Why home health care is the next great business in Canada
According to a World Economic Forum white paper, depending on the year you were born your life expectancy will be anywhere from 85 to 103. In fact, if you were born in 2007, you have a 50-percent chance of living to the ripe old age of 104. Is it any wonder home health care is a growth industry?
The need for home health care services is expected to increase significantly over the next decade.
Of course, there is another side to consider with this newfound windfall of years, which is the quality of an extended lifespan. More specifically, and beyond financial considerations, health.
A longer life doesn’t automatically equate to better living. Especially given the fact that the Public Health Agency of Canada estimates that three out of five individuals aged 20 and older currently suffer from a chronic illness, with four people out of five at risk of developing a chronic condition.
While these statistics may cast a shadow over the bright horizons of a longer life, there is no need to stay in bed and hide under the covers for the next 40, 50 or 70 years. With the rapidly growing home health care industry, which provides myriad essential services, managing one’s health has become both convenient and economical.
In a world that is moving toward a gig economy in which cradle-to-grave employment is all but a distant memory, home health care is the business for budding entrepreneurs.
A service for all seasons
Chronic conditions such as diabetes, cancer, mental illness and cardiovascular disease affect people of all ages. By providing an in-home medical device or health care service, you and your new business will not only help people to manage their health, but experience a greater enjoyment of everyday life.
Beyond the provision of medical supplies and diagnostic, therapeutic, and home mobility devices, home health care services include a diverse range of business opportunities in the areas of:
- Respiratory therapy
- Telehealth and telemedicine
- Infusion therapy
- Unskilled home health care
Even though there are many large players in these areas of health care, there is still plenty of room for up-and-coming smaller enterprises. Now is the time to walk through that door and start a home health care business.
Before you start
I think it was Louis Pasteur who said “chance favors the prepared mind.”
According to my research, starting a home health care business is notably different from starting most any other business. In this regard, it would be wise to adhere to the words of Pasteur; there are specific steps you must take to set up your business so that you can capitalize on what is a burgeoning market.
Your first decision
Canada Business Ontario offers step-by-step guidelines for starting a senior care business, including:
- Finding out what licenses and regulations apply to your type of business.
- Choosing the right structure under which to register your business.
The site also offers some other important resources, including what numbers you will need to call to get your new enterprise started on the right foot.
Alternatively, you may want to go for a turnkey, ready-to-roll business, in which case the franchising route might be more appealing.
Whether you start as a new enterprise or as a franchise, it is incumbent upon you to do your homework, particularly as it relates to your finances. To start, I would recommend that you visit the Canada Business Network website. To help Canadians “get their businesses going and growing,” the CBN provides a wealth of information and resources based on your province. These include helping you to offset the costs of getting started through several potential financing programs.
Business success = promotion, promotion, promotion
When it comes to putting yourself and your business out there, promotion is the key to standing out in a world that is both physically and digitally noisy.
There are many things that you have to do when it comes to marketing your new home health care business. The first step is registering your domain name.
There are many reasons why searching for a domain name is important. Having one:
- Adds credibility to your business.
- Allows you to establish a digital presence.
- Helps build your business brand.
Most importantly, you need a domain name in order have a professional email address and a website. After all, if people can’t find you online, they won’t do business with you.
The sum of it all
According to recent statistics from the Government of Canada, 96 percent of new small businesses survive the first year, 85 percent survive for three years and 70 percent survive for five years. Businesses with one to four employees have an even lower failure rate.
Just follow the steps referenced above, and utilize the numerous resources that are available to you as a small business owner.
For home health care, the future is now, and now is the time to make your mark in what is rapidly becoming the next great business in Canada.