Politics and Business
Top Tips For Starting Your Medical Supplies Business
The medical supplies business in America is very profitable since North America has the largest market share worldwide. As per Definitive Healthcare data, American hospitals spent $36 billion on medical and surgical supplies in 2018 alone. The demand for medical supplies is ever-present, and many experts predict this competitive industry will only grow in the years ahead. As such, it is an excellent business opportunity, but you need to be armed with the right information to enjoy success. Here are some top tips to start your medical supplies business.
- Select a medical niche or underserved market
Medical supply is a broad market, so it is impossible to sell everything to all consumers, especially in the opening phases of your business. Therefore, it is crucial to narrow your target market to a particular niche. You can find your ideal market by researching available opportunities in your city or state or finding gaps your competitors aren’t focusing on. Nursing homes, veterinary clinics, and dental practices are among the most popular niches to consider. Many experts recommend considering additional supplies your target audience might need after identifying them, so keep this in mind. For instance, if you sell mobility products like walkers and scooters to seniors, personal care wipes, pads, and liners for incontinence are some great additional supplies you can market.
- Market your business
There is no denying that marketing can be challenging for all businesses, but it is even harder for a medical supply company. This is because your target audience is harder to reach, and your competitors can easily overshadow you. Consequently, invest in marketing your medical supplies business by creating an effective website. This website will make your company easy to discover online, and you can readily promote your products through it. Furthermore, invest in Search Engine Optimization (SEO) and adopt an effective referral strategy. In addition, reach out to potential clients using mailing lists. For instance, dentist mailing lists can help you find the right clients for your products if you sell dental sutures, bib napkins, orthodontics, and so on. It is estimated that you should spend about 2% to 5% of your revenue on your marketing as a business-to-business company, so keep this in mind.
- Search for a manufacturer or medical products distributor
You will definitely need a manufacturer or distributor to buy from if you don’t produce the medical supplies yourself. Consequently, reach out to manufacturers to discover what you need to obtain an account. Depending on the contracts between distributors and their manufacturers, you will need to purchase some brands directly from a manufacturer. Depending on the contract, you may also need to buy your products from specific distributors. Also, you can source your medical supplies from affordable places like AliExpress in China. However, remember to order sample products before purchasing them for your inventory or drop-shipping to your clients for effective quality control. Also, check out suppliers’ reviews before selecting them, and contact your preferred company to develop a solid relationship you can leverage when problems arise.