Do you want to start a CPR training business? If YES, here is a detailed guide on how to start a profitable CPR training business with no money or experience.
Cardiopulmonary resuscitation (CPR) training is a key aspect of first aid, hence it is important that aside from the on the job cum technical skills that employees have, it has become necessary for them to also be equipped with first aid skills, and the ability to conduct Cardiopulmonary resuscitation (CPR) should be top on the list.
CPR is indicated for any person unresponsive with no breathing or breathing only in occasional agonal gasps, as it is most likely that they are in cardiac arrest.
If you have a have certification in basic life support and two to three years of teaching experience, and you have been nursing the ambition to own a CPR training business, then you would need to give ample attention to this article. There would be great tips to be dished out on how to start a CPR training business.
Steps to Starting a CPR Training Business
1. Understand the Industry
Cardiopulmonary resuscitation (CPR) is an emergency procedure that combines chest compressions often with artificial ventilation in an effort to manually preserve intact brain function until further measures are taken to restore spontaneous blood circulation and breathing in a person who is in cardiac arrest.
It is recommended in those who are unresponsive with no breathing or abnormal breathing, for example, agonal respirations.
Cardiopulmonary resuscitation (CPR) training business falls under the Occupational Health and Workplace Safety Services industry and establishments in the industry provide advice and assistance to organizations and companies to assure safe and healthy working conditions for employees.
Operators provide training, outreach, education and assistance in the form of worksite evaluations, hazard assessments, facility design reviews and compliance audits.
The Occupational Health and Workplace Safety Services industry that CPR training business is a part of is indeed a large industry.
Statistics has it that in the united states of America alone, there are about 38,892 registered and licensed (accredited) Occupational Health and Workplace Safety training companies responsible for employing about 72,238 people and the industry rakes in a whooping sum of $8 billion annually.
The industry grew at 2.4 percent annual growth within 2014 and 2019. It is important to state that there are no establishments in this industry that has a lion market share.
A recent report released by IBISWorld shows that the Occupational Health and Workplace Safety Services industry has benefited from increased complexity in laws surrounding employee health and safety over the five years to 2019.
Industry operators provide advice and assistance in the form of worksite evaluations, compliance audits, hazard assessments, facility-design reviews, indoor air quality evaluations and training programs. The report shows that these programs help protect the health and safety of employees in a diverse range of workplaces.
Over the five years to 2019, industry revenue is expected to increase at an annualized rate of 2.4 percent to $7.7 billion. During this period, sustained economic growth has caused many of the industry’s downstream customers, such as manufacturing and construction companies, to bolster revenue in the industry.
Due to the fact that it can be somehow stressful to get government accreditation for a standard CRP training business in the United States, it will be safe to say the industry is under saturated. Some of the factors that encourage entrepreneurs to start their own Cardiopulmonary resuscitation (CPR) training business despite the fact that the business is challenging could be that the business is quite profitable.
Starting a Cardiopulmonary resuscitation (CPR) training business requires professionalism and good grasp of the skills you want to teach people. Besides, you would need to get the required certifications and license (accreditations) and also meet the standard for such business before you can be allowed to start.
One good thing about Cardiopulmonary resuscitation (CPR) training is that there is readily available market for their services simply because there is a law that encourages corporate organizations to train their employees on first aid and workplace safety skills.
2. Conduct Market Research and Feasibility Studies
- Demographics and Psychographics
The demographic and psychographics composition of those who require the services of Cardiopulmonary resuscitation (CPR) training businesses cut across male and females who want to learn how to carry out first aid on people during emergency situations especially in the workplace, school and at home.
So, if you are looking towards defining the demographics for your Cardiopulmonary resuscitation (CPR) training business, then you should make it all encompassing; it should include every businesses and adults in and around the location where business is located.
3. Decide Which Niche to Concentrate On
It is important to state that there is no niche area in the Cardiopulmonary resuscitation (CPR) training business, because is a niche in the Occupational Health and Workplace Safety industry.
The Level of Competition in the Industry
Interestingly, the competition in this line of business is mild because there a few people who are interested in this type of training as a full – time business.
The likely challenge that you are going to face is licensing. Hence your concern should not be on the competition but on knowing know how to secure all the required license and permits needed to successful run this type of business in your country.
Although there is some level of competitions in the industry especially from well – established Occupational Health and Workplace Safety Services, but the truth is that no matter the level of competition in an industry, if you have done your due diligence and you brand and promote your services or business properly, you will always make headway in the industry.
Just ensure you are good at conducting your CPR trainings, you can deliver excellent customer care services and you know how to attract and reach out to your target market.
4. Know Your Major Competitors in the Industry
In every industry, there are always brands who perform better or are better regarded by the customers and general public than the others. Some of these brands have been in the industry for a long time, while others are best known for how they conduct their businesses and the results they have achieved over the years.
These are some of the leading Cardiopulmonary resuscitation (CPR) training businesses in the United States of America and also in the globe;
- First Aid USA
- American Heart Association
- CPR Of America
- American Safety Training institute
- American CPR Training™
- EHS Services, Inc.
- Collins Safety Services Ltd
Economic Analysis
When it comes to starting a Cardiopulmonary resuscitation (CPR) training business, you just have to get your feasibility studies and market research right before venturing into the business.
It is good to mention that starting a standard Cardiopulmonary resuscitation (CPR) training business is not for rookies; it is for professionals who have the experience and expertise to train people on how to successfully carry out Cardiopulmonary resuscitation (CPR), and other first aids during emergency.
Starting this kind of business entails that you acquire the required technical skills and profession certifications, government approval/accreditation and also build good working relationship with stakeholders in the industry. Depending on the scale at which you want to start from, you might need as much as multiple thousand dollars to strike this off and at the same time you might need far less than that if you choose to start the business on a small scale.
You will be expected to hire the services of experts that will help you with comprehensive economic and cost analysis of the businesses within the location that you intend launching the business. If you get your economic and cost analysis right before launching the business, you may not have to stay the long before you break even.
5. Decide Whether to Buy a Franchise or Start from Scratch
When it comes to starting a business of this nature, it will pay you to buy the franchise of a successful Cardiopulmonary resuscitation (CPR) training business/brand as against starting from the scratch. Even though it is relatively expensive buying the franchise of an established Cardiopulmonary resuscitation business, but it will definitely pay you in the long run.
But then again, if you want to build your own brand after you must have proved your worth in the Occupational Health and Workplace Safety Services industry, then you might just want to start your own business from the scratch. Starting from the scratch will afford you the opportunity to conduct thorough market survey and feasibility studies before choosing a location to launch the business.
It is important to establish that most of the successful Cardiopulmonary resuscitation (CPR) training businesses around started from the scratch and they were able to build a solid business brand. It takes dedication, hard work and determination to achieve business success.
6. Know the Possible Threats and Challenges You Will Face
No matter the part of the world that you reside in, if you decide to start your own Cardiopulmonary resuscitation (CPR) training business today, one of the major challenges you are likely going to face is the presence of well – established Cardiopulmonary resuscitation (CPR) training firms, other players in the industry and freelancers who also carry out CPR and first aid training.
The only way to avoid this challenge is to create your own market; you can start by targeting schools and small businesses in your immediate community. Another threat that you are likely going to face as a Cardiopulmonary resuscitation (CPR) training business operating in the United States are unfavorable government policies.
7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)
If you are considering starting a Cardiopulmonary resuscitation (CPR) training business, the legal entity you choose will go a long way to determine how big the business can grow.
Generally, you have the option of choosing a general partnership, or limited liability company. General partnership should have been the ideal business structure for a small – scale Cardiopulmonary resuscitation (CPR) training business especially if you are just starting out with a moderate startup capital and you intend patterning with other people.
But if your intention is to grow the business and have students from all across the United States of America, then choosing general partnership is not an option for you. Limited Liability Company, LLC will cut it for you.
Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholder meetings and other managerial formalities.
These are some of the factors you should consider before choosing a legal entity for your Cardiopulmonary resuscitation (CPR) training business; limitation of personal liability, ease of transferability, admission of new owners and investors’ expectation and of course taxes.
If you take your time to study the various legal entities needed, you will agree that limited liability company is the most suitable. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or ‘S’ corporation especially when you have the plans of going public.
Upgrading to a ‘C’ corporation or ‘S’ corporation will give you the opportunity to grow your Cardiopulmonary resuscitation (CPR) training business so as to compete with major players in the industry; you will be able to generate capital from venture capital firms, you will enjoy separate tax structure, and you can easily transfer ownership of the company.
8. Choose a Catchy Business Name
The general practice is that when it comes to choosing a name for a business, it is expected that you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents.
If you are considering starting your own Cardiopulmonary resuscitation (CPR) training business, here are some catchy names that you can choose from;
- Chris Greene® Cardiopulmonary Resuscitation (CPR) Training, LLC
- Tony Martins® Cardiopulmonary Resuscitation (CPR) Training, LLC
- Smith Jones® Occupational Health and Workplace Safety Services
- Bob Noel™ Occupational Health and Workplace Safety Services
- Watch My Back® Occupational Health and Workplace Safety Services
- Gab Taylor® Cardiopulmonary Resuscitation (CPR) Training, Inc.
- Green Life® Cardiopulmonary Resuscitation (CPR) Training, Inc.
- Jake Alexis and Sons® Cardiopulmonary Resuscitation (CPR) Training, Inc.
- Good Life® Cardiopulmonary resuscitation (CPR) Training, Inc.
- Libra Generation® Occupational Health and Workplace Safety Services
9. Discuss with an Agent to Know the Best Insurance Policies for You
In the United States of America and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. So, it is imperative to create a budget for insurance policy covers and perhaps consult an insurance broker to guide you in choosing the best for your business.
Here are some of the basic insurance policy covers that you should consider purchasing if you want to start your own Cardiopulmonary resuscitation (CPR) training business in the United States of America;
- General insurance
- Auto Insurance
- Personal Accident Insurance
- Personal Effects Coverage
- Risk Insurance
- Health insurance
- Liability insurance
- Workers Compensation
- Overhead expense disability insurance
- Business owner’s policy group insurance
10. Protect your Intellectual Property With Trademark, Copyrights, Patents
If you are considering starting your own Cardiopulmonary resuscitation (CPR) training business, usually you are required to file for intellectual property protection/trademark. This is because the nature of the business makes it possible for you to challenge organizations and individuals in court for illegally making use of your company’s intellectual properties (training manuals that you produce).
But in the other hand, if you want to protect your company’s logo and personal developed training documents or software that are unique to you or even jingles and media production concepts, then you can go ahead to file for intellectual property protection. If you want to register your trademark, you are expected to begin the process by filing an application with the USPTO.
11. Get the Necessary Professional Certification
Irrespective of the results you produce as it relates to training your students on how to carry out CPR and other first aids treatments, professional certification is one of the main reasons why some Cardiopulmonary resuscitation (CPR) training business stand out.
If you want to make an impact in the Occupational Health and Workplace Safety Services industry, you should work towards acquiring all the needed certifications in your area of specialization. Certification validates your competency and shows that you are highly skilled, committed to your career, and up-to-date in this competitive market.
These are some of the certifications you can work towards achieving if you want to run your own Cardiopulmonary resuscitation (CPR) training business;
- Certification in Basic Life Support (BLS)
- Basic Life Support Instructor Certification
- Degree or Diploma in Occupational Health and Workplace Safety
Please note that you cannot successfully run a Cardiopulmonary resuscitation (CPR) training business in the United States and in most countries of the world without acquiring professional certifications and business license (accreditation from regulating bodies) even if you have adequate experience cum background in the industry.
12. Get the Necessary Legal Documents You Need to Operate
Having the necessary documentation in place before launching a business in the United States of America cannot be overemphasized especially Cardiopulmonary resuscitation (CPR) training. It is a fact that you cannot successfully run any business in the United States without the proper documentations. If you do, it won’t be too long before the long hand of the law catches up with you.
Here are some of the basic legal documents that you are expected to have in place if you want to legally run your own Cardiopulmonary resuscitation (CPR) training business in the United States of America;
- Certificate of Incorporation
- Federal Tax Payer’s ID
- State Permit
- Accreditation Letter
- Business License and Certification
- Business Plan
- Education/Training Curriculum
- Non – disclosure Agreement
- Employment Agreement (offer letters)
- Operating Agreement for LLCs
- Insurance Policy
- Consulting contract documents
- Online Terms of Use
- Online Privacy Policy Document
- Apostille (for those who intend operating beyond the United States of America)
- Company Bylaws
- Memorandum of Understanding (MoU)
13. Raise the Needed Startup Capital
Apart from the required certifications and hands-on experience, starting a Cardiopulmonary resuscitation (CPR) training business can be cost effective. Leasing an office facility, equipping the office and paying your employees are part of what will consume a large chunk of your startup capital.
When it comes to financing a business, one of the first things you should consider is to write a good business plan. If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business or to partner with you.
Here are some of the options you can explore when sourcing for startup capital for your Cardiopulmonary resuscitation (CPR) training business;
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for Loan from your Bank
- Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
- Source for soft loans from your family members and your friends.
14. Choose a Suitable Location for your Business
A cardiopulmonary resuscitation (CPR) training business requires that you see physically with your clients (students) hence it must be located in good area; a location that is prone to both human and vehicular traffic and a location that is at within a business district or school if indeed you want to maximize profits from the business.
It cannot be overemphasized that the location you chose to open your Cardiopulmonary resuscitation (CPR) training business is key to the success of the business, hence entrepreneurs are willing to rent or lease a facility in a visible location. If you make the mistake of renting or leasing a facility for business in a not too visible or hidden location simply because it is cheap, then you must be prepared to spend more in promoting the business.
It is important to note that a business facility in good location does not come cheap hence you should be able to allocate enough fund for leasing/renting in your budget. If you are new to the dynamics of choosing a location for your business, then you should feel free to talk to a business consultant or a realtor to help you out.
15. Hire Employees for your Technical and Manpower Needs
There are no special technology or equipment needed to run a Cardiopulmonary resuscitation (CPR) training business. All you would need different types of mannequins. In order to run a small administrative office, you will definitely need computers/laptops, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves).
These machines, equipment, tools and instruments can be purchased as fairly used especially if you have limited finance to meet your budget. When it comes to choosing between renting and leasing a facility, the size of the business you want to build, and your entire budget for the business should influence your choice.
If you have enough capital to run a standard Cardiopulmonary resuscitation (CPR) training business, then you should consider leasing a facility. As regards the number of employees that you are expected to kick start the business with, you would need to consider your finance before making the decision.
Averagely, you would need a Chief Executive Officer/Principal Partner, Certified Cardiopulmonary Resuscitation (CPR) Trainers, Business Developer, Accountant (Bursar), Customer Service Executive/Front Desk Officer. You would need a minimum of 5 to 10 key staff to effectively run a medium scale but standard Cardiopulmonary resuscitation (CPR) training business.
The Services Delivery Process of the Business
Cardiopulmonary resuscitation (CPR) training business and skill acquisition centers are established with the aim of teaching students technical and trade skill set. In essence, a student is expected to enroll in a Cardiopulmonary resuscitation (CPR) training class with the hope of acquiring Cardiopulmonary resuscitation (CPR) and perhaps first aid skills.
As it relates to Cardiopulmonary resuscitation (CPR) training business, any student that enrolls has two basic aims of enrolling in the class. Firstly, they want to learn how to save life and secondly to be able to qualify and obtain a Certification in basic life support. So, when a student pays for the training, they are expected to achieve the above within a stated period.
16. Write a Marketing Plan Packed with ideas & Strategies
In other to capture a fair share of the available market in your location, you need a strong online presence and a good SEO optimized website. The truth is that your website ensures that your business remains visible to your existing and potential customers.
This means that you should maximize the use of your website by ensuring that you make it interactive for your target market. You can even ensure that your customers get to book and pay online so as to make it more convenient for them.
When you are drafting your marketing plans and strategies for your Cardiopulmonary resuscitation (CPR) training business, make sure that you create a compelling personal and company profile.
Aside from your qualifications and experience, it is important to state in practical terms what you have been able to achieve in time past as it relates to CPR and the Occupational Health and Workplace Safety industry and the organizations you have trained in time past.
This will help boost your chances in the market when sourcing for clients. Please note that in most cases, when sourcing for business deals from corporate organizations and other institutions, you will be called upon to defend your proposal, and so you must be pretty good with presentations.
Here are some of the platforms you can utilize to market your Cardiopulmonary resuscitation (CPR) training business;
- Introduce your business by sending introductory letters alongside your brochure to all the corporate organizations and businesses in your target market location, schools, churches and other religious centers, local community, and households within and outside the city you are operating in who have the capacity to pay for your services
- Advertise your Cardiopulmonary resuscitation (CPR) training business in relevant magazines, radio station and TV stations
- List your Cardiopulmonary resuscitation (CPR) training business on local directories / yellow pages
- Attend international vocational education expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budget
- Leverage on the internet to promote your Cardiopulmonary resuscitation (CPR) training business
- Join local chambers of commerce and industries around you with the main aim of networking and marketing your services; you are likely going to get referrals from such networks.
- Engage the services of marketing executives and business developers to carry out direct marketing
17. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity
If you are in business and you are not deliberate about boosting you brand awareness and communicating your corporate identity, then you should be ready to take on whatever the society portrays your business to be. One of the secrets of larger corporations is that they are willing to spend fortunes to boost their brand awareness.
If your intention of starting a Cardiopulmonary resuscitation (CPR) training business is to grow the school beyond the city where you are going to be operating from to become a national and international brand, then you must be ready to spend money on promotion and advertisement of your brand.
In promoting your brand and corporate identity, you should leverage on both print and electronic media and also social media (the internet). As a matter of fact, it is cost effective to use the internet and social media platforms to promote your brands, besides it is pretty much effective and wide reaching.
Another strategy is to sponsor relevant community based programs, TV and radio programs, advertise your business in relevant magazines and newspapers. Below are the platforms you can leverage on to boost your brand and to promote your Cardiopulmonary resuscitation (CPR) training business;
- Place adverts on occupational health related magazines and newspapers, radio and TV stations.
- Encourage the use of word of mouth publicity from your loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote your Cardiopulmonary resuscitation (CPR) training business.
- Ensure that your position your banners and billboards in strategic positions all around your city
- Distribute your fliers and handbills in target areas in and around our neighborhood
- Advertise your Cardiopulmonary resuscitation (CPR) training business in your official website and employ strategies that will help you pull traffic to the site
- Brand all your official cars and trucks and ensure that all your staff members and management staff wear your branded shirt or cap at regular intervals.