Tips for Starting a Medical Supply Store From Home

Healthcare is here to stay, and as the population increases, so does the need for quality healthcare services. Unfortunately within the healthcare industry, manufacturers of medical supplies are moving away from wholesale prices, making it expensive to get access to essential supplies. This opens the door to healthcare providers looking at alternative sources to secure medical supplies and equipment, like private sellers. Before launching an online business study these tips for starting a medical supply store from home. 

Identify the Market Demand

Suppliers exist to meet demand. To launch a home-based medical supply store research the market and identify the supply-demand. Deciding what medical supplies to offer depends on what niche will be focused on. It’s not cost-effective to sell all types of medical supplies, so choose a niche to target like home health aides, midwives, dentists, nursing homes, holistic medicine offices, etc. 

Take for example the growing popularity of CBD infused healthcare products. From skin care to supplements, consumers are fascinated with the benefits that come from CBD, but many don’t fully understand how it works or why. CV Botanicals has over 20 years’ experience studying and extracting Cannabidiol to customize formulas that best suit customer needs. The quality-assured extracts from CV Botanicals only use hemp grown in America and they provide a comprehensive guide to CBD on their website to educate consumers about how to use CBD and how to choose the appropriate formulation. 

See what competitors exist in the local market and study how they earn profits, what products they provide, and how in-demand said products are. Check their pricing and use this as a benchmark for basing a pricing policy. 

Find A Supplier 

Once the niche market has been identified, find a supplier that carries the necessary medical supplies. When looking for a manufacturer or distributor, compare the price per quantity of products, keeping in mind how to reach a profit. Look for products that come from reliable suppliers and remember that there will be costs for transportation, tax, and packaging. 

A medical supply store needs to have ample inventory at any given time. Use an asset tracking system to help manage inventory. Asset Panda’s flexible platform streamlines the process of tracking, managing, and supporting IT asset tracking needs via a mobile app with advanced barcode scanning technology. The real-time database offers customized reporting, a comprehensive directory of all IT assets, the ability to check items in and out, asset tracking, and scheduled maintenance alerts. Asset Panda is ideal for any business looking to run efficiently while saving on costs. 

Understand Upfront And Continued Costs

Running a medical supply store from home eliminates the need for a storefront, but ample storage space is necessary for inventory. If the home office can support storing inventory, there is no need to spend money on a warehouse. When launching a business there will be upfront costs for inventory, licensing and insurance, promotional materials, and a website. 

The cost of buying inventory month-to-month will vary based on the number of products ordered. Ongoing costs to keep in mind include marketing, insurance, legal expenses, and accounting. To make enough profit and generate revenue from each sale, plan to markup inventory by 45-55 percent. 

Website And Marketing 

A home-based medical supply business needs a website that uses professional photos, quality content, and accurate product descriptions. The website will also need to integrate merchant services so that customers can purchase supplies directly from the website. 

Advertise the website on other medical websites and in medical publications when possible. Establish a social media presence and register with local online platforms to gain visibility. Marketing a medical supply business requires networking, hosting and attending healthcare events, and attending expos. Create a monthly wellness letter that aligns with the niche market to establish the business as a thought leader.