Owning your own business is a great way to establish financial freedom and become your own boss. Businesses related to the health care field are especially profitable right now, as the demand for health care services continues to increase. More and more people, as well as hospitals and other health care facilities, need more medical supplies. That is why now is the perfect time to learn how to start a medical supplies business.
Find funding to start your business. Medical supplies can be quite expensive, since many are based on the latest technology. The type of medical supplies you intend to sell will dictate how much money you will need to get your business up and running. For example, if the majority of your products are motorized wheelchairs, you will need at least $30,000 to purchase a dozen wheelchairs to sell. However, if you are selling medical products to aid around the home, such as bath seats, you may be able to get by with a start-up investment of $10,000 or less.
Register your business. Once you’ve got the money to start your medical supplies business, you’ll need to register with the various levels of government. Federal registration should be done with the Internal Revenue Service (IRS), and you can contact your state and local governments for exact details on how to register and with whom at these levels.
Find a facility to house the business. For selling to the public, you will need some type of retail store or office where customers can come and see your products. The size you will need for the facility depends on what products you plan to sell and how much inventory you plan to keep in stock.
Seek out a manufacturer or distributor. Unless you are making the medical supplies yourself, you will need to find a manufacturer or distributor from which you can buy them. Some brands will have to be purchased directly from the manufacturers, while others may only be purchased from specific distributors due to contracts between the manufacturer and the distributor.
Hire staff. Most medical supply businesses are open during regular working hours. While you may be able to run the business on your own initially, it is always a good idea to bring in at least one other staff member to assist you. This gives you more flexibility in operating and growing your business, and it also allows you to take a vacation or have a sick day every now and then.
Advertise and market your business. Getting the word out is important in creating a customer base for your business. While there are a number of different market and advertising avenues, you should consider your target populations. Advertising in newsletters of senior centers or sponsoring Special Olympics events are much more directed to your target populations than simply putting an advertisement on the radio or television.
You have the option of opening a medical supply business that caters to the public or just have the business sell to doctors, hospitals and other medical professionals.
When searching for a facility, consider leasing or purchasing space in or near communities that have a large population of elderly clients.
You may find you can create additional profit by offering delivery services for all of your medical supplies. This allows seniors and individuals suffering from injuries or disabilities not to have to worry about how they are going to get their supplies home. Even though some seniors aren’t online, you still may find that establishing a website increases sales for your business.