As the global healthcare industry experiences unprecedented pressure and rises to new challenges, medical suppliers are now covering a critical role in boosting the quality and accessibility of medical services.
But while this might be a rewarding and profitable market to tap into, taking a medical supplies company off the ground is all but easy. Among the growing competition, building stable foundations for your business has never been more important.
Get started with the quick-start guide below!
Choose an Underserved Niche or Profitable Market
According to recent estimates by Ibis World, the medical supplies wholesaling sector in the US is worth over $307 billion and employs over 273,000 professionals. But as the number of businesses in the sector increases, the competition, especially in overserved niches, has become a significant obstacle for new medical supplies companies and startups.
That is why, before diving into your new project and investing precious resources in taking your business off the ground, you should spend time analyzing the industry to identify a niche that is both profitable and underserved.
Form Your Company and Get the Necessary Licenses
Once you have pinpointed the best niche for your needs, it is time to build your business plan. This document does not only help you obtain funding from investors, but it can also work as a long-term strategy to follow during the first stages of your company.
What’s more, your business plan can help you understand the best type of legal identity to form (i.e.: LLC, C-Corp, S-Corp, etc) and guide you in the process of obtaining the necessary permits and licenses to operate legally within your jurisdiction.
Seek Funding and Have a Financial Plan in Place
Your business plan can help you obtain funding from banks and lending institutions. However, small business loans are not the only way to reel in the resources needed to launch a company!
Depending on your current financial needs and business type, you might also consider raising a seed round from Angel Investors, venture capitalists, and personal investors. Alternatively, you could bootstrap your business or try alternative funding options, such as crowdfunding.
Partner With an Experienced Medical Supply Courier for Same-Day Delivery
As a medical supplies business, you will rely on a wide range of third-party providers, contractors, and suppliers, each of which will play a critical role in maintaining the supply chain efficiently and well-oiled.
In particular, finding a reliable and specialized medical supply courier to work with can make or break the success of your business – especially if your niche requires medical supplies and equipment to be delivered in a timely and professional manner.
Build a Network of Vendors and Distributors
No new business can survive without a reliable network of connections to rely on – and, medical supplies companies are not an exception!
During the first few months or years of your business, spend time building relationships with medical store businesses, healthcare clinics, pharmacies, and care providers. If you are unsure about how to build your reputation, consider offering incentives, demo pieces, and tests to encourage established healthcare businesses in the area to try your services.
Invest in High-Quality Warehouses and Storage Facilities
Warehouses are a critical element in any supply chain for health supplies and equipment. However, for new companies operating on a budget, this can also represent a major obstacle.
Indeed, according to USAID’s guidelines for warehousing health commodities, storage spaces for medical supplies need to meet special storage and transportation requirements, including temperature-controlled spaces and secure workflows.
If your business’s resources don’t stretch to buying or renting your own storage and warehousing facilities, you might consider the benefits of outsourcing this core aspect of your operations.
Market Your Company and Start Scaling Up
Once you have established your company and have created a reliable support system for your operations, it is time to market your brand and start scaling up.
While affordable and automated marketing solutions exist (i.e.: social media marketing), partnering with a specialized marketing expert might be an invaluable move in today’s highly competitive market.
Lastly, don’t forget that for how successful your business might already be, the medical supplies market is always in evolution, and you should continue learning and developing to keep your competitive edge honed!