Friday, April 29, 2022

KillerStartups

KillerStartups

Health Startups: 11 Brutal Truths

Posted: 29 Apr 2022 07:30 AM PDT

While creating a health startup can be rewarding, there are also a number of problems behind it. You could find your hands full trying to get all the correct information. You could fall behind based on what other businesses are doing. Worst of all, you could start getting incorrect details that put lives at risk.

Let's take a look at the 11 brutal truths about health startups that you'll need to consider before you manage to get one off the ground.

1. Do you have the information needed to keep up?

First, there's always something new in the medical field.

Look at how unprepared everyone was when it came to COVID-19 a couple of years ago. And if you don't have the proper tools to do the research to keep up with the times, you could fall behind, especially if the competition is more prepared to pounce.

2. Develop consumer trust.

This is a big one. If you're a startup clinic and you don't have enough word-of-mouth going around, you're just not going to be able to establish a large base of consumers.

And that means no business down the road, so you'll need to find a way to make this happen. Remember, one bad complaint can lead to a huge downhill in your business.

3. You need to keep up with safety.

It's important — downright vital, actually — to keep your safety standards in check.

That means clean equipment, employees that aren't slacking off, and just making sure your procedures are up to standard. The more slovenly your health startup business becomes, the more trouble it's going to face down the road — and that could eventually mean closure.

4. Prepare for the evolution of business.

Some people are afraid of change, mainly because they believe their business is working just fine.

Maybe they just aren't in the mood to learn anything new. However, as part of the "keep up" reason above, if they fail to adapt with the times and get the proper equipment and knowhow to do so, they could find themselves becoming a relic of the past, even with an established customer base.

5. What if you can't find the right talent?

People change professions all the time. In fact, more people left their job this year than in most years.

So what happens if someone you were depending on to fill a void isn't there? It could easily take forever to find someone just as qualified, if less so. As a result, you could end up having to delay some business while you're waiting to fill the role, leading to consumers looking elsewhere.

6. Equipment costs money.

You're going to need to upgrade equipment. There is no getting around it.

What could be the hottest X-Ray machine going for 2020 will eventually become old news by the time 2025 rolls around and a new, advanced model is on the market. So be prepared to invest in new equipment because, without it, you're likely to be left in the dust right alongside it.

7. Keep your data secure.

Another big problem with startups is how vulnerable they are, especially if they do a lot of work online.

It doesn't take long for a clumsy employee to share their information with others, or with a potential data thief to come along and wreak havoc by demanding money to give back precious (and private) data on consumers. That's why it pays to have a good protection tool for your information. Because one click and it could be long gone.

8. Putting the wrong people in charge.

Just because someone has a stacked resume doesn't necessarily mean they're a key fit for your business.

And hiring the wrong CEO or someone else in charge of your health startup could be the kiss of death for your business. All they have to do is make one bad decision with the money and you're better off just trying to provide free medical advice online. Do not make a mistake when it comes to hiring the right higher-ups.

9. Not working with insurance companies.

Some clinics and health startups out there think it's a good idea to work with patients out-of-pocket instead of working with networked insurance partners or established companies that provide benefits.

This could be a big problem. While beneficial at first to some consumers, it could take away a key part of your business. Worse yet, make people turn away because you don't offer certain benefits. Nope, partner up.

10. Adding unnecessary business when everything isn't up to speed.

A lot of people like to cover multiple bases in a business, but sometimes it helps to build something first.

Trying to overwhelm your team with too much will result in not only burnout but lack of business and lost funds as well. As a result, you could lose everything even before you get started with it!

11. Being careful with your resources.

This is why it's vital to have the right people in charge of your health startup, as well as those working for it. Because all it takes is one mistake with funding. Doesn’t matter whether it's a decision to invest in the wrong equipment or grow in the wrong area. The next thing you know, you're looking at an option for bankruptcy. Take your time, it's not a horse race.

The post Health Startups: 11 Brutal Truths appeared first on KillerStartups.

Elements All Startup Success Stories Have In Common

Posted: 29 Apr 2022 06:45 AM PDT

In order for any startup to find success, it helps immensely to listen to the stories of other entrepreneurs and have all the right elements in place. If you don’t have the right elements, your idea will end up a failure. It’s more likely to end up washed up…like so many other ideas that end up going the way of the dodo from New York to Silicon Valley.

That's why it's vital to have one key ingredient in place when it comes to building an essential business with your startup success. That's right, it all comes down to one thing, though it's broken down into multiple tiers, with everything adding together into it to create something that truly stands out.

So, with that in mind, here's the one thing you need in order for your startup success to happen. And make sure you have it, because, again, you don't want it to collapse before it begins. Ready to know what it is?

A Plan

That's right, this all comes down to having a plan.

As Hannibal once said on older episodes of The A-Team (an 80s series, look it up), "I love it when a plan comes together." And chances are, so will you. The plan is going to be the one thing you put building blocks on in order for your startup success to blossom into something phenomenal.

With that, there are several elements of a plan that you'll want to have in place if you want that startup success to happen. Let's break down each of the key components below. In fact, feel free to use this article as a blueprint for your success. Go ahead, we don't mind.

1. The Right Idea

What idea do you have when it comes to getting your startup success off the ground?

Is it something that's based on originality? Does it provide a twist on something popular that's happening right now? Is there something that you believe consumers will rush to you to get right off the bat? It's great to have this way of thinking.

But the right idea isn't an overnight one. You'll want to establish it in its many steps, from how you're going to get it off the ground to what makes it a big attraction for consumers to what could attract key investors.

For that matter, it never hurts to put a foundation in place for where you can take your idea next. This is a great part of the plan, and part of those steps to finding startup success.

2. The Right People

Rome wasn't built in a day. And the last time we checked, no single person built it, either.

Nope, it took a squad of devoted builders a great deal of time in order to put it together and make it into a vast, visitable city. That's the way your startup success is going to happen as well — and that means bringing in the right people for the job.

Business partners and investors are one thing, but you also want the right people working alongside you. After all, if you grate on each other's nerves, you're going to see a severe drop in the startup success, and that's the last thing you want.

So, again, use the plan to hire the right people for your startup. Offer up great benefits and reasons you want them on board, of course.

However, also work on chemistry and make sure they're more than ready to fill that role for you. Without them, your business could stall, so take your time and bring the right folks on your journey.

3. The Right Business Model

An idea is great, and the people behind it are great.

But if you absolutely, positively want to find that startup success that's eluded you for so long, you'll want to make sure you have a sustainable — and attractive — business model.

What do you want your startup to offer? What can it do that the countless other companies that are opening these days can't? Why is your team so highly selectable compared to the more elite squads running around Los Angeles and New York? What is it about you that makes you…you?

Follow a good business model and stick by its principles, but leave things open.

Don't be afraid to change things if needed depending on the market, and find the right people that can change alongside you. Make sure you've got a foundation in which to build, nurture, and eventually grow. That's all part of this plan that can really take you places, provided you have the right direction.

Remember, patience is everything. Having all three of these startup success elements as part of the general plan is outstanding. It will bring you startup success before you know it. Just don't slip along the way — learn from your mistakes, get back up, and make it better. It's all part of the plan.

The post Elements All Startup Success Stories Have In Common appeared first on KillerStartups.
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