The medical supply business in America is very profitable because North America has the biggest market share in the world. As per Definitive Healthcare data, American hospitals spend $36 billion on medical and surgical supplies in 2018 alone. The demand for medical supplies is ever-present, and plenty of experts predict this competitive industry will only grow in the coming years. As such, it’s a superb business opportunity, but you need to be armed with the right information to enjoy success. Here are some top tips for starting your medical supplies business.
- Choose a medical niche or underserved market
Medical supplies is a large market, so it’s not possible to sell everything to all customers, particularly during the opening phase of your business. Therefore, it is extremely important to narrow your target market to a certain niche. You can find your ideal market by researching available opportunities in your city or state or finding gaps that your competitors aren’t focusing on. Nursing homes, veterinary clinics and dental practices are the most popular niches to consider. Many experts recommend considering the extra supplies your target market may need after identifying them, so keep this in mind. For example, if you sell mobility products such as walkers and scooters for seniors, personal care wipes, pads, and incontinence liners are some great add-ons you could market.
- Market your business
There’s no denying that marketing can be a challenge for all businesses, but it is even more so for medical supply companies. This is because your target market is harder to reach, and your competitors can easily overshadow you. Therefore, invest in marketing your medical supplies business by creating an effective website. This website will make your company easy to find online, and you can easily promote your products through it. Next, invest in Search Engine Optimization (SEO) and implement an effective referral strategy. Also, reach out to potential clients using mailing lists. For example, dentist mailing list can help you find the right client for your product if you sell dental sutures, bib napkins, orthodontics, and so on. It’s 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.
- Look for manufacturers or distributors of medical products
You will certainly need a manufacturer or distributor to buy from if you don’t manufacture your own medical supplies. As a result, contact the manufacturer to find out what you need to get an account. Depending on the contract between the distributor and the manufacturer, you may need to buy some brands directly from the manufacturer. Depending on the contract, you may additionally need to buy your product from a particular distributor. Plus, you can pick up medical supplies from affordable places like AliExpress in China. However, remember to order a sample product before buying it for your inventory or drop-shipping to your clients for effective quality control. Also, check supplier reviews before choosing one, and contact the company of your choice to develop a solid relationship that you can draw on when problems arise.
