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How to Start a Profitable Medical Store Business

Do you want to open a medical shop? If so, you are in the right place. Here we will find a detailed medical store business plan guide for beginners with costs, profit margin, licenses, setup, and much more.

The medical store business opportunity is perfect for those who are a chemist or has years of experience as a pharmacist. In this business, there are so many types of commercial options available apart from only medicine selling.

Here are the 10 Steps to Start a Medical Store Business

1. understand the local market.

Like any other business, it is essential to collect as much information as possible regarding the local demand and level of competition around your location of the shop.

Conduct market research and find out the gaps that exist in the current market scenario. Accordingly, plan your medical shop business to utilize those gaps to your advantage.

2. Write a Medical Store Business Plan

Create a detailed plan for your business. Decide what range of medicines you will be keeping. What other services you will be offering to your clients? Calculate fixed costs and working capital. Decide the entire startup budget and expected revenue earnings.

Some of the basic aspects that your medical shop business plan must address are the following:

  • Startup & recurring costs
  • Your target customers
  • Pricing Strategy
  • How do you plan to sell medical shop products?

3. Name Your Business

Determine a memorable and easy-to-spell name for your medical store business. Do remember, that an attractive and catchy name is extremely critical to creating a long-term medical store brand in your locality.

Read:   How to Name Your Business

4. Register Your Business

Decide on the business structure under which you are going to run your medical shop. Every country and state offers different business structure formations based on your resources and scale of operation.

In the United States, some of the popular business structures are sole proprietorship, partnership, and LLC. It is advised to talk to a local attorney and ask for suggestions and advice. Select the business structure that perfectly fits your business venture.

If you are from India, the popular options are proprietorship, LLP, and Private limited company.

5. Procure Licenses and Permits

In most countries, you need several licenses and permits to open and run a medical shop. Talk to local concerned authorities or take advice from professionals and obtain the required licenses. Register for Goods and Services Tax (GST) and any other applicable taxes to comply with tax regulations.

6. Learn More on Medical Store Profit Margin

The profit margin for a pharmacy shop can be divided into two categories. One is branded medicines and the other is generic medicines. It is generally around 15-25% for branded medicines. For generic medicines, it can be as high as 50%.

The profit also depends on the type of medicines and the price offerings of drug companies.

7. Medical Shop Setup

Location selection is an important factor in the medical store business. It is preferred to choose a location with a high density of residential population, not a commercial area. Choose a strategic location for your medical store, preferably near hospitals, clinics, or in a densely populated area with easy access for customers.

Create a detailed floor plan layout of the storeroom, cash counter, customer waiting area, and doctor’s chamber, and get your shop’s interior decorations done accordingly. Accounting software and POS is a must for running day to day activities of a medical shop.

Design an organized and well-lit interior layout with shelves, storage cabinets, and a counter for dispensing medications. Ensure the store complies with safety and hygiene standards.

8. Procure Medical Items from Suppliers

Contact the local wholesaler or medicine manufacturing company to have the products. If you go for direct company supply you will get a better margin but they will ask you for a higher-order quantity. To start with, it is advisable to go with the medicine stockiest.

9. Hire Manpower

Hire skilled personnel having experience in the medicine retail segment. If you are not a chemist and starting your medical store business, then always remember, that it is mandatory to keep a pharmacist on a full-time basis. Keep women employees. Your lady clients would prefer to interact with a lady about their requirements.

Hire a registered pharmacist who can provide expert advice to customers and handle prescription medications. Employ support staff for tasks like billing, customer service, and maintaining the store’s cleanliness.

10. Promote Your Medical Store business

You can start the promotion by giving some local newspaper advertisements. You can think of some value-added services like an online order system and delivery at the client’s doorsteps.

Do not forget a create a website as it is a must nowadays for promoting your business.

Aged persons, who have regular requirements of medicine, will prefer this service. Offer discounts on the maximum retail price. Also, you can offer some promotional gifts for a certain amount of purchase.

Frequently Asked Questions

Is medical store business profitable.

Every year it is seen that the medical industry is growing all across the globe. It is only for increasing demand for medicine and related health care products and supplements. In the medical store business, the retail margin is very inspiring.

One can start a medical store business with extra value-added services like a doctor’s chamber, and some testing facilities like blood pressure, oxygen supply, etc. As a startup, you can buy a franchise of established brands or you can start your own from scratch.

Can I sell both prescription and over-the-counter (OTC) medications in my medical store?

Yes, you can sell both prescription and OTC medications, but you must have a qualified pharmacist to dispense prescription drugs.

How do I ensure the authenticity of pharmaceutical suppliers?

Work with registered and reputable pharmaceutical distributors who can provide you with genuine and certified medications.

What are the ethical guidelines for running a medical store?

Ensure patient confidentiality, never dispense medications without a valid prescription and follow all applicable laws and regulations.

How can I compete with larger pharmacy chains?

Focus on personalized customer service, product availability, and niche offerings to differentiate your store.

Can I offer home delivery services for medications?

Yes, offering home delivery services can be a valuable addition to your business, especially for customers with limited mobility.

What are the key trends in the pharmacy business?

Trends include integrating technology for prescription management, expanding into online sales, and offering health and wellness services.

medical shop business plan

About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.

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Medical Supply Business

Back to All Business Ideas

How to Start a Medical Supply Business

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on April 11, 2022 Updated on February 14, 2024

How to Start a Medical Supply Business

Investment range

$12,050 - $25,100

Revenue potential

$104,000 - $312,000 p.a.

Time to build

1 – 3 months

Profit potential

$52,000 - $94,000 p.a.

Industry trend

The pandemic and our ageing population have sharply increased the need for medical supplies, spurring 50% market expansion in the last decade. You could start a medical supply business by partnering with a manufacturer and selling the medical supplies at resale prices either online, in-person, or from your own store. If you sell online or directly to healthcare facilities, you can run the business from home, and make some good money while making sure that caregivers and patients have the life-saving tools they need.

Before you get started, however, you need to understand how to launch a business. Fortunately, this step-by-step guide lays out all you need to know to start a successful medical supply business. 

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting a medical supply business has pros and cons to consider before deciding if it’s right for you. 

  • To people and facilities that need them
  • Good Money – Profit margins on medical supplies are high
  • Flexibility – Run an online business from home, set your own hours
  • Partner Needed – Finding a quality manufacturer can be difficult
  • Crowded Market – Competing with established firms will be tough

Medical supply industry trends

Industry size and growth.

  • Industry size and past growth – The US medical supplies wholesaling industry is worth $279 billion in 2022 after annual 2.5% growth the last five years. In the last decade the industry has grown 50%.(( https://www.ibisworld.com/industry-statistics/market-size/medical-supplies-wholesaling-united-states/ ))
  • Growth forecast – The US medical supplies wholesaling industry is projected to grow nearly 4% in 2022. 
  • Number of businesses – In 2021, 14,067 medical supplies wholesaling businesses were operating in the US.(( https://www.ibisworld.com/united-states/market-research-reports/medical-supplies-wholesaling-industry/ )) 
  • Number of people employed – In 2021, the US medical supplies wholesaling industry employed 255,219 people.

medical supply industry size and growth

Trends and challenges

Trends in the medical supply industry include:

  • Therapeutic devices, which includes anything from walkers to hearing aids to catheters, represent 90% of the medical supply industry. 
  • The number of elderly Americans is expected to double by 2060 to 95 million, becoming nearly one-quarter of the total population. This will significantly increase demand for high-quality medical supplies. 

Challenges in the medical supply industry include:

  • Regulations surrounding medical supplies are constantly evolving and it’s crucial that medical supply businesses stay up to date.
  • Continuing healthcare supply chain issues are making it difficult for medical supply businesses to keep inventory stocked. 

medical supply industry Trends and Challenges

Demand hotspots

  • Most popular states – The most popular states for medical sales representatives are Ohio, West Virginia, and New Jersey.(( https://www.zippia.com/medical-sales-representative-jobs/best-states/ ))
  • Least popular states – The least popular states for medical sales representatives are Montana, Oklahoma, and Louisiana.

medical supply demand hotspots

What kind of people work in medical supply businesses?

  • Gender – 46.9% of medical sales representatives are female, while 49.5% are male.(( https://www.zippia.com/medical-sales-representative-jobs/demographics/ ))
  • Average level of education – The average medical sales representative has a bachelor’s degree.
  • Average age – The average medical sales representative in the US is 46.7 years old.

medical supply industry demographics

How much does it cost to start a medical supply business?

Startup costs for a medical supply business range from $12,000 to $25,000. The largest cost is your initial stock of inventory.

How much can you earn from a medical supply business?

Prices for medical supplies vary greatly based on the item. These calculations will assume an average price of $100, although some items could be significantly higher. Your profit margin should be about 50%. 

In your first year or two, you could work from home and sell 20 items per week, bringing in $104,000 in annual revenue. This would mean $52,000 in profit, assuming that 50% margin. As you ramp up your marketing, sales could climb to 60 items per week. At this stage, you’d rent a commercial space to store your inventory and hire staff, reducing your profit margin to around 30%. With annual revenue of $312,000, you’d make a tidy profit of $94,000.

medical supply business earnings forecast

What barriers to entry are there?

There are a few barriers to entry for a medical supply business. Your biggest challenges will be:

  • The startup costs of inventory and a website
  • The massive competition in the industry
  • Finding a manufacturing partner

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Step 2: hone your idea.

Now that you know what’s involved in starting a medical supply business, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research medical supply businesses in your area and online to examine their products, price points, and what sells best. You’re looking for a market gap to fill. For instance, maybe the local market is missing a company that sells durable medical equipment, a medical device company, or a hospital bed supplier. 

medical shop business plan

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as medical products for nursing homes or therapeutic devices for health care providers.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your products or services

There are literally thousands of items you could sell. It’s probably best to specialize in a certain type of supplies. 

How much should you charge for medical supplies?

Prices will vary by item. Check market prices to make sure that you’re competitive. After your cost to purchase from the manufacturer, you should aim for a profit margin of about 50%. 

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

If you choose to sell to clinics, hospitals and care facilities, find them on LinkedIn and Google Maps. If you decide to sell directly to your customers, they will likely be an older demographic and on Facebook. 

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out a storage facility for your inventory. You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .

When choosing a commercial space, you may want to follow these rules of thumb:

  • Central location accessible via public transport
  • Ventilated and spacious, with good natural light
  • Flexible lease that can be extended as your business grows
  • Ready-to-use space with no major renovations or repairs needed

medical supply business idea rating

Step 3: Brainstorm a Medical Business Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

  • Short, unique, and catchy names tend to stand out
  • Names that are easy to say and spell tend to do better 
  • Name should be relevant to your product or service offerings
  • Ask around — family, friends, colleagues, social media — for suggestions
  • Including keywords, such as “medical supplies” or “medical products”, boosts SEO
  • Name should allow for expansion, for ex: “Care Connectors” over “Diabetic Supplies Direct”
  • Avoid location-based names that might hinder future expansion
  • Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Medical Supply Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

  • Executive Summary: A brief summary of the medical supply business plan, highlighting its key points and objectives.
  • Business Overview: An introduction to the medical supply business, including its mission, vision, and key facts about its establishment.
  • Product and Services: A description of the medical supplies and services the business offers, emphasizing their features and benefits.
  • Market Analysis: An examination of the medical supply market, including its size, growth potential, and target customer demographics.
  • Competitive Analysis: An assessment of competitors in the medical supply industry, identifying strengths, weaknesses, and opportunities.
  • Sales and Marketing: A plan for how the business intends to promote and sell its products and services in the market.
  • Management Team: An overview of the individuals responsible for leading and managing the medical supply business.
  • Operations Plan: Details on how the business will operate, including logistics, suppliers, and day-to-day processes.
  • Financial Plan: Projections and analysis of the business’s financial performance, including revenue, expenses, and profitability.
  • Appendix: Supplementary information such as market research data, resumes of key team members, or other relevant documentation to support the business plan.

what to include in a business plan

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to medical supply businesses. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your medical supply business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

  • Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
  • General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
  • Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
  • C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
  • S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

types of business structures

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2023

medical shop business plan

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

medical shop business plan

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

  • Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
  • SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
  • Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
  • Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
  • Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
  • Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding a medical supply business. You might also try crowdfunding if you have an innovative concept. 

types of business financing

Step 8: Apply for Licenses and Permits

Starting a medical supply business requires obtaining a number of licenses and permits from local, state, and federal governments.

Some states require a special license to sell certain types of medical supplies. Check with your state for requirements.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your medical supply business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

  • General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
  • Business Property: Provides coverage for your equipment and supplies.
  • Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
  • Worker’s compensation: Provides compensation to employees injured on the job.
  • Property: Covers your physical space, whether it is a cart, storefront, or office.
  • Commercial auto: Protection for your company-owned vehicle.
  • Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
  • Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

types of business insurance

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as DME Works , acctivate , or arbimed , to manage your leads, inventory, invoicing, and payments.

  • Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
  • If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial. 

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using website builders . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

For your medical supply business, the marketing strategy should focus on showcasing the quality, range, and reliability of your products. Emphasize your commitment to meeting healthcare needs with timely deliveries, adherence to medical standards, and providing a broad spectrum of medical supplies, from basic consumables to specialized equipment. Here are some powerful marketing strategies for your future business:

Kickstart Marketing

  • Professional Branding : Your branding should convey trustworthiness, reliability, and expertise in the medical field. This includes a professional logo, business cards, and an informative website.
  • Direct Outreach : Network with hospitals, clinics, nursing homes, and other healthcare facilities. Offer demonstrations or samples of your products to showcase their quality and effectiveness.

Digital Presence and Online Marketing

  • Professional Website and SEO : Develop a comprehensive website that catalogs your products, including detailed descriptions and specifications. Optimize for SEO to rank for searches related to medical supplies, healthcare equipment, and medical products.
  • Social Media Engagement : Utilize LinkedIn for B2B networking and Facebook to connect with a broader audience, share product information, and post about health industry news.

Content Marketing and Engagement

  • Healthcare Blog : Share informative content about the latest in medical supplies, healthcare technology advancements, and guides on choosing the right equipment.
  • Email Newsletters : Regular newsletters can inform your clients about new products, special offers, and company updates.
  • Video Demonstrations : Create product demonstration videos, explaining the features and benefits of your medical supplies.

Experiential and In-Person Engagements

  • Trade Shows and Medical Expos : Participate in medical trade shows and expos to showcase your products and connect with potential customers.
  • Product Training Sessions : Offer training sessions for complex equipment to medical staff, adding value to your services.

Collaborations and Community

  • Partnerships with Manufacturers : Build strong relationships with medical supply manufacturers to ensure a steady supply of products and the latest in medical technology.
  • Collaboration with Healthcare Providers : Work closely with healthcare providers to understand their needs and offer customized solutions.

Customer Relationship and Loyalty Programs

  • Loyalty Discounts : Implement loyalty programs offering discounts or benefits to regular customers.
  • Referral Programs : Encourage referrals from existing customers with incentives for both the referrer and the new customer.

Promotions and Advertising

  • Targeted Advertising : Use online platforms and medical publications to reach healthcare professionals and decision-makers in the medical industry.
  • Sponsorships and Community Involvement : Sponsor local health events or charity drives to build brand recognition and goodwill in the community.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your medical supply business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your medical supply business could be: 

  • The best therapeutic devices to help you live to the fullest 
  • Discount medical supplies for your assisted living facility
  • The most advanced medical supplies and equipment for your patients 

unique selling proposition

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a medical supply business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in medical supplies for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in medical supplies. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a medical supply business include:

  • Distribution Center Workers – prepare items for shipping
  • General Manager – ordering, inventory management, accounting
  • Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Medical Supply Business – Start Making Money!

The medical supply industry is huge and expected to grow in the coming years as the population ages. You can get a share of the market by starting your own medical supply business. It’s not a difficult business to start, and you can run it from home and make a good living. You just need a manufacturing partner, and you can sell to local health care providers and facilities or offer your products online. 

Now that you know what you need to know about the business, you’re ready to get to work and start your entrepreneurial journey to building a successful medical supply business!

  • Medical Supply Business FAQs

Yes, profit margins on medical supplies are high. The key is to specialize in a certain type of supplies and target a specific market for the products you offer.

Prices will vary by item. Check market prices to make sure that you’re competitive. After your cost to purchase from the manufacturer, you should aim for a profit margin of about 50%. Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

The biggest distributor of medical supplies may vary depending on the region and industry, but some major players in the global medical supply distribution market include Cardinal Health, Medline Industries, and McKesson Corporation.

The top 10 medical consumables can vary based on specific needs and healthcare settings, but some commonly used medical consumables include gloves, syringes, needles, bandages, surgical masks, gowns, catheters, wound care products, IV sets, and disposable medical instruments.

Medical supplies generally refer to consumable items used in healthcare settings, such as gloves, syringes, and bandages, that are single-use or have a limited lifespan. Medical equipment, on the other hand, refers to durable devices or machines used for diagnosis, treatment, or monitoring, such as X-ray machines, ultrasound systems, and hospital beds.

To differentiate your medical supply business from competitors, you can focus on factors such as competitive pricing, superior product quality, exceptional customer service, fast and reliable delivery, a wide product selection, personalized solutions for specific healthcare needs, establishing strong relationships with manufacturers and suppliers, and emphasizing your company’s reliability and reputation.

To expand your medical supply business and reach more clients and markets, consider the following strategies: diversify your product offerings, explore new geographical regions or markets, establish partnerships with healthcare facilities, clinics, and hospitals, leverage e-commerce platforms for online sales, attend industry trade shows and conferences, and invest in targeted marketing campaigns.

medical shop business plan

Thanks for sharing your expertise and providing such a valuable resource. Your article is not just informative but also motivational for those looking to make a difference in the medical supply industry. Looking forward to more business insights from your platform. Keep up the fantastic work!

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  • Decide if the Business Is Right for You
  • Hone Your Idea
  • Brainstorm a Medical Business Name
  • Create a Medical Supply Business Plan
  • Register Your Business
  • Register for Taxes
  • Fund your Business
  • Apply for Licenses and Permits
  • Open a Business Bank Account
  • Get Business Insurance
  • Prepare to Launch
  • Build Your Team
  • Run a Medical Supply Business - Start Making Money!

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BUSINESS STRATEGIES

How to create a medical supply business plan

  • Annabelle Amery
  • Sep 5, 2023

How to create a medical supply business plan

When starting a business in the medical supply industry, creating a comprehensive and clear business plan is crucial to lay a strong foundation for success. This plan serves as a roadmap that guides the business owner through key aspects of the business's development and growth.

Crafting a well-structured medical supply business plan is not only essential for navigating the complexities of the medical industry, but also attracting potential investors, securing financing and establishing credibility.

Ultimately, a well-crafted medical supply business plan forms the bedrock of starting a successful medical supply venture, guiding the business toward achieving its goals in a dynamic and critical sector.

Looking to create a online business and get started with eCommerce ? Take Wix’s eCommerce website builder for a spin.

Benefits of starting a medical supply business plan

Writing a comprehensive business plan offers numerous advantages for any type of business . As it regards your medical supply business, a business plan is helpful for:

Attracting funding: A well-crafted business plan acts as a powerful tool to attract potential investors and raise money for starting a medical supply business. Investors want to see a clear understanding of the market potential, revenue projections and strategies for growth. A comprehensive plan demonstrates the business owner's commitment and professionalism, increasing the likelihood of obtaining financial support.

Resource planning: Starting a medical supply business involves a thorough understanding of the resources, supplies and staff needed to establish and operate the business smoothly. A detailed business plan forces you to research and outline the necessary equipment, regulatory compliance, logistics, staffing and partnerships. This clarity ensures that all aspects of your business are considered and addressed adequately.

Success planning: Creating a business plan enables business owners to develop a clear roadmap for success when starting a medical supply business. The plan outlines objectives, strategies and key performance indicators that guide your business's growth trajectory. It helps in setting measurable goals and tracking progress, allowing adjustments to be made to stay on course.

Identifying challenges and opportunities: A thorough market analysis within the business plan helps identify trends, challenges and opportunities in the medical supply industry. Understanding the competitive landscape, customer needs and industry shifts allows the business to tailor its offerings to meet market demands effectively.

Sustainability: Creating a financial plan within the business plan offers insights into revenue projections, expenses and profitability. It ensures that the medical supply business is financially viable and can sustain its operations in the long run. This plan also helps in managing cash flow and making informed decisions about budget allocation.

How to write a medical supply business plan in 6 steps

In the sections below, we’ll guide you through six essential steps to help you craft a comprehensive medical supply business plan that sets the stage for a thriving venture in the healthcare industry.

Executive summary

Business and domain names

Market analysis and research

Operations plan, marketing and advertising plan, financial plan, 01. executive summary.

The executive summary is a succinct overview of your medical supply business plan, providing a snapshot of the entire document. It encapsulates the essence of your business, its objectives, strategies and key points. This section is crucial as it often serves as the first impression for potential investors and stakeholders.

To craft a clear executive summary for your medical supply business, focus on introducing your medical supply business, its mission and its unique value proposition in the industry. Summarize the potential market demand for medical supplies. Then, highlight the types of medical supplies your business will offer, emphasizing any innovative or specialized items.

Describe what sets your medical supply business apart from competitors, such as quality, pricing, distribution network or customer service. You should also provide a glimpse into your revenue projections and growth potential, showcasing the financial attractiveness of your venture. Finally mention the initial funding required to launch your medical supply business and support its early operations.

Here’s an example of an executive summary for a medical supply venture: “MediAid Supplies is a pioneering medical supply business committed to providing healthcare professionals and facilities with the essential tools they need to deliver exceptional patient care. Our mission is to bridge the gap between quality medical supplies and their availability, ensuring that healthcare providers can focus on their vital roles without concerns about procurement challenges.

In an ever-evolving healthcare landscape, MediAid Supplies emerges as a reliable partner, offering a wide range of medical equipment, devices, and consumables. Our dedication to quality, affordability, and timely distribution positions us as a leader in the medical supply industry.

MediAid Supplies anticipates substantial revenue growth by addressing the escalating demand for reliable medical supplies and our commitment to unparalleled customer service. To achieve our vision, we are seeking strategic partnerships and investments that will support our expansion and outreach efforts.”

02. Business and domain names

Selecting a strong business name is crucial for a medical supply business to establish brand identity, build trust, and resonate with industry stakeholders. A well-chosen name should reflect professionalism, reliability and the scope of medical supplies offered. It's essential to ensure the chosen name is not already trademarked and is available for registration.

Using a business name generator can provide inspiration and generate creative ideas for your medical supply business name. Once the company name is finalized, securing a matching domain name for your business website is equally important in today's digital age.

Note: once you’ve settled on a business name and decided on the best structure for your business, you’ll want to register your business .

03. Market analysis and research

Incorporating a comprehensive market analysis and research section in your medical supply business plan is crucial. This section delves into understanding your target market, competitors and industry trends. It helps you craft effective marketing strategies and make informed business decisions.

04. Operations plan

The operations plan outlines practical aspects, such as the location of your medical supply business, premises design, equipment procurement, inventory management and staffing needs. It ensures you have a clear roadmap for effectively managing daily operations.

05. Marketing and advertising plan

The marketing and advertising plan lays out strategies and campaigns to effectively promote your medical supply business. It should highlight strategies such as digital marketing, trade shows, partnerships with healthcare facilities and campaigns that showcase the quality and reliability of your supplies.

Remember to keep your branding consistent no matter where you promote your business. Start by using a logo maker to think of medical logo ideas .

06. Financial plan

The financial plan is a critical component of a business plan for a medical supply business. It provides a comprehensive overview of the financial aspects of your business, including startup costs, funding sources, revenue projections, expenses and the time frame for reaching profitability. This section helps you demonstrate the financial viability of your business and assists potential investors and lenders in evaluating the potential return on their investment.

Startup costs and funding

Outline the initial investment required to launch your medical supply business. This includes expenses, such as:

Costs associated with procuring the initial inventory of medical supplies, equipment and devices.

Costs for leasing or purchasing a suitable location, interior design and furnishing.

Expenses for business registration, licenses, permits and compliance with industry regulations. For example, starting an LLC where costs vary between states.

Costs for creating a strong brand presence, including logo design, website development and marketing campaigns.

Estimate costs for utilities, insurance, salaries and any other recurring expenses for the initial period.

Funding sources

Identify the sources of funding you intend to utilize to cover your startup costs. These sources may include:

Personal savings: Investment from your personal savings or assets.

Bank loans: Securing loans from financial institutions.

Investors: Attracting equity investors who provide capital in exchange for ownership.

Partnerships: Partnering with other businesses or individuals to pool resources.

Revenue projections

Provide an estimate of your medical supply business's potential revenue over a specific period. Consider factors like the average transaction value, volume of sales and the pricing strategy for your products. Projections can be broken down by months or years to give a clear understanding of your growth trajectory.

Expenses and costs

Detail the anticipated expenses that your medical supply business will incur. Categorize them into fixed costs (rent, utilities, salaries) and variable costs (inventory, marketing, shipping). This breakdown helps you assess your business's cost structure and manage cash flow effectively.

Profit and loss projection

Present a profit and loss (P&L) projection that outlines your expected revenue and expenses over a specific period. The P&L statement calculates your net income or loss by subtracting total expenses from total revenue. This projection provides a clear picture of your business's financial health and potential profitability.

Break-even analysis

Perform a break-even analysis to determine the point at which your medical supply business's total revenue equals its total costs. This analysis helps you understand the minimum level of sales required to cover your expenses and begin generating profits.

Time frame for profitability

Indicate the expected time frame for your medical supply business to become profitable. This depends on various factors, including market demand, pricing strategy, marketing efforts and operational efficiency. Providing a realistic estimate helps stakeholders understand when they can expect a return on their investment.

Cash flow forecast

Prepare a cash flow forecast to track the inflows and outflows of cash in your medical supply business. This forecast helps you manage liquidity, plan for expenses and ensure you have adequate funds to cover operational needs.

steps to developing a business plan

Medical supply business plan example: MediCare Supplies

This draft business plan provides a really great starting point for creating your very own medical supply business plan. Remember to customize the content to your specific goals, target market, and location. Make sure to regularly review and update your business plan as your business grows to ensure its relevance and future success.

MediCare Supplies is a forward-thinking medical supply business aimed at providing high-quality medical equipment, devices, and consumables to healthcare facilities and professionals. Our mission is to enhance patient care by ensuring seamless access to reliable medical supplies. Leveraging our industry expertise and commitment to excellence, we aspire to become a trusted partner in the healthcare sector.

Company and domain names

Company name: MediCare Supplies

Domain name: www.medicaresupplies.com

Our chosen company name, "MediCare Supplies," signifies our dedication to supplying essential medical resources that contribute to the well-being of patients. The corresponding domain name, www.medicaresupplies.com, reinforces our commitment to providing a convenient online platform for healthcare professionals to access our products and services.

Our thorough market analysis indicates a growing demand for reliable medical supplies due to the expanding healthcare industry. Research reveals the need for a comprehensive supplier that offers a wide range of high-quality products. Our target audience includes hospitals, clinics, nursing homes and private practitioners seeking efficient procurement solutions.

Location: Strategically situated near medical facilities to facilitate timely deliveries and direct engagement.

Premises: A well-organized and efficient warehouse designed to accommodate our inventory and streamline operations.

Equipment: Cutting-edge inventory management systems and logistics software to optimize distribution and minimize errors.

Staffing: A team of experienced professionals in procurement, logistics and customer service to ensure seamless operations and client satisfaction.

Our marketing plan includes:

Digital presence: Making a website , optimizing it for search engines and maintaining active social media accounts to reach a wider audience.

Strategic partnerships: Collaborating with healthcare associations, medical facilities and industry influencers to increase brand visibility and credibility.

Educational content: Sharing informative blog posts, videos and webinars that provide insights into medical supply trends and best practices.

Email campaigns: Regular newsletters and updates to keep customers informed about new products, promotions and industry news.

Startup costs and funding:

Inventory procurement: $100,000

Warehouse setup: $30,000

Website development and branding: $20,000

Initial marketing: $15,000

Operational expenses (1st Quarter): $25,000

Total startup costs: $190,000

Funding sources:

Personal savings: $60,000

Bank loan: $100,000

Investment from partners: $30,000

Total funding: $190,000

Revenue projections:

Year 1: $500,000

Year 2: $800,000

Year 3: $1,200,000

Operating expenses:

Rent and utilities: $2,500 per month

Employee salaries: $100,000 per year

Marketing and advertising: $20,000 per year

Inventory restocking: $150,000 per year

Insurance and compliance: $5,000 per year

Profit and loss projection:

Year 1 net profit: Variable based on revenue and expenses

Break-even analysis:

Fixed costs (annual): total fixed costs (rent, salaries, etc.)

Average revenue per month: estimate average monthly revenue

Break-even point: fixed costs / average revenue per month

Time frame for profitability: MediCare Supplies anticipates achieving profitability within the first year of operation by executing effective marketing strategies and catering to the growing demand for reliable medical supplies.

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18 Health Care Business Ideas for Passionate Entrepreneurs

Rieva Lesonsky

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The health care sector is an amazing place for aspiring entrepreneurs to open up shop. Exploring health care business ideas is smart for lots of reasons.

There’s an opportunity to do a world of good by serving an aging American population and helping those struggling with the national drug crisis. There are lots of new medical and technological advances, and widespread interest in health and wellness, too. And those are all great incentives for passionate entrepreneurs.

Plus, these factors combined mean there's a thriving market for health-related businesses. Aspiring new business owners can turn one of many health care business ideas into a viable way to make a living, including those entrepreneurs who want to work remotely.

This list of health care business ideas should get you started — and maybe inspire you to explore starting a business.

medical shop business plan

Why businesses in health care are worth exploring

Nationwide spending on health is projected to grow at an average rate of 5.5% annually through 2026. That’s one percentage point faster than the national GDP is projected to grow during that same time. And by 2026, health care is projected to account for nearly 20% of the GDP.

Employment in health care-related occupations is projected to grow 18% from 2016 to 2026, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. Nearly half of the 20 occupations projected to have the highest percentage increase in employment by 2026 are in the health care industry.

What that spells is a lot of opportunity.

One big reason for the surge in health care spending: By 2030, the Census Bureau projects, approximately one-fifth of the population will be 65 and older. This will be the first time in history that the number of Americans over age 65 will surpass the number of Americans under 18.

Keep those numbers in mind as you look through this list of health care business ideas.

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

18 health care business ideas to consider

1. medical transcription services.

Medical transcriptionists transcribe doctors’, nurses’ and other health care practitioners’ voice recordings into written documents for patients’ records. Speech recognition technology has definitely improved the efficiency of medical transcription, sure. But it certainly hasn’t yet replaced the need for human transcriptionists to review and correct the transcriptions to make sure they’re accurate.

This is a great business to run from home because you can make your own hours, and all of the work can be done digitally. Plus, if you’re digitally savvy and can create an efficient (and secure) way to share files, you can really one-up the competition.

2. Medical records management

Start a service that manages medical records for hospitals, clinics and doctors’ offices. You can work with clients to identify the best records management systems, implement them and provide their staff with training on how to use the systems.

Another approach? You can offer full-service medical records management, and clients can outsource the work to you. This can be helpful for boutique practices and sole practitioners who need the organization but can’t afford the in-house staff.

3. Physical/occupational therapy center

Physical therapists help patients recover from injuries to regain their full range of motion and reduce pain. Occupational therapists provide more specific therapy to help patients perform tasks of daily living, such as dressing themselves or feeding themselves. You can specialize in one or the other, or put both under one roof. Note that this does require certification.

4. Develop a health care app

Both health care providers and individuals alike are increasingly turning to mobile apps to track, record and manage medical conditions. The world is your oyster if you’re skilled in app development, so you might want to consider developing your own health care app targeting these markets. Do some field research to find out where your skills can fit a need.

5. Diabetic care center

According to the CDC, 9.4% of all Americans either have diabetes or are prediabetic . Opening a diabetic care center can help diabetic patients improve their quality of life by providing nutrition counseling, dialysis and other medical services. You can also provide preventive help such as teaching healthy eating habits or providing support groups for diabetics.

6. Home health care service

A home health care business provides in-home medical care for recently discharged hospital patients, patients with chronic health conditions, seniors and others who need assistance managing their health.

In states with rapidly aging populations, like Florida and California, not only could this be a benefit to the community — but also a strong business prospect for you.

7. Medical foot care

A growing population of seniors and diabetics means more need for foot care services. Something as simple as trimming toenails can be impossible for seniors and overweight patients who can’t reach their feet. You can either open a foot care clinic or save patients a trip to the podiatrist by providing mobile foot care services in their homes or in a van. You’ll need to train as a podiatrist or hire one.

8. Drug treatment/rehabilitation center

As drug use has escalated to become a national crisis in the United States, legitimate places for people to seek treatment for their addictions and rebuild their lives are needed more than ever. Every day, more than 115 Americans die after overdosing on opioids, according to the National Institute on Drug Abuse .

Open a drug treatment and rehabilitation center to help clients with drug addiction. You can specialize in different types of patients, such as juveniles or more senior patients.

9. Childbirth services

Today's expectant parents want to control every aspect of childbirth, and that often includes having a midwife or doula present at the birth. The use of midwives is increasing , according to the American College of Nurse-Midwives.

Midwives are trained health care providers who assist women during childbirth, while a doula is more like a pregnancy coach who helps couples arrange all aspects of the birth and caring for the newborn. You can either become certified yourself or open a business that employs contractors under your umbrella.

10. Medical billing service

Medical billing requires performing complex coding when submitting insurance claims. Keep in mind, certification is required in this field to ensure that doctors and other health care practitioners get paid.

Although big hospitals and health care organizations often have in-house staff, small medical practices that don’t have time to manage billing and coding themselves are an ideal market for medical billing services. Acquire and learn medical billing software, get trained in proper coding and target these smaller medical practices to take medical billing hassles off their hands. And you can even earn your certification online.

11. Nutritionist/dietitian

If you want to help people improve their nutritional intake and habits, you can build a business as a nutritionist or dietitian. Only nutritionists who get a license with the Commission on Dietetic Registration, or CDR, can advertise themselves as dietitians. Some states regulate nutritionists and others don’t.

You can specialize in different types of clients, such as sports nutrition, nutrition for weight loss or holistic nutrition.

12. Alternative health care

Acupuncture and massage therapy are two alternative health care business ideas that are becoming more popular. Many are using these services to supplement their traditional medical treatment — or as a primary treatment unto itself.

Check with your state to see what the requirements are to practice; they vary across the country. Even when health insurance plans don’t provide coverage, Americans are more willing to pay out-of-pocket for these types of care than they used to be.

13. Health information website

If you have health care expertise — or access to people who do — consider starting a website to provide health care information and advice. You can create all kinds of content, such as podcasts, YouTube videos and even online classes, in addition to blog posts.

You might even be able to get health care experts to contribute content for free in exchange for the publicity your site offers. There are a lot of options; just make certain that you do some market research to figure out the white space to fill, and find viable revenue streams to make your business highly sustainable, too.

14. Medical supply sales

Seniors, people with disabilities and those with chronic illnesses have an ongoing need for medical supplies and equipment. This can include walkers, braces, bedpans and more.

Although you can open a physical store, keep in mind that your target customers will often have difficulty getting to your location, so an online store is likely a better bet. Again, research here will be key so you can make sure that you’re stocking the right products and marketing in the right places.

15. Stylish uniforms for medical professionals

Medical professionals who wear scrubs to work are always looking for affordable and durable uniforms. They’re also looking for stylish options — and those aren’t as easy to find. Start a store selling scrubs, comfortable shoes, lab coats and other gear for health care professionals. You can design the goods yourself or source them from multiple places, and encourage your customers with word-of-mouth incentives to drive sales.

16. Hearing aid dispensary

Because hearing aids generally aren’t covered by health insurance, this can be a lucrative health care business idea if you find the right customer base. You might want to open a location to provide hearing tests, recommendations and hearing aid fittings and care. You could even outfit a mobile van to come to customers' homes to clean and repair their hearing aids as an extra service.

17. Respite care service for caregivers

Whether they’re parents caring for severely disabled children or adult children caring for aging parents, caregivers have a stressful job. Provide a much-needed break for caregivers by starting a respite care business. Your caregivers can come in for a few hours or a few days, giving family caregivers a chance to rest.

18. Medical marijuana dispensary

As a growing number of states legalize medical marijuana, this $8 billion industry is projected to continue its growth, according to IBISWorld . Opening a medical marijuana dispensary can be a profitable business in the right location; however, changing state and federal regulations could affect your startup. (Marijuana is still illegal under federal law.)

Frequently asked questions

How do i start a health care business.

When you start a health care business, it can be helpful to begin by writing a business plan, registering your business and hiring employees. While all businesses need to obtain any necessary licenses, permits and forms of insurance, health care businesses may require earning professional designations or taking out extra forms of insurance. Research what you need to run your business safely and legally before you launch.

How do I start a home health care business?

Starting a home health care business requires a high level of professionalism, even if you’re running a business where the bulk of the work will occur in your clients’ homes. For example, you may still need office space to train your employees. Like starting any business, it is important to write a business plan, register your business and create proper business procedures. You should also obtain any necessary licenses, permits and insurance for running a business in your area, as well as for working within the health care industry.

How do I write a business plan in health care?

In general, a business plan is an organizational tool that business owners can follow when they need guidance. This document can also tell outside parties, such as investors, about your business and its value. A good business plan should include thorough research about your industry, market and competitors, as well as dive into your financials, products and services and your marketing plan. When writing a business plan in health care, it will be important to do heavy research on the industry, as well as outline clearly what medical services or products you will be offering and why you or your staff are qualified to run a health care business safely.

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The bottom line

There are a lot of potential great health care business ideas for entrepreneurs interested in the health care sector — and many opportunities for health care business ideas to become real, sustainable businesses.

Be sure to check regulations, licensing, professional training or degrees needed for these businesses before you get started, and do lots of market research. Don’t forget that “care” part, of course.

On a similar note...

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Financial Model, Business Plan and Dashboard Templates - FinModelsLab

How to Start a Medicine Store Business: Your Complete Guide

By henry sheykin, resources on medicine store.

  • Financial Model
  • Business Plan
  • Value Proposition
  • One-Page Business Plan

Introduction

Setting up a medicine store business presents an opportunity to capitalize on a growing industry. Pharmacy and drugstore sales have been steadily increasing since 2018, due to a surge in the prescription drug market and rising demand for health and wellness products. Opening a medicine store business requires proper planning, research and preparation, as there are many governmental regulations, legal dynamics, and financial considerations.

This blog post provides a comprehensive guide to help you get started in 12 easy steps. We provide tips, information and advice to make starting a medicine store business easier and help you prepare for success.

Create A Business Plan

Creating a business plan is the first step in launching a medicine store business. A business plan helps you to identify your business objectives, set goals, and determine the strategies and resources you need to reach them. A business plan should include the following elements:

  • Description of the business
  • The products or services you will offer
  • Market analysis and research
  • Financial plan and projections
  • Management team and structure
  • Set up operations plan
  • Marketing plan

It’s important to take the time to research and develop a comprehensive business plan that accurately reflects your business objectives and strategies. You should also consider seeking professional advice from a lawyer, accountant or business consultant to ensure you have taken into account all the legal and financial considerations.

Develop A Financial Model

Developing a financial model is essential for any business, especially when launching a medical store. This model should be an accurate representation of the store’s future financial performance and should include a budget, cash flow analysis, and a profit and loss statement.

Before you begin, create a spreadsheet that outlines all of the expected expenses for the business. This should include the cost of rent, utilities, inventory, payroll, advertising, and any other costs associated with running the store. It should also include projected monthly revenue from sales.

Next, create a cash flow analysis that outlines projected cash inflows and outflows over the course of a year. This will help you identify when there will be a need for additional funding and can also help you plan for taxes.

Finally, create a profit and loss statement that outlines expected revenue and costs. This will help you determine the store’s expected profitability and should be updated regularly as the store’s performance changes.

Creating a financial model is an important step in starting a medical store, and it should be reviewed and updated regularly as the store’s performance evolves.

Excel financial model

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Ensure Necessary Capital For The Business

Opening a medicine store business requires capital. To ensure you have enough money to cover the costs of the business, you must determine how much capital you need and where to get it. Here are some tips for ensuring necessary capital for the business:

  • Calculate the cost of the business: You must calculate the total cost of the business, including the cost of the inventory, equipment, staffing, and other expenses. This will give you an idea of how much money you need to cover the costs of the business.
  • Secure financing from investors or lenders: You may be able to secure financing from potential investors or lenders to cover the cost of the business. This can be done through a business loan, venture capital, or other sources of financing.
  • Create a budget: You must create a budget to ensure that you are only spending what you need to, and that you have enough money to cover the costs of the business.
  • Track expenses: It’s important to track all expenses related to the business. This will help you make sure that you are staying within the budget.
  • Save money: You should also consider saving money wherever possible. This will help you ensure that you have enough money for the business.

Obtain Necessary Permits & Licenses

Opening a medicine store requires a few permits and licenses from the local authorities. Depending on the state or local jurisdiction, the required documents may vary, so it’s essential to research thoroughly and be informed of the local laws and regulations. Some of the most common documents needed to open a medicine store are:

  • Business license/permit
  • Tax registration/permits
  • Retail pharmacy license
  • Occupational licenses for the staff
  • Health department permits

You can find the required forms and documents from the local government website or from the local chamber of commerce. You may also need to apply for additional permits or licenses, such as food handling certificates or environmental permits. Make sure to have all the necessary documents in place before you open the store.

You should also be aware of the rules and regulations of the state or local jurisdiction regarding the sale of medications. This includes laws related to the distribution and sale of over-the-counter and prescription medications. Make sure you are informed of the laws and regulations and adhere to them while running the business.

Find A Suitable Location For The Store

Finding the right location for your medicine store is one of the most critical steps in the process of launching your business. Here are some tips and tricks for finding the best location for your store:

  • Conduct a thorough market analysis to determine the best location for your store. Consider factors such as the local population, traffic and competition in the area.
  • If you plan to open your store in a shopping mall, research the other stores in the mall. Are there other stores that sell similar products? Are the customers in the mall the right demographic for your store?
  • Look for a location that is easily accessible to your customers. Consider factors such as parking availability, public transportation, and foot traffic.
  • Check if the location is zoned for your business and if it meets the local regulations and requirements.
  • Negotiate a favorable lease agreement with the landlord. Consider factors such as rent, terms, length of the lease, and renewal options.
  • Make sure that the store is visible and easily recognizable. Invest in good signage and lighting for the store.

Choosing the right location for your store is a critical step in the process of launching your business. Make sure to conduct a thorough market analysis and consider all the factors before selecting the location.

Set Up Operations For The Store

Setting up operations for a medicine store business is essential to ensure smooth running of the business. Following are some tips and tricks to help you set up operations for the store:

  • First, decide on the operational hours for your store. Consider the local market and come up with a schedule that works best for your potential customers.
  • Develop a customer service policy and ensure that all staff members are well-versed with it.
  • Outline the store layout and ensure that all products are properly organized and labeled.
  • Hire qualified staff for the store and provide them with necessary training on product knowledge and customer service.
  • Develop an inventory management system and ensure that it is efficiently implemented.
  • Develop a system for managing cash, credit and debit payments.
  • Set up a website or an online store to reach out to a wider audience.
  • Install a point-of-sale system to streamline the checkout process.
  • Install security systems to protect the store from theft and vandalism.
  • Develop a store policy to ensure the safety and security of customers and staff.
  • Stay up to date with the latest regulations and ensure that your store is compliant with them.

Market the Store in the Local Community

Marketing your new medicine store to your local community is a necessary step for its success. There are a few easy and cost-effective ways that you can market your store. Here are a few tips and tricks to help you get started:

  • Get the word out by passing out flyers and posters in the community.
  • Create an attractive and informative website to showcase your store.
  • Develop relationships with local medical professionals and physicians to help them become aware of your store.
  • Partner with local organizations and charities to build your business’s presence in the community.
  • Advertise your store in local newspapers and magazines.
  • Build a social media presence to reach a larger audience.
  • Make sure to include information about your store in your local online business directory.

By utilizing these simple tips, you can effectively and efficiently market your medicine store to your local community. Making sure that your store is visible and well-known among potential customers is the key to success in this business.

Obtain Suppliers & Resources

When starting a medicine store business, it is essential to establish a positive and reliable relationship with your suppliers and resources. It is important to identify and negotiate with the right suppliers and resources to ensure that you have the necessary medicine and medical supplies to meet customer needs. Here are some tips and tricks to help you in this process:

  • Conduct extensive research on suppliers and resources to make sure that they are reliable, reputable, and can provide the necessary products at competitive prices.
  • Negotiate the best prices and terms with suppliers and resources. When comparing prices, consider the quality of the products, delivery times, and any additional services that may be included.
  • Create long-term contracts with suppliers and resources to ensure a steady supply of medicine and medical supplies.
  • Find suppliers and resources that can offer discounts for bulk orders.
  • Establish a good relationship with your suppliers and resources through clear communication, timely payments, and mutual respect.

Organize Inventory & Stock The Shelves

In any retail business, having the right stock in the right quantity is essential for success. When it comes to stocking a medicine store, the process involves some additional considerations, such as ensuring that all products are stored according to safety requirements. To ensure that your store is organized and stocked properly, follow these steps:

  • Organize inventory according to type, such as over-the-counter (OTC) drugs, prescription drugs, vitamins and supplements, homeopathic remedies, and medical equipment.
  • Organize inventory further into categories and sub-categories. For example, OTC drugs can be organized according to type, such as painkillers, antacids, allergy medications, and cough syrups.
  • Create a stock-keeping system and assign a unique identifier to each item. This will help you track inventory and keep accurate records.
  • Label shelves and storage areas in the store according to the categories and sub-categories of products.
  • Stock the shelves and storage areas with the right products, taking into account expiration dates and product packaging.
  • Ensure that all products are stored in a safe and secure manner, according to safety and health regulations.
  • Create a system for regularly checking and restocking shelves.

By organizing and stocking your medicine store correctly, you will be able to ensure that your customers have access to the products that they need. This will help to create a positive customer experience and increase customer loyalty.

Hire Staff With Medical Backgrounds

When opening a medicine store, it is important to hire staff with medical backgrounds. These individuals should be knowledgeable about the medicines that are sold in the store, as well as the various diseases and illnesses that the medications are used to treat. The staff should also be able to provide advice and assistance to customers, helping them to make informed decisions when it comes to their healthcare.

When hiring staff with medical backgrounds, it is important to consider their experience and qualifications. Individuals with a medical background should be able to demonstrate their expertise in the field and be able to provide evidence of their training and qualifications. It is also important to ensure that staff have the right attitude and approach to customer service.

When looking to hire staff with medical backgrounds, there are a few steps that can be taken. First, consider the size of the store and the number of staff that will be needed. Once the number of staff has been determined, start looking for qualified individuals who are passionate about helping customers with their healthcare needs. Reach out to local colleges, universities, and medical schools to see if graduates are available for employment.

It is also beneficial to hold interviews with potential candidates to ensure that they are the right fit for the store. During the interview, ask questions about the individual’s qualifications and experience, as well as their customer service skills. It is also important to ask about the individual’s approach to healthcare and how they plan to help customers make informed decisions. Once the right staff has been identified, they should be provided with training to ensure they are up-to-date on the latest products and services available in the store.

Develop A Customer Loyalty Program

Creating a customer loyalty program for your medicine store is an essential step in helping to ensure the success of your business. Customer loyalty programs are designed to reward customers for their repeat purchases, and can be used to encourage customers to come back to your store.

Here are a few tips and tricks for developing an effective customer loyalty program:

  • Define the terms of the loyalty program. This can include discount structures, rewards, expiration dates and more.
  • Create a system for tracking customer purchases. This can be done manually or by using a loyalty program software.
  • Encourage customers to sign up for the loyalty program. This can be done by offering a one-time discount, free product, or other incentive.
  • Advertise the loyalty program. Promote it on your website, in store, and through social media.
  • Consider partnering with other local businesses. This can help to increase the value of your loyalty program for customers.

Creating a customer loyalty program is an important step in the process of opening and operating your medicine store. By following the tips and tricks outlined above, you can create a loyalty program that will help you to retain customers and increase your sales.

Launch The Store And Formally Open For Business

Once you have completed all the necessary preparations, you can move on to the final step of formally launching your medicine store business. Here are some tips and tricks to help you launch your store successfully.

  • Create a memorable grand opening event. This is your chance to make a positive first impression with consumers, so make sure you plan an event that is exciting, informative, and fun.
  • Advertise your launch. Depending on your budget, you can advertise your grand opening event through newspapers, radio, television, or social media.
  • Build relationships with customers and local healthcare providers. This will help establish a loyal customer base that will help sustain your business.
  • Keep up with industry trends. Make sure to stay up to date on the latest industry developments so that you can provide the best products and services to your customers.
  • Develop a customer feedback system. This will allow you to collect customer feedback so that you can continually improve your store and ensure customer satisfaction.

Starting and running a medicine store business requires dedication and commitment. But, with the right plan and the necessary resources, you can create a profitable and successful business. This post outlined the 12 steps that you should follow in order to open your medicine store business. Think through each step and create a plan that works for you.

By following this checklist and staying organized and detail-oriented, you will be able to launch a successful medicine store business. Good luck and we wish you the best of luck on this exciting venture!

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SHOP Marketplace Healthcare For Small Businesses

  • Small Business Plans

medical shop business plan

What Is The Small Business Health Options Program (SHOP)?

The Small Business Health Options Program (SHOP) Marketplace, created through the Affordable Care Act (ACA), offers affordable and flexible health insurance and dental plan options to small businesses. Coverage and pricing varies based on the plan, so as an employer you can find the best fit for your employees and your business. SHOP plans are offered by private insurance companies like Anthem.

Who Is Eligible For The SHOP Marketplace?

While requirements vary by state, to qualify for SHOP your business must generally meet four requirements:

  • Have 2–50 full-time employees 1 (other than spouses, family members, or partners).
  • Offer coverage to all full-time employees working 30 or more hours per week.
  • Enroll at least 70% of the employees in your insurance plan.
  • Have a physical work site within the state where you purchase your plan.

How To Enroll In SHOP

  • Contact a private insurer like Anthem to find a SHOP plan that fits your business
  • Work with a SHOP registered agent or broker to select a plan

What If SHOP Is Not Available?

SHOP Marketplace plans may not be available in all states. If SHOP is not available in your area or if your business does not qualify, you still have options.

Insurance providers like Anthem can help you find other small business health plans available in your area.

What Are The SHOP Small Business Health Options?

You can choose from five types of healthcare plans for your business.

HMO (Health Maintenance Organization)

An HMO is designed to keep costs low and predictable by only using doctors and hospitals within the HMO network. It typically has low premiums, deductibles, and fixed copays for doctor visits. PCPs are the primary point of contact for all medical care, including specialty referrals.

PPO (Preferred Provider Organization)

PPO networks let the member choose where to go for care, without a referral from a primary care physician (PCP) or having to only use providers in your plan's provider network. These plans typically have higher monthly premiums and out-of-pocket costs like copays, coinsurance, and deductibles.

EPO (Exclusive Provider Organization)

An EPO offers a local network of doctors and hospitals to choose from. If you’re looking for lower monthly premiums and are willing to pay a higher deductible when you need healthcare, you may want to consider an EPO plan.

POS (Point of Service)

A POS plan requires that you get a referral from your PCP before seeing a specialist. This plan covers out-of-network doctors at a higher out-of-pocket cost than in-network doctors.

HDHP (High Deductible Health Plan)

An HDHP has low premiums but higher immediate out-of-pocket costs. Employers often pair HDHPs with a Health Savings Account (HSA). This is a tax-free fund used to offset costs such as deductibles.

What Is The Average Cost Of SHOP Marketplace Plans?

The cost of SHOP Marketplace plans will depend on the type of plan you choose. Consider how much you want employees to contribute to help share the cost and how much coverage will be needed for all enrolled employees. SHOP small business marketplace plans are evaluated by looking at the total group of employees in your company covered under the plan.

What Is A SHOP Tax Credit?

Under the Affordable Care Act, small business owners who have fewer than 25 full-time employees, who pay average wages of $56,000 or less, or who cover at least half of their employees’ premiums may be eligible for business healthcare tax credits for their SHOP insurance plans. These credits can lower the cost of your small business health insurance .

When Can You Enroll In The SHOP Marketplace?

There is no limited enrollment period for the SHOP Marketplace, and employers can shop for a new plan any time of year. If you enroll in a plan by the 15th of each month, coverage can usually begin on the 1st of the following month.

Find Small Group Health Insurance That Fits Your Business

Compare health insurance plans and find one that works for your business and your employees.

Related Articles 

Understanding small business health insurance costs.

Discover the factors that affect how much a small business health insurance plan costs.

How Does Small Business Health Insurance Work?

Understand the basics of small business health insurance and what you need to know to choose a plan for your business.

How To Choose Small Business Health Insurance Plans

Explore available small business health insurance plan options to find the best coverage that fits your company.

1 Number of eligible employees may vary by state.

Not connected with or endorsed by the U.S. Government or the federal Medicare program.

The purpose of this communication is the solicitation of insurance. Contact will be made by an insurance agent or insurance company. This policy has exclusions, limitations, and terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, please contact your agent or the health plan.

Attention: If you speak any language other than English, language assistance services, free of charge, are available to you. Call our Customer Service number, (TTY: 711). 

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Medical Shop Business Plan: How To Start Pharmacy Business

With the increasing need for medical assistance, the medical shop business is definitely flourishing with each passing day. The Pharmacy field provides the entrepreneurs with a profitable business idea as the margin of the products is really high.

Another perk of starting your own medical shop business in India is that the business doesn’t get affected by the economical crisis meaning you will never stop earning a profit, and also the medical shop is a kind of idea that can never go out of business .

Although there are a number of things that you must consider first before indulging yourself in the idea. As easy as it sounds, starting a medical shop is a bit complicated than you may think, but nothing that you can not manage. Being a part of the medicinal field, the medical shop business plan requires a high level of authenticity as it can put the lives of thousands of people at risk if you are not careful.

But there’s nothing to be worried about because in the article below we are going to introduce you with every aspect of starting your own pharmacy in India along with each and every requirement and how to convert your business in a profitable one.

medical shop business

First Things First

The first and most important thing to keep in mind before starting your own medical shop business is the degree of B. Pharma or M. Pharma. Do you possess the degree that is the compulsion for starting your own pharmacy? If yes then you can proceed with the plan and if no, then you must hire someone with the degree or you are not allowed to run the medical store.

Before hiring a professional to run the store for you, you must consider the following things. Apart from being qualified with a complete degree of B. Pharma or M. Pharma, the person should fulfill either of the conditions given below:

  • The graduate should be a registered pharmacist approved by the pharmacist department.
  • He must have the experience of at least one year working in the pharmacy before running the store.
  • He should have passed S.S.L.C with years of experience in dealing with drugs that are approved by the department of drug control.

Licensing and Permits Required

Licensing is kind of a big deal when it comes to any business plan concerning the medical field. For running your own medical store you need to acquire the following licenses:

1. Registration of Business

Before starting your own pharmacy, first, you need to decide which kind of firm you want to open. This includes sole proprietorship firm, private limited company or a partnership firm. For business registration in India, you need to visit the Ministry of Corporate affairs or click on this link .

2. Drug License

The drug license for your medical store can be obtained from the State Drug Control Department. This is different for each state. Although the procedure is the same for each.

After you apply for registration, it can only be used for a single store. As soon as you fill out the application form, the procedure will get started. Along with the application form, you will also have to send the required documents mentioned on the official site attached to the document.

Now in some time, the department will conduct an investigation on your store and as soon as it is completed you will receive your license.

3. Land Permit

A land permit is required for setting up a commercial unit. For your manufacturing business , you will need to contact the municipal corporation of your state. The whole list of the municipal corporations of different states of India is listed here .

4. GST Registration

GST Registration is the service tax registration of India. You need to visit the official government website for GST registration by clicking here .

Drug License

Setting Up The Commercial Unit

Location plays a big role in making your business successful there you should be extra careful while choosing one for your business plan. The location of your medical store should be available within the approachable range of the maximum number of your potential clients.

For example, a medical store near a hospital or a clinic will be the ideal location, but apart from this choosing a moderately populated residential area could also be great for the business. Also, don’t go for the area that is not saturated with the same kind of business as yours because it will make your medical store difficult to sustain.

The area of your commercial unit, however, depends on the scale of the business that you are going for. Although here we can give you an estimate of the basic requirement. If you want to open a small scale medical shop business then you are going to need an area of at least 10 sq. meters.

But if you are going for a slightly bigger version, like the wholesale retail business then you will require more than 15 sq. meters of area.

Taking up the franchise is not a requirement for starting a medical shop business rather an idea. This makes the beginning of your business plan really easy, however, it also restricts your success in some way and you will have to abide by all the customs as per the rule of the franchise that you decide to take.

The idea will also require you to invest a little more but on the bright side will save from most of the hassles. So if investing is not a problem for you, you can take the franchise of some successful drug store chain.

Setting Up The medical shop

Investment is often a hurdle for many entrepreneurs starting their own business plan. Not everybody has tons in deposits for the idea that they are pursuing. To solve this problem you can take help from the various investment sources that can help you in starting your own business plan.

You will need approximately 3 to 4 lakhs if you are thinking about starting a small scale business and will have to invest at least Rs. 7 to 8 lakhs to open a wholesale store.

For financing your business, you have three options, first is to take your business to the private investors and present your idea in front of them in an impressive manner and if they like your idea, they will provide you with required funding for your business.

Your next option is the venture capitalist . This is where people come to for large scale investment business plan. But it is also harder to get. The process of getting investment is the same as private investors.

The last and most reliable business investment source is bank loans. Banks provide business on the basis of the potential of your business idea. If they liked the idea, they will provide you with 70% of the required amount needed for the bank. These are online links to apply for business loans at bank  SBI , Bank Of Baroda , Axis Bank , ICICI , and HDFC Banks.

For starting a medical store in India the first thing you are going to need is medicines. The supply of medicines could be difficult as many are unfamiliar with the field so they have a hard time figuring out which medicines to keep or which manufacturing companies to contact. You have basically two options here:

You can either buy the required medicines from retailers or online stores individually or you can contact the companies that can make you available all the required medicines. It is suggested that you contact the companies directly as this will provide you a higher profit margin.

For storage purposes, you are going to need different shelves and drawers. The medicines should be stored carefully and you should differentiate between the medicines serving a different purpose to remove the possibility of confusion. They should also be labeled and stored in different boxes.

Apart from this, the refrigerator is a must for your drug store as some of the medicines require you to store them in a cool environment. These medicines include doses of insulin, vaccines, and antibiotics. The drug store overall should be really organized as drug store owners must be extra careful for obvious reasons.

medical Storage

Profit Margin

Profit Margin should be predefined before starting your own medical store. Although it varies from store to store and brand to brand. The profit margin in the drug stores could be anywhere starting from 20% and it could go as high as 1000% on the MRP.

The profit of your drug store depends on the success of your business but the profit margin could vary as per your accordance. You will get the most profit from selling the supplements of vitamins and proteins such as salines, contraceptives., multivitamins, proteins, etc.

You must do your research before defining the profit margin in your business. You should also consider the competition in your nearby area and get the idea of the profit margin that they are using. Because too much or too low will affect the success of your business.

Informal Partnership with Doctors

Tieing up with medical professionals and doctors is only formal when you are a part of a hospital. If you work individually you will have to make an informal tie-up with the doctors to make some extra profit. You can set up some kind of commission between you and the doctor in a way in which you both can be profited.

The idea will only work if you have a clinic or hospital in the area nearby because nobody is going to travel to a long distance to reach your store even if the doctor recommended.

Building a Customer Base

Building a customer base is necessary to ensure that your store never goes out of business. You can use various marketing strategies to spread the word about your business and then you will have to manage those customers so that they keep coming back to you.

You can provide some discount to your regular customers or could start some coupon schemes for the ones who are first-timers at your store. This will ensure the regularity of the customers as well as will help you make the new ones.

You can also include some additional services like home delivery which is the prime requirement in today’s world for people who can’t get out of their houses such as elder people or ones with some serious issues. These tactics will definitely help you in the long run.

medical Business Shop plan

If you are looking for more medical business ideas to start your business, then please read our article on most profitable health care business ideas .

Running a medical store is not only a profitable business idea but it is also a great responsibility. There are many ways to make this business plan a successful one, but nothing will prove right if you are not careful while dealing with a business like this.

Above we have stated everything concerned with starting your own medical shop in India. If you follow these steps properly there is nothing that can stop you from making this business idea successful. If you have any questions or suggestions you can give it to us by commenting in the section below. We would be more than happy to help you. Also, let us know if you find this article helpful.

medical shop business plan

Small Business Trends

How to start a medical supply business.

Medical supply businesses ensure hospitals have everything from gloves and syringes to diagnostic machines and ventilators. The market is expected to grow with the expanding hospital infrastructure worldwide. Research shows the market size for medical supplies will be worth $82.29 billion by 2028.

The Market for Medical Supplies

The medical supply business is expanding rapidly, further propelled by the aftermath of COVID-19.  The industry focuses on supplying echo-friendly products and incorporates other trends, including telemedicine and personalized healthcare. 

 The medical supply market was valued at $8.4 billion in 2021. It’s expected to reach $13.16 billion by 2032.

how to start a medical supply business

Why Start Your Own Medical Supply Business?

Medical supply sales are among the top healthcare business ideas today. Starting a medical supply business comes with a range of benefits, particularly in the current global context, where demographic shifts and policy changes are influencing market dynamics. Here are some key advantages:

  • An aging global population leads to increased chronic conditions and healthcare needs, driving demand for medical supplies.
  • Hospitals, healthcare facilities, and clinics continuously require a wide range of medical supplies, from consumables to sophisticated equipment, ensuring a steady market.
  • Many developing nations are experiencing rapid growth in their healthcare sectors, offering new markets for medical supply businesses.
  • Infrastructure improvements and increased healthcare spending in these regions provide a fertile ground for healthcare businesses.
  • The medical supply industry encompasses a wide array of products, allowing businesses to cater to various specialties and healthcare needs.
  • Diversification within your product offerings can mitigate risk by not relying on a single market segment.
  • Some regions offer supportive regulatory environments that streamline the process of introducing new medical supplies to the market.
  • Governments may provide incentives for healthcare innovation, including tax breaks, grants, and subsidies, making it financially attractive to start and grow a medical supply business.
  • Continuous innovation in medical technology opens new product lines and improves existing ones, offering businesses the chance to be at the forefront of healthcare advancements.
  • Integration of digital health solutions with traditional medical supplies, such as wearable monitoring devices, enhances product offerings.
  • There is potential for strong partnerships with healthcare providers, research institutions, and other stakeholders in the healthcare ecosystem.
  • Collaborations can lead to the development of customized solutions for specific healthcare needs, expanding market reach.
  • By providing essential medical supplies, businesses contribute significantly to improving public health outcomes.
  • Ensuring the availability of quality medical supplies can lead to better healthcare services and patient care.
  • The healthcare sector often remains stable even during economic downturns, as medical needs persist regardless of the economic climate.
  • This resilience offers a level of economic security to businesses within the healthcare supply chain.

Starting a medical supply business not only offers lucrative financial opportunities but also allows entrepreneurs to contribute meaningfully to global healthcare improvements. The diverse and growing demand, coupled with supportive regulatory environments in certain regions, makes this industry an attractive venture.

how to start a medical supply business

Small Business Deals

Initial steps to starting a medical supply business.

Developing a medical supply business usually involves some proven steps. Read on for some essential building blocks for new businesses to succeed in this exciting field.

Developing a Medical Supply Business Plan

A business plan represents a comprehensive roadmap for launching and growing one of these businesses. It needs to have several detailed categories, including:

  • An executive summary outlining the business’s core values, mission statement and overview of the products and services.
  •  A list of the business objectives, including long-term and short-term goals, timelines, and milestones, should be included.
  •  Other areas include market research. This category should consist of industry trends and a target market analysis. 

Other sections of a business plan include financial projections, operational plans, common business structures , and marketing and sales strategies.

Legal Requirements and Compliance

Small businesses must follow legal steps, and a medical supply enterprise is no different.

  • The first step is business registration. You must choose from options like a sole proprietorship, partnership, Corporation, or LLC. The IRS will require that you get an Employer Identification Number(EIN).
  • You’ll need business licenses and permits. Common ones include health department permits and a Food and Drug Administration license.
  •  If you’re handling patient information, you must comply with the Health Insurance Portability and Accountability Act (HIPAA).

With the required information, you can set up a business bank account. Healthcare regulations and compliance standards will apply, so you’ll need to consult with accountants and legal advisors before you buy medical equipment.

how to start a medical supply business

Funding and Initial Investment

 You’ll need money to start a medical supply company. Some of the different funding options include: 

  • A traditional credit union or bank loan to purchase durable medical equipment. You’ll need good credit and a solid business plan.
  •  There are a variety of SBA Loans available. The US Small Business Administration offers excellent terms to medical supply businesses.
  • Crowdfunding is an online platform for raising money. Typically, you’ll receive small amounts from many different people. 
  •   Venture capitalists will offer you the cash you need in exchange for equity. This is a good route for large medical supply companies.

 Remember to incorporate the costs for registering a business, legal advice, and obtaining licenses. Other costs include an IT infrastructure, warehouse equipment, and an office. Of course, you’ll need an initial stock of supplies to get started. 

Building Relationships with Manufacturers and Suppliers

Establishing good connections with outstanding suppliers is critical. It’s also a good idea to schedule performance reviews to discuss delivery timelines, product quality, and other areas that need improvement. 

how to start a medical supply business

How to Start a Medical Supply Business: Step-by-Step

Here are some steps for starting a medical supply business.

Choosing Your Medical Supply Business Model

An excellent business model leverages technology and implements outstanding customer service. You might consider focusing on niche markets that serve specific medical conditions.

Identifying Your Market Segment within the Medical Business

Find the right market. Reviewing medical publications, attending conferences and reviewing industry reports are good practices. This is a big part of a successful medical supply business.

Connect with medical professionals.

Setting Up Your Medical Supply Distribution Network

Set up regional distribution centers near key healthcare hubs or densely populated urban centers. This lowers shipping costs and reduces delivery times. A startup can look into forming partnerships with established logistics outfits.

Stocking Your Inventory

 Inventory management is a critical aspect of working in the healthcare sector. Here are a few recommended approaches.

 Centralized Inventory Management

This is an excellent way to reduce redundancies and leverage bulk purchasing. Creating a preferred product list and focusing on supplier reliability and quality is essential.

Warehouse management systems can help you get the most from layout.

Demand Planning and Forecasting

Predictive analytics and historical data work together for medical supplies, equipment inventory, and storage. Based on demand forecasting, you can allocate the storage you need efficiently.

The idea is to use a software system to track real-time reorder points, stock levels and expert dates. 

how to start a medical supply business

Marketing Your Medical Supply Business

Online marketing and digital platforms market your business.

  • Hosting webinars and workshops that educate healthcare professionals works.
  •  Building partnerships with medical associations, influential practitioners, and institutions can help you get credibility. Network at seminars, trade shows, and conferences.

Digital marketing strategies like Search Engine Optimization (SEO) target healthcare professionals’ keywords. Remember, retargeting campaigns on LinkedIn.

Marketing Strategies for Medical Supply Business Online

A startup should consider content marketing. The strategy should address the interests of niche medical fields a nd their concerns and challenges. Focusing on dentistry, pediatrics, and orthopedic surgery resonates with professionals in those fields. 

how to start a medical supply business

Launching Your Medical Supply Business Idea

Host a launch event. It can be either online, in-person, or hybrid. Get local media coverage. You must invite critical people, like local business leaders and potential clients.

Personalized email campaigns are a great way to start reaching out. You can also use a website startup guide to create an online presence that will help you gain customers. Remember to add a clear Call to Action (CTA). 

FAQs: How to Start a Medical Supply Business

Here are some answers to questions about how to start a business in the medical supply industry.

Is selling medical supplies profitable?

There are good profits for small businesses that can create and maintain supply chain relationships. Profitable companies fulfill the consistent demands of the healthcare industry and follow a business startup checklist to stay on track through the early stages.

How do medical supply companies make money?

They can use different business models, including direct sales, subscription services, and distribution agreements. Some of these medical supply companies can even lease medical equipment. Others can offer value-added services like training, consulting, and equipment maintenance. 

How do I choose the right vendors for medical supplies ?

Vendors must comply with FDA regulations, some of which include pre-market approval and different Quality Systems Regulations. You should also choose vendors who have an excellent track record and are reliable. 

How has the healthcare Industry changed since the pandemic?

The healthcare industry has been evolving since the pandemic. There’s been more of a focus on worldwide preparedness for infectious diseases. Innovators are taking advantage of digital innovations like telehealth. 

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Medical Device Business Plan

NOV.06, 2023

Medical Device
 Business Plan

Medical Device Business Plan Sample

A medical device business plan is a document that outlines how to start and run a successful company that produces and sells products that diagnose, treat, or prevent diseases or injuries. Navigating the vast and expanding medical device sector presents thrilling opportunities alongside complex hurdles. A well-crafted business plan illuminates the route to success. Articulate your vision, milestones, tactics, and budgetary forecasts.

A business plan should also demonstrate how you will stand out from the crowd, satisfy users, adhere to regulations, and uphold ethical standards. A medical billing business plan is a specific type of medical device business plan that focuses on how to provide billing and coding services for healthcare providers.

In this article, we will provide you with a medical device business plan sample that you can use as a template or a reference for your business plan. We will cover the following sections:

  • Executive Summary
  • Company Overview
  • Industry Analysis
  • Customer Analysis
  • Competitive Analysis
  • Marketing Plan
  • Operations Plan

Management Team

  • Financial Plan

Executive Summary Section of Our Medical Device Business Plan

Business overview.

Medix is a medical device company that develops and sells innovative and affordable devices for diabetes management. We aim to enhance the well-being and health results of those managing diabetes. We aim to offer user-friendly and dependable products that assist in tracking and regulating blood sugar levels.

Products and Services

Medix offers two main products:

  • Medix Glucometer – A smart glucose meter that connects to a mobile app via Bluetooth and provides accurate and instant readings of blood glucose levels.
  • Medix Patch – A wearable patch that continuously measures blood glucose levels through the skin without needing finger pricks or test strips.

Customer Focus

Medix focuses on serving people with diabetes, seeking convenient and affordable solutions to manage their condition. According to the IDF Diabetes Atlas 10th edition report , 537 million adults (20-79 years) live with diabetes – 1 in 10. Experts predict that this number will rise to 643 million by 2030 and 783 million by 2045. Therefore, there is a huge demand for effective and accessible diabetes care products.

Leo Clark and Aria Bennett, two experienced entrepreneurs with biomedical engineering and business administration backgrounds, founded Medix. Leo is the CEO and head of product development, while Aria is the COO and head of marketing and sales. A team of qualified engineers, designers, developers, marketers, salespeople, and advisors supports them.

Success Factors

Medix has several competitive advantages that will enable it to succeed in the medical device industry:

  • Innovation with cutting-edge technology to create novel devices
  • High standards of quality and safety in every aspect of devices
  • Customer satisfaction by providing user-friendly devices
  • Social impact by addressing a major health problem globally

Financial Highlights

Medix seeks $5 million in seed funding to launch its products and scale its operations. The company projects to generate $1.2 million in revenue in the first year, $3.6 million in the second year, and $10.8 million in the third year, with a gross margin of 60% and a net profit margin of 20%. The company expects to break even in the second year and reach a valuation of $50 million by the end of the third year.

Company Overview Section of Our Medical Device Sales Business Plan

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Who is Medix Medical Supply?

Medix dedicates itself to developing and selling innovative, affordable, and reliable devices for diabetes management. Our products help people with diabetes to monitor and control their blood glucose levels with ease and effectiveness, leading to better health outcomes and an improved quality of life.

Medix Medical Supply History

Medix is a company that provides innovative solutions for diabetes care. It was founded by Leo Clark and Aria Bennett in 2023, who both personally experienced the challenges and frustrations of living with diabetes. These challenges included frequent finger pricks, expensive test strips, inaccurate readings, and complicated insulin injections.

They started Medix with their personal funds and an incubator grant to address these issues. Medix developed two products – the Medix Glucometer and the Medix Patch – to make diabetes monitoring and treatment easier, more accurate, and more affordable.

The Medix products have received regulatory approvals from the Food and Drug Administration (FDA) and the European Medicines Agency (EMA). They are now ready for launch in the US and European markets. For more information, please refer to our dentistry business plan .

Legal Structure

Medix, an LLC registered in Delaware, USA, has obtained ownership by Leo Clark (60%) and Aria Bennett (40%). Additionally, the company has applied for a patent for its products in the US Patent and Trademark Office (USPTO).

Industry Analysis Section of Our Medical Device Business Plan

The medical device industry is one of the world’s most innovative and dynamic sectors. Fortune Business Insights reported that the global medical device market was valued at $512.29 billion in 2022 and can grow from $536.12 billion in 2023 to $799.67 billion by 2030, at a CAGR of 5.9%.

The medical device industry is driven by several factors, such as:

  • The increasing prevalence of diseases and the aging population
  • The rising demand for minimally invasive and personalized treatments
  • The advancement of technology and digitalization
  • The emergence of new markets and segments

Customer Analysis Section of Our Medical Supply Business Plan

Demographic profile of target market.

Medix’s target market is the US market, which ranks third for the highest number of people with diabetes. We target diabetic people looking for convenient, affordable solutions to manage their condition. 

According to the National Diabetes Statistics Report by CDC, here are some interesting stats about why the US market is best for Medix:

  • 37.3 million people have diabetes (11.3% of the US population)
  • 28.7 million people are diagnosed, including 28.5 million adults
  • 8.5 million people are undiagnosed (23.0% of adults)
  • 96 million people aged 18 years or older have prediabetes (38.0% of the adult US population)
  • 26.4 million people aged 65 years or older (48.8%) have prediabetes

The demographic profile of our target market is as follows:

  • Age – We target all ages, mainly the young and middle-aged, who are tech-savvy and have more money to spend. A CDC report says 34.1 million adults aged 18 years or older—or 13.0% of all US adults—have diabetes.
  • Gender – We target both males and females, as diabetes does not discriminate by gender. A NIDDK (NIH) report says a higher percentage of men (41%) than women (32%) have prediabetes.
  • Income – We target all income levels, mainly the low and middle-income who need better healthcare solutions. An NCBI (NIH) report says 80% of the adults worldwide with diabetes live in low- and middle-income countries (LMICs).

Customer Segmentation

Based on our market research and customer feedback, we have identified four main customer segments for our products:

  • Segment A – Tech-savvy innovators who value quality, performance, and convenience. They share their views online.
  • Segment B – Cost-conscious buyers who seek affordable and effective products. They trust their peers’ recommendations.
  • Segment C – Health-conscious improvers who want products that motivate and support them. They join online health communities.
  • Segment D – Compliance-driven users need products that ensure safety, security, and simplicity. They depend on their health providers and caregivers.

The table below summarizes our findings:

Based on the table, we have decided to target segments A and B as our primary segments, and segments C and D as our secondary segments.

Competitive Analysis Section of Our Medical Equipment Producer Business Plan

Direct and indirect competitors.

Our direct competitors are other medical device companies that offer similar or substitute surgical medical equipment for diabetes management. Some of the major players in this category are:

1. Abbott – A global healthcare company that offers a range of products for diabetes care with mobile apps for real-time data and insights.

  • Strong brand recognition
  • Global presence
  • Innovation capabilities
  • Customer loyalty

Weaknesses:

  • Limited availability
  • Technical issues

2. Dexcom – A medical device company specializing in CGMs for diabetes management. These devices use sensors to record and transmit data to a receiver or a smartphone.

  • High accuracy
  • Reliability
  • Convenience
  • Customer satisfaction
  • Short sensor lifespan
  • Skin irritation

3. Medtronic – A medical technology company that offers a range of durable medical equipment for diabetes care, such as insulin pumps, CGMs, and APSs. The system connects to a mobile app to monitor and control settings.

  • Leadership position
  • Advanced technology
  • Clinical evidence
  • Customer support
  • Safety concerns
  • Regulatory hurdles
  • Competition

Our indirect competitors are other healthcare providers or solutions that offer alternative or complementary ways to manage diabetes, such as medications, diet plans, exercise programs, coaching services, etc. Refer to our hospital business plan to learn more.

Competitive Advantage

Medix’s unique value proposition and competitive advantage over its competitors are:

  • Medix is more innovative
  • Medix is more convenient
  • Medix is more versatile
  • Medix is more affordable
  • Medix is more user-friendly

Marketing Plan Section of Our Medical Device Business Plan

Promotions strategy.

We will promote our products using online and offline channels to attract and retain customers. Our promotional mix consists of:

  • Advertising – Online platforms (e.g., Google Ads, Facebook Ads) and offline media (e.g., newspapers, billboards) to deliver relevant and engaging messages.
  • Public Relations – Press releases, media interviews, podcasts, webinars, etc., to generate positive publicity and exposure. Social media platforms (e.g., Facebook, Twitter) to interact and communicate with customers and stakeholders.
  • Sales Promotion – Discounts, coupons, free samples, free trials, referrals, loyalty programs, etc., to stimulate sales and repeat purchases. Contests, sweepstakes, giveaways, etc., to create excitement and buzz.
  • Personal Selling – Direct sales, telemarketing, email marketing, etc., to contact and persuade customers to buy our products. Online platforms (e.g., Amazon, eBay, Shopify) to sell our products directly.

We will use a value-based pricing strategy that reflects the value and benefits of our products and our competitive advantage. We will also offer competitive pricing that matches or undercuts our competitors’ prices.

We will charge $100 for each Medix Glucometer and $50 for each Medix Patch. We will also generate recurring revenue from the sales of test strips ($0.5 each) and insulin cartridges ($10 each). We estimate that each customer will use an average of 100 test strips and 12 insulin cartridges per year.

Operations Plan Section of Our Medical Device Business Plan

Operation functions.

We do these core activities to offer our products and services to our customers:

  • Product Development – We research, design, test, and improve our products using agile methods, customer feedback, market trends, and tools like GitHub, Jira, Figma, etc.
  • Manufacturing – We produce our products on a large scale and high quality by outsourcing to a reliable contract manufacturer.
  • Distribution – We deliver our products to our customers quickly and cheaply using direct and indirect channels in different regions or countries.
  • Customer Service – We support and assist our customers before, during, and after their purchase using various channels and methods.

Milestones and Timeline

We have these specific goals and objectives to track our progress and success in our operation functions:

  • June 2024: Complete R&D, testing, prototyping of products
  • September 2024: Obtain regulatory approvals and certifications
  • December 2024: Launch marketing campaign and product launch in the US
  • March 2025: Market research for Europe entry
  • December 2025: Launch Europe marketing, market entry
  • March 2026: Invest in production capacity
  • June 2026: Expand manufacturing workforce
  • December 2026: Evaluate production, increase to 100k units/month

Management Team Section of Our Medical Device Business Plan

Founders and co-founders.

Leo Clark, a biomedical engineer with type 1 diabetes, and Aria Bennett, the daughter of a type 2 diabetic and a business administrator, founded Medix. Leo is responsible for the product development function, while Aria leads the marketing and sales function. Both have several years of experience working in their respective fields and personal and professional experience with diabetes.

Other Key Team Members

  • Alice Lee – Our chief engineer
  • Bob Chen – Our chief developer
  • Carol Wang – Our chief designer
  • Dave Jones – Our chief marketer
  • Emma Smith – Our chief salesperson

Financial Plan Section of Our Medical Device Business Plan

Key revenue and costs.

Medix’s main sources of revenue, along with pricing, are:

  • Medix Glucometer – $100 for each Glucometer
  • Medix Patch – $50 for each Patch
  • Test Strips – $0.5 for each test strip
  • Insulin Cartridge – $10 for each cartridge

We estimate that each customer will use an average of 100 test strips and 12 insulin cartridges per year.

Medix’s main categories of expenses are:

  • Cost of Goods Sold (COGS) – Our main cost of goods sold is the cost of materials, components, parts, and additional supplies. We estimate that the COGS per unit is $40 for the Medix Glucometer, $20 for the Medix Patch, $0.1 for the test strip, and $2 for the insulin cartridge.
  • Operating Expenses (OPEX) – Our main operating expenses are the costs we incur for running and operating our business, such as salaries, rent, utilities, marketing, advertising, R&D, etc. Our OPEX will be 40% of our revenue in the first year, 35% in the second year, and 30% in the third year.

Funding Requirements and Use of Funds

Funding Requirements – We seek $5 million in seed funding to launch our products and scale our operations. We have already raised $500,000 from our savings and a small grant from a local incubator. We need an additional $4.5 million to cover our expenses for the next 18 months until we reach the break-even point.

Use of Funds – We will use the funds for the following purposes as highlighted in the below chart:

Projected use of funds of medix - Medical Device Business Plan Sample

Key Assumptions

  • Market size for our products is 10% of the total number of people with diabetes in the US and Europe
  • Market share is projected to grow from 107,000 customers in 2024 to 444,000 customers in 2026
  • Sales volume is projected to grow from 321,000 units in 2024 to 1.33 million units in 2026
  • Gross margin is projected to be 60% in all three years
  • Net margin is projected to grow from 20% in 2024 to 30% in 2026

Financial Projections

Based on the above assumptions, we have prepared the following financial projections for the next three years:

Income Statement

Projected Income Statement for Medix - Medical Device Business Plan Sample

OGSCapital – Your Partner for Medical Device Startup Success

With over a decade of experience, at OGSCapital, we have helped various entrepreneurs craft winning business plans. Our consultants provide end-to-end support – from market research and competitor analysis to realistic profitability forecasts. We understand the medical device industry inside-out, including regulations, manufacturing, and distribution.

Whether you need help with your hospital feasibility study , medical equipment manufacturing business plan, or medical supply store business plan, we tailor our approach to your specific product and goals. Partner with us to launch your startup on the path to profitability and rapid growth.

Frequently Asked Questions

How to start a medical device business.

A strategic business plan is a key ingredient in a startup medical device company. But that alone won’t cut it – the company also requires a talented group of professionals, structured product development procedures, a plan for meeting regulatory guidelines, and effective marketing tactics. A distributor or a medical equipment supplier can help distribute the devices.

How profitable are medical devices?

The medical equipment industry is booming with high growth potential. The average operating margin for medical equipment and supplies companies averages 2.87%. The medical device market will grow at a CAGR of 5.5% to 5.9% from 2022 to 2030.

How do I market my medical device?

As highlighted in our Medical Clinic Business Plan , some popular marketing channels to market a medical device include online platforms, social media, trade shows, conferences, webinars, publications, referrals, and testimonials. A medical equipment rental company can also help market the device.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Overview of shop: health insurance for small businesses.

  • To purchase SHOP insurance, your business or non-profit organization generally must have 1 to 50 employees.  See if your business qualifies for SHOP .
  • If eligible, you don't have to wait for an Open Enrollment Period. You can start offering SHOP coverage to your employees any time of year.

4 reasons to offer SHOP coverage

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  • Offer only health coverage, only dental coverage, or both
  • Choose how much you pay toward your employees' premiums and whether to offer coverage to their dependents
  • Decide how long new employees must wait before enrolling
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  • Find out if you qualify for SHOP
  • Find an agent or broker in your area
  • See how much your business could save
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  • Contact your insurance company and enroll directly through them.
  • Enroll with the assistance of a SHOP-registered agent or broker.
  • See all SHOP tools, calculators, fact sheets, how-to guides, videos, and other resources for employers .
  • Contact the SHOP Call Center at 1-800-706-7893 (TTY: 1-888-201-6445).

More answers: Overview of SHOP: Health insurance for small businesses

Do i have to provide insurance to my employees open, can i enroll in the same shop coverage that i offer my employees open, if my only employee is my spouse or a family member, can i use shop to cover us both open, can my employees enroll in shop coverage after the initial enrollment period open.

A time outside the yearly Open Enrollment Period when you can sign up for health insurance. You qualify for a Special Enrollment Period if you’ve had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child, or if your household income is below a certain amount.

Refer to glossary for more details.

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Medical Practice Business Plan Template

Written by Dave Lavinsky

medical practice business plan template

Medical Practice Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical practices. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a medical practice business plan template step-by-step so you can create your plan today.

Download our Ultimate Medical Practice Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your medical office as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a medical practice, or grow your existing medical practice, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your medical practice in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Medical Practices

With regards to funding, the main sources of funding for a medical office are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for medical practices.

Finish Your Business Plan Today!

How to write a business plan for a medical business.

If you want to start a medical private practice or expand your current one, you need a business plan. Below we detail what should be included in each section of your business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of medical office you are operating and the status. For example, are you a startup, do you have a practice that you would like to grow, or are you operating practices in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the industry. Discuss the type of practice you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of medical office you are operating.

For example, you might operate one of the following types of medical practices:

  • Group medical practice : this type of medical practice consists of two or more physicians providing medical care in the same facility. The physicians typically have different specialties, which allow them to collaborate and consult with each other.
  • Private medical practice: this type of medical practice involves only one physician working along. A private practice usually serves a limited number of patients and operates with a small staff.
  • Hospital-based medical practice: this type of medical practice is an ancillary medical office that is owned by a nearby hospital. The hospital will manage the practice and employ the doctors and nurses to work in their facilities and ancillary clinics.

In addition to explaining the type of medical practice you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What is your business model?
  • What is your mission statement?
  • What milestones have you achieved to date? Milestones could include the number of patients served, number of positive reviews, reaching X amount of patients served, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your business structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the medical industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the medical industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

  • How big is the medical industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your medical office? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, seniors, and anyone needing a type of medical service.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of medical office you operate. Clearly, families would respond to different marketing promotions than seniors, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other medical offices. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes hospitals, clinics, teledocs, and online health forums.

With regards to direct competition, you want to describe the other practices with which you compete. Most likely, your direct competitors will be other practices located very close to your business location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of medical services do they provide?
  • What areas do they serve?
  • What types of patients do they serve?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide services that your competitors don’t offer?
  • Will you provide faster patient waiting time?
  • Will you provide better patient service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a medical office, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of practice that you documented in your Company Analysis. Then, detail the specific services you will be offering. For example, in addition to medical services, will you provide nutrition and diet guidelines, insurance claim processing, family and loved one communication, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your practice. Document your location and mention how the location will impact your success. For example, is your medical office located near a school, a busy neighborhood, an office complex, or an urban setting, etc.? Discuss how your location might be the ideal location for your patients.

Promotions : The final part of your marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Commercials
  • Social media marketing
  • Local radio advertising
  • Word-of-mouth

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. It should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your practice, including patient and family communication and scheduling, managing appointments, inventory of medical supplies, accounting, billing, payroll, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your medical practice to a new location.  

Management Team

To demonstrate your practice’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your management team members have direct experience in managing medical practices. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a medical practice or a physician or nurse in the local medical field.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new patient at a time or multiple new patients offering a variety of medical services ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your medical practice, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

: Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a medical practice:

  • Cost of furniture and build-out
  • Cost of medical supplies and equipment
  • Payroll or salaries paid to staff
  • Business and medical malpractice insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your list of medical services your practice will offer, types of patients you will be targeting, and the areas your practice will serve.  

Putting together a business plan for your medical practice is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful medical practice.  

Medical Practice Business Plan FAQs

What is the easiest way to complete my medical practice business plan.

Growthink's Ultimate Medical Practice Business Plan Template allows you to quickly and easily complete your Medical Practice Business Plan.

Where Can I Download a Medical Clinic Business Plan PDF?

You can download our medical clinic business plan PDF here. This is a business plan template you can use in PDF format.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of medical practice business you are operating and the status; for example, are you a startup, do you have a medical practice business that you would like to grow, or are you operating a chain of medical practice businesses?

Don’t you wish there was a faster, easier way to finish your Medical Practice business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan advisors can give you a winning business plan.

Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide For Small Businesses

How to Write a Business Plan for an Outpatient Medical Practice

Female medical professional using her outpatient medical practice business plan to start seeing patients. Currently helping an elderly male with medical tests in his home.

Noah Parsons

16 min. read

Updated February 7, 2024

Free Download:  Sample Medical Practice Business Plan Template

So you’re thinking about starting your own outpatient medical practice.

You probably have many good reasons to open a private practice. Private practices can be lucrative, although it requires you to spend time building relationships with patients while also attending to all business processes that are part of running your practice .

Maybe you want more autonomy over your practice and your workflow. Or maybe you hope to expand your services to underserved areas or specific populations based on your expertise.

If you’re thinking about starting an outpatient medical practice, one of the first things you should do is write a business plan. Even if you’re able to self-fund your practice and don’t need outside investment, your business plan is a great tool for thinking through all the different aspects of building a profitable and sustainable practice.

You should go into this thinking about your business plan as a living document, not something you do once and then file away forever. Use it as a tool, especially around your financials. Revisit and update it regularly by comparing your forecasts to your actuals and adjusting as necessary.

To help you get started, you can download our free business plan template . If you’ve never written a business plan before, Bplans also offers a library of sample medical business plans that you can review or even download to use as a model.

  • Executive summary

The first section that will appear in your business plan is the executive summary . But before you dive right in, it’s the section of your plan that you should actually write last. It’s a summary and an overview of your outpatient medical practice and your plans, so it will be easy to put together after you’ve written the rest of your plan.  

Executive summaries are short—keep it to one to two pages. Keep in mind that if you’re using your plan to get funding, investors and banks tend to read your executive summary to get a sense of whether to read on and consider your request. Do not neglect it; just write it last.

Your executive summary will include the following sections:

  • Who you are: Your business name, location, and contact information.  
  • What you offer and the problem your business solves: What does your practice offer and why is it needed? This is your value proposition .
  • Target market: Who is your ideal patient? Do they self-pay or use insurance? Be specific.
  • Competition: Who else is offering similar services?
  • Team: Who is on your management team?
  • Financial summary: Explain your business model, startup costs, revenues, and liabilities to the company. Mention your funding needs.
  • Milestones and traction: How have you validated that there’s a need for your practice in your location?

What’s your biggest business challenge right now?

Position your practice’s business opportunity.

Now that you’re familiar with what’s included in your executive summary, tuck that information away, and get to work on the rest of your plan.

Think of the next few sections of your plan as the overarching description of your practice’s business opportunity. You’ll cover the problem you’ve identified and the solution that your practice offers. Then you’ll think through your ideal customer , your competition , and your opportunities for growth . This section area should describe the services you provide and how they benefit your patients.

  • Problem and solution

First, describe the problem that you’ve identified and how your practice solves that problem. Here’s a brief example:

The problem : There is a lack of affordable pediatric and gynecological care available in coastal areas of Lane County, Oregon. Many patients have to travel miles to the closest practice.  

The solution : Dr. Gardner plans to open Ocean Lane Outpatient Care to serve smaller Oregon coastal communities scattered outside of major towns with major hospitals. Due to her focus on pediatric and gynecological care, Dr. Gardner’s particular services are especially valuable in this location due to the lack of available service providers in the area. Dr. Gardner’s practice will accept private insurance and Medicaid, as well as a sliding scale for patients in a certain income bracket.   

The services section identifies what kind of medical practice you are opening. Restate who your practice serves and what kind of services you specialize in. Talk about how your practice approaches treatment and what goals you have in addition to providing quality care. Here’s an example from a sample business plan for a medical practice.

Include a breakdown of all services furnished by the clinic, being as granular as possible. For example:

Gynecology:

  • Annual women’s wellness exam

Pediatrics:

  • Immunizations
  • Youth eating disorder treatment
  • Target market

Next, talk about your ideal patients. If you’re in the earliest stages, you’ll want to do some research that verifies your hypotheses.

For example, Dr. Gardner would have needed to verify her assumption that people in coastal towns in Oregon are in need of pediatric and gynecological services—a need that isn’t currently satisfied by available resources.

A formal market analysis can help verify that there’s a need for your particular practice in your intended location.  

Your target market section should include:

  • TAM, SAM, and SOM: Total Available Market (TAM), Segment of the Available Market (SAM), Share of the Market (SOM). Here, you are looking at the difference between targeting everyone: TAM (all people who need medical care—so all humans in your area), versus your ideal clients: SAM (maybe this is those with certain insurance or ability to self-pay), versus the number of new patients you think you can realistically reach: SOM, especially within your first few years. The idea is that not everyone will be an ideal patient. It matters because you can waste a lot of money with marketing outreach to everyone, instead of targeting a specific population that is more likely to be looking for your services.
  • Buyer persona : Imagine there’s one specific patient who represents your ideal patient. Be specific. Maybe she’s 34 years old, has private insurance, is relatively healthy, but needs more regular medical care and advice.  
  • Competition and competition matrix : List competitors and analyze what makes them competitive. For instance, your competitors might be large hospitals because of the wide range of services they offer. You might also be competing with local chiropractors or other alternative medicine practices that already have a foothold in local communities.
  • Future products and services : Name the products/services you will offer as your practice grows and earns more money and as your patients develop new needs. Maybe you will want to open a second location when you gain enough patients. Or maybe you will want to extend your practice’s hours of operation.

Ideal patient profile

Your ideal patient profile identifies the type of patient whom you hope to attract and retain. To clarify, this does not mean you only serve your ideal patient type. Rather, focusing your outreach efforts on attracting your ideal patient will allow you to grow your practice more effectively than targeting a large number of patients who may or may not be in the market for your practice’s specialty.

When developing your ideal patient profile, consider:

  • Who you enjoy working with
  • Who needs the services you provide
  • Who can and will pay your pricing (or have an insurance plan that you want to accept)

For instance, because Dr. Gardner specializes in preventive and curative care, a patient seeking palliative treatment for terminal cancer is not the ideal patient. This patient would not receive the best care for their needs from Dr. Gardner’s services.

Acquiring a new patient is six to seven times more expensive than retaining a current patient. In order to support and retain current patients, develop a strategy to proactively meet their needs and set benchmarks to measure the success of your strategy.

  • Execution: How your practice will respond to the opportunity

First, your business plan laid out the opportunity at hand. Now, the rest of your plan will focus on how to take advantage of that opportunity. Now is the time to lay out what you’ll do to attract patients and set up a viable business model with healthy financials.

Components of this section include:

  • Your marketing and sales plan
  • Strategic partnerships or alliances
  • Your operations plan
  • Your team and company information
  • Financial plan
  • Milestones and metrics that you’ll need to hit to be viable
  • Your key assumptions and risks
  • Your funding ask and exit strategy, if applicable
  • Marketing and sales plan

The marketing and sales component of your plan should include how you plan to reach the patients in your target market, how you’ll bill for your services, and what you need to do to bring in the right number and type of patients.

  • Positioning : Describe how you will present your company to your customers with your positioning statement . Think about answering these questions: What are you offering your patients that they can’t get elsewhere? Why should they pick you instead of another practice? Where do you see yourself in the competitive landscape? Use this model to help:

“For [target market description] who [target market need], [how our business offering meets the need]. Unlike [key competition], it [most distinguishing feature].”

For [coastal community members] who [require gynecological care], Ocean Lane Outpatient Care [provides both pediatric and women’s health services]. Unlike [other area medical practices], Ocean Lane Outpatient Care is [conveniently located near the communities it serves and can fill the gap between pure pediatric care and full-blown adult care for young women].

  • Pricing and billing : Medical pricing is complex, especially if you plan to work with insurance companies. Practice Builders says that “a 10 percent increase in pricing can result in a much better return than a 10 percent reduction in costs—or even a 10 percent increase in patient volume.”

Make sure you price your services at what they are worth and explain your pricing to your patients. Consider the demographics your practice serves when you choose your pricing. Research other practices in the area and learn more   about how you can choose the best prices for your patients and your practice.Also, consider how you will get patients to keep coming back to your practice. Sometimes you can increase sales by upselling and cross-selling , or offering complementary services.

If you accept insurance, the contracts you set up with insurance companies for reimbursement will probably dictate your pricing, so this is a good place to talk about your negotiation strategy as well.

  • Update your website and social media frequently and ensure your website is mobile-friendly and share-friendly with credible links added.
  • Make sure all communications with and about patients are HIPAA-compliant . Download a HIPAA Compliance Guide to ensure you are following regulations.
  • Maintain a positive online reputation for your practice as a key management technique. You can do this by claiming your profile on any third-party sites that list it. Encourage your patients to review you online, too.
  • Strategic alliances : List any people or organizations with whom you are working. You will most likely need to partner with a regional lab for medical testing. Opening an on-site lab can be costly for a smaller practice. You will most likely need to partner with a nearby hospital as part of a referral system or to share select services and equipment.

The operations section of your business plan covers how your business works, from the logistics to the technology.

  • Technology: Describe how your technology works, but do not go into too much detail. Investors can ask for more information if they want to. Will you rent or buy equipment ? The technology you need ranges from simple items like thermometers to more complex items like centrifuges.
  • Billing and information storage: Provide a brief overview of how you will manage information technology and patient records to promote safety, efficiency, and compliance with HIPPA  regulations and industry standards. Explain your usage of Electronic Medical Record (EMR) software in this section.
  • Payment types you accept: Consider payment types such as private pay, private insurance, Medicaid/Medicare, etc. What kind of referrals can you offer to the uninsured or those who cannot afford your services?
  • Milestones and metrics

In this part of your plan, you set measurable, achievable milestones, such as the number of new patients added per month in the first year of operations. Milestones can be about any aspect of your medical practice as long as they emphasize growth. For metrics , decide which numbers to check regularly to track your company’s health. This area should also include information about traction (past successes) and risks:

  • Traction: Look back at major milestones you have achieved. Hopefully, they demonstrate that your business model works and that you are filling a need for your market. If you’re looking to attract private funders, this section is important since it shows your initial success .
  • Key assumptions and risks : Acknowledge the assumptions you are basing your business on. Set out to prove them right if you can. Also, discuss risks so that investors know you have considered what could go wrong and that you have a plan for dealing with challenges. Malpractice suits and changing healthcare regulations are risks specific to the healthcare field. Malpractice insurance is a must for addressing the former. Changing healthcare regulations can affect the volume of patients who are able to afford your services.

Your team can be more important than your product or service. Describe your team here, even if it is just you and a receptionist who answers the phone in your office building.

  • Management team and qualifications: Address who works for you, what do they do, and how much you pay them. Compile the details of their relevant experience and education.
  • Hiring plans : Outline who, if anyone, you need to hire to fill skills gaps in your management team and how much you plan to pay them.
  • Company overview

The company overview tells about who you and your staff are and appeals to potential investors. Keep it short—it should be the shortest chapter of your business plan but is still very important.

It needs to include these elements:

  • Mission statement : Your mission statement articulates your goals for what your company does for its customers, employees, and owners. It will read something like this: “Our mission is to provide X (services) for Y (customers) by Z (methods).” For instance, Ocean Lane Outpatient Care is dedicated to providing quality care for all the inhabitants of coastal Lane County by providing affordable and versatile services.”
  • Intellectual property : List any patents you have or have pending, and mention any core technology you are licensing from another company.
  • Legal structure and ownership : Explain your business structure and who owns how much of it. More on considerations for physicians and legal structure here.
  • Business location : Describe the company’s location and any facilities it owns.
  • Company history if it’s an existing company

Having a solid financial plan is critical, whether you’re seeking funding or not.  A typical financial plan includes projections by month for the first year and annual projection for the next three to five.

Include these key elements:

  • Profit and loss statement : this explains how your business made a profit or incurred a loss in a given amount of time (typically three months) by listing all revenue and expenses, then documenting the total amount of net profit or loss.
  • Cash flow statement: documentation of how much cash the business brought in, how much it paid out, and the amount of its ending cash balance (on a monthly basis).
  • Balance sheet : snapshots how your company is performing at a given moment by including how much money you have in the bank, how much your customers owe you, and how much you owe your vendors.
  • Sales forecast : projections of what you think you will sell in a given timeframe (one to three years).
  • Business ratios : Comparisons of your company’s financials with numbers from the industry profile.
  • Keep it brief. For example, Dr. Gardner will employ administrative aides and nurses.
  • Use of funds : Needed if you’re seeking investment or a loan. This section explains how you will use investors’ money.
  • Exit strategy : You only need this if you’re seeking outside investment. An exit strategy is a method by which entrepreneurs and investors, especially those that have invested large sums of money, transfer ownership of their business to a third party to recoup money invested in the business. Common exit strategies include being acquired by another company, the sale of equity, or a management or employee buyout.

When writing your financial plan, make sure to consider startup costs . For a medical practice, average startup costs can include initial fees, malpractice insurance, cost of renting or leasing office space, and the cost of any legal or tax advisors.

Consider submitting your plan to at least five to 10 banks if you need help financing your startup costs. Many banks have divisions designated to providing loans to new dental and medical practices , so submit your plan to that division if you can. Startup costs can be high in the medical field, so make sure not to underestimate them.

Finally, your appendix is the holder for any supporting information such as charts, images, graphs, and more. If you need to include large sets of data or pages of information, put it here. That way, it is available but does not distract from the plan’s most important pieces.

For instance, you can expand on your personnel plan with charts of each employee’s annual insurance costs. You can also include versions of your profit and loss statements and other financials that extend further into the future.

Don’t forget to go back to your executive summary! Remember to keep it brief and write it based on what you have written already.

When you’re ready to write your business plan, there are an array of resources available to you. Download our free business startup checklist to think about the next steps. Also, check out our free business plan template . Reviewing sample business plans in the medical field can help you get a better sense of the process and information you’ll provide. Downloading this plan for a family medicine clinic will probably be most helpful if you’re setting up a primary care practice.

Remember that this plan is a living document. Schedule a regular business plan review meeting. You should review your trajectory and compare your financial projections to your actuals frequently to keep your practice on track.

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Content Author: Noah Parsons

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

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Essentials Of A Medical Shop Business Plan

Essentials Of A Medical Shop Business Plan

The pharmacy business is an evergreen business that is unaffected by any economic slowdowns or unfavorable market conditions. The statistics also point towards the exponential growth of the pharmacy business over the past decade, and as per analysis, the global pharmacy market is expected to display a robust growth of approximately 4.94% during 2018 to 2023, which is in the next few years. All of this indicates that the medical business is a great business opportunity to invest in, for all the entrepreneurs who are looking for a rewarding business idea that promises growth as well.

The other advantage of starting a medical shop is that it is one of those few businesses that is noble in nature as it provides medication to those in need and helps people recover from illnesses and diseases.  Medical shops are thus a must for the well-being of the community. Also, with the growing number of speciality hospitals and clinics and medical professionals for specific illnesses and body parts, there is an equally growing demand for medical shops to meet the rising demand. The modern stressful and hectic lifestyle has further increased the number of health problems troubling people and this too adds to the rising demand for medical shops for lifestyle diseases and conditions too. 

In order to open a medical store, entrepreneurs need to carry out planning for the business in advance as several vital elements and factors can be forgotten when a plan is not in place. A medical store business plan ensures that the objectives and goals of the business are noted down and a clear path has been chalked to achieve the said objectives and goals instead of having a vague business idea that exists only in the mind of the entrepreneur. A business plan is defined as a formal written document containing the details of the business, it’s goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. Business planning is vital because

medical shop business plan

  • It helps to set up a structured business.
  • A well-defined business plan helps save time and resources while setting up the business and also in the long run.
  • The business plan is the first step to secure funding as it addresses all concerns of funding institutions.
  • Business planning and the projections made in the business plan helps give an understanding of how the business will operate in the future.
  • It helps to validate the assumptions made about the business and also determines if there is a need for the product or service.

These are some of the benefits of having a business plan in place before starting any business, including the medical shop business. 

However, what is included in the business plan is also as important as having a business plan ready. There are several essentials that need to be included in the medical shop business plan and in order to ensure all these pointers are present in the plan, business plan services can be sought to help prepare a comprehensive and detailed document. Some of the factors to be included are discussed here.

Medical Shop Business Plan

Type of medical business.

There are a number of medical stores present in the market and starting one more store is an addition to the list. However, the business plan must elaborate on how is this medical store different, and on the exact type of store. There are a few different types of medical shops, such as-

  • Hospital medical store which is located inside a hospital. This type of medical shop caters to the needs of the patients mostly inside the hospital.
  • A standalone medical store which is the most commonly found form of medical store and is usually present in a residential area, catering to the residents in the area.
  • Chain Pharmacy/ Franchise outlets is a medical store that is present in the malls and is usually part of a chain of pharmacies.
  • Township medical store is a medical set-up in a township that helps cater to the needs of the people residing there.

The business plan can elaborate on the type of medical store that the entrepreneur wishes to setup.

Analysis Of The Location Of The Medical Store

The next important aspect to be included in the medical shop business plan is the location decided for setting up the medical shop. A study of the area and its community must be conducted and included in the business plan, to justify the location selected. The community study will include analysing the demographics, the economics of the locality, the presence of hospitals and doctor’s clinics in the area, the presence of competition in the area, etc. This will give an idea if the locality has the majority of geriatric patients or high-income families, etc and can help decide the kind of stock to keep in the store. 

Additionally, the location must be easily accessible by customers. The store must be visible to people, even from a distance, and the store must also have parking space for the customers’ and the owner’s vehicles. The place must also have storage space to store the medicines as well as a display and counter space where the staff can attend the customers.  

Also, while considering a commercial space for the medical shop, the price of the place, whether rent or purchase price, also needs to be considered and it should fit within the budget decided by the entrepreneur for the business. These criteria and analysis of the location must be mentioned in the medical shop business plan.

Financing The Medical Shop

The financial plan is an important aspect to consider and the details of it must be included in the medical shop business plan. The first part of it enlists all the capital requirements for the business. This includes details regarding the purchase or renting of the commercial space for the medical shop, the capital investment required for procuring the medicines. These medicines can be bought in bulk for lower rates directly from the manufacturer (provided there is a need for medicines in higher quantity) or the medicines can be bought from wholesalers and distributors who provide the stock at a higher price, as compared to manufacturers, but take orders for low quantities too. The other financial requirement includes the cost of furnishing the shop and purchasing the equipment. This includes the purchase of shelves, counters, cash registers, computers to maintain records, bags, inventory for the front of the store such as paper towels, OTC drugs and products, food, cleaning supplies, etc. Also, costs involved in hiring employees for the shop such as a pharmaceutical technician, a salesperson, an accountant must be accounted for and included in the business plan. The day to day recurring costs while running the business also need to be considered, such as electricity bills, phone bills, fuel bills while providing home delivery etc. All of these financial requirements need to be accounted for and mentioned in the business plan.

The next aspect includes details of how the capital requirements will be fulfilled. Entrepreneurs can either opt for bank loans or take loans from NBFCs (non-banking financial institutions) or even look for investors or open the shop from savings or borrowings from friends and family or approach institutions to help them procure funding. 

While applying for loans, the business plan often needs to be presented to the authorising officials and therefore the business plan must be made meticulously, especially the financial details of the business must be mentioned in detail. 

Legal Requirements For The Business

Information regarding the necessary registrations and permits required for the business and the steps taken to procure them must also be mentioned in the medical shop business plan. A pharmacy business, just like every other business, requires a business registration. It could either be a sole proprietorship or a partnership or a one person company or even a limited liability partnership, depending on the entrepreneur’s preference. The details of the business entity selected must be mentioned in the business plan. 

The medical shop also requires a drug license or a pharmacy licence and this licence is provided based on the area of the shop, the storage facility and the technical staff at the shop. The details of this licence and it’s procurement must be mentioned in the business plan. Additionally, the business requires a GST registration as well as a Shop Act License, both of which must be mentioned in the business plan.

The mention of the required medical store licenses in the business plan displays that the entrepreneur is aware of the legal requirements for the business and has a plan to obtain the same. Also, since most of these registrations are mandatory, the mention about them in the business plan acts as a reminder to the entrepreneur to procure them at the earliest. 

Additionally, the business plan for the medical shop must also include details about the proposed management for the business as well as the marketing of the business because these are vital elements of the business. Entrepreneurs can opt for business plan services from experts such as those at deAsra if they are unsure of how to start a medical shop . 

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Medical Equipment Retail Shop Business Plan [Sample Template]

Home » Business Plans » Medical and Healthcare

Are you about starting a medical equipment retail company? If YES, here is a complete sample medical equipment retail shop business plan template & feasibility report you can use for FREE . To succeed in running a medical equipment retail shop, your business must be in a good location,you must have easy access to wholesale supply of quality medical equipment , good customer service and accounting skills.

The truth is that if your shop is located in an area with tons of hospitals, medical facilities, vehicular traffic and you have quality medical equipment and instruments from different brands, you may not have to struggle to get people to visit your shop and make purchases.

If you are sure this type of business is what you truly want to do after you must have conducted your feasibility studies and market research, then the next step to follow is to write a good business plan; a detailed blue print of how you intend raising your seed capital, setting up the business, managing the flow of the business, sorting out tax, marketing your services amongst others.

The truth is that it is one thing to have a fantastic idea cum business plan, it is entirely another thing for the business plan to translate to money (profits), which is why it is important to assemble a team of dedicated workers to work with if you want to be successful with your medical equipment retail business; you can hardly run this type of business without the right network with wholesale suppliers of quality medical equipment.

Below is a sample medical equipment retail shop business plan template that will help you successfully write yours.

A Sample Medical Equipment Retail Shop Business Plan Template

1. industry overview.

Medical equipment retail shop business is a subset of the medical supplies wholesaling industry and players in this industry purchase medical and surgical equipment, instruments and supplies, store these items at distribution centers, and deliver these products to medical practitioners, clinics and hospitals.

The Medical Supplies Wholesaling industry revenue has increased steadily as the number of age-related non – elective procedures performed in the united states has increased, due primarily to the median age of the population increasing.

Rising product prices have also supported industry growth. Revenue is projected to rise over the five years to 2022 as healthcare providers continue to invest in new equipment to keep up with growing demand for healthcare services. New product development by medical device manufacturers will also contribute to industry growth by offering new solutions to health issues.

The Medical Supplies Wholesaling industry that medical equipment retail shop is a part of is indeed a thriving line of business in most countries of the world. In the United States of America, the industry generates well over $194 billion annually from more than 13,223 medical supplies wholesaling companies scattered all around the United States of America.

The industry is responsible for the employment of over 218,294 people. Experts project that the industry will grow at a 1.9 percent annual rate between 2012 and 2017. The establishment in this industry that has dominant market shares in the United States of America are Cardinal Health Inc. and Owens & Minor Inc.

A recent report published by IBISWORLD shows that the barriers to entering the Medical Supplies Wholesaling industry are moderate. The importance of brand identity is minimal, because customers are concerned more with quality and price. The low cost of customer switching will further ease the entry of new companies into the market.

Switching costs are incidental and associated with changing transportation and communication systems. Low switching costs encourage greater industry competition because new companies can more easily entice customers away from existing operators. The report also stated that operators experience stringent regulatory controls and relatively high fixed costs including warehousing technology, transportation equipment and complex machinery.

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which medical equipment retail shops contributes greatly. This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing industry negatively which may result in the closure of some medical equipment retail stores.

Over and above, medical equipment retail business is a profitable business and it is open for any aspiring entrepreneur to come in and establish his or her business; you can choose to start on a small scale in a street corner or you can choose to start on a large scale with several outlets in key cities in the United States of America.

2. Executive Summary

Hilltop® Medical Equipment Retailers, Inc. is a standard and registered medical equipment retail store business that will be located in one of the busiest streets in Charleston – South Carolina. We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the design of the kind of standard medical equipment retail store that we intend launching and the facility is located in a corner piece close to the largest residential estate in Charleston – South Carolina.

Hilltop® Medical Equipment Retailers, Inc. will retail a wide array of medical equipment and instruments from different manufacturers (brands) from the United States and abroad. We are set to service a wide range of clientele in and around Charleston – South Carolina.

We are aware that there are several large and small medical equipment retail store outlets all around Charleston – South Carolina, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors. We have an online – service option for our customers, and our outlet offers various payments of options.

Hilltop® Medical Equipment Retailers, Inc. will ensure that all our customers are given first class treatment whenever they visit our store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the number of our customer base may grow to. We will ensure that we get our customers involved in the selection of brands that will be in our store and also when making some business decisions.

Hilltop® Medical Equipment Retailers, Inc. will at all times demonstrate her commitment to sustainability, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.

Hilltop® Medical Equipment Retailers, Inc. is a family business that is owned by Nicholas Paulson and his immediate family members. Nicholas Paulson has a B.Sc. in Business Administration, with over 5 years of experience in the retailing stores industry, working for some of the leading brands in the United States. Although the business is launching out with just one outlet in Charleston – South Carolina, but there is a plan to open other outlets all around major cities in the United States and Canada.

3. Our Products and Services

Hilltop® Medical Equipment Retailers, Inc. is in the medical equipment retail line of business to service a wide range of clients and of course to make profits, which is why we will go all the way to make available a wide range of medical equipment and instruments from top manufacturing brands in the United States and other countries of the world.

We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;

  • Nonelectric medical, surgical, dental and veterinary instruments and apparatus such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers, electro medical and electrotherapeutic apparatus, X-ray apparatus
  • Surgical appliances
  • Surgical instruments
  • Dental instruments and supplies
  • Dental laboratories
  • Hospital beds and other specialized hospital furniture
  • Personal safety equipment

4. Our Mission and Vision Statement

  • Our vision is to become one of the leading brands in the medical equipment retail line of business in South Carolina and to establish a one stop medical equipment retail store in Charleston – South Carolina and in other key cities in the United States of America.
  • Our mission is to establish a world class medical equipment retail store that will make available a wide range of medical equipment and instruments from top medical equipment and instrument manufacturing brands at affordable prices to the residents of Charleston – South Carolina and other key cities in the United States of America and Canada where we intend opening of chains of medical equipment retail stores.

Our Business Structure

Hilltop® Medical Equipment Retailers, Inc. do not intend to start a medical equipment retail store business like the usual mom and pop business around the street corner; our intention of starting a medical equipment retail store business is to build a standard and one stop medical equipment retail store outlet in Charleston – South Carolina.

Although our store might not be as big as Cardinal Health Inc. and Owens & Minor Inc. et al, but we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer (Owner)
  • Store Manager
  • Human Resources and Amin Manager

Merchandize Manager

Sales and Marketing Manager

  • Accountants/Cashiers
  • Sales Agents/Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Accountable for fixing prices and signing business deals
  • In charge for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Assesses the success of the organization
  • Reports to the board

Admin and HR Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Upholds office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
  • Outlines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Oversees the smooth running of the daily office activities

Store Manager:

  • Responsible for managing the daily activities in the store
  • Ensures that proper records of medical equipment and instruments are kept and the warehouse does not run out of products
  • Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
  • Interfaces with third-party suppliers (vendors)
  • Controls medical equipment and instrument distribution and supply chain inventory
  • Supervises the workforce in the medical equipment retail sales floor
  • Brings about vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
  • Helps to ensure consistent quality of medical equipment and instruments from different manufacturers are purchased and retailed in good price that will ensure we make good profit
  • Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
  • Ensures that the organization operates within stipulated budget
  • Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Model demographic information and analyze the volumes of transactional data generated by customer purchases
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company

Accountant/Cashier:

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions
  • Responsible for financial forecasting and risks analysis
  • Performs cash management, general ledger accounting, and financial reporting
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Guarantees compliance with taxation legislation
  • Handles all financial transactions for the organization
  • Serves as internal auditor for the organization

Client Service Executive

  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
  • Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries (answer customer queries regarding the store and the merchandise)
  • Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
  • make suggestions and encourage purchase of products
  • Provide information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
  • Bag or package purchases and gift wrap merchandise
  • Responsible for cleaning all the medical equipment and instruments and the store facility at all times
  • Guarantees that toiletries and supplies don’t run out of stock
  • Cleans both the interior and exterior of the store facility
  • Handles any other duty as assigned by the store manager

6. SWOT Analysis

Our intention of starting just one outlet of our medical equipment retail store in Charleston is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in South Carolina and key cities in the United States.

We are quite aware that there are several medical equipment retail stores all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

Hilltop® Medical Equipment Retailers, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Hilltop® Medical Equipment Retailers, Inc.;

Our location, the business model we will be operating on both (physical store and online store), varieties of payment options, wide range of medical equipment and instruments and our excellent customer service culture will definitely count as a strong strength for Hilltop® Medical Equipment Retailers, Inc. So also, our team of highly qualify staff members is also a plus for us.

A major weakness that may count against us is the fact that we are a new medical equipment retail store outlet in Charleston – South Carolina and we don’t have the financial capacity to compete with multi – million dollar medical equipment retail outlets like Cardinal Health Inc. and Owens & Minor Inc. and co when it comes to retailing at a rock bottom prices.

  • Opportunities:

The fact that we are going to be operating our medical equipment retail store close to the largest residential estate in Charleston – South Carolina with loads of hospitals and other health facilities provides us with unlimited opportunities to sell our medical equipment and instruments to a large number of hospitals, labs and other medical facilities.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our store; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. Another threat that may likely confront us is the arrival of a new medical equipment retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for our business.

7. MARKET ANALYSIS

  • Market Trends

If you are conversant with the medical equipment retail business, you will quite agree that most medical equipment shops usually locate their stores close to medical facilities; it enables them make quick sales. So also, the need to meet up with international best practices and conforming to the regulatory authority will result in revenue growth, but profit margins will stagnate as medical equipment retail stores keep prices low to attract more sales amid growing competition.

A close watch on the medical equipment retail shop business reveals that the industry has indeed done pretty well because of the high demand for latest and efficient medical equipment and instruments.

As part of their marketing strategies, medical equipment retail stores engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

Lastly, in recent time, the medical equipment retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where their physical retail store is located.

8. Our Target Market

We have positioned our medical equipment retail store to service businesses in the healthcare industry in and around Charleston – South Carolina and every other location where our retail stores will be located. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.

We are in business to retail a wide range of medical equipment and instruments to the following customers;

  • Medical laboratories
  • Medical colleges
  • Dental clinics
  • Optical centers

Our Competitive Advantage

A close study of the medical equipment retail store reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are well prepared to compete favorably with other leading medical equipment retail stores in Charleston – South Carolina and throughout the United States and Canada.

Hilltop® Medical Equipment Retailers, Inc. is launching a standard one stop medical equipment retail store that will become the preferred choice for hospitals and other healthcare facilities in Charleston – South Carolina and every other location where our outlets will be opened. Our store is located in pretty good locations and we have enough parking space that can accommodate over 30 cars per time.

One thing is certain; we will ensure that we have a wide range of medical equipment and instruments from leading manufacturers available in our store at all times. It will be difficult for customers to visit our retail store and not see the type of medical equipment and instruments they are looking for.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Hilltop® Medical Equipment Retailers, Inc. is in business to retail a wide range of medical equipment and instruments in and around Charleston – South Carolina. We are in the medical equipment retail stores industry to maximize profits and we are going to go all the way to ensure that we achieve our business goals and objectives.

In essence, our source of income will be the retailing of a wide range of medical equipment and instruments at affordable prices. Hilltop® Medical Equipment Retailers, Inc. will generate income by selling the following products;

  • Nonelectronic medical, surgical, dental and veterinary instruments and apparatus, such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers, electromedical and electrotherapeutic apparatus, X-ray apparatus

10. Sales Forecast

One thing is certain when it comes to medical equipment retail stores, if your store is well stocked with various types of medical equipment and instruments and centrally positioned, you will always attract customers cum sales and that will translate to increase in revenue generation.

We are well positioned to take on the available market in Charleston – South Carolina and we are quite optimistic that we will meet our set target of generating enough income from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the medical equipment retail stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – South Carolina.

  • First Fiscal Year: $250,000
  • Second Fiscal Year: $650,000
  • Third Fiscal Year: $1 Million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same medical equipment and instruments as we do within the same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

Before choosing a location for Hilltop® Medical Equipment Retailers, Inc. we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for hospitals and healthcare facilities in and around Charleston – South Carolina. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the medical equipment retail stores industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – South Carolina.

Hilltop® Medical Equipment Retailers, Inc. will adopt the following sales and marketing approach to win customers over;

  • Open our retail store in a grand style with a party
  • Introduce our medical equipment retail store by sending introductory letters alongside our brochure to hospitals, dental clinics, optical centers, medical laboratories and key stake holders in Charleston – South Carolina
  • Ensure that we have a wide range of medical equipment and instruments from different brands at all times
  • Make use of attractive hand bills to create awareness and also to give direction to our medical equipment retail store
  • Position our signage/flexi banners at strategic places around Charleston – South Carolina
  • Position our greeters to welcome and direct potential customers
  • Create a loyalty plan that will enable us reward our regular customers
  • Engage on roadshows within our neighborhood to create awareness for our retail store
  • List our business and products on yellow page ads
  • Leverage on the internet to promote our business
  • Engage in direct marketing and sales
  • Encourage the use of Word of mouth marketing (referrals)
  • Join local chambers of commerce and industries to network and market our products

11. Publicity and Advertising Strategy

Despite the fact that our medical retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our medical equipment retail store.

Hilltop® Medical Equipment Retailers, Inc. has a long-term plan of opening outlets in various locations all around South Carolina and key cities in the United States and Canada which is why we will build our brand to be well accepted in Charleston before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Hilltop® Medical Equipment Retailers, Inc.;

  • Place adverts on community based newspapers, radio stations and TV stations
  • Encourage the use of word of mouth publicity from our loyal customers
  • Leverage on the internet and social media platforms like YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote our business
  • Ensure that we position our banners and billboards in strategic positions all around Charleston – South Carolina
  • Distribute our fliers and handbills in target areas in and around our neighborhood
  • Contact hospitals, dental clinics, optical center, medical laboratories and other health facilities by calling them up and informing them of Hilltop® Medical Equipment Retailers, Inc. and the products we sell
  • Advertise our medical equipment retail store business in our official website and employ strategies that will help us pull traffic to the site
  • Brand all our official cars and vans and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to medical equipment retail stores, it is normal for consumers to go to places where they can get a cheaper price which is why big players in the medical equipment stores industry like Cardinal Health Inc. and Owens & Minor Inc. and co will attract loads of corporate and individual clients.

We know we don’t have the capacity to compete with the market leaders in the industry, but we will ensure that the prices and quality of all the medical equipment and instruments that are available in our store are competitive with what is obtainable amongst medical equipment retail stores within our level.

  • Payment Options

The payment policy adopted by Hilltop® Medical Equipment Retailers, Inc. is all inclusive, and we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that Hilltop® Medical Equipment Retailers, Inc. will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via credit cards/Point of Sale Machines (POS Machines)
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for all purchases without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting/leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a medical equipment retail store business; it might differ in other countries due to the value of their money. These are the key areas where we will spend our startup capital on;

  • The total fee for registering the business in the Unites States of America – $750
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300
  • Marketing promotion expenses for the grand opening of Hilltop® Medical Equipment Retailers, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,58.
  • The cost for hiring business consultant – $2,500
  • Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400
  • The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600
  • The cost for shop remodeling (construction of racks and shelves) – $20,000
  • Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 )
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
  • The cost for start-up inventory (stocking with a wide range of medical equipment and instruments from different manufacturing brands) – $350,000
  • The cost for counter area equipment – $9,500
  • The cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • The cost of purchase and installation of CCTVs: $10,000
  • The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000
  • The cost of launching a website: $600
  • The cost for our opening party: $7,000
  • Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our medical equipment retail store in Charleston – South Carolina.

Generating Startup Capital for Hilltop® Medical Equipment Retailers, Inc.

Hilltop® Medical Equipment Retailers, Inc. is a private registered business that is solely owned and financed by Nicholas Paulson and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

These are the areas we intend generating our startup capital;

  • Generate part of the startup capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Hilltop® Medical Equipment Retailers, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality medical equipment and instrument a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Hilltop® Medical Equipment Retailers, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner.

We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

  • Business Name Availability Check: Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Leasing of facility and remodeling the shop: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party/launching party planning: In Progress
  • Compilation of our list of products that will be available in our store: Completed
  • Establishing business relationship with vendors – manufacturers and suppliers of medical equipment and instruments: In Progress

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Medical Practice Business Plan Template

Written by Dave Lavinsky

Medical Practice Business Plan

You’ve come to the right place to create your Medical Practice business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Medical Practices.

Medical Practice Business Plan Example

Below is a template to help you create each section of your Medical Practice business plan.

Executive Summary

Business overview.

Fresno Medical is a new medical practice located in Fresno, California. Our goal is to provide affordable healthcare to individuals and families living in the area and surrounding communities. We offer general and preventative healthcare for all ages, including checkups, screening tests, and immunizations.

Our medical practitioners and supporting staff are well-trained and have a passion for improving the health and well-being of our clients. We serve our patients not just with our knowledge and skills but also with our hearts. We aim to help our patients experience the best healthcare possible while maintaining relationships that last a lifetime.

Service Offering

Fresno Medical practice will focus on providing primary care services to every family member, from infants to adults. Some of the general and primary care services we provide include:

  • Immunizations: flu shots, COVID boosters, measles, mumps, polio, etc.
  • Annual checkups
  • Pediatrics: checkups, developmental screening, immunizations, etc.
  • Health screenings: blood pressure, cholesterol, depression, diabetes, etc.
  • General health counseling

Fresno Medical will work with local and national insurance companies to ensure that every patient can afford our services. If the patient’s insurance does not cover all of their medical costs, Fresno Medical will provide payment plan options so that they are not overwhelmed by their medical bills.

Customer Focus

Fresno Medical will primarily serve the community of Fresno, California. The community consists primarily of middle to lower income residents who need access to affordable medical care. Many of these residents are hesitant to go to hospitals or other medical facilities due to their costs. We will offer lower prices, flexible payment plans, and flexibility when working with insurance companies to accommodate this demographic.

Management Team

Fresno Medical is owned and operated by Jessica Wells, who has been working as a doctor at local hospitals for 15 years. Throughout her career, she has worked for hundreds of patients and families with all their general and preventative care needs. Though she has never run a medical practice herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

Fresno Medical will also employ nurses, expert medical staff, and administrative assistants that are passionate about helping the local community.

Success Factors

Fresno Medical will be able to achieve success by offering the following competitive advantages:

  • Location: Fresno Medical’s location is in a high-traffic area that is easily accessible to thousands of residents. It’s visible from the street with many people walking and driving to and from work on a daily basis.
  • Patient-oriented service: Fresno Medical will have a staff that prioritizes the needs of the patients and educates them on the proper way to take care of themselves.
  • Management: Jessica Wells has a genuine passion to help the community. Because of her previous experience and reputation in the medical community, she is fully equipped to open this practice.
  • Relationships: Jessica Wells has developed strong connections with her patients and fellow staff throughout her career. Many patients have expressed interest in following Jessica to her new practice, and some former colleagues have shown interest in working for the clinic. Jessica also has relationships with medical equipment suppliers and insurance companies.

Financial Highlights

Fresno Medical is currently seeking $400,000 to launch. The capital will be used for funding capital expenditures, staffing, marketing expenses, and working capital.

The breakdown of the funding may be seen below:

  • Clinic design/build: $100,000
  • Medical supplies and equipment: $130,000
  • Three months of overhead expenses (payroll, rent, utilities): $100,000
  • Marketing and advertising: $50,000
  • Working capital: $20,000

The following graph below outlines the pro forma financial projections for Fresno Medical.

Fresno Medical Financial Projections

Company Overview

Who is fresno medical.

Fresno Medical is a medical practice located in Fresno, California. We offer general and preventative health care for all ages. We offer immunizations, pediatrics, health screenings, and more. Our medical practitioners and supporting staff are well-trained to improve the health and well-being of our patients.

Fresno Medical is run and owned by Jessica Wells, who has been a doctor in the local medical community for 15 years. She has helped hundreds of patients and families with their general healthcare needs throughout her career. She also has gained knowledge and experience in the operations and marketing aspects of the medical business, which will prove indispensable for this private practice.

Fresno Medical’s History

After years of working with patients in hospital settings, Jessica Wells decided to establish a private practice. She wanted to develop a closer relationship with her patients, which was difficult to achieve while working in a large hospital. With this goal in mind, Jessica incorporated Fresno Medical as an S-corporation on March 15th, 2023.

Since its incorporation, the medical practice has achieved the following milestones:

  • Found a clinic space and signed a Letter of Intent to lease it
  • Developed the company’s name, logo, and website
  • Hired a contractor for the office build-out
  • Determined equipment and fixture requirements
  • Began recruiting key employees with previous healthcare experience
  • Drafted marketing campaigns to promote the practice

Fresno Medical’s Services

Fresno Medical will focus on providing primary care services to every family member, from infants to adults. The costs will depend upon the materials used, the physician’s time, and the amount designated for each procedure. Some of the general and primary care services we provide include:

  • Immunizations: flu shots, measles, mumps, polio, etc.

Fresno Medical will maintain privacy according to HIPAA regulations. All patients will be welcome, including those without insurance. However, we expect most patients to utilize their insurance plans to pay their costs. The medical practice will work with local and national insurance companies to ensure that every family can afford our services. After billing insurance, Fresno Medical will provide flexible payment plan options so that no patient is overwhelmed by their medical bills.

Industry Analysis

Healthcare is a human right that everyone deserves access to. The medical industry will always be a necessity as it is the industry keeping society alive and well. Therefore, the medical industry is expected to continue to grow as the population grows. This is especially true for private practices, as there is a rising demand for small, patient-focused clinics that provide top-tier medical services.

Furthermore, the demand for private physicians has been on the rise. Hospitals have been low on rooms and beds the past few years, and nurses and doctors have been overworked. This has led to an increased demand for more medical professionals and private practices that can help lessen the load of larger hospitals.

Moreover, the pandemic instilled the importance of quality healthcare and practices in the general population. We expect that people all around the world will now put in more effort towards taking care of their health and getting the care and screenings they need.

According to Facts & Factors, the global private medical market is expected to experience a compound annual growth rate (CAGR) of 12.5% over the next five years. This is enormous growth that is rarely seen in other industries. Furthermore, there is a growing demand for more primary care physicians as the general population aims to prevent developing chronic and preventable diseases. According to Grand View Research, the primary care market will experience a CAGR of 3.2% over the next 10 years, which is also moderate growth.

With such a demand for more medical practices and a greater emphasis on general health, we believe that Fresno Medical is starting at the right time and will see great success.

Customer Analysis

Demographic profile of target market.

Fresno Medical will serve the community residents of Fresno, California, and its surrounding areas. The community of Fresno, California has thousands of middle-class individuals and families seeking an affordable medical practice to take care of all their health concerns.

The demographics of Fresno, California are as follows:

Customer Segmentation

The company will primarily target the following customer segments:

  • Middle-class individuals
  • Hospital patients

Competitive Analysis

Direct and indirect competitors.

Fresno Medical will face competition from other companies with similar business profiles. A description of each competitor company is below.

City Metro Hospital

Founded in 1968, City Metro Hospital is one of the most popular hospitals in the area. Thousands of residents get all their primary care and emergency care needs taken care of with City Metro. It provides almost every service you can think of and enlists the help of thousands of doctors, nurses, and other expert medical professionals.

Though City Metro Hospital will continue to thrive, it does not foster an environment designed for long-lasting relationships. Since the pandemic, the hospital has been overwhelmed with patients and a staff shortage. This has led to doctors seeing thousands of patients and a tremendous increase in wait times. Fresno Medical will offer a more intimate setting where patients and doctors can create a long-lasting relationship that spans decades.

Quality Doctors

Quality Doctors is a private medical practice that provides highly personalized medical care. Quality Doctors includes a team of dedicated healthcare professionals with dual residency in emergency medicine and internal medicine. The practice offers same-day/next-day appointments, telemedicine, office visits, and home visits. Services offered by Quality Doctors include primary care, urgent care, and virtual visits.

Like City Metro Hospital, Quality Doctors is a large care system that cares for thousands of patients. This means that patients also do not get a close relationship with their doctor, which many crave. Furthermore, Quality Doctors has put much of its money and services toward emergency care in recent years and reduced its primary care services. Patients who want a lasting relationship with a primary care doctor will feel more welcome with Fresno Medical.

Johnson Community Care

Established in 1949, Johnson Community Care is a private medical practice with multiple locations. Patients all around the state can receive care at any location near them. Each site provides primary care services, emergency care, pharmacy services, and lab testing. Instead of heading to multiple locations to get all of these services, patients can get all their healthcare needs taken care of in one building.

Though Johnson is a highly successful medical practice, its major downfall is that it only provides services to those with its unique insurance plan. Therefore, anyone who has insurance through another company or plans provided by their employer cannot receive care at Johnson without paying out-of-network prices. Fresno Medical will partner with many insurance companies and provide flexible payment plans to help as many patients as possible.

Competitive Advantage

Fresno Medical enjoys several advantages over its competitors. These advantages include:

  • Relationships: Jessica Wells has developed strong connections with her patients and fellow staff during her career. Many patients have expressed interest in following Jessica to her new practice, and some former colleagues have shown interest in working for the clinic. Jessica also has relationships with medical equipment suppliers and insurance companies.

Marketing Plan

Brand & value proposition.

The Fresno Medical brand will focus on the company’s unique value proposition:

  • Client-focused healthcare services, where the company’s interests are aligned with the customer
  • Service built on long-term relationships
  • Big-hospital expertise in a small-clinic environment
  • Moderate pricing for all preventative and general health services

Promotions Strategy

The promotions strategy for Fresno Medical is as follows:

Fresno Medical understands that the best promotion comes from satisfied patients. The clinic will encourage its patients to refer their friends and family by providing healthcare benefits for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

We will maintain a social media presence to attract local clients looking for a new doctor or medical practice. We will post information about our team, services, and general health tips for better wellness. To create a genuine connection with our patients, we will also use social media to engage with them and answer any questions they may have about our practice.

Fresno Medical will have an informative and attractive website featuring all its services and referrals from other satisfied patients. The website will be highly informative and be designed in a way that is friendly and eye-catching.  

Fresno Medical will invest in a high SEO presence so that the clinic is listed at the top of the Google or Bing search engine when a potential patient is researching private medical practices in Fresno, California.

Fresno Medical’s pricing will be significantly lower than big hospitals. We will partner with as many insurance companies as possible to ensure that our patients’ medical care is covered. For services not fully covered by insurance, we offer a flexible payment program so patients are not overwhelmed by their medical bills.

Operations Plan

The following will be the operations plan for Fresno Medical.

Operation Functions:

  • Jessica Wells will operate as the CEO of Fresno Medical. She will run all the general operations and executive functions of the company. She will also provide basic medical care for patients until she can hire a full medical staff.
  • Jessica is joined by Mindy Keller, who will serve as the Marketing Manager and run all of the marketing and advertising efforts.
  • Jessica is also joined by Rhonda Smith, who will work as the Receptionist of the clinic and the Administrative Assistant for the company.
  • Jessica is also joined by Cindy Nguyen who will be the company’s Head Nurse. She will manage and train incoming nurses and provide medical treatment to patients.
  • Jessica will continue to hire a team of medical staff to treat the medical practice’s growing patient list. The team will consist of doctors, nurses, physicians, and other necessary medical staff.

Milestones:

Fresno Medical expects to achieve the following milestones in the following six months:

  • 4/202X Finalize lease agreement
  • 5/202X Design and build out Fresno Medical
  • 6/202X Hire and train initial staff
  • 7/202X Kickoff of promotional campaign
  • 8/202X Launch Fresno Medical
  • 9/202X Reach break-even

Fresno Medical is owned and operated by Jessica Wells, who has been working as a doctor at local hospitals for 15 years. Throughout her career, she has worked with hundreds of patients and families and taken care of all their general and preventative care needs. Though she has never run a private medical practice herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

The medical practice will also employ nurses, expert medical staff, and administrative assistants that are passionate about helping the local community.

Financial Plan

Key revenue & costs.

The revenues for the medical practice will come from the fees it will charge the patients and their insurance for the health care services it provides.

The cost drivers for the company will include the payroll of the staff, lease on the office building, medical supplies and equipment, and marketing costs.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

  • Year 4: 100
  • Year 5: 125
  • Annual lease costs: $40,000

Financial Projections

Income statement, balance sheet, cash flow statement, medical practice business plan faqs, what is a medical practice business plan.

A medical practice business plan is a plan to start and/or grow your medical practice business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Medical Practice business plan using our Medical Practice Business Plan Template here .

What are the Main Types of Medical Practices?

There are a number of different kinds of medical practices , some examples include: Group medical practice, Private medical practice, and Hospital-based medical practice.

How Do You Get Funding for Your Medical Practice Business Plan?

Medical Practice businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

A well-crafted medical practice business plan is key to securing any type of funding.

What are the Steps To Start a Medical Practice Business?

Starting a medical practice business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Medical Practice Business Plan - The first step in starting a business is to create a detailed medical practice business plan that outlines all aspects of the venture. This should include market research on the medical industry and potential target market size, information the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your medical practice business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your medical practice business is in compliance with local laws.

3. Register Your Medical Practice Business - Once you have chosen a legal structure, the next step is to register your medical practice business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your medical practice business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Medical Practice Equipment & Supplies - In order to start your medical practice business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your medical practice business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful medical practice business:

  • How to Open a Medical Practice

Small Business Funding Online

Small Business Funding

Small Business Funding Online

Steps Involved in Curating the Perfect Medical Store Business Plan

Curating the perfect business plan is the most crucial step in acquiring necessary funds for the commencement of business operations. A cash advance for a medical store is essential in order to acquire the necessary materials and ensure the flow of cash so as to maintain operations smoothly. Writing the perfect business plan for medical shop business financing involves a set of steps that should be kept in mind.

Honest and Specific

While devising a well-structured medical shop business funding plan it is essential to give an honest picture to the investors. There should be specific information disseminated that should be in direct relation to the type of business. The equipment required should be correctly specified so as to give an accurate picture to the one investing.

Identify the Fund Requirement Wisely

In order to get the best medical business financing , one should identify the exact fund requirement. Asking for too many funds can sometimes be fruitful but not always. Companies come under the pressure to grow and payback the acquired funds at a higher rate if the funds acquired are not calculated and of a higher amount.

Evaluate Cash Flow Accurately

In order to get the best out of medical shop business financing, the business plan should lay out the cash flow with maximum accuracy. The requirements and production cost must be duly calculated and deployed into the business plan so as to put forward a futile business plan.

Therefore, acquiring the necessary cash advance for medical store involves structuring a business plan keeping in mind the various factors that would help in the acquirement of the necessary funds.

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Medical Clinic Business Plan PDF Example

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  • February 19, 2024
  • Business Plan

The business plan template for a medical clinic

Creating a comprehensive business plan is crucial for launching and running a successful medical clinic. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your medical clinic’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a medical clinic business plan but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the healthcare industry, this guide, complete with a business plan example, lays the groundwork for turning your medical clinic concept into reality. Let’s dive in!

Our medical clinic business plan is carefully designed to cover all the important parts needed for a good strategy. It explains how the clinic will run, how we’ll take care of patients, how we’ll tell people about our services, what the healthcare situation is like, who our competitors are, who’s in charge, and how much money we expect to make.

  • Executive Summary: Provides an overview of the Medical Clinic’s business concept, healthcare market analysis, management structure, and financial strategy.
  • Facility & Location: Describes the clinic’s physical setup, including its architectural design, medical equipment, patient amenities, and the strategic choice of its location to maximize accessibility for its target patient base.
  • Treatments & Pricing: Enumerates the healthcare services the clinic will provide, from general medical consultations to specialized treatments, alongside a transparent pricing model.
  • Key Stats: Shares industry size, growth trends, and relevant statistics for the healthcare market.
  • Key Trends : Highlights recent trends affecting the healthcare sector, such as technological advancements, patient care innovations, and regulatory changes.
  • Key Competitors : Analyzes the main competitors in the vicinity and differentiates the clinic based on services, patient care quality, and operational efficiency.
  • SWOT: Strengths, weaknesses, opportunities, and threats analysis tailored to the healthcare context.
  • Marketing Plan : Strategies for attracting and retaining patients, including digital marketing, community health programs, and patient service excellence.
  • Timeline : Key milestones and objectives from the clinic’s establishment through the first year of operation, including licensing, staff recruitment, and service launch.
  • Management: Information on the healthcare professionals managing the medical clinic and their roles, emphasizing their medical expertise and healthcare management experience.
  • Financial Plan: Projects the clinic’s 5-year financial performance, including revenue from medical services, operational costs, profits, and expected expenses, ensuring a sustainable and profitable healthcare service model.

The business plan template for a medical clinic

Medical Clinic Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces our medical clinic’s business plan, offering a concise overview of the clinic and its healthcare services. It details our market positioning, the comprehensive medical services we provide, its location, size, and an outline of our day-to-day operations. 

This section will also delve into how our clinic will integrate into the local healthcare market, including an assessment of the direct competitors in the area, identifying who they are, and highlighting our clinic’s unique selling points that set us apart. 

Additionally, it includes information about our management and co-founding team, outlining their roles and contributions to the clinic’s success. A summary of our financial projections, including expected revenue and profits over the next five years, will also be presented to offer a clear view of our clinic’s financial outlook.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Medical Clinic Business Plan executive summary1

Dive deeper into Executive Summary

Business Overview

For a medical clinic, the Business Overview section can be concisely structured into 2 main components:

Facility & Location

Briefly describe the clinic’s facilities, highlighting the state-of-the-art medical equipment, patient-centric design, and a welcoming atmosphere that ensures comfort and privacy.

Mention the clinic’s strategic location, emphasizing its accessibility and conveniences such as proximity to main transit routes and ample parking. Explain how this location was selected to serve the clinic’s target patient demographics effectively.

Treatments & Pricing

Detail the comprehensive range of medical services provided, from routine health check-ups to specialized treatments in areas like cardiology, pediatrics, or orthopedics.

Describe your pricing model, ensuring it mirrors the high standard of care offered and is competitive within the healthcare market. Highlight any health plans, membership options, or loyalty programs designed to offer added value to patients, fostering long-term relationships and patient loyalty.

Make sure to cover here _ Clinic & Location _ Treatments & Pricing

medical shop business plan

Market Overview

Industry size & growth.

Start your medical clinic business plan by looking at how big the healthcare world is, especially for the services you provide like general health, special treatments (skincare, children’s health), or quick care. Think about how this area is growing and where you might find new chances to grow.

Key market trends

Then, talk about what’s new in healthcare, like how people want care that’s just for them, using tech to help patients (like video doctor visits or digital health records), and focusing on keeping people healthy before they get sick. Point out that people are looking for services that meet their specific health needs and that there’s a growing interest in clinics that care for the whole person.

Key competitors

Lastly, look at who you’re up against, which could be big hospitals, small clinics that focus on one area of health, or even online health services. Think about what makes your clinic different and better, maybe because of the great care you give, the wide range of services you have, or new ways you’re bringing health care to people. This part should clearly say why people need medical services, who else is providing them, and how your clinic can stand out and do well in this busy world.

Make sure to cover here _ Industry size & growth _ Key market trends _ Key competitors

Medical Clinic Business Plan market overview1

Dive deeper into Key competitors

First, conduct a SWOT analysis for the medical clinic , identifying Strengths such as a team of expert medical professionals and a comprehensive suite of healthcare services. Weaknesses might include factors like high operational costs and the complexity of insurance processes. Opportunities can arise from the growing emphasis on health and wellness and the potential for telemedicine services. Threats could stem from increased competition and the impact of economic downturns on discretionary healthcare spending.

Marketing Plan

Next, develop a marketing strategy aimed at attracting and retaining patients. This strategy should focus on targeted advertising to reach specific demographics, offering promotional incentives for referrals, maintaining an active and engaging presence on social media, and fostering community ties through health education and events.

Finally, create a detailed timeline that marks essential milestones for the clinic. This includes the initial setup and opening phase, followed by the launch of marketing initiatives, efforts to expand the patient base, and strategies for broader service offerings, all designed to ensure the clinic progresses with a clear and defined purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Medical Clinic Business Plan strategy 1

Dive deeper into SWOT

Dive deeper into Marketing Plan

The management section focuses on the medical clinic’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the medical clinic toward its financial and operational goals.

For your medical clinic business plan, list the core team members, their specific responsibilities, and how their expertise supports the medical clinic’s mission.

Medical Clinic Business Plan management 1

Financial Plan

The Financial Plan section is a comprehensive analysis of the medical clinic’s financial strategy, including projections for revenue, expenses, and profitability. It lays out the clinic’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your medical clinic business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your main assumptions (e.g. prices, customers, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Medical Clinic Business Plan financial plan 1

Privacy Overview

How To Start a Medical Store? [Eligibility, License Cost, Rules]

Table of Contents:

1. How To Start A Pharmacy Business In India?

2. Decide The Type Of Medical Store

3. what are the new rules for medical store in india, 4. how can i get loan for medical shop, 5. documents needed in getting business loan for medical store, 6. how do i start a pharmacy shop documentation process and more., 7. types of licence for medical shop, 8. key takeaways, 1. how to start a medical store in india.

Medicines are the need of the hour. Since the dawn of COVID-19, every other person searches for a medical store near me . The entire world relies on medications to fight diseases every day.

Ever wondered about the amount of profit that these types of businesses must be generating? Or, have you ever thought about coming up with a medical store of your own?

It is no doubt that every one of us must have come across the thoughts of owning a pharma shop . But how many of us have done some research around the same Today, we will learn about starting a medical store in India in a step by step manner.

It is no doubt that the pharmacy business is a booming business in India, a business model that stays intact and is solid against economic cycles. Interestingly, as per stats based on the pharma industry's revenue , it generated a total of around 70 percent of the overall market revenue back in 2018.

Considering the increasing potential in this business, owning a medical store is a dream for many. Before you think about things like how to start a medical store, you must be aware of the type of medical shop you want to own. Below are some of the commonly available options-

1- Hospital Medical Store

This type of medical store is present inside a hospital and is developed to provide medical facilities to the hospital's patients.

2- Standalone Medical Store

It is one of the most common medical stores that is opted for. Present across the residential areas, these are the pharma shops that we generally visit.

medical shop business plan

3- Chain Pharmacy / Franchise Outlets

These are the medical stores present in the malls or around hospitals as franchise setups.

4- Township Medical Stores

These types of medical stores are set up in a township. Its function is to cater to the people that are present inside the township.

5- Stores In Government Premises

Once you have decided about the type of medical store that you want to open, the next step is to meet certain necessary government requirements by the business.

If you want to open your pharmacy business in India, here are some of the suggestive documents list that abides by the new rules for the medical store-

  • Pharmacy License application form in the designated format.
  • Drug Licenses deposited fee or Challan invoices.
  • Declaration form in the prescribed format.
  • Key Plan or Blueprint for the premises.
  • Site Plan Blueprint for the premises.
  • A Covering Letter with the intent of the application along with the name, signature, and designation of the applicant.
  • The basis of possession of the premises.
  • All government based or official Identity Proof, passport-size photographs of owner/partners of the aforementioned medical store.
  • Constitution proof of the company (Partnership Deed/ MOA / AOA / Incorporation Certificate)
  • Ownership proof of premises (if space is rented).
  • Appointment letters of registered & employed pharmacists or competent personel.
  • Affidavit of the full-time working competent person or the registered pharmacist.
  • Non-conviction of proprietor/partners/ directors under the Drugs and Cosmetics Act, 1940 Affidavit.

medical shop business plan

If you want to know about the benefits of Business Loan for Medical or Pharmacy Store or the rules put inside the same, then check out these customaries-

  • You must hold Indian citizenship
  • Your age should lie anywhere between 25 to 66 years.
  • You must be self-employed.
  • You should have business experience of 3 years (at least).

Also read: Syringe Manufacturers in India

These are the mandatory things you need to have before availing a loan for starting a pharmacy business in India are-

medical shop business plan

1- Pharmacy Licence

One of the major requirements for opening a medical store is to be qualified and secure a Pharmacy License. For the person to open a medical store and be a qualified pharmacist, they need to secure the degree of B. Pharm or M. Pharm.

2- Land Registration

The second step after securing the pharmacy license is to go ahead with the land registration process. Now, this is where the investment factor comes to play. You can have your own piece of land to be registered as a medical shop or can rent one for the same purpose. It depends on the type of investments or the assets that you currently have. To register your land for a pharma-shop, you need to present the rent deed or a sales agreement. This process might require you to seek help from legal entities.

3- Registration Of Medical Store Business

  • The Indian Pharmacy Act, 1948, is the responsible body to govern the registration of the total amount of medical stores that are present inside the country.
  • Under this act, the medical stores and pharmacies that are planning to be established must register themselves by complying with all the documents submitted to the Government.
  • Once the registration process is done, the shop's wonder is entitled to receive a registration tribunal that marks their rights on the matters about it.
  • It should be noted that the constitution of the medical store business is important.
  • Considering the different types of medical stores that you can open, the hospital, township, and chain medical stores need to be set up as a private limited company.
  • The standalone medical store is asked to showcase itself as a proprietorship as a partnership.
  • The rise of Limited Liability Partnerships (LLPs) recently has given rise to factors where the medical stores are switching to LLPs, using it as a preferred business source.
  • However, it should be noted that these changes rely on promoting the rights of the people behind the partnership of these LLP forms of the constitution.

4- Company Registration

Once you have registered your business by showing it as a proprietorship or partnership or a company, registration is very important. However, there is again a situation when it comes to the registration of a company. You can have the following options when it comes to the registration of a company:

  • Proprietorship Registration
  • Partnership Registration
  • One Person Company Registration
  • Private Limited Company
  • Limited Liability Partnership
  • Shop and Establishment Registration / Gumasta Registration

Listed here are the types of registration that an applicant can apply for. Now, as far as the municipal corporation's rules go, you need to amend the regulations laid out by your respective municipal corporation. When it comes to running a business, you need to establish a registration. Getting a registration not only supports your business but is also a liable factor for obtaining a supporting document required for other licensing and registrations.

5- Tax Registration

As India's Government has it, the application of Goods and Services Tax is a must for every business entity. A medical store is no exception, as well. So, if you plan to open a medical store, you need to acquire the Goods and Service Tax registration. Now, you need to know the different threshold limits that are available in a GST registration. The Government has specified the GST limit to be of INR 20 lakhs besides the for North-Eastern Hilly states where the GST threshold limit is set to INR 10 lakhs.

The last legal formality you need to clear before opening a medical store is the registration of a drug license. Irrespective of the turnover, every pharmacy, despite its size, requires you to acquire a drug license from the Central Drugs Standards Control Organisation and State Drugs Standard Control Organisation. The two major drug licenses issued by them are:

1- Retail Drug License

A license is required to run the general chemist shop, which requires you to deposit a minimal fee to begin operations. However, it should be noted that the process of registration can only be carried out by an individual who has achieved the degree or diploma in pharmacy from a university or an institute that is listed.

2- Wholesale Drug License

If you are planning to supply or sell medicines in wholesale, you need to issue a license for the same. Unlike Retail Drug License, the applicant does not have to follow a specified set of rules and regulations. Certain restrictions are levied under the issue of this license.

medical shop business plan

Having the right documents is just the beginning of settling your pharma store business. Even after securing all the documents, certain eligibility criteria need to be met. Looking at the figures that indicate that the pharma industry will grow by 754% by 2060 , it is indeed the right time to get started.

Read similar guides on starting: 1) Gym Business 2) Kirana Business 3) Sweet Shop Business 4) Plant Nursery Business 5) Car Wash Business

Stay updated with new business ideas & business tips with OkCredit blogs in English, Hindi, Malayalam, Marathi & more! Download OkCredit now & get rid of your bookkeeping hassles. OkCredit is 100% Made in India.

medical shop business plan

Q. What are the requirements to open a medical shop?

Ans- To open a medical store you will need the following-

  • Rental Agreement/Ownership Proof
  • Premises proof ranging at least 10 square meters
  • If clubbed into retail then a minimum of 15 square meters is required

Q. How much is needed to open a medical store?

Ans- To open a medical store in the suburbs a minimum of 3 to 4 lakh rupees is needed. While to open the same in a metropolitan city would easily cost you around 7-8 lakh rupees. You could either be a wholesaler or a specific hoarder. Small businesses can easily apply to avail business loan for medical store .

Q. Is chemist shop a profitable business?

Ans- Any chemist business or medical store is highly profitable just like the pharmacy business . Most prescribed drug-related businesses are incurring good profits in the market. Even OTC (over-the-counter) drugs or patent medicine store is decently profitable.

Q. What is the procedure to open a medical store?

Ans- Below are some of the mandatory things needed before thinking about how to open a medical store in India-

  • Ownership proof of premises
  • Business constitution and registration proof
  • Affidavit of non-conviction of proprietor or partners or directors under the Drug and Cosmetics Act of 1940.
  • Registered pharmacist affidavit
  • Equally competent full time working employees affidavit

Q. How much profit does a medical store make?

Ans- Any retail medical store profit will range from 5% to 30% every month. Different products will incur different types of margins like-

  • OTC (over-the-counter) medicines
  • Branded Prescription products
  • Generic Medicines
  • Trapped Products
  • Brand-specific discounted items

Q. Which degree is required to open a medical store?

Ans- The minimum requirements to open a medical shop in India is Diploma in Pharmacy after completing 12th Std in Science. After completion of your diploma in pharmacy , you're eligible to apply for a licence for medical shop .

Q. Can Doctor run a pharmacy?

Ans- No, doctors aren't officially allowed to run a pharmacy shop based on Medical ethics. Any of the Drug License for the hospital is allotted in the name of a Pharmacist and not the Doctor or even the Hospitals owner!

Q. Is the generic medicine business profitable?

Ans- Any general medicine business is a profitable business option for all entrepreneurs. Even franchises could be a great option.

Q. How many years is a Diploma in Pharmacy?

Ans- Diploma in Pharmacy is a 2 years full-time course. It consists of the following subjects-

  • Human Physiology
  • Therapeutic Compounds & drugs in use
  • Their pharmacology & formulations
  • Basics on drug store management
  • Pharma Jurisprudence

Q. Who can start a medical shop?

Ans- Anyone who has a Pharmacy Licence is eligible to open a medical store. For becoming a qualified pharmacist you need to acquire a degree of B. Pharm or M. Pharm.

Q. Can a nurse open a pharmacy?

Ans- No. According to the 'The Pharmacy Act, 1948′ and a nurse under 'The Nursing Council Act,' a nurse cannot open a pharmacy in India. These rules are also applicable and mandated under the Drug and cosmetics act 1940 & Rules made in 1945.

Q. Is a pharmacist a medical professional?

Ans- Pharmacists, in general, are extremely trained health professionals who specialise in a comprehensive spectrum of services like-

  • Conducting Health And Wellness Testing
  • Managing Chronic Diseases
  • Performing Medication Management
  • Administering Immunisations

Q. Which course is best for medical shop?

Ans- B. Pharm is the ideal course if you want to abide by new rules for medical store or acquire your licence for medical shop. It's an undergraduate level degree that can pursued after completing your 12th in the science stream.

Q. Can I open a medical store after D Pharma?

Ans- The official requirement to open a medical store in India is becoming a registered pharmacist. So after the completion of your D.Pharm, you have to register yourself at your state pharmacy council and obtain official certification that'll take around 45 days after the registration process, and then you can start a medical shop.

Nitesh Goswami

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Business plan for a concept store

Page 1

Business plan by Elizaveta Selezneva

Task - to open a space/styling studio

Location - Moscow city

Market analysis Moscow

St. Petersburg

2010 - 10495 2007 - 10452

2010 - 4508 2007 - 4553

Percentage of middle class

14,6% (658)

Per capita income (in 1 month)

Consumer analysis ✦

Basic age range - 25 - 60

Medium/high income.

Well-educated

Married, has kids.

At work - has a high dignity and has a high social status

She is self-conscious and confident, demanding a little bit narcistic. Loves perfection in everything She knows on what to spend money and wants all of her expenses will be properly justified.

Competitors in Moscow PODIUM ✦

High/middle high level British brands Has different price range UK STYLE

Multi brand store which mainly collects french brands Now started mixing them with world wide known brands such as Vivien Westwood

Competitors in Moscow PODIUM

Concept store

South - west part of Moscow It’s an area where are located expensive buildings. Beauty salon and spa Famous chain of beauty salons

Multi brand store Sells selectively chosen clothes from a middle-high italian brands.

Parisian beauty salon, which is now located all around the world.

âœŚ

To be the only concept store which offers a complete changing of persons’ image in the same place, just one day

Philosophy ✦

High quality approach to each service

Precise attention to each client

Personal approach each client’s style

Medium-high for a beauty salon service. Hair cut - 50 euro Hair dress - 30 euro Colorizing - 80 euro Manicure - 40 euro Pedicure - 60 euro Make up - 50 euro Cosmetics procedure - 100 euro

Medium price for a clothing store. 100 - 700 euro for an item of clothing.

Medium for a photo-shooting service. Photo-shooting - 250 euro Picture printing - 5 - 20 euro

Brands Fashion store ✦

Middle-high level brands

With a different style and silhouette

A clothes which is capable to mix with each other.

Brands Beauty salon

French cosmetic for skin and hairs A high quality products from the most well known and luxury cosmetic brands.

1 floor - beauty salon.

2 floor - clothing store and photo-shooting studio.

eclectic style mixed with modern, luxury elements and some romantic entourage combined in minimalistic style. Work to convey a relaxing and comfortable atmosphere (Tv screens, comfortable furniture) color palette: dark brown, beige and light gold

Communication ✦

Direct marketing strategy (newsletters via e-mail.) Events and holidays activities (such as new year or women's day) Facebook and VKontakte official fan page

Communication Website

Communication Video ad ✦

1st video - a short trailer of the main video only for a video web sites (youtube, vimeo) to create an interest from a public

2nd video - main video for a official web site and stores projectors to show client’s complete day in FULL OUT store

Conclusion First styling concept store in Moscow No more just a concept store - concept of life

To live FULL OUT

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  • Apartments for Rent
  • Houses for Sale
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Moscow-City – The Moscow International Business Center

  • 3 years ago

The Moscow Intenational Business Center

Moscow-City is an iconic location for life and work in Russia’s capital. Enormous skyscrapers, business centers, the best restaurants and retail spaces – all this is concentrated in one place. The ultramodern Moscow-City towers are truly striking in their outward appearance, and the layout of the apartments inside and the fantastic views that can be seen from the higher floors are nothing short of impressive.

This skyscraper compound, often referred to as Moskva-City, is the Russian take on Manhattan, where businessmen strike multi-million dollar deals daily while ordinary life goes on next door. Its state of the art spaces offer the ultimate convenience. The infrastructure of this business district is so well-developed that anyone can find something interesting for themselves here: from residential apartments to boutiques, clubs, exhibitions and more.

When the foundations for the Moscow-City skyscrapers were laid, a special kind of concrete was used, the properties of which are amplified by many times compared to standard concrete. Even in the event of a plane crashing into one of the buildings, the structural integrity of the towers will be preserved.

The architects of the Moscow-City Business Center have created a unique locality that has integrated into itself the hub of the capital’s business life and a whole ensemble of historical monuments. Anyone can admire the beauty of these skyscrapers from within or without the compound. There are also a number of apartments for sale or rent available in the MIBC itself. But first, let’s have a look at some more interesting facts about the financial core of Russia’s capital.

  • 1 How It All Began
  • 2.1 Moscow-City Central Core
  • 2.2 Tower 2000
  • 2.3 Evolution Tower
  • 2.4 Imperia Tower
  • 2.5 Moscow Tower and St. Petersburg Tower
  • 2.6 Steel Peak Tower
  • 2.7 Federation Tower
  • 2.8 Mercury City Tower
  • 2.9 OKO Tower Complex
  • 3.1 Afimall City Shopping Center
  • 3.2 Bagration Bridge
  • 3.3 Expocentre Fairgrounds
  • 4 Renting and Buying Real Estate in Moscow-City

How It All Began

The history of Moscow-City goes all the way back to 1992. The government of Moscow at the time wanted to bring into existence its own skyscrapers like the ones in London or New York. And the idea caught on. In 1992 the project for the construction of the huge “Moscow-City” MIBC compound was enthusiastically approved, kick-starting the painstaking preparatory works. The original intention was that the skyscrapers would only house office space. However, as time went on, the towers began to welcome in ordinary residents who wanted to live on the territory of this business and finance hub.

Moscow-City is undoubtedly a city within a city. Its grandeur is mind-boggling. It is perfect in every way: from location to infrastructure. And today, anyone can get a feel of the atmosphere of the “capital city” of Russia’s business world – many of the apartments in Moscow-City are available for rent. Any citizen of Russia and even nationals of other countries can make use of these offers.

What It’s Like in 2021

Today Moscow-City is not just a magnificent and fascinating sight, but also a real hub for the work, life and leisure of thousands. Its infrastructure is organized in such a way that there is no need to leave the territory of the “city within a city” at all. This business district contains everything one may need for work and recreation. And if one does decide to venture out into the larger metropolis, the MIBC’s three subway stations make this remarkably simple to do.

Moscow-City stands on the Presnenskaya Embankment . Each of the buildings in the district has a name, which simplifies its identification. Some of the buildings form complexes that are united under one name, such as the Neva Towers and the Naberezhnaya Tower complex of two skyscrapers and one high rise. There are a total of 16 towers in the MIBC, of which the most popular are:

  • Moscow-City Central Core;
  • Tower 2000;
  • Evolution Tower;
  • Imperia Tower;
  • City of Capitals (Moscow Tower and St. Petersburg Tower);
  • Steel Peak Tower;
  • Federation Tower;
  • Mercury City Tower;
  • OKO Tower Complex.

Moscow-City Central Core

This is the most complex building within the MIBC compound. Its total floor area is a whopping 1 476 378 sqft (450 000 m²). It consists of two massive parts, each of which boasts a truly impressive infrastructure. The underground part includes 3 Moscow Metro stations, a parking lot for automobiles and a shopping mall. The aboveground part houses a concert hall and a hotel.

Tower 2000 is a skyscraper having 34 stories. Its total floor area is 200 318 sqft (61 057 m²), most of which is office space. The key feature of this skyscraper is its direct connection to the Bagration Bridge, which has its own shopping arcade. The tower has everything one may need while working here, including a large parking lot and several restaurants.

Evolution Tower

This elegant structure is 836 feet (255 m) high – that’s a whole 54 stories! The total floor area here is 554 462 sqft (169 000 m²). The Evolution Tower’s key feature is that it has its own Wedding Hall. This skyscraper houses large office spaces, a parking lot and several restaurants.

Imperia Tower

MIBC’s Imperia Tower is the undeniable focal point of the MIBC’s business life. Its height is 784 feet (239 m), which means one can hold conferences and resolve key business matters on the 59 th floor! And that really is amazing! The tower has everything: offices, hotels, restaurants and parking lots. But if you want a truly unforgettable experience, visit the viewing platform! It is situated on the 58 th floor and a simply astounding view of Moscow can be seen from it.

Moscow Tower and St. Petersburg Tower

The Moscow and St. Petersburg Towers are the chief representatives of the MIBC. The Moscow Tower has 76 stories and is 990 feet (302 m) high, while the St. Petersburg Tower has 65 stories and stands 843 feet (257 m) tall. Both towers offer fantastic views of the capital city.

Most of the floors of these two skyscrapers are taken up by luxurious sky apartments. There are also several recreational and entertainment centers, office spaces, restaurants, etc.

Steel Peak Tower

Also known as the Eurasia Tower of Moscow-City, this supertall skyscraper has a total of 680 912 sqft (207 542 m²) of floor space. Most of this is taken up by offices, and the rest – by residential quarters (around 65 616 sqft or 20 000 m²). The tower also houses a number of the greatest restaurants, studios and shopping centers.

Federation Tower

The Federation Tower is a complex of two skyscrapers, known as Tower East and Tower West. Tower East is the second highest building in Europe (the first is a skyscraper recently erected in the city of St. Petersburg). Its height is a colossal 1 223 feet (373 m) and that makes 95 stories! Tower West, on the other hand, is noticeably shorter at 794 feet (242 m).

The Federation Tower is a multifunctional complex.

Mercury City Tower

The Mercury City Tower skyscraper is widely known as one of the tallest buildings in Europe. Its height is 1 112 feet (339 m) and it has 75 stories. It is multifunctional by concept, holding within its walls shopping centers, offices and all kinds of other spaces. It is also possible to rent apartments here.

OKO Tower Complex

The OKO Tower Complex consists of two towers – the North Tower (49 stories and 803 ft or 245 m in height) and the South Tower (85 stories and 1 155 ft or 352 m in height).

Each of the MIBC’s tower complexes has its own recreational and entertainment areas, restaurants and parking lots. The top floors of most of these buildings contain luxurious fully-furnished apartments. At night, the towers shine with bright lights, while inside them the panoramic windows reveal astounding views of Moscow. This breathtaking view of the capital of Russia is why visiting Moscow-City is a must!

What Not to Miss

There are many interesting landmarks within the Moscow-City compound, but three of them are truly deserving of special attention:

  • The Afimall City Shopping Center;
  • The Bagration Bridge with two galleries and a shopping arcade;
  • The Expocentre Fairgrounds.

Afimall City Shopping Center

The Afimall City Shopping and Entertainment Center is located in Moscow-City’s Central Core. It is divided into 4 zones, each with its own theme – one for every season of the year. The shopping center houses the biggest indoor fountain found worldwide. The height of this watery wonder is 118 feet or 36 meters.

The shopping and entertainment center contains everything one might expect from one of the largest centers of its kind:

  • Retail brand stores;
  • Exhibitions;
  • Game rooms;
  • and Restaurants.

The main recreational space is roofed with a giant transparent dome, which is an impressive sight to behold.

Bagration Bridge

Bagration Bridge with its upper and lower galleries has a shopping center all of its own and was the first structure to be built as part of the Moscow-City business district. Its lower gallery is a shopping arcade and its upper gallery is an open-air viewing platform with a spectacular view of the MIBC and the Moskva River. The hall of the bridge houses the 23 foot tall sculpture called “Tree of Life”. Having gone through the bridge via either one of its two galleries, a pedestrian would find themselves standing right on the Kutuzovsky Prospekt.

Expocentre Fairgrounds

The Expocentre Fairgrounds exhibition venue is located at the very heart of the capital. The first exhibition held at the Expocentre happened all the way back in 1959, much earlier than the MIBC was erected. Today it is the venue of many interesting events.

Exhibitions with very diverse themes are regularly held at this complex. An up-to-date schedule can be found on the official webpage of the Expocentre. The events can be free or fixed-price entry, depending on their type.

Renting and Buying Real Estate in Moscow-City

Moscow-City is not only a work and business hub, but also a residential neighborhood. Any citizen of Russia can rent or buy apartments or elite sky lounges here. The variety of residential real estate available inside the skyscrapers is impressive, including options for any pocket. The following buildings in the MIBC contain residential blocks:

This skyscraper has a mirror glass façade which reflects the passing clouds. Just imagine how beautiful that looks! Anyone can buy an apartment in the Federation Tower. Such properties are not only a good investment, but also a mark of prestige. The average price of residential real estate here is 45 million rubles for an apartment with a total floor area of 334 sqft (102 m²). The average price of a square meter (3.28 square feet) is in the range of 650 to 700 thousand rubles. There are two- and three-room apartments available in the Federation Tower, each with its own loggia. As for rent, the minimum price of one month’s stay in a three-room apartment in this skyscraper is 300 000 rubles per month.

The Mercury City Tower skyscraper welcomes citizens from all parts of Russia. This building is no less tall than the world-famous Dubai skyscrapers. Living in its apartments is a delight. The minimum cost of an apartment in the Mercury City Tower is 75 million rubles. The average price of a square meter (3.28 square feet) is 800 thousand rubles. And for those looking for a lower price point, some of the properties are also available for rent – in this case you will pay a minimum of 250 thousand rubles per month.

The Imperia Tower is a key cluster of interesting offers. The best options for buying and renting apartments within the MIBC can all be found in this skyscraper. The lowest price of a residential apartment here is 40 million rubles. A square meter (3.28 square feet) in a luxurious apartment in the Imperia Tower currently costs 600 thousand rubles, while the price range of the listings available for rent in this skyscraper is from 350 thousand all the way up to 1 million rubles per month.

This complex, standing on a faceted or “crystal” base, is an architectural engineering project boasting spectacular design. Behind its impressive façades is an abundance of penthouses and apartments having floor areas in the range of 262 sqft (80 m²) to 984 sqft (300 m²). The minimum price of an apartment in the OKO Tower Complex is 40 million rubles (the price of a square meter (3.28 square feet) is 500 thousand rubles). You can rent an apartment here starting from 400 thousand rubles per month.

City of Capitals

The City of Capitals is an exemplary architectural complex. Its sum appearance gives the impression of a huge city. Inside its walls are spacious apartments available for purchase and rent. This complex is considered to be especially prestigious. The prices of apartments here start from 50 million rubles, while the minimum cost of renting is 400 thousand rubles per month.

Please note! The price of real estate available for purchase or rent depends on: the tower, the floor, the total floor area, the furnishings and/or interior design, and other factors.

The key advantages of buying/purchasing real estate in Moscow-City are:

  • Favorable location;
  • Convenient transportation links;
  • Well-developed infrastructure;
  • High safety level;
  • Efficient architecture;
  • Panoramic windows.

Buying real estate in Moscow-City is very much a rational decision, most appealing to those who value the ultimate level of comfort. The residential apartments here boast impressive interior design solutions executed in the contemporary style.

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Russian Tours and Cruises from Express to Russia

Moscow International Business Center (Moscow City)

  • Guide to Russia

What can you do at Moscow City?

  • Dine in style: Moscow City is home to 100+ cafes and restaurants, including Europe’s highest restaurant and ice-cream shop
  • See Moscow like never before: Ascend to one of Moscow City’s observation decks for an unparalleled panorama of Moscow
  • Admire world-class architecture: Each of Moscow City’s skyscrapers has distinctive architecture and design
  • Learn something new: Visit the Museum of High-Rise Architecture in Moscow or the Metro Museum

Moscow City is a multifunctional complex in the west of Moscow, which has come to represent the booming business of Russia’s capital. Its skyscrapers enrich Moscow’s skyline, contrasting the medieval cupolas and Stalinist high-rises. Visitors to Moscow City can enjoy entertainment high in the sky, as the complex is home not just to offices, but to restaurants, cinemas, viewing platforms, and museums.

Moscow International Business Center (Moscow City)

Photo by Alex Zarubi on Unsplash

History of Moscow City

Moscow City was first conceived in 1991 by honoured Soviet architect Boris Tkhor, who proposed to construct a business center in Moscow. It would be complete with gleaming skyscrapers rivalling those of New York and London, to reflect the new life and growing ambitions of post-Soviet Russia.

The chosen site was a stone quarry and disused industrial zone in western Moscow, in between the Third Ring Road and Moskva River. Initially, the territory was divided into 20 sections arranged in a horseshoe shape around a central zone. The skyscrapers would increase in height as they spiralled around the central section, with shorter structures built on the waterfront to give the taller buildings behind a view of the river. 

Architect Gennady Sirota, who contributed to iconic projects such as the Olympic Sports Complex on Prospekt Mira, was selected as the chief architect, and many other world-famous architects were attracted to Moscow to realise their visions in Moscow City.

What can you see and do at Moscow City?

Where Moscow’s cityscape was once dominated by Stalin’s Seven Sisters skyscrapers , this is no more. Moscow City is home to eight of Russia’s ten tallest buildings, six of which exceed 300 metres in height. More buildings are still under construction there today, including the One Tower (which will be Europe’s second-tallest building). Once completed, Moscow City will comprise more than 20 innovative structures.

Each of Moscow City’s skyscrapers was designed by its own architect, lending the cluster of skyscrapers a unique appearance. Aside from being a site of architectural wonder, Moscow City is a place for leisure and entertainment with over 100 cafes and restaurants, exhibition spaces, cinemas, viewing platforms, and more.

Photo by Nikita Karimov on Unsplash

Federation Tower

  • East Tower: 374m, 97 floors; West Tower: 243m, 63 floors
  • Completed in 2017
  • Architects: Sergey Tchoban and Peter Schweger

The East Federation Tower is the tallest building in Moscow, and the second-tallest building in Europe after the Lakhta Centre in St Petersburg. Visitors can enjoy a luxurious meal of seafood, truffles or steak at restaurant ‘Sixty’ on the 62nd floor of the West Tower, or visit Europe’s highest observation deck, ‘Panorama 360’, on the 89th floor of the East Tower.

Did you know? The ice cream and chocolate shop on the 360 observation deck are the highest in the world!

  • South Tower: 354m, 85 floors; North Tower: 254m, 49 floors
  • Completed in 2015
  • Architect: Skidmore, Owings & Merrill LLP

The South OKO Tower is the third-tallest building in Russia and Europe. Here, you can visit ‘Ruski’ to dine on hearty Russian cuisine cooked on a real Russian stove, and have a drink in the ice bar. Alternatively, visit restaurant, nightclub and performance space ‘Birds’; the restaurant is the highest in Europe, situated on the 86th floor roof terrace alongside an observation deck. The OKO Towers are also home to karaoke club ‘City Voice’.

Did you know? Underneath OKO Towers is the largest underground parking in Europe, with 16 levels and 3,400 parking spaces.

Mercury Tower

  • 339m tall, 75 floors
  • Architects : Mikhail Posokhin, Frank Williams, Gennady Sirota

Another multifunctional skyscraper, which was designed as the first truly ‘green’ building in Moscow. The Mercury Tower has a distinct geometric shape and copper-coloured glazing, and was the tallest building in Europe upon completion. Visit ‘More i myaso’ (Sea and meat) on the first floor of the tower to enjoy European and Mediterranean cuisine whilst surrounded by greenery. On the 2nd and 40th floors a modern art gallery, the ‘ILONA-K artspace’, has just opened.

City of Capitals

  • Moscow Tower: 302m, 76 floors; St Petersburg Tower: 257m, 65 floors
  • Completed in 2009
  • Architect: Bureau NBBJ

The unique geometric design of the City of Capitals towers resembles stacks of rotating blocks, and is rooted in Constructivism of the early Soviet period (many Soviet Constructivist buildings can be found in Moscow). Visitors to the Moscow Tower can enjoy a range of cuisines – traditional Italian dishes on the summer terrace of ‘Tutto Bene’, Panasian cuisine in the tropical luxury of the ‘Bamboo Bar’ on the 1st floor’, and poke or smoothie bowls at ‘Soul in the Bowl’ cafe on the 80th floor.

Tower on the Embankment

  • Tower A: 84m; Tower B:127m; Tower C: 268m, 61 floors
  • Completed in 2007
  • Architects: Vehbi Inan and Olcay Erturk

After completion, the Tower on the Embankment was the tallest building in Europe, and is now the 13th tallest. It houses the headquarters of several large Russian and international  companies, including IBM and KPMG. There are two cafes located on the 1st floor of Tower C – self-service café ‘Obed Bufet’ (Lunch Buffet) and Bakery Chain ‘Khleb Nasushchny’ (Daily Bread).

Evolution Tower

  • 255m tall, 54 floors
  • Architects: Philip Nikandrov and RMJM Scotland Ltd

Evolution is Moscow City’s most recognisable tower, and the 11th tallest building in Russia. Its façade is a true architectural marvel, comprising continuous strips of curved glazing spiralling high into  the sky. According to the architect, Philip Nikandrov, the spiral shape of the tower honours centuries of architectural design in Russia, from the onion domes of St Basil's Cathedral to Vladimir Shukhov’s Tatlin Tower, a masterpiece of Constructivist design. Outside the Evolution tower is a landscaped terrace and pedestrian zone descending to the Presnenskaya Embankment, which was also designed by Nikandrov.

Did you know? Moscow’s largest wedding palace was supposed to be built on the site of the Evolution tower, though the project was abandoned.

  • 239m tall, 60 floors
  • Completed in 2011

Imperia’s interesting design has a curved roof and an arched glass façade. Inside the tower are various cafes including ‘City Friends’ for all-day breakfasts and light lunches, ‘Mama in the City’ for simple meals of Russian cuisine, and ‘abc kitchen’ for European and Indian-inspired dishes. Alternatively, visit ‘High Bar’ on the 56th floor for cocktails with a view. In Imperia you’ll also find the Museum of High-Rise Construction in Moscow (suitably located on the 56th floor), and the Camera Immersive Theatre.

Did you know? Inside Vystavochnaya metro station is the Metro Museum , dedicated to the history of the beautiful Moscow Metro!

  • 130m tall, 26 floors
  • Completed in 2001
  • Architect: Boris Tkhor

Tower 2000 was Moscow City’s first tower. It stands on the opposite bank of the Moskva River, and houses a viewing platform from which visitors can admire an unparalleled panorama of Moscow City. The Bagration Bridge reaches across the river from the tower to Moscow City, and underneath are piers from where you can take boat trips.

Photo by Alexander Popov on Unsplash

Afimall is Moscow’s largest entertainment and shopping complex, home to 450 shops, cafes and restaurants, a cinema, and a virtual-reality game park. The shopping centre is located in the central section of Moscow City, and a cinema and concert hall are currently under construction there.

What’s nearby?

Sechenov Botanical Gardens: The botanical gardens of the First Moscow State Medical University was created for students’ training and research in 1946. Today it is open for free visits, and is home to a large arboretum.

Park Krasnaya Presnya: This park belonged to the Studenets estate of the Gagarin princes. It is a monument of 18th and 19th century landscaping, with Dutch ponds, ornate bridges, and tree-lined alleys. There are also sports facilities, sports equipment rental, and cafes.

Botanical Gardens

Photo by Akkit  on Wikipedia

Essential information for visitors

Website: https://www.citymoscow.ru/

Email: [email protected]

Phone: +7 (495) 730-23-33

Nearest metro: Mezhdunarodnaya (closest to the skyscrapers), Delovoy Tsentr (underneath Afimall), Vystavochnaya (closest to Expocentre)

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COMMENTS

  1. How to Start A Medical Shop in 10 Steps

    Some of the basic aspects that your medical shop business plan must address are the following: Startup & recurring costs Your target customers Pricing Strategy How do you plan to sell medical shop products? 3. Name Your Business Determine a memorable and easy-to-spell name for your medical store business.

  2. How to Start a Medical Supply Business in 2024

    Step 8: Apply for Licenses and Permits. Starting a medical supply business requires obtaining a number of licenses and permits from local, state, and federal governments. Some states require a special license to sell certain types of medical supplies. Check with your state for requirements.

  3. How to create a medical supply business plan

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  7. SHOP Marketplace Healthcare for Small Businesses

    Under the Affordable Care Act, small business owners who have fewer than 25 full-time employees, who pay average wages of $56,000 or less, or who cover at least half of their employees' premiums may be eligible for business healthcare tax credits for their SHOP insurance plans. These credits can lower the cost of your small business health ...

  8. Medical Shop Business Plan: How To Start Pharmacy

    1. Registration of Business Before starting your own pharmacy, first, you need to decide which kind of firm you want to open. This includes sole proprietorship firm, private limited company or a partnership firm. For business registration in India, you need to visit the Ministry of Corporate affairs or click on this link. 2. Drug License

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    Marketing Strategies for Medical Supply Business Online. Crafting online content and strategies to attract and engage a specific audience. - Focus on content marketing relevant to niche medical fields. - Address the concerns and challenges of professionals in fields like dentistry, pediatrics, and orthopedic surgery.

  10. Medical Store Business Plan: 9 Steps with an Example

    Step 1: Develop your Business Plan The key to success as an entrepreneur is to have a clear plan. Mapping a clear plan will assist you in mapping out the details of your business and identifying unknowns. There are a few important topics to consider ahead of time, such as how much will it cost to start and maintain it?

  11. Medical Device Business Plan

    A medical device business plan is a document that outlines how to start and run a successful company that produces and sells products that diagnose, treat, or prevent diseases or injuries. Navigating the vast and expanding medical device sector presents thrilling opportunities alongside complex hurdles.

  12. SHOP health insurance overview

    The Small Business Health Options Program (SHOP) is for small employers who want to provide health and/or dental insurance to their employees — affordably, flexibly, and conveniently. If eligible, you don't have to wait for an Open Enrollment Period. You can start offering SHOP coverage to your employees any time of year.

  13. Medical Practice Business Plan Template & Guide [Updated 2024]

    Medical Practice Business Plan. Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical practices. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a medical practice ...

  14. How to Write a Business Plan for a Medical Practice

    Here's an example from a sample business plan for a medical practice. Include a breakdown of all services furnished by the clinic, being as granular as possible. For example: Gynecology: ... Ice cream shop business plan. 8 Min. Read. Franchise business plan. 10 Min. Read. eCommerce business plan.

  15. Medical Shop Business Plan

    A medical store business plan ensures that the objectives and goals of the business are noted down and a clear path has been chalked to achieve the said objectives and goals instead of having a vague business idea that exists only in the mind of the entrepreneur.

  16. Medical Equipment Retail Shop Business Plan [Sample Template]

    1. Industry Overview Medical equipment retail shop business is a subset of the medical supplies wholesaling industry and players in this industry purchase medical and surgical equipment, instruments and supplies, store these items at distribution centers, and deliver these products to medical practitioners, clinics and hospitals.

  17. Medical Practice Business Plan Template (2024)

    Financial Highlights. Fresno Medical is currently seeking $400,000 to launch. The capital will be used for funding capital expenditures, staffing, marketing expenses, and working capital. The breakdown of the funding may be seen below: Clinic design/build: $100,000. Medical supplies and equipment: $130,000.

  18. Perfect Business Plan For Medical Shop Business Financing

    In order to get the best out of medical shop business financing, the business plan should lay out the cash flow with maximum accuracy. The requirements and production cost must be duly calculated and deployed into the business plan so as to put forward a futile business plan. Therefore, acquiring the necessary cash advance for medical store ...

  19. Medical Clinic Business Plan PDF Example

    February 16, 2024. Business Plan. Creating a comprehensive business plan is crucial for launching and running a successful medical clinic. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your medical clinic's identity, navigate the competitive market, and secure funding ...

  20. How to start a medical store: Check detailed process here

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  21. A Complete Guide to Start a Medical Store Business in India

    04 Jan, 2021 Reading Time: 5 Minutes The medical store business is playing a vital role in the Indian economy. It is very advantageous in nature as the medical store business profit margin is somewhat higher, and also, it doesn't easily get by the rise and falls in business cycles.

  22. Business plan for a concept store by Elizaveta Selezneva

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  23. Moscow-City

    The Afimall City Shopping and Entertainment Center is located in Moscow-City's Central Core. It is divided into 4 zones, each with its own theme - one for every season of the year. The shopping center houses the biggest indoor fountain found worldwide. The height of this watery wonder is 118 feet or 36 meters.

  24. PDF Strategic Plan 2020-2025

    2020-2025 Strategic Plan 3 The Mission of the Agency is to promote sustainable economic growth, vitality, and community enhancement through collaboration and community investment. Mission GROWTH Grow the local economy to increase community vitality, resilience, and strength ENHANCEMENT Enhance and contribute to community assets that make Moscow a great place to live, work, and play

  25. Moscow International Business Center (Moscow City)

    The Moscow International Business Center - known as Moscow City - is home to 8 of Russia's 10 ... Dine in style: Moscow City is home to 100+ cafes and restaurants, including Europe's highest restaurant and ice-cream shop; ... The botanical gardens of the First Moscow State Medical University was created for students' training and ...