There is so much movement in the healthcare industry beyond what is trialed and tested. For an entrepreneur looking to make a mark in the healthcare industry, opening the viewpoint to alternative health options is a smart move. I might be an area which you have never considered, but the market seems to be more open and receptive now more than ever for alternative options in dealing with medical issues and side effects.
It doesn’t matter where you stand on alternative medicine, either you think it is a lot of nonsense, or you swear by it. The last few years the conversation has shifted from alternative medicine as a replacement to it being complimentary for traditional healthcare businesses.
There is a lot to say for that approach in the wellness business. A combination of contemporary medicine and alternative therapies can do wonders for both body and mind of someone. Take the use of CBD for example, as an acceptable and effective way to fight migraines, epilepsy, chronic pain and the side effects of cancer drugs, such as nausea. Alternative medicine isn’t going anywhere if anything its business will grow in popularity and size.
At the end of the day, it is about how the patient feels, and if alternative medicine offers relief, it should not be ignored. Therefore, in a forward-looking sense, exploring options in alternative medicine is no longer just optional, it’s a necessity.
There is a train of thought which states that health is a balance between body and mind. Any positive effects of medicine on the body is reinforced by a belief the medicine is working. That is why a positive attitude and belief that things will get better is essential for any treatment.
To be fully convinced of starting a business in alternative medicine it is crucial to narrow down your options. In selecting an alternative therapy option, it’s essential to do your research. There is the CBD route, as previously mentioned. It does seem to be a market that has been flowed by new entrants.
Acupuncture appears to have established itself as a respectable option, although it has taken decades to get to that point. With that long slow burn process, there are many businesses well established. You can go for healthcare-esque options, such as oxygen bars or general healthy smoothie options, but those seem to be very trend sensitive and usually cater to a particular urban professional subculture.
The best bet for entrepreneurs in alternative medicine might be new technology. This is the market of supply and demand can offer great rewards for risk takers who can provide a better solution in the market.
This counts double for those areas where that new tech is costly, and contemporary medicine is slow to adapt (public options versus private options).
A growing field, next to CBD, to look at is applications for coconut oil, probiotics and ozone therapy. You can read more on the best ozone therapy here. It might just be the case you are selecting an alternative medicine business based on your own experiences. Either way, get deeper into the material and make sure to choose something you believe in as a treatment and as a business.
Once you choose your area of business, make sure to do all your research and preparation before you invest a single dime. Here are the areas to look at.
The first hurdle is the claims you can make with your alternative health company. This is about being prudent and responsible for what you state. The communication part is a big one. Your customer audience should be one that understands the claims you make, understands that the treatment is complementary and able to make an informed and rational choice. This is where you will want to button things up by making sure all the legal work is done correctly.
Most of the alternative medicine domains have little to no restrictions in the sense of regulation. This offers the opportunity to move fast and freely, but also opens the space for bad actors. Bad actors eventually will damage the industry as they are trying to make a quick buck.
It’s important to know if there are any industry bodies that could help provide the assurances that your clients will need. If there are no industry bodies to turn to, consider getting a few fellow competitors on board to create one. One of the things alternative medicine always will have to deal with is a fight for legitimacy. A strong industry body can do more in that field than individual companies on their own.
What does wonders for any startup in alternative medicine is credible testimonials. The trap that most businesses fall into is creating TV shopping network-esque of testimonials that lean towards comedy more than authenticity.
You might want to consider using newer media formats to get your message across. Think about how you could use social media, influencers and rich media to get your message across. Consider using the perks of social media to open an ongoing dialogue with your clients, but also be aware, and prepared to deal with trolls.
What’s also crucial in moulding your business is how the treatment would work logistically. Is it something that people can do at home? Is it something that people need to come in for, and for how long?
For example, if the treatment can be done short bursts up to 45 minutes, you might want to consider locating yourself near your target audience. Short 45 minutes can even be done on a break from work, which increases flexibility and will become a unique selling point.
If the treatments are longer, there is a real possibility that your business will be heavily focused on weekends and you will have to get creative in making sure you have utilization throughout the week.
Therefore, treatment duration and frequency are vital for understanding how viable a business would be. Alternatively, consider at home/on-site treatment. An on-call acupuncture service could sit at the same level as on-site massages. In a world where we expect everything to be app and convenience-based, app-based healthcare sounds completely legitimate. There is certain to be a significant demand for something like a well-designed alternative medicine business.
