Are you interested in having your own business, though are unsure of what kind of services to provide? There are many services you can provide to the marketplace, though there are a couple of factors for you to consider, before making your finalizing your business model.
The first is market size, this is helpful for you to understand just how much money is being spent in that arena annually. Why? It will provide you with perspective as to whether your business idea can be supported in the market. If a market size is small, there may be significant barriers to entry. A barrier to entry might be a big company that has significant market share and can charge lower fees that you envisioned for your services, which will directly impact your ability to turn a profit.
The second is annual growth rate, this will tell you just how fast your market is growing and tells you if your services are needed now and in the future. Finally, take into consideration your fixed costs. This is money that you will have to spend to bring your services to market. For example, will you need to rent or purchase equipment so start your business? The higher the fixed costs, equipment, office, etc., the more it will cost to start your business, and the longer it will take your business to be profitable. Telehealth services typically have lower fixed costs, as virtually everyone owns a computer, and you can purchase the technology to run a telehealth business through a monthly subscription fee, at a low cost.
Below is a list of business options that show the market size and annual growth rate, do any of these seem like a good fit for you?
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