People are getting more conscious in preventing illnesses and maintaining good health, thereby keeping the healthcare industry thriving among other types of industries worldwide. That said, providing medical instruments and supplies can be a wise investment. If you want to know how to start your own medical supply business, consider the following items.
- No matter how small a business is, do not underestimate the purpose of a written business plan. Starter entrepreneurs most especially will benefit from this tool, as it will define the objective of the venture through the use of appropriate information and analysis. You can use your business plan as a tool in establishing relationships with your investors, lenders or banks. This aspect is highly important, as you will need funding to commence your medical supply business. Your business plan shall include a detailed description of your project, indicate what kind of medical supplies you intend to sell, whether you are into pure sales or rental as well, who your target consumers and partners are, who will be your competitors, what your financial projections are, financial risks and operational risks. The succeeding items must all be covered and directed by the written business plan.
- Find a location where you are easily visible and accessible by your target market. It would be a good idea to be located near a hospital or medical facilities if you are selling a wide-range of supplies from healthcare supply, instrument supply, and dental supply to skin care supply. Other areas where it is good to situate a medical supply business are near doctors’ clinics, laser clinics, orthodontic or dental offices, home care agencies, cleaning services, and spas. The size of your store must be able to house all the supplies you provide.
- Secure all necessary licenses or permits otherwise you cannot start or run your business. You will need a federal and state employer tax ID number, a retailer’s or wholesaler’s permit, a trade name business certificate, building permit, fire permit, sign permit, etc.
- Obtain an insurance plan for your business. Seek an expert’s advice on choosing the best type of insurance for you, as there are various kinds available. Understand the policies and coverage prior to signing anything.
- Find medical manufacturers and medical distributors whom you can partner with. When you establish rapport with manufacturers and distributors, you can possibly get discounts or special prices.
- Create marketing and promotion strategies to get your business known. While you can make use of public relations, industry media, newsletters and ads directly sent to your target markets, do not forget that establishing relationships with physicians and those in the medical field is a great tool to market your business. Try to sponsor an event hosted by a medical facility or group of healthcare providers depending on your finances or budget.
While you cannot expect your business to be like Liberty Medical Supply in a year’s time, with proper strategies on marketing, promotion, pricing, and sales combined with a sharp sales forecast, your medical supply business shall certainly thrive.