Deciding to start your own business in health and wellness provides many exciting options that allow you to create your own unique lifestyle while expressing your desire to help others on their path to optimal well-being. The increasing demand for entrepreneurial healthcare providers and other interested individuals seeking unique career alternatives is supported through (Aldred, 2007; Lorenzetti, 2015; The George Washington University, 2017; Wilson, Whitaker, & Whitford, 2012):
- the increasing diversity of patient populations
- the increasing age of patient populations
- the increase in chronic diseases
- technological innovations
- innovations in health care directed toward improved health outcomes
- continually evolving reimbursement options and payment models with a focus on value
- the utilization of more varied diagnostic and holistic treatment options in the prevention and treatment of all types of diseases and disorders
- the changing demographics of healthcare consumers, including the “digital natives” (those who have grown up with technology as a way of life)
In addition, healthcare in the United States and abroad is changing. In the United States in particular, healthcare and medical industries are traditionally slow to innovate, partly because of the high cost of entry and the regulatory “red tape.” Many individuals consider this to be a tremendous opportunity for entrepreneurs. Indeed, there are more startups beginning to solve problems the healthcare industry has not been able to solve on its own (Hendricks, 2016). Healthcare startups have boomed over the past decade as evidenced by the number of venture funding deals, which grew approximately 200% between 2010 and 2014. In fact, 2014 was dubbed “The Year Digital Health Broke Out” by Startup Health—a leading New York City-based accelerator and networking platform.