Have you worked or done business in the healthcare industry before? Are you interested in starting a medical supply company online? Do you need a sample medical supply business plan template? Then I advice you read on.
Due to the ever-huge demand for health care services, businesses related to the health care field are especially profitable. So if you want to start your own business, establish your financial freedom, and become your own boss, then you should consider starting a business in the health care industry.
Starting a medical supplies business is one of the easiest ways to tap into the health care industry, since the business caters to a wide range of professionals and individuals. All types of medical professionals, from veterinarians to midwives and eye doctors, need specific supplies to do their jobs.
Also, people with certain ailments or disabilities need medical supplies to live better lives. With the above in mind, let’s now discuss the steps involved in starting a medical supply business.
Starting a Medical Supply Company Online – Sample Business Plan Template
1. Define your niche
You certainly cannot sell all types of medical supplies available. So, you will only have to choose specific products. You have the option of opening a medical supply business that sells products that can be used by the public or just have the business cater to doctors and other hospital professionals.
Starting any business requires funding. Medical supplies can be particularly expensive, since they are based on the latest technology.
The type of medical supplies you plan to sell will dictate the amount you will need to start your business. For example, if you intend selling motorized wheelchairs, you will need around $30,000 to acquire the first dozen wheelchairs you will sell. However, if you will be selling cheaper medical products, such as thermometers and blood pressure monitors, etc; you may be able to kick-start your business with about $10,000 or less.
3. Register your business
Having acquired your startup capital, you will need to register your business as required by your federal or state government. Find out more on how to go about the registration process, as it varies from location to location.
In some places, licensing is required to sell certain medical equipment. So, you will also need to contact the health department in your state to find out if you need to be licensed to sell the types of equipment you are interested in selling.
You will need a facility to house your business, such as retail store or office where interested buyers can see your products. The size you will need for this facility depends on the products you plan to sell. Bear in mind that you will need space to use as both store and office.
Your storage facility must be clean and free of dust to prevent your supplies from becoming contaminated. And the temperature must be friendly with the supplies that you will be storing.
Whether you will buy the space you need or rent it, the location is of utmost importance. For example, if you plan to sell supplies used by doctors and other health care professionals, you must consider a locality where there are a good number of hospitals.
5. Connect with manufacturers or distributors
Since you will not be manufacturing the medical supplies yourself, you need to find manufacturers or distributors from which you can buy them. While some brands can be purchased directly from the manufacturers, others can only be purchased from specific distributors due to contracts between such distributors and the manufacturer. You can locate distributors online and in business directories.
6. Hire a competent staff
Like most medical supply businesses, your business will open during business regular working hours. Though you may be able to run the business on your own from the outset, you will later need someone to assist you, especially as the business grows.
Hiring at least one staff member to assist you will give you more flexibility in running your business, it will allow you to take breaks, pursue supply contracts or go on vacation whenever you feel like.
However, you must bear in mind that the success of your business can hinge largely on the competence of the staff you hire. So, strive to hire the best employees so that they will contribute to the growth of your company.
7. Promote your business
With everything set, you can start advertising your business to create awareness. Without marketing, no one will know about your business.
Although there are many avenues for online and offline advertisements, you should consider only those avenues that will help you reach your target market. For example, if you sell wheelchairs meant for frail seniors, then you should consider advertising in newsletter of senior centers. Or, if you sell high quality stethoscopes, then consider advertising in online forums for doctors or medical journals and magazines.