How to Start a Medical Laboratory Equipment Supply Business
medical equipment & supply wholesale 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
In contrast to other medical startups, medical equipment & supply wholesale 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.
If a business provides health care services to their community, then they are going to have a need for medical supplies. Most heal care providers secure these supplies from a third-party provider. There are many large medical supply businesses in the world today, but small companies that provide top-quality niche services will always have some room to make money too. Either you are in the medical field or not but you have a passion for retail sales, then this could be the business opportunity for you.
Knowing how to start a medical supply business means first discovering what your niche will need to be. Whether you stay at the community level or branch out into a regional business footprint, there is going to be a certain set of supplies that you’ll be able to sell to certain medical providers, such as nursing homes, assisted living facilities, and direct caregivers.
Then you’ll be able to follow these additional steps.
1. Contact Medical Lab and Hospitals to know the Equipment’s that can be used by them.
This is very important, because there are lots of medical equipment’s that require lots of skills and training before it can be operated, in a country like Nigeria, it is best to know the equipment’s that is used and operated here. It might be the public health department, a medical board, or some other institution; you will also need to approve your business. Some types of medical equipment, such as a powered wheelchair, may need a specific license issued in order to sell it. Not all medical suppliers must have a special license – just those with equipment that fits into the specific categories listed.
2. Get Your Licenses Permit Issued From NAFDAC.
A medical supply business is usually classified as a wholesale and retail business. This means you’ll need to have Licenses issued from NAFDAC that are necessary to allow this. To obtain these permits, you may need to have a commercial location already secured, the necessary insurance to cover your business in place, and the financial structuring of your business solidified. The TIN [Tax Identification Number] if you plan to hire any employees. Unless you operate directly under your name, you’ll also need to file for a business name.
3. Find Your Storage Space.
Because you’ll be dealing with sensitive inventories, it will be necessary to find a commercial warehouse that offers a temperature controlled environment. It must be clean, free of dust, dirt, and debris, and be maintained at a certain humidity level so the medical equipment is not damaged. If you’re starting small, it may be possible to convert a garage or a closet into such a space as well.
4. Find Your Local / International Manufacturing Inventory Company.
The goal of being in a wholesale and retail business is to purchase at wholesale and to sell at retail. You’ll need to establish accounts with all of your local or international medical equipment distributors that sell products within the niche you’ve selected. To begin an account, you’ll need to prove that you are a business entity. Most distributors also have a minimum dollar amount on each order that must be met, so if you’re working with a tight budget, ask about the minimum order right away.
5. Find Some Customers.
A medical supply business won’t stay in business long without a customer base. Once you’ve got inventory in hand and samples can work just as well as the actual inventory], then start visiting your medical providers in your community or region to discuss the advantages of working with you. Maybe you’ll offer free shipping or specific discounts on volume orders. Just make sure your pricing structure is competitive with other suppliers and that you’ve got a margin in place that will make you some money.
6. 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.
7. Don’t Forget To Market Your Expertise.
People naturally want to do business with others that are experts within their chosen field. This still applies to the B2B world. Show off your expertise through your marketing materials. Start a blog to discuss the benefits of the medical supplies you’re offering. Put coupons, brochures, and pamphlets in strategic locations throughout the city to start a few conversations. Even attending a health fair or a medical convention can help to get you some extra exposure when it is needed.
8. Sell And Make Your Millions.
Although medical providers will contact you over time when they need orders filled, that’s in the future. At the beginning, you’ll need to be calling people to make sure they have everything they need. Offer to take their inventory or offer suggestions as to how they could save money by ordering strategically through you.
Some Important Major Sector To Consider For Supply
• Nonelectric medical, surgical, dental and veterinary instruments and apparatus such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers, electro medical and electrotherapeutic apparatus, X-ray apparatus
• Surgical appliances
• Surgical instruments
• Dental instruments and supplies
• Dental laboratories
• Hospital beds and other specialized hospital furniture
• Personal safety equipment
Click here to get the complete guide on the above business plan Click Here
Uses of this Business Plan (PDF and Word)
This business plan can be used for many purposes including:
• Raising capital from investors/friends/relatives
• Applying for a bank loan
• Start-up guide to launch your business
• As a business proposal
• Assessing profitability of the business
• Finding a business partner
• Assessing the initial start-up costs so that you know how much to save
• Manual for current business owners to help in business and strategy formulation
Contents of this Business Plan (PDF and Word)
This business plan include:
• Marketing Strategy
• Financial Statements (monthly cash flow projections, income statements, cash flow statements, balance sheets, break even analysis, payback period analysis, start-up costs, financial graphs, revenue and expenses, Bank Loan Amortization)
• Industry Analysis
• Market Analysis
• Risk Analysis
• SWOT & PEST Analysis
• Operational Requirements
• Operational Strategy
• Why some people in this business fail, so that you can avoid their mistakes
• Ways to raise capital to start your business