Business Idea

Start A Medical Reference Business

About

Starting a medical reference business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell medical reference service, or selling medical reference service online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$4.03B
starting costs
$15.8K
gross margin
90%
time to build
7 months

About

Starting a medical reference business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell medical reference service, or selling medical reference service online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$4.03B
starting costs
$15.8K

 

gross margin
90%
time to build
7 months

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Employee & Freelancer Expenses $150 $250
Equipment & Supply Expenses $500 $5,000
Website Costs $303 $7,015
Business Formation Fees $600 $4,700
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $1,400
Other Expenses $0 $800
Total Startup Costs $2,465 $29,059

Successful Businesses

Business URL Rank
National Institutes of Health (NIH) nih.gov #130
ca.gov ca.gov #251
Harvard University harvard.edu #660
US Department Of Education ed.gov #959
Virginia virginia.gov #3,107
UNC unc.edu #4,538
ZoomInfo zoominfo.com #5,203
Support for businesses in Australia business.gov.au #6,462
Vitality Medical vitalitymedical.com #24,732
Merck.com merck.com #39,770
NuggMD nuggmd.com #139,927

Pros & Cons

Pros Description
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.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a medical reference business costs significantly less money than most businesses, ranging anywhere from 2,465 to 29,059.
Rewarding work Starting a medical reference business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your medical reference business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your medical reference business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process A medical reference business 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.
Work can be inconsistent As a medical reference business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
Lack of benefits With a medical reference business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation Often times, as a medical reference business, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a medical reference business, 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.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

  • 3

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.