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Creating a Medical Business Online

By Edited Nov 13, 2013 0 0

In 2009 approximately $2.5 trillion dollars was spent on healthcare services, products, insurance and other health-related expenditures, and this number is expected to increase to $4.5 trillion by 2019 according to the U.S. Department of Health and Human Services. This rapid growth has created a number of job openings in the healthcare field as well as business opportunities for entrepreneurs. Anyone has the potential to cash in on this growing industry regardless of where they live or work by learning how to start a medical business online.

Set your focus. Learn about the different types of medical businesses you can conduct online such as selling medical supplies or completing medical transcription. Get experience in the field you plan to pursue along with certification if necessary. For example, certification from the Association for Healthcare Documentation Integrity (AHDI) is recommended if you plan to operate a medical transcription business online.

Write a business plan. Outline the different elements of your online medical business by drafting a business plan. Include information about financing, marketing, staffing and operations in your business plan. Review sample business plans from the website of the Michigan Small Business and Technology Development Center to assist you in writing your own business plan for your medical business online.

Secure funding. Seek out business loans from commercial banks and credit unions to provide you with the start-up money you need to begin your online medical business. Find a partner willing to donate the money to start the business if you are unable to qualify for loans due to a low credit score. Know that the latter will result in you splitting profits rather than you keeping everything you make on the business.

Register your business. Complete the Internal Revenue Service form to obtain a federal tax identification number also often referred to as an employer identification number. Use this number to identify your business on legal documents and forms. Obtain a local business license from the city where you online medical business will be physically located. Arrange to collect sales tax by contact the state or local department of revenue if applicable in your location or in any locations where you sell your products.

Build a website. Learn how to construct a website that fits the needs of your online medical business, or hire a professional web designer to do the job for you. Even if you choose the latter, ensure that you know how to make changes and update it. Retain the designer or hire a manager for the website if you will need constant updates and don't want to make them yourself.

Purchase equipment and supplies. Obtain any products you plan to sell online through your medical business. Buy supplies needed to operate your business as well as ship products to customers.

Hire staff. Seek out additional employees to assist you in operating your medical business online as it grows. Consider hiring an administrative assistant or receptionist to answer phone calls and email inquiries about products or services for your business.

Advertise and market. Promote your website online using social networking tools such as Facebook, MySpace and Twitter. Get your website ranked with online search engines to attract new customers searching for specific medical products, supplies or services your company provides. Use niche marketing to advertise your business to the specific population you serve. For example, if you run a medical supply business send information about your online medical business to hospitals, nursing homes and other organizations that need medical supplies.


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