With the medical equipment and devices industry expected to be worth a huge $389 billion this year, it’s clearly big business with a lot of potential money to be made. From vital diagnostic equipment to general everyday supplies, there are a huge array of medical supplies that are in high demand, leaving many with the idea of launching their very own medical supply business.
It’s generally considered not too difficult to grab a piece of this billion-dollar industry, simply because medical supplies are something that will always be needed. However, it will be impossible to achieve if you don’t do your research and come up with a strategy, as launching any business requires solid planning and resourcefulness. So, if you’re interested in the health niche, keen to start your own medical supply business but are unsure of exactly where to start, here are some top tips to get you on the right track.
Establish your target niche
From midwives to veterinarians, almost everyone in the medical field will need supplies and equipment specific to their job. If you try to sell everything to everyone it will be impossible to keep up and you’ll never make a proper name for yourself, simply because you won’t be known for anything specific.
Instead, define which area of medicine you’re most interested in or, if you want to keep things local, research all medical opportunities in your area and establish which niche of supplies will have the highest demand. Once you’ve chosen your target market, you can then get started on specifying your services to meet the requirements of your expected customer.
This won’t apply to every type of medical equipment, but you must check, as certain specialist supplies require a license to be sold. Get in touch with your state’s medical board or public health department to find out and, if you do need a license, ensure you get one before marketing or selling anything.
Get wholesale connections
To make a profit in this industry, it’s essential you buy through wholesalers. You can easily find suitable distributors in business directories or online and, once you’ve provided any required documentation or deposit, you can create a wholesale account and begin buying your stock.
To get an idea of the type of quality and service you should be aiming for, take a look at this site.
Market your business
Especially for new starters, it’s crucial to give your target market an incentive to buy from you. Offer free shipping or discounted products when you first open as this is a great opportunity to not only provide incentive but also build some relationships with potential long-term buyers.
It’s also important to get your name out there. Delivering flyers and getting ads for your business in the local newspaper are sure-fire ways to get you noticed and make people remember you when the time comes for them to re-stock their supplies.
Starting any business will always be a challenge. But, as long as you do your research and ensure you’re legally licensed if you need to be, becoming the owner of a successful medical supply business is well within your grasp!