The medical supplies business in the US is very profitable because North America has the largest market share worldwide. According to Definitive Healthcare data, US hospitals spend 36 billion dollars medical and surgical supplies in 2018. The demand for medical supplies is always present and many experts predict this competitive industry will only grow in the coming years. As such, this is a great business opportunity, but you need to be equipped with the right information to enjoy success. Here are some top tips for starting your medical supplies business.
- Select a medical niche or an underserved market
Medical supply is a huge market, so it’s impossible to sell everything to all consumers, especially in the early stages of your business. Therefore, it is important to narrow down your target market to specifically appropriate. 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 and dental clinics are among the most popular places to look. Many experts recommend looking at additional supplies your target audience may need after identifying them, so keep this in mind. For example, if you sell mobility products like walkers and scooters to the elderly, personal care wipes, pads, and incontinence pads are some of the sources. great supplement that you can market.
There is no denying that marketing can be challenging for all businesses, but for a medical supply company it is even more difficult. This is because your target audience is harder to reach and your competitors can easily eclipse you. Therefore, 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 easily promote your products through it. Furthermore, invest in Search Engine Optimization (SEO) and adopt an effective referral strategy. Alternatively, reach potential customers using a mailing list. Eg, dentist mailing list can help you find the right customers for your product if you sell dental sutures, napkins, orthodontic supplies etc. It is estimated that you should spend around 2% to 5% of your revenue on further activities. market as a business-to-business company, so keep this in mind.
- Looking for a medical product manufacturer or distributor
You will definitely need a manufacturer or distributor to purchase from if you are not making your own medical supplies. Therefore, contact the manufacturers to discover what you need to get an account. Depending on the contract between the distributor and their manufacturer, you will need to purchase some brands directly from the manufacturer. Depending on the contract, you may also need to purchase your products from specific distributors. Alternatively, you can source your medical supplies from affordable places like AliExpress in China. However, be sure to order sample products before purchasing them for your inventory or Delivery to your customers for effective quality control. Also, check out supplier reviews before choosing them, and contact the company you want to develop a solid relationship that you can leverage when problems arise.