Your Guide to Starting Your Own Medical Company
There’s something uniquely satisfying about embarking on a journey to become a small business owner. When your passion is medicine, you can easily combine that with an entrepreneurship degree to start your own medical company and reap the rewards that owning your own business can bring.
Though it may seem daunting to start from scratch, you may be curious whether a degree in entrepreneurship is worth it. The short answer is yes, and we’ll dive into the details of why obtaining a graduate degree in business can give you the skills, knowledge, and confidence to build your business and create a foundation for success in the medical field.
How to Enter the Healthcare Industry
When it comes to how to start an ecommerce business, there are many factors to consider. Most notable and pressing is how to break into the healthcare field and become a small business owner. Before you start your own medical company, here are some ways you can gain entrance to the healthcare realm and build your business from the ground up.
- Find a job in the medical field. When you’re in the beginning stages of trying to start your own medical company, it’s important to hit the ground running and start gaining the experience and skills you need. Get familiar with the medical field. Some entry-level positions to consider include: medical assistant, billing, volunteering in a nursing home or hospital, becoming a therapy aide, a caregiver, or a secretary/receptionist.
- Select a course of study and enroll in school. Do you need an MBA to be an entrepreneur? That’s a logical question, and though the short answer is no, there are numerous perks to obtaining your graduate degree to elevate your skills, build your confidence, and widen your knowledge base.
- Decide what area of interest you’d like to work in. Are you interested in becoming a doctor and opening a private practice? Is your passion in physical therapy? Are you engaged in helping people via pharmaceuticals? Try to narrow the scope of where your interest, experience, and skills intersect to create the perfect business for you that will be financially and emotionally rewarding.
What Type of Medical Business Will You Start?
The medical field is broad, vast, and complex, so it may take some time to determine your career goals. Consider a few popular fields that offer long-term growth and upward mobility. Once you discover your dream career path, you can take tangible steps towards your plan to start your own medical company.
- Medical Technology (Medtech) and Healthcare Information Technology (IT) – Jobs in the tech and information systems sector offer a lot of potential, making them a good fit for coupling your interest in medicine with your desire to become a small business owner. Careers in information management, radiation, and engineering are just a few options. Jobs in these fields are quickly growing, and according to the U.S. Bureau of Labor and Statistics, there will be almost 30,000 new jobs in these fields between 2020 and 2030. Salaries can vary but can easily jump to six figures when you have the right skill set and educational background.
- Pharmaceutical Dispensary – A career as a dispensary tech can offer you up to $100 or more an hour, according to ZipRecruiter. This varies greatly depending on your own knowledge base and experience, but a job in this field can be gratifying if you love helping people. It’s also an exciting, ever-changing field; perfect for the foundation to start your own medical company.
- General Practice – Broad but never boring, becoming a general practitioner with the intent on starting your own company is challenging but ultimately pays off in dividends. You can decide your own area of focus, where you’d like to set up shop, and make your own hours, creating your career around your own lifestyle. With time, GP careers can be extremely lucrative, easily crossing a six-figure salary with growth potential.
Earning a Degree in Business
Can you be an entrepreneur without a degree? Sure you can, but you may face roadblocks you wouldn’t have to deal with if you’d earned your graduate degree. When it comes to starting your own medical company, part of setting yourself up for success is building a solid foundation for your business, including the necessary training and skills.
- Earn an MBA – The best course of action to maximize your earning and job growth potential in the medical field is by earning an MBA. There are numerous specialities you can study, such as healthcare management or analytics. Obtaining your MBA enables you to gain leadership skills, properly network and communicate, and manage a team effectively – all skills you’ll need when becoming a small business owner.
- Business Analytics MBA – Becoming well-versed in business analytics means your skills will be in-demand. You’ll learn how to leverage data to make predictions and help companies become more successful. You can create a company that works to help other companies and businesses thrive with the necessary skills to read and analyze helpful data.
- Project Management MBA – Put your natural leadership qualities into play with a concentration in project management. There are many scopes of study under this umbrella, including pharmaceutical management, administration, and compliance, just to name a few. You’ll learn to delegate, making you a confident entrepreneur in this satisfying field.
Necessary Licenses and Permits
No matter what type of business you decide to start, no business can get off the ground without the right licensing and permits. Before you open your company to the public, take a minute to ensure you’re operating within the laws’ legal limits in your state and county. You’ll need to add these requirements to your existing business blueprint.
- Local Business Requirements – You must discover if your city or state mandates a local business license. Some locations do not. Talk to your community leaders to find out what preliminary steps to take when starting your own medical company in your city.
- State Business Requirements – Each state is different. Your local city hall or library can provide information for state requirements. Though you may not need certain permits in your city or county, you may need them in your state. It’s important to distinguish the difference between state, local, and federal licenses. Do your research and gather the necessary documents to start making your business dreams a reality. Your state comptroller’s office is a good place to begin.
- Federal Business Requirements – Right from the start, you’ll need an LLC and file your business information with the IRS. If you employ staff, you’ll need to visit the workforce commission in your area to ensure you’re doing everything on the up-and-up with regard to taking out taxes for your employees.
Recap of Starting Your Own Medical Company
There’s nothing more rewarding than owning your own business, and with an interest in medicine, the sky is the limit. Before you decide which direction you’re going, sit down with paper and a pen and list what fields move you, your long-term goals, and what educational paths you’re interested in.
Gaining knowledge and certifications in your field of interest is a great way to lay the groundwork for your future in medicine, and working in the medical field as you increase your skills and knowledge base can secure your success.