One of the best business prospects in Australia is the NDIS sector; a multi-billion dollar market predicted to grow towards the $30 billion threshold by 2025 with continual government funding.
By utilising our internal information, we want to save you the hassle of looking for NDIS business prospects. This post is intended to assist you in navigating this rapidly expanding sector and the outstanding commercial opportunities that the NDIS now offers.
The foundation of an NDIS business is providing excellent support
The most crucial factor in assisting you to secure a sizable market share and large revenue is your understanding of how to develop a profitable NDIS business.
According to the NDIS Code of Conduct, NDIS businesses are required to support participants’ general health, safety, and welfare. This is not the industry for you, if you’re all interested in pursuing business opportunities with high-profit margins. It’s risky to work with persons with physical or mental vulnerabilities.
Therefore, aiming to establish your NDIS business into an overnight success is never a wise idea. The best foundation to ensure that your NDIS business can be profitable is by concentrating on offering excellent support; the rest will follow.
There are attractive business prospects abound in the NDIS. That is, assuming you know what is necessary to maximise their potential. Here are 4 of them:
1. Launching a local NDIS provider business
Every large corporation has a humble beginning. The ultimate NDIS business potential is establishing a company that provides personalised and localised care. After which, you can expand your NDIS services to other suburbs.
By establishing your business in this manner, you will gain first-hand knowledge on how to consider each NDIS participant’s unique needs and assist them in achieving their life goals.
Be mindful that whilst servicing your NDIS participants, take into account your competitive advantage and adjust if needed. With hundreds of new providers getting registered with the NDIS and the expanding market in this sector, staying relevant and competitive is key to maintaining the local provider business.
Starting a local provider business won’t be difficult with the assistance of Local Area Coordination (LAC) offices in a particular service area covered by the NDIS.
2. Strengthening your present health services
If you already run a registered NDIS business, it’s crucial to comprehend how you can grow or change, to seize a greater share of the NDIS market.
You can diversify your service offerings and increase operations by adapting your business’ services to fit the particular needs of NDIS participants. For example, expanding your scope of registration to cater to more NDIS participants that want a particular service.
While it is beneficial to concentrate only on NDIS participants, it is also possible to provide some support to health services to the general public.
3. Offering NDIS providers business consulting
Although they are always up for a new challenge, most NDIS providers aren’t naturally businesslike. The great majority of them have backgrounds in the medical field.
This increases their propensity to ask for assistance in:
- Business administration
- Software knowledge
- Legal issues
- & other topics pertaining to the business
If your organisation is quite knowledgeable in some business processes and operations, it’s well worth a shot to offer business consultancy to other NDIS providers.
4. Managing the plans of participants
“It’s a satisfying career to manage NDIS plans.”
Plan managers take pleasure in the benefits of assisting participants in finding the best NDIS providers so they may effectively pursue their unique life objectives. This can be a great opportunity for NDIS providers to consider offering NDIS plan management to NDIS participants.
Why Compliance Is Essential For NDIS Success
Your NDIS business compliance with the NDIA is crucial. To be able to operate as an NDIS service provider, you have to comply with the required rules and regulations. If you don’t comply, you risk receiving notifications of infringement or other enforcement measures, which, if ignored for too long, might result in the complete closure of your business.
According to the NDIS Compliance and Enforcement Policy, monitoring compliance is not intended to penalise NDIS service providers but rather to make sure that appropriate safeguards are in place when working with those with a disability.