There are more successful entrepreneurs right now than ever before, even though according to Forbes over 80 percent of small businesses fail. However, it’s still a numbers game. With more options for funding (such as crowdsourcing) than ever before and the Great Recession providing the necessary kick in the pants to chase those startup dreams, small business owners are all over the place. However, this doesn’t mean they’re all on the right track when it comes to choosing their niche.
Providing medical supplies is one of the best routes an entrepreneur can take. Whether it’s providing masks for CPAP machines or paper supplies geared towards the medical community, it’s an often overlooked industry.
Here are the best reasons to focus your startup on medical supplies and beat the odds:
1. It’s a recession-proof job
No matter what’s going on with the economy, medical supplies will always be in high demand. There are also many opportunities to secure clients, even for entrepreneurs in a small town. Check out what BusinessInsider recommends as recession-proof fields and see how your skills and background match up.
2. You can have the local edge
The competition level in medial supplies is moderate, but with more and more practices preferring to support local, you can use that to your advantage. Seek out ways to have a personal connection with every medical-related facility in your area. Take advantage of local search engine optimization (LSEO) best practices.
3. You don’t need a medical background to be successful
Contrary to popular belief, this is one industry where you don’t need a personal or professional background in the end result in order to be successful. In fact, start with a very niche product lineup and learn on the job. Most doctors don’t have the time to become experts with every possible tool at their disposal, so an entrepreneur can have that edge.
4. Clients are less likely to cut corners
Even in a medial practice where there are money issues, it’s unlikely that a medical supplier will get the boot in favor for cheaper quality products. By providing the best products at a competitive rate, and mixing in great customer service, it’s relatively easy to secure your position as the sole provider of certain supplies.
Focusing on medical supplies is a smart entrepreneurial rate that offers a lucrative revenue stream and stability. It’s exactly what a small business needs, and is surprisingly simple to break into.