How do I determine if there is a market for a disease management company?
I am an RN and have an interest in developing a disease management company in which I would provide education, counseling and guidance to customers/patients with chronic disease issues or prevention. I live in Montana and need to know how I determine the market for such a business and how to get started against large companies like insurance companies?
To determine if there is a market, you need to see if the companies you are thinking of targeting would actually be willing to pay for your type of service. What is the benefit, in terms of dollars saved, dollars earned as a result of more productivity or time added to productivity for a company’s bottom line? Quantify that, and you can go in and "pitch" your service as an alternative to insurance companies' own preventive programs.
Another option would be to work for a company that offers a similar type of service to the one you are proposing (if one exists) and learn how the
business works from the ground up. View it as an apprenticeship to owning your own company--and know that if those companies do exist, there is a market out there willing to pay for "disease management."
Creating a MAP will take no more than an hour of your time every month and will keep the lines of communication open, ensuring relationships with investors remain strong, and ultimately helping early-stage startups succeed.