Diabetic Supply Company Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Diabetic Supply Company Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Diabetic Supply Company business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
With the drastic rise in the number of diabetes cases within the United States, the number of companies providing supplies to these individuals has increased significantly. In fact, as it relates to the medical supply industry as a whole – diabetic supply companies have experienced the fastest rate of growth of any segment of within the market. The barriers to entry for this type of business are considered to be moderately high given the amount of initial start up capital required coupled with the fact that a pharmacist is usually kept on staff in the event that insulin is provided to customers. Given the rapid rise in obesity within the United States, the expected number of people that will have diabetes over the next 20 years baby as high as 100 million people. As such, this is a fast growth part of the overall healthcare industry. The gross margins associated with the sale of diabetic supply products usually ranges anywhere from 30% to 50% depending on the types of supplies being sold. Many of these businesses operate in a mail order capacity. If only testing supplies, needles, and syringes are being provided than usually pharmacist is not kept on staff. However, if insulin or other diabetes related medications are being provided via a mail order operation that more often than not a pharmacist is going to be required to be on staff at all times. As it relates to the startup cost of this business, most diabetic supply companies can be found for as little as $100,000 all the way to $500,000 depending on how operations are launched. Many diabetic supply companies will initially commence their operations by working within a local or regional market before expanding to a national level. In some cases, printed words will acquire a mailing list of people that have diabetes in order to attract them to become ongoing clients of the business.
Given the highly economically secure nature of these businesses, almost all banks, lenders, and investors are willing to put up the necessary capital in order to start this type of business provided that the owner or entrepreneur has a significant amount of experience. There is a specialized favoritism towards individuals that are licensed pharmacist that can act as the company’s pharmacist from the onset of operations. Of course, with all capital raising activities a diabetic supply company business plan is usually can be required. This business plan should have a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Special attention should be paid to the gross margins generated from each type of product line carried by the business. As it relates to demographic analysis, a specialized focus regarding median household income, median family income, obesity rates within any given market, the instances of diabetes in any given market, and other important factor should be examined as well. Within the business plan – there should also be a significant amount of discussion relating to how the company will initially get its first patients. More often than not these businesses will frequently look to develop ongoing relationships with physicians, assisted living facilities, nursing homes, and other medical entities that have a number of patients that have diabetes. Physician referrals are of the utmost importance for a new diabetic supply company especially among physicians such as endocrinologists.
A diabetic supply company marketing plan should also be developed. For many people suffering from diabetes – they are over the age of 50. As such, the most prevalent way of building the brand-name visibility of this business is by developing television, radio, and print advertisements that will attract this demographic. Additionally, a presence on the Internet is also very important as many people – of all ages and demographics – now use the Internet in order to find specialized businesses like diabetic supply companies. Most importantly, this stand alone web platform usually have secure login credentials that allows a client to see what their monthly charges are and how their insurance company or publicly funded health system is reimbursing for their monthly diabetes related supplies. Many entrepreneurs will hire a pay-per-click or search engine optimization firm to ensure that the website for the business can be easily found among all major search engines. A presence on social media, while important, is not really necessary for this type of business. The search for companies that provide diabetes related supplies is not really conducted on social media platforms.
A diabetes supply company SWOT analysis should also be developed as well. As it relates the strengths, these companies are completely immune from negative changes in the economy and this is one of the fastest-growing segments of the healthcare supply industry. For weaknesses, given the highly recurring nature of the revenues generated and reimbursements produced from private insurance and publicly funded health systems – there is a number of competitors there that the business will need to face on an ongoing basis. For opportunities, beyond the continual expansion of marketing campaigns in order to boost the revenues and billings of the business, many entrepreneurs will seek to acquire diabetic supply companies that are already in operation. While these businesses do carry a high price to earnings ratio, by acquiring an already existing company the risks associated with development expansion can be completely ameliorated. For threats, the biggest threat faced by a diabetic supply company is potential reductions to the reimbursement rate relating to diabetes supplies among patients that get their health insurance from Medicare or Medicaid. However, this is a risk that is faced by all healthcare businesses these days and the entrepreneur will need to make sure that costs are kept to an absolute minimum in order to ensure profitability at all times.