With more people falling into the age range of 65 or more, the requirement for medical equipment is growing. Any enterprising business mind person can cater to this expanding need by knowing how to start a home medical equipment business.
Basically you need money to start the business, so the first thing to do is to arrange finance to starting your business. Enquire if you are eligible for small business loans. You can apply to many banks or credit unions. It would help if you find an investor who, for a share of the profits can finance you for starting a home medical equipment business.
Rent or lease space to store/stock your equipment. Besides providing door to door deliveries, invite customers to visit your premises. Delivering to homes provides the opportunity of recommending additional needed equipment, since you have seen the home and can base your recommendations on the layout of the home.
Next for how to start a home medical equipment business, contact companies, wholesalers and distributors for equipment to sell in your store. Negotiate a wholesale price, so that you can make a profit selling the equipment at retail prices. You must have adequate insurance coverage for your business. Get in touch with insurance companies for details about taking out an insurance business policy.
When all the above is done, you need staff to work in the store, as well as sell your equipment by visiting potential customers at their homes. For how to start a home medical equipment business, you should also have a customer services representative for walk in customers. Staff hired must be experienced in selling medical equipment, and also arrange for delivering equipment to customer’s homes.
The fastest way to advertise your business would be to establish a Website and print catalogs for mailing to customers. Your mailing list must include hospitals, physical therapy clinics and doctors’ offices. Interact with medical professionals such as physiotherapists, doctors and nurses, as these people can make recommendations to patients to purchase their equipment from your store.
Last, but not least for how to start a home medical equipment business,
stock only fast moving items. Find out which items are the most in
demand, and what items move slowly. You may not want to stock items that
do not sell well, but you should stock some hard-to-find items so that
you can offer your permanent customers a service.