Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$66

$700

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Software Expenses

$150

$2,794

Advertising & Marketing Costs

$75

$9,536

Training & Education Expenses

$0

$850

Total Startup Costs

$7,865

$75,247

Analog Devices

analog.com

20,773

Electronic Medicines Compendium

medicines.org.uk

27,801

Medgadget

medgadget.com

53,104

Medex Supply

medexsupply.com

175,239

Medical Device Network

medicaldevice-network.com

183,827

ZOLL Medical Corporation

zoll.com

238,612

Agiliti

agilitihealth.com

257,145

Freyr

freyrsolutions.com

317,418

Med-Tech Innovation

med-technews.com

366,513

Molecular Devices

moleculardevices.com

386,065

Smiths Medical

smiths-medical.com

408,463

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Meaningful business connections

You never know who you will meet as a medical device company. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Easy to encourage "impulse buy"

In the medical device company, you have a much higher chance of encouraging your customers to buy on impulse - you can easily alter the price, placement, packaging, and promotional value to influence the decision of your buyer.

Control of workload

With starting a medical device company, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.

Gain exposure and experience

This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you!

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A medical device company can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Low margins

The gross margins for your medical device company are typically around 20%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the medical device company, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a medical device company, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Stressful work

This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.