Business Idea

Start A Medical Store Business

About

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

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

Key stats

market size
$1.25T
starting costs
$22.7K
gross margin
43%
time to build
9 months

About

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

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

Key stats

market size
$1.25T
starting costs
$22.7K

 

gross margin
43%
time to build
9 months

Startup Costs

Min Startup Costs Max Startup Costs
Equipment & Supply Expenses $566 $6,200
Retail Business Expenses $1,250 $11,650
Inventory Expenses $350 $14,750
Advertising & Marketing Costs $75 $9,636
Software Expenses $0 $425
Website Costs $13 $215
Other Expenses $0 $300
Total Startup Costs $2,254 $43,176

Successful Businesses

Business URL Rank
PharmEasy pharmeasy.in #5,782
AAMC aamc.org #17,218
FSAstore.com fsastore.com #45,593
Independent Insurance Agents for Home, Auto & More trustedchoice.com #78,255
The Find-It Guide finditguide.com #107,784
Smart Medical Buyer smartmedicalbuyer.com #112,742
DuPage Medical Group dupagemedicalgroup.com #144,822
Healthcare School ultimatemedical.edu #151,878
Theory Wellness theorywellness.org #206,339
Bizmanualz Blog bizmanualz.com #222,774
Oxygen Concentrator Store oxygenconcentratorstore.com #226,070

Pros & Cons

Pros Description
Rewarding work Starting a medical store 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.
Meaningful business connections You never know who you will meet as a medical store business. This could be the start of an incredible business opportunity!
Daily physical activity Medical Store Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
Amazing perks and discounts Working in the medical store business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
You are your own boss! With starting a medical store business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
Local Community One of the best parts of starting a medical store business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
Cons Description
Crowded Space Competition is high when it comes to your medical store business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Finding The Right Supplier Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.
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.
Low margins The gross margins for your medical store business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability.
High employee turnover In the medical store business, 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 store 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.