Health is a huge subject when it comes to new businesses making their way into startup form. Every promising health startup must develop a convincing pitch to be heard amidst the clamor. That’s because, even with the case of growing inflation in several markets, there’s still the need for people to get healthy. And there always will be.
Whether they’re working off a leg injury, trying to find a way to lose weight over the year, or just checking on some of their body parts to make sure they’re in pristine shape, it always helps to have more health experts in the field.
That said, pitching a health start-up can be a risky business. The reason for this is because so many have already entered the fray, and there’s always someone new in the business of health startup — even if they’re making a pitch for something that sounds completely outlandish, like having their feet worked on.
No worries. We’ve got a guide that will help you nail down what kind of health start-up you can do, and how to convince your investors that these ideas will come to fruition for big business. Follow these basic steps and you’ll be in full health before you know it!
1. Have a plan.
No one has ever said, “Well, shoot, I’m going to be a foot doctor!” and then became a foot doctor overnight.
Obviously, it takes years of work, from going to college to learn the trade to finding the expertise in the field to eventually earn that degree and finally being able to operate on feet.
It helps to have a plan in place in terms of the medical practice that you’re trying to put together.
Make sure you lay out all the details. Is it a general clinic that you’re running that covers a lot of bases for consumers? Does it accept certain kinds of health care, or is it merely out-of-pocket? What specifically will happen in this clinic?
The goal here is to lay out in your pitch what kind of plan you have for the health startup.
Don’t just go into a generic overview. You want to convince your investors exactly what you want to do and how you want to do it. So set up an outline and cover every single chapter, then know how you’re going to present it all. You’ll thank us later, especially if they come up with questions.
2. Have a creative hook.
Anyone can offer up a health startup pitch with a general practice.
- “What do you hope to do with your health start-up?”
- “Well, we’ll cover a lot of medical needs.”
- “Well, sure, but there are a lot of practices that already do that…what will make you stand apart?”
That’s the next thing you’ll want to do — have some sort of hook.
That’s not to say you’ll need to invent a new kind of holistic medical practice or something like that to wow people. Instead, find something that makes you stand out from the other health start-up companies out there. Hone in on that.
Investors love creativity. They do. They like to be wowed with their dollars. If you do the same old thing that everyone else does with their presentations, that will turn them right off and you’ll be stuck without a single dollar.
So when you’re laying out your game plan, make sure to factor off the high points that make you different from everyone else on the market. And no, we don’t just mean the fancy Ficus plant that you’ve got sitting in the lobby. Really go for something cool here, but also practical for your business overall.
3. Lay out expenses, employees, and everything else…so you don’t come up short later.
Finally, this is a very important part of the plan. When you’re putting things together, you’ll want to break down exactly where you’re getting your dollar figure. And that means breaking down where you will spend your money.
You need equipment. You just do. Since you can’t (we assume) build an X-ray machine, you’ll need to buy one that’s modestly priced and working very well.
You’ll also need to pay the people that run it. You’ll also need a receptionist and other experts that will help you out on a daily basis. Don’t forget the office space, expenses, and any other little comforts that will make people feel right at home when it comes to visiting your health start-up.
This sits apart from planning because it’s such an important ingredient. You want to tell your investors right there, upfront, what you need the money for and why.
Convincing them that these are necessities for making a business run is everything, and it’ll show just how devoted you are to making it work. Be upfront and straight to the point about where money will go into a health startup. That way, you’re that much closer to making it a success.
We wish you the best, but don’t forget to smile. And maybe wear a stethoscope during your pitch meeting. Just because.