Now could be a perfect time to get into the medical supply business. Contrary to what many people may think, getting into this type of business is not that difficult and it doesn’t require that much of an initial investment. You can further drive your costs down by keeping everything online. This would allow you to run your business from home and start as big or small as you want. It is still a tough niche to be in, however, so you’ll need to be prepared for the challenges of running this kind of business. Here’s how you can start an online medical supply business in four steps.
Understand the Market and Choose a Niche
The first thing you’ll have to do is perform a market analysis. Lots of people need medical supplies, and you don’t necessarily have to target people in the healthcare industry. You could target senior homes, for instance, or companies that need medical supplies.
Manufacturing companies have to constantly replace their medical supplies, and targeting that niche could make things easier for you. Healthcare facilities already have their suppliers, and there’s a strong chance that you can’t beat their prices, but if you go for other niches where people don’t necessarily go to that extent to get supplies, you could position yourself as their specialist provider.
Register Your Business
You will then need to register your business. The best structure for this type of business is a limited company, even if you’re operating alone. This will help keep your personal assets and finances separated from your business. You will then need to register for corporation taxes and learn all the rules surrounding online and distance selling so you can stay compliant.
Find a Good Supplier
The next step will be to start searching for a good provider. You need to go with a supplier with a good reputation and selection. Medical-supermarket.com is an example of a supplier you could try. Ask any supplier if they can offer bulk pricing or if you can open a wholesale account with them. Some will also allow you to get a discount based on how much you order per month and will even ship items directly to your customers with your business’s name on the packaging, so ask if they offer that service.
Set Up Your Website
Next, you need to set up a website. We would suggest that you keep your selection very small at the beginning as it will make building a website easier and will make your business easier to manage. Here, all you need are pictures of your products and a good platform to host and build your website. Pictures of products can be easily found online or swiped from your supplier’s site, but you still need to get permission. You can also choose to hire a professional to take pictures.
When it comes to the platform, we would suggest you go with something like Shopify if you have no experience. You’ll get a powerful and easy-to-use design tool and hosting wrapped in one. If you have some knowledge of web building and hosting, then a WordPress site with WooCommerce installed would be a great option. You can also hire someone to build the site for you, but be ready to pay if you want something that looks professional.
This is all you need to know if you want to start your own medical supply business online. All you have to do now is start marketing your business and adjust your strategy so you can stay competitive.