1. Low overhead costs. The start up costs for a home health medical supply store are relatively low compared to other businesses. You don’t need a physical location, so you can operate out of your home if desired. Additionally, the majority of the products you will be selling are already manufactured and ready for purchase, so you won’t have to worry about production costs.
2. High demand for home health medical supplies. With an aging population, there is a growing need for home healthcare supplies, such as walkers, wheelchairs, oxygen tanks, and other medical equipment. This creates a steady demand for your products that you can tap into.
3. Potential for longevity. Home health medical supply store businesses are not a flash-in-the-pan type of business; they provide supplies that consumers will need over the long term, so the potential to build a lasting business is very real.
1. Potential competition from big box stores. Home medical supply store businesses are competing with large retailers such as Wal-Mart and Rite Aid, who can offer lower prices due to their buying power. This will make it difficult for you to compete on price and could limit your potential customer base.
2. Limited product range. Selling home health medical supplies may limit your potential customer base, as some individuals may be looking for items that you do not carry. This could make it difficult to generate revenue and grow your business.
3. Regulatory requirements. Owning and operating a home health medical supply store is heavily regulated by the government, so it’s important to familiarize yourself with the relevant laws and regulations before starting your business. Failure to comply could result in hefty fines or even closure of your business.
4. Location dependence. While technically you can operate a home health medical supply store from home, it is highly recommended that you find a physical location for your store, as having a storefront will give customers more confidence in your business. Additionally, a storefront will provide you with greater visibility and access to potential customers. However, having a physical location means that you’ll have to invest in rent, insurance, and other costs associated with maintaining the space.