Choosing a Medical Distributorship to partner up with is an important decision that can make you a lot of money, or cost you a lot of money. Here are some tips to make sure you are working with the right distributor.
10 Questions you should ask BEFORE working with aMedical Distributorship
1. Does the Medical Distributorship have a company website? I know... it sounds simple, but many distributors don't have a website. If not, is the distributor stable and do they have longevity? Do yourself a favor and check out their website IF they have one. If they don't have one, think twice and do your due diligence before joining them.
2. Does the Medical Distributorship have direct contracts with companies and labs it represents? This is VERY important to ask. You do not want layers between you and the companies and labs. Layers means less commissions, slower response time for sales support, and less stability. Ask directly if the Medical Distributorship has DIRECT contracts.
3. Ask if you will have direct access to the company, and the company's customer service and sales support team. You should have direct access to the company, lab, or vendor. If the distributor is not ok with this, this could be a red flag.
4. Does the Medical Distributorship provide clear and transparent sales reports daily, or at least weekly? Believe it or not, many Medical Distributorships do not provide clear and transparent sales reports on a regular basis. Ask for an recent sales report for one of their reps. If they don't want to share this with you, it's a red flag.
5. Has the Medical Distributorship been paid a minimum of at least 3 consecutive months by the companies and labs they are working with? Ask for proof of payment. Very important to get this confirmed so you don't lose money because the Medical Distributorship has not thoroughly vetted out the companies and labs it is working with. This can cost you thousands of dollars and hurt your hard earned relationships with accounts.
6. How long has the Medical Distributorship been in business? Anyone can "start" a Medical Distributorship. However, many will not stay in business more than a year. Make sure you ask.
7. Does the Medical Distributorship have on going training and support? You should not assume that all Medical Distributorships offer daily sales support as well as ongoing product training and sales calls. Don't get stuck with no support or training. This should be available.
8. Does the Medical Distributorship have a Sales Portal that you can access for sales materials, account setup forms, account onboarding, and sales training materials? Having a Sales Port shows that the Medical Distributorship is invested in helping you be successful. Make sure the Medical Distributorship is earning their part of their commissions and bringing you value.
9. When and how will you be paid commissions? When can you expect to be paid? Paid by check, direct deposit, or wire transfer? Ask when the distributor gets paid and how soon you will get paid after they receive payment. Payment by check should always include tracking number. Direct deposit or wire transfer is faster and easier, and more professional. Don't forget to make sure you will get a FULL SALES COMMISSIONS REPORT. Some Medical Distributorships don't provide full sales reports which is also a red flag. 10. What is the Medical Distributorship's vetting process for companies and labs it works with? Does the Medical Distributorship have back up options for all product lines? An established and legitimate Medical Distributorship will have an answer for this question, and will have a thorough vetting process in place for all products it represents.
Before you put your trust in any Medical Distributorship, and bring products to YOUR hard earned relationships, ask questions don't just settle! If the Medical Distributorship Does not have answers, move on and find one that deserves your business. REMEMBER, you are bringing revenue to a Medical Distributorship. The Medical Distributorship should bring VALUE to you!
I hope this is helpful in your journey in finding a Medical Distributorship. This is a big decision, and your income and relationships are dependent on choosing a Medical Distributorship that provides value to help you be successful.