How to Start a Small Medical Transportation Business in New Jersey
Many medical patients cannot just hail a cab and head home. They may need more help than a cab driver is willing to offer, and may not have any family or friends to transport them. Medical patients value medical transportation services because the drivers can offer assistance to them when leaving a medical facility and getting back into their homes. An entrepreneur who wants to start a small medical transportation business in New Jersey could do well in this line of business, but doing the proper research first is imperative.
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Instructions
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Research medical transportation businesses. You will likely find that you could start a company with just a van, a notebook and a cellphone. You should do market research on medical transportation companies in your area. Check out the competition, and talk to potential customers and competitors. You can find potential customers at hospitals, nursing homes and senior centers.
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Come up with a business plan for starting the business. Evaluate the research you have done and determine the best course of action to make your business a success. This step is essential if you need to get financing from a bank. The business plan should provide detail on the mission of your business, your goals and your method for achieving those goals.
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Determine the legal structure of your New Jersey medical transportation business. You may either form a sole proprietorship, a partnership, a corporation or a limited liability company.
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Seek funding for your business. You could approach friends and relatives for loans. Or you could also apply for a loan from a bank. You may also find government-backed loans, venture capital and grants.
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Select a business name. Sole proprietorships and partnerships operating under an assumed name must register that name with the county clerk's officer where you will be doing business.
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Obtain licenses and permits. You will need a state transportation license. The state may also require your business to be approved by the state department of health and human services. You must also obtain state income tax registration and federal tax registration.
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Tips & Warnings
Have enough financial backing to start in case you do not start off making the profits you expect.
It may take up to two to five years to turn a profit.
References
- Photo Credit Ambulance image by JASON WINTER from Fotolia.com
