Looking for small business ideas in Nashville? Explore your opportunities in the city’s healthcare industry. Generating an income of more than $92 billion and providing more than 570,000 jobs, Nashville’s healthcare industry greatly impacts the economy not only locally, but also globally.
In an economy largely driven by healthcare, it makes perfect sense to find small business opportunities in this industry. Many have already found success, but there’s always room for more. The key is to identify the services or products that the industry currently needs. You then have to ensure you’re fully trained and equipped to offer those services or products, and work with the right resources, including an accounting firm who can provide you with the financial guidance you need throughout the various stages of your enterprise.
To start you off, look into opportunities at the following:
Tech solutions
Tech is currently booming in Nashville, and many successful tech startups serve the healthcare industry. This success hinged on identifying solutions to the changing needs of healthcare providers and clients in the city and beyond—solutions that might not have seemed obvious at first, but eventually proved quite indispensable.
Take a look at some of these brilliant ideas:
- Machine learning technology that may be worn by field service personnel to facilitate data gathering and provide remote support
- Cloud-based technology that makes it easier for hospitals to review and purchase medical equipment
- Online healthcare recruitment
- Care management software that facilitates workflow improvement, care coordination, and touching base with patients
As you can see from these varied solutions, the possibilities in healthcare information technology are endless. If you’re tech savvy, perhaps it’s time to dig into your own wellspring of ideas and start exploring the most promising ones.
Senior care
According to WorldPopulationReview.com, Nashville has an old age dependency ratio of 48.5%, and has a senior population of around 14.5%. A report says that Tennessee, in general, has an aging population, with the number of persons age 60 and above expected to increase by 30.5% between 2020 and 2040. The same report says most seniors prefer receiving home and community based services over being placed at nursing homes.
Given this, there will be greater need for senior care services in the city, particularly home care and personal care services. Several national or regional franchises allow entrepreneurs to establish their own senior care services without having to start from scratch. Many others, however, prefer to develop their own brand.
Drug treatment center
Addiction to drugs, both prescribed and illicit, has become a national crisis. It’s estimated that around 115 Americans die of opioid overdose every day. As a result, there’s a rising demand for drug treatment centers that can help addicts receive the right treatment and rehabilitation.
If you don’t have the medical background, you will need a medical director or consultant to develop your own program, as well as your center’s policy and procedures, which are essential in getting a license. You also need to put together a well-trained staff who will be playing an essential role in your operations.
These are just a few of the areas where you can engage in Nashville’s lucrative healthcare industry. Whatever business you decide to pursue, always consult with your accounting firm, not only for record keeping, but also for financial guidance throughout the lifespan of your business.
Sources:
Nashville: The Health Care Industry Capital, HealthcareCouncil.com
Where Are They Now? A Look at Nashville Startups Founded 2010 – 2015, Tennessean.com
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