Operating an air ambulance business can be a rewarding experience as it allows you to help people in need. However, this industry isn’t for the faint of heart. Getting off the ground requires time, money, and effort. Before you open an air ambulance business, there are a few things to consider that could make or break your success.
Keep reading to learn about the industry’s statistics, pros, and cons. Knowing this will help you decide if opening an air ambulance business is the right path for you!
Key Statistics Of The Industry
When you’re starting in a new industry, you must understand the pertinent statistics of that industry. Doing this will help you make informed decisions and set realistic goals for your business. These are the stats of the air ambulance industry:
- Market Size: $10.4B
- Starting Cost: $18.3K
- Gross Margin: 10%
- Time To Build: 720 days
Pros Of Joining This Industry
Even when it seems hard, there are plenty of reasons why you should join this industry. Here are some pros of opening an air ambulance business:
- Rewarding Work: Transporting and caring for patients in need is a gratifying experience. Therefore, being part of the air ambulance industry can be very fulfilling on a personal level.
- High Customer Retention Rates: Air ambulance services often have high customer retention rates. This is because customers will likely use the same provider in future emergencies.
- Strong Demand & Relatively Recession Proof: Emergencies happen every day, so there’s always a demand for air ambulance services. Moreover, the industry is relatively recession-proof, as emergencies don’t cease during an economic downturn.
- Gain Exposure & Experience: Being part of the air ambulance industry gives you a unique opportunity to land high-profile gigs and gain exposure. Furthermore, as you gain experience, your business will attract more customers.
Cons Of The Industry
As with everything, this industry also has its downsides. Here are some of the cons you should consider before starting an air ambulance business:
- Security Issues: Security is a significant concern in the industry as you deal with confidential patient information. Therefore, you must have tight protocols and procedures to ensure security and compliance.
- Low Margins: The margins in the air ambulance industry are quite low due to rising costs and competition. Therefore, correctly pricing your services is key to making a profit.
- Strict Regulations: The industry is heavily regulated, so you must understand and abide by all regulations.
Start Your Business With AirFleet Capital’s Help
If you think you’re ready and everything you need is aircraft financing, AirFleet Capital can help you get started. We offer different loan programs to help you purchase or refinance aircraft for your business. Our services are available throughout the USA, so don’t hesitate to reach out. We have years of experience and have financed over 8,000 aircraft.
You can use our aircraft loan calculator to know your payments and the complete aircraft loan process. Get in touch with AirFleet Capital today and start flying!