Are you about starting a medical equipment retail company? If YES, here is a complete sample medical equipment retail shop business plan template & feasibility report you can use for FREE. To succeed in running a medical equipment retail shop, your business must be in a good location,you must have easy access to wholesale supply of quality medical equipment, good customer service and accounting skills.
The truth is that if your shop is located in an area with tons of hospitals, medical facilities, vehicular traffic and you have quality medical equipment and instruments from different brands, you may not have to struggle to get people to visit your shop and make purchases.
If you are sure this type of business is what you truly want to do after you must have conducted your feasibility studies and market research, then the next step to follow is to write a good business plan; a detailed blue print of how you intend raising your seed capital, setting up the business, managing the flow of the business, sorting out tax, marketing your services amongst others.
The truth is that it is one thing to have a fantastic idea cum business plan, it is entirely another thing for the business plan to translate to money (profits), which is why it is important to assemble a team of dedicated workers to work with if you want to be successful with your medical equipment retail business; you can hardly run this type of business without the right network with wholesale suppliers of quality medical equipment.
Below is a sample medical equipment retail shop business plan template that will help you successfully write yours.
A Sample Medical Equipment Retail Shop Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
Medical equipment retail shop business is a subset of the medical supplies wholesaling industry and players in this industry purchase medical and surgical equipment, instruments and supplies, store these items at distribution centers, and deliver these products to medical practitioners, clinics and hospitals.
The Medical Supplies Wholesaling industry revenue has increased steadily as the number of age-related non – elective procedures performed in the united states has increased, due primarily to the median age of the population increasing.
Rising product prices have also supported industry growth. Revenue is projected to rise over the five years to 2022 as healthcare providers continue to invest in new equipment to keep up with growing demand for healthcare services. New product development by medical device manufacturers will also contribute to industry growth by offering new solutions to health issues.
The Medical Supplies Wholesaling industry that medical equipment retail shop is a part of is indeed a thriving line of business in most countries of the world. In the United States of America, the industry generates well over $194 billion annually from more than 13,223 medical supplies wholesaling companies scattered all around the United States of America.
The industry is responsible for the employment of over 218,294 people. Experts project that the industry will grow at a 1.9 percent annual rate between 2012 and 2017. The establishment in this industry that has dominant market shares in the United States of America are Cardinal Health Inc. and Owens & Minor Inc.
A recent report published by IBISWORLD shows that the barriers to entering the Medical Supplies Wholesaling industry are moderate. The importance of brand identity is minimal, because customers are concerned more with quality and price. The low cost of customer switching will further ease the entry of new companies into the market.
Switching costs are incidental and associated with changing transportation and communication systems. Low switching costs encourage greater industry competition because new companies can more easily entice customers away from existing operators. The report also stated that operators experience stringent regulatory controls and relatively high fixed costs including warehousing technology, transportation equipment and complex machinery.
It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which medical equipment retail shops contributes greatly. This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing industry negatively which may result in the closure of some medical equipment retail stores.
Over and above, medical equipment retail business is a profitable business and it is open for any aspiring entrepreneur to come in and establish his or her business; you can choose to start on a small scale in a street corner or you can choose to start on a large scale with several outlets in key cities in the United States of America.
2. Executive Summary
Hilltop® Medical Equipment Retailers, Inc. is a standard and registered medical equipment retail store business that will be located in one of the busiest streets in Charleston – South Carolina. We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the design of the kind of standard medical equipment retail store that we intend launching and the facility is located in a corner piece close to the largest residential estate in Charleston – South Carolina.
Hilltop® Medical Equipment Retailers, Inc. will retail a wide array of medical equipment and instruments from different manufacturers (brands) from the United States and abroad. We are set to service a wide range of clientele in and around Charleston – South Carolina.
We are aware that there are several large and small medical equipment retail store outlets all around Charleston – South Carolina, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors. We have an online – service option for our customers, and our outlet offers various payments of options.
Hilltop® Medical Equipment Retailers, Inc. will ensure that all our customers are given first class treatment whenever they visit our store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the number of our customer base may grow to. We will ensure that we get our customers involved in the selection of brands that will be in our store and also when making some business decisions.
Hilltop® Medical Equipment Retailers, Inc. will at all times demonstrate her commitment to sustainability, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.
Hilltop® Medical Equipment Retailers, Inc. is a family business that is owned by Nicholas Paulson and his immediate family members. Nicholas Paulson has a B.Sc. in Business Administration, with over 5 years of experience in the retailing stores industry, working for some of the leading brands in the United States. Although the business is launching out with just one outlet in Charleston – South Carolina, but there is a plan to open other outlets all around major cities in the United States and Canada.
3. Our Products and Services
Hilltop® Medical Equipment Retailers, Inc. is in the medical equipment retail line of business to service a wide range of clients and of course to make profits, which is why we will go all the way to make available a wide range of medical equipment and instruments from top manufacturing brands in the United States and other countries of the world.
We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;
- Nonelectric medical, surgical, dental and veterinary instruments and apparatus such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers, electro medical and electrotherapeutic apparatus, X-ray apparatus
- Surgical appliances
- Surgical instruments
- Dental instruments and supplies
- Dental laboratories
- Hospital beds and other specialized hospital furniture
- Personal safety equipment
4. Our Mission and Vision Statement
- Our vision is to become one of the leading brands in the medical equipment retail line of business in South Carolina and to establish a one stop medical equipment retail store in Charleston – South Carolina and in other key cities in the United States of America.
- Our mission is to establish a world class medical equipment retail store that will make available a wide range of medical equipment and instruments from top medical equipment and instrument manufacturing brands at affordable prices to the residents of Charleston – South Carolina and other key cities in the United States of America and Canada where we intend opening of chains of medical equipment retail stores.
Our Business Structure
Hilltop® Medical Equipment Retailers, Inc. do not intend to start a medical equipment retail store business like the usual mom and pop business around the street corner; our intention of starting a medical equipment retail store business is to build a standard and one stop medical equipment retail store outlet in Charleston – South Carolina.
Although our store might not be as big as Cardinal Health Inc. and Owens & Minor Inc. et al, but we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.
In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Store Manager
- Human Resources and Amin Manager
- Merchandize Manager
- Sales and Marketing Manager
- Sales Agents/Customer Services Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for fixing prices and signing business deals
- In charge for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Assesses the success of the organization
- Reports to the board
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Upholds office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Outlines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities
- Responsible for managing the daily activities in the store
- Ensures that proper records of medical equipment and instruments are kept and the warehouse does not run out of products
- Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
- Interfaces with third-party suppliers (vendors)
- Controls medical equipment and instrument distribution and supply chain inventory
- Supervises the workforce in the medical equipment retail sales floor
- Brings about vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure consistent quality of medical equipment and instruments from different manufacturers are purchased and retailed in good price that will ensure we make good profit
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget
Sales and Marketing Manager
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions
- Responsible for financial forecasting and risks analysis
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Guarantees compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries (answer customer queries regarding the store and the merchandise)
- Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
- make suggestions and encourage purchase of products
- Provide information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
- Bag or package purchases and gift wrap merchandise
- Responsible for cleaning all the medical equipment and instruments and the store facility at all times
- Guarantees that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the store facility
- Handles any other duty as assigned by the store manager
6. SWOT Analysis
Our intention of starting just one outlet of our medical equipment retail store in Charleston is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in South Carolina and key cities in the United States.
We are quite aware that there are several medical equipment retail stores all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Hilltop® Medical Equipment Retailers, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Hilltop® Medical Equipment Retailers, Inc.;
Our location, the business model we will be operating on both (physical store and online store), varieties of payment options, wide range of medical equipment and instruments and our excellent customer service culture will definitely count as a strong strength for Hilltop® Medical Equipment Retailers, Inc. So also, our team of highly qualify staff members is also a plus for us.
A major weakness that may count against us is the fact that we are a new medical equipment retail store outlet in Charleston – South Carolina and we don’t have the financial capacity to compete with multi – million dollar medical equipment retail outlets like Cardinal Health Inc. and Owens & Minor Inc. and co when it comes to retailing at a rock bottom prices.
The fact that we are going to be operating our medical equipment retail store close to the largest residential estate in Charleston – South Carolina with loads of hospitals and other health facilities provides us with unlimited opportunities to sell our medical equipment and instruments to a large number of hospitals, labs and other medical facilities.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our store; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. Another threat that may likely confront us is the arrival of a new medical equipment retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for our business.
7. MARKET ANALYSIS
- Market Trends
If you are conversant with the medical equipment retail business, you will quite agree that most medical equipment shops usually locate their stores close to medical facilities; it enables them make quick sales. So also, the need to meet up with international best practices and conforming to the regulatory authority will result in revenue growth, but profit margins will stagnate as medical equipment retail stores keep prices low to attract more sales amid growing competition.
A close watch on the medical equipment retail shop business reveals that the industry has indeed done pretty well because of the high demand for latest and efficient medical equipment and instruments.
As part of their marketing strategies, medical equipment retail stores engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.
Lastly, in recent time, the medical equipment retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where their physical retail store is located.
8. Our Target Market
We have positioned our medical equipment retail store to service businesses in the healthcare industry in and around Charleston – South Carolina and every other location where our retail stores will be located. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.
We are in business to retail a wide range of medical equipment and instruments to the following customers;
- Medical laboratories
- Medical colleges
- Dental clinics
- Optical centers
A close study of the medical equipment retail store reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are well prepared to compete favorably with other leading medical equipment retail stores in Charleston – South Carolina and throughout the United States and Canada.
Hilltop® Medical Equipment Retailers, Inc. is launching a standard one stop medical equipment retail store that will become the preferred choice for hospitals and other healthcare facilities in Charleston – South Carolina and every other location where our outlets will be opened. Our store is located in pretty good locations and we have enough parking space that can accommodate over 30 cars per time.
One thing is certain; we will ensure that we have a wide range of medical equipment and instruments from leading manufacturers available in our store at all times. It will be difficult for customers to visit our retail store and not see the type of medical equipment and instruments they are looking for.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Hilltop® Medical Equipment Retailers, Inc. is in business to retail a wide range of medical equipment and instruments in and around Charleston – South Carolina. We are in the medical equipment retail stores industry to maximize profits and we are going to go all the way to ensure that we achieve our business goals and objectives.
In essence, our source of income will be the retailing of a wide range of medical equipment and instruments at affordable prices. Hilltop® Medical Equipment Retailers, Inc. will generate income by selling the following products;
- Nonelectronic medical, surgical, dental and veterinary instruments and apparatus, such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers, electromedical and electrotherapeutic apparatus, X-ray apparatus
- Surgical appliances
- Surgical instruments
- Dental instruments and supplies
- Hospital beds and other specialized hospital furniture
- Personal safety equipment
10. Sales Forecast
One thing is certain when it comes to medical equipment retail stores, if your store is well stocked with various types of medical equipment and instruments and centrally positioned, you will always attract customers cum sales and that will translate to increase in revenue generation.
We are well positioned to take on the available market in Charleston – South Carolina and we are quite optimistic that we will meet our set target of generating enough income from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the medical equipment retail stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – South Carolina.
- First Fiscal Year: $250,000
- Second Fiscal Year: $650,000
- Third Fiscal Year: $1 Million
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same medical equipment and instruments as we do within the same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Hilltop® Medical Equipment Retailers, Inc. we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for hospitals and healthcare facilities in and around Charleston – South Carolina. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.
We hired experts who have good understanding of the medical equipment retail stores industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – South Carolina.
Hilltop® Medical Equipment Retailers, Inc. will adopt the following sales and marketing approach to win customers over;
- Open our retail store in a grand style with a party
- Introduce our medical equipment retail store by sending introductory letters alongside our brochure to hospitals, dental clinics, optical centers, medical laboratories and key stake holders in Charleston – South Carolina
- Ensure that we have a wide range of medical equipment and instruments from different brands at all times
- Make use of attractive hand bills to create awareness and also to give direction to our medical equipment retail store
- Position our signage/flexi banners at strategic places around Charleston – South Carolina
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- Engage on roadshows within our neighborhood to create awareness for our retail store
- List our business and products on yellow page ads
- Leverage on the internet to promote our business
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
- Join local chambers of commerce and industries to network and market our products
11. Publicity and Advertising Strategy
Despite the fact that our medical retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our medical equipment retail store.
Hilltop® Medical Equipment Retailers, Inc. has a long-term plan of opening outlets in various locations all around South Carolina and key cities in the United States and Canada which is why we will build our brand to be well accepted in Charleston before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Hilltop® Medical Equipment Retailers, Inc.;
- Place adverts on community based newspapers, radio stations and TV stations
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote our business
- Ensure that we position our banners and billboards in strategic positions all around Charleston – South Carolina
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Contact hospitals, dental clinics, optical center, medical laboratories and other health facilities by calling them up and informing them of Hilltop® Medical Equipment Retailers, Inc. and the products we sell
- Advertise our medical equipment retail store business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and vans and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals
12. Our Pricing Strategy
Aside from quality, pricing is one of the key factors that gives leverage to medical equipment retail stores, it is normal for consumers to go to places where they can get a cheaper price which is why big players in the medical equipment stores industry like Cardinal Health Inc. and Owens & Minor Inc. and co will attract loads of corporate and individual clients.
We know we don’t have the capacity to compete with the market leaders in the industry, but we will ensure that the prices and quality of all the medical equipment and instruments that are available in our store are competitive with what is obtainable amongst medical equipment retail stores within our level.
- Payment Options
The payment policy adopted by Hilltop® Medical Equipment Retailers, Inc. is all inclusive, and we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that Hilltop® Medical Equipment Retailers, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payment for all purchases without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting/leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a medical equipment retail store business; it might differ in other countries due to the value of their money. These are the key areas where we will spend our startup capital on;
- The total fee for registering the business in the Unites States of America – $750
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300
- Marketing promotion expenses for the grand opening of Hilltop® Medical Equipment Retailers, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,58.
- The cost for hiring business consultant – $2,500
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600
- The cost for shop remodeling (construction of racks and shelves) – $20,000
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500)
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for start-up inventory (stocking with a wide range of medical equipment and instruments from different manufacturing brands) – $350,000
- The cost for counter area equipment – $9,500
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase and installation of CCTVs: $10,000
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000
- The cost of launching a website: $600
- The cost for our opening party: $7,000
- Miscellaneous: $10,000
We would need an estimate of $750,000 to successfully set up our medical equipment retail store in Charleston – South Carolina.
Generating Startup Capital for Hilltop® Medical Equipment Retailers, Inc.
Hilltop® Medical Equipment Retailers, Inc. is a private registered business that is solely owned and financed by Nicholas Paulson and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Hilltop® Medical Equipment Retailers, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality medical equipment and instrument a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Hilltop® Medical Equipment Retailers, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the shop: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party/launching party planning: In Progress
- Compilation of our list of products that will be available in our store: Completed
- Establishing business relationship with vendors – manufacturers and suppliers of medical equipment and instruments: In Progress
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