Do you want to start a mental health related business but you want to go niche? If YES, here are 30 best mental health business ideas & opportunities for 2020.
In a world filled with stress and unnecessary complications, mental health professionals are constantly providing lifesaving care. Report has it that one in four adults “suffer from a diagnosable mental disorder in a given year,” and this figure doesn’t include troubled children and adolescents.
Why Start a Mental Health Business?
With this sort of business opportunity, you can add your skills to those of other mental health practitioners in your community by starting a business devoted to salvaging lives and you will discover that the phrase “one person can make a difference” is more than just words.
To start and run a successful mental health business, you will first have to supplement your college degree in behavioural science (e.g. psychology, counselling, social work, sociology) with workshops, certificate classes and symposia that fill voids in your areas of expertise like geriatric, paediatric, adolescent and other segments of society with special mental health needs and issues.
Take general business classes if time allows. You’re advised to research and acquire licenses required by state, city and/or community mental health agencies and authorities. Take your time to draft a budget covering start-up expenses. writing a business plan will help you focus your practice’s future direction.
You should also consider renting a small office or using part of your home, but it’s advisable you separate your personal life from your practice. You can also rent space within an existing mental health practice to walk into a turnkey operation that may also provide you with an established waiting room and clerical staff.
Contact health insurers to set up partnerships and, if you aim to accept these plans, comply with Medicare and Medicaid guidelines to affiliate with both networks. Do not forget to make a balanced approach to marketing your mental health services.
So, if you’re a healthcare professional or you have an interest in working in the mental health sector, there are different business ideas you can consider.
30 Best Mental Health Related Business ideas for 2020
- Sleep Technician
We can all agree that many people experience issues with sleep and this has led to a lot of mental health issues. That is why you can start a business that performs sleep tests and helps diagnose and treat patients experiencing some common sleep problems.
- Biosimilar or Biological Drugs Production
These biological drugs are medicines created from living cells through highly complex manufacturing processes. They are primarily used to prevent, treat, diagnose, or cure a variety of serious and chronic illnesses. The list includes cancer, chronic kidney disease, autoimmune disorders, mental disorders and infectious diseases. The business is capital intensive but will sure bring in massive returns.
- Psychiatric Hospital
Some people due to certain reasons lose their minds hence the need for professionals who will take care of them. That is why if you are a trained psychiatric doctor and are interested in starting a mental health business of your own, then one of your options is to start a psychiatric hospital.
A psychiatric hospital is a place where people with mental disorders are taken care of. Have it in mind this type of business is capital intensive and will require permits and license from the department of public health, but it is a profitable business venture.
Note that in the heat of the moment, suicidal people can only think of one option: suicide. At that crucial moment, these people can request ‘a run-away trip’ with a touch of button on the smartphone. Indeed, it is OK to ‘die’ as long as you can come back.
Your opinion when starting this business is to give them a better option of dying but in a better way. i.e. escape from the current situation. Seeing another place and spending time there will help them re-think and re-group.
- Media Hub for mental Wellness
Note that you can create a media site that becomes the ultimate source for mental health information. With a media site, you might work with other experts as guest writers to create authoritative content for your site. Just like any other Online business ideas you can start in this field, your revenue potential starts when you’ve built a big enough audience for your site.
Then you can sell advertising or affiliate products, run online courses, workshops or seminars, or branch out into books and other products to expand your online brand.
- Wellness Clinic
Another profitable business idea is to set up a clinic that offers wellness services such as stress management, depression management and other specialized treatment programs. You may need specialized certifications for this business.
Concierge doctors work on retainer for specific patients or organizations and often travel to their patients to provide care. You can focus your services on mental health patients and acquire a substantial market share by focusing your marketing efforts on specific patients or healthcare demographics.
Corporate wellness programs strive to nurture both physical and mental wellness in workers, regardless of the work environment. Generally, employers look for this type of service in factories, corporate offices, large corporations, and small corporations alike.
- Mental Health and Wellness Podcast
If you love interviewing people and don’t mind the sound of your own voice, then you should consider starting a health and wellness podcast. Although the podcast alone doesn’t generate revenue, once you have an established audience you can sell sponsorships or advertising, recommend affiliate products, or even sell your own products and services through your podcast.
The relaxation and inspirational powers of Yoga are undeniable and the evidence is in the millions of people who have embraced Yoga as their favourite workout. You can never go wrong with setting up a good Yoga studio in the right location.
Have it in mind that psychologists do not prescribe medication to their patients. But they do help patients with a variety of mental health issues through other forms of therapy.
- Counselling Service
Mental health is a major part of our overall well-being. Recent figures shows that one in four people in the united states will experience a mental health problem each year. The most common types include depression and anxiety. So, demand for the counselling service is always there.
- Mental Health and Wellness Blog
Indeed, there are lots of health and wellness blogs – but when done well, blogging can comfortably generates revenue and could even replace your full-time income if your site becomes popular enough. Have it in mind that simply writing a blog doesn’t generate income.
The key is in building your audience. Once you have a big enough audience, and you’re a trusted, credible blog, you can then generate revenue through advertising, selling affiliate products or even creating your own online products and courses. If you’d like to get started blogging,
- Medical Records Management
You can also start a service that manages medical records for hospitals, mental health clinics, and doctors’ offices. You can work with clients to identify the best records management systems, implement them, and provide their staff with training on how to use the systems.
You can also offer a full-service medical records management, and clients can outsource their work to you. That would be helpful for practices and sole practitioners, who need the organization but can’t afford the in-house staff.
Agreeably, both healthcare providers and individuals alike are increasingly turning to mobile apps to track, record, and manage medical conditions. The world is a bed of roses if you’re skilled in app development, so you might want to consider developing your own healthcare app that targets mental health clinics and patients. Do some field research to find out where your skills can fit a need.
- Clinical Social Worker
Clinical social work is a specialty practice that deals with the mental health field. You can have a practice that assesses, diagnoses and treats a variety of behavioural and mental health conditions.
If you want to start a business in the media and publication industry, then you can consider mental health magazine. The business is highly profitable. However, it demands substantial capital investment and strategic planning.
As the wellness industry grows, so do the need of wellness practitioners. You can consider creating a software product to support wellpreneurs in growing their businesses – for example, software for working with coaching clients, managing an email list, or creating amazing meal plans are just a few ideas.
- Retreat Centre
Retreats are becoming more and more popular in modern America. If you create a retreat centre in a location that you love, you can invite other wellpreneurs to run their own retreats at your centre. Running health and wellness retreats is a huge trend this year – and growing.
At a retreat, you invite a group of people for a multi-day experience which often includes their housing, delicious healthy meals, classes, workshops, treatments, tours, experiences and more. As a retreat leader, you can choose to run your retreat at a centre around the world, giving you the opportunity to travel while you’re working.
As drug use has escalated to become a national crisis in the United States, legitimate places for people to help overcome their addictions and rebuild their lives are needed more than ever. Every day, more than 115 Americans die after overdosing on opioids, according to the National Institute on Drug Abuse.
You can open a drug treatment and rehabilitation centre to help clients with drug addiction. You can specialize in different types of patients, such as juveniles or patients with criminal records.
- Alcohol and Drug Abuse Counsellor
You can also offer a specialty type of counselling when it comes to mental health. Addiction can be a huge issue, so there’s plenty of opportunity to help people in that area through a counselling practice.
You can also open your own drug testing business that works with companies and organizations to test for things like alcohol and drug use.
- Natural Remedy Supplier
If you want to provide natural healthcare solutions to consumers, you can open your own store or supplier network that deals with natural remedies or solutions.
If you are a doctor, a pharmacist, a mental wellness coach or a professional in the medical field, who is looking to start a simple business in the healthcare industry, one of your options is to start a health related program on television.
Indeed, there are loads of people out there who would always tune in the watch health related programs on TV. The truth is that if the program is well packaged, you wouldn’t find it difficult to secure lucrative sponsorship deals from corporate organizations and stakeholders in the healthcare industry.
- Start Organizing Mental Health Fairs
There are plenty of players in the healthcare value chain who are searching for platforms to showcase and market their services to their target market. Note that one of such platforms is the health and medical fairs; a place where entrepreneurs and organizations in the healthcare industry can attend to promote and market their goods and services.
That is why if you are good at organizing events and you are interested in starting a business in the healthcare industry, then one of your options is to start organizing health and medical fairs. You can organize this event at a city level, state level, national level and international level.
- General Physician
When it comes to medical businesses, the first profession that comes to mind is a general doctor. Of course, you can work for a hospital or other medical facilities. But you can also start your own practice or partnership if you want to have your own business.
- Medical Transcription Services
Medical transcriptionists transcribe doctors’, nurses’, and other healthcare practitioners’ voice recordings into written documents for patients’ records. Speech recognition technology has definitely improved the efficiency of medical transcription, sure.
But it certainly hasn’t yet replaced the need for human transcriptionists to review and correct the transcriptions to make sure they’re accurate. Have it in mind that this is a great business to run from home because you can make your own hours, and all of the work can be done digitally. Plus, if you’re digitally savvy and can create an efficient way to share files, you can really one-up the competition.
Note that home health care agencies provide a wide range of services at a client’s home for an illness or injury. Usually, these services are less expensive, more convenient, and just as effective as the care you get in a hospital or skilled nursing facility (SNF). So, demand for this type of service is increasing rapidly.
- Medical Insurance Selling
This is one of the most profitable healthcare business that demands entrepreneurship ability. Basically, the business doesn’t demand any specific degree and you can start with almost zero capital investment. However, you must have a sound networking skill.
Medical billing requires performing complex coding when submitting insurance claims. Certification is needed in this field to ensure that doctors and other healthcare practitioners get paid.
Although big hospitals and healthcare organizations often have in-house staff, small medical practices that don’t have time to manage billing and coding themselves are an ideal market for medical billing services. Acquire a medical billing software, get trained in proper coding, and target these smaller medical practices to take medical billing hassles off their hands.
It’s important to state that there are a lot of potential openings for entrepreneurs interested in the mental health sector. But ensure you check regulations, licensing, professional training, or degrees needed for these businesses before you get started.