industry to find success.
Do your research on your competitors and learn all you can about the industry
first to see if there’s even a need for your niche in your market area. If you
see the need, go for it and much success!
About Author: Angelica Brown
I am an enthusiast marketer and an active learner. I work at StartupGuys.net, where I get the chance to meet a new entrepreneur everyday. Connecting to successful people, knowing about their struggle, learning techniques from them and sharing this useful stuff with those who need it is something I do. And, I love what I am doing!