Thinking about opening a medical equipment and supplies wholesale and manufacturers business? We tell you what you need to know to get started.
Medical Wholesaler Essentials
With healthcare costs estimated to be as much as 16% of the nation's GDP, it's not hard to see why medical equipment & supply wholesale businesses are popular startups for growth-minded entrepreneurs.
In contrast to other medical startups, medical equipment & supply wholesale & manufacturing businesses don't require advanced medical training. Although a working knowledge of orthopedics, medical equipment, safety devices and other products is important, you don't need a medical degree to succeed as a wholesaler or manufacturer.
Selling Strategies for Medical Equipment & Supply Wholesalers
The sales strategy you create for your startup will depend on the shape and scope of your operation. If your product line primarily consists of advanced medical equipment (e.g. diagnostic devices for hospitals and physicians), your strategy will need to be more sophisticated and include a team of knowledgeable field reps who are capable of interacting with medical professionals.
On the other hand, if your startup will mostly cater to patients, you'll need to tailor your sales strategy toward medical equipment and supply retailers, therapeutic clinics and other businesses that distribute crutches, orthopedics, wheelchairs, stools, etc. directly to consumers.
Inventory Concerns for Medical Wholesalers
Inventory management plays a central role in medical equipment & supply wholesale operations. Whether you will stock your own inventory or facilitate deliveries straight from manufacturers to your customers, you'll need to develop technology-driven processes to ensure prompt delivery of merchandise.
At Gaebler, we strongly advise wholesalers to consider purchasing inventory tracking software. In many instances, inventory tracking solutions can be networked with manufacturer and distributor databases to provide 360 degree visibility of your supply chain.
Best Practices for Writing a Medical Equipment & Supplies Wholesale & Manufacturers Company Business Plan
Many new medical equipment and supplies wholesale and manufacturers business owners feel unprepared for the challenge of writing a business plan.
Fortunately, you don't have to tackle your medical equipment and supplies wholesale and manufacturers company's business plan by yourself. These days, there are tons of great resources and solutions available to support the business plan writing process.
Our Business Plan Help section discusses some of the business plan resources other entrepreneurs have found useful.
Don't Ignore Competitors
Long before you open a medical equipment and supplies wholesale and manufacturers business within your community, it's a good idea to find out how many competitors you have. Use the link below to get a list of local competitors in your area. After following the link, enter your city, state and zip code to get a list of medical equipment and supplies wholesale and manufacturers businesses in your area.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
If you are interested in starting a medical equipment and supplies wholesale and manufacturers business, you really ought to have a conversation with someone who is in the business. If you think owners of nearby medical equipment and supplies wholesale and manufacturers businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started a medical equipment and supplies wholesale and manufacturers business in a different city may be willing to share their entrepreneurial wisdom with you, provided that you won't be directly competing with them. In that case, the business owner may be more than happy to discuss the industry with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
The key question new becomes: how to find somebody who runs a medical equipment and supplies wholesale and manufacturers business in a different locale who can assist you?
Simple. Let your fingers do the walking by using the link below.
Benefits & Drawbacks of a Medical Equipment & Supplies Wholesale & Manufacturers Business Acquisition
Although there are significant benefits to buying a medical equipment and supplies wholesale and manufacturers business (rather than launching a startup), it's important to weigh the pros and cons before you commit to a purchase scenario.
BENEFITS: Existing companies have proven business models and a history of profitability. They should also have some degree of brand recognition and an established customer base.
DRAWBACKS: On the downside, medical equipment and supplies wholesale and manufacturers business acquisitions can be difficult to adapt to your unique business philosophy so it's important to make sure the business is capable of achieving your ownership goals before you initiate the buying process.
Consider Buying a Franchise
As an entrepreneur, your chances surviving in business are greatly increased if you opt for franchising and benefit from the prior work of others and their lessons learned.
If you are thinking about opening a medical equipment and supplies wholesale and manufacturers business, you may want to check out whether franchising might help you avoid common entrepreneurial mistakes.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a medical equipment and supplies wholesale and manufacturers business, these resources will come in handy:
If you sell to medical equipment and supplies wholesale and manufacturers businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.