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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Laboratory Business Plan
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Fargo Medical Laboratories
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Fargo Medical Laboratories (FML) is a start-up company committed to providing the most convenient, friendliest blood testing service to the physicians of the Main Street Professional Building and the surrounding area. Fargo Medical Laboratories has been founded as a single member L.L.C. registered in North Dakota by Dave Gigsted. Fargo Medical Laboratories will quickly gain market share serving the Fargo medical community.
Objectives Fargo Medical Laboratories has established three significant objectives to pursue. The first is securing 60% of the physicians in the Main Street Professional Building as customers. The second objective is to develop 20% of their revenue from physicians who practice in the nearby vicinity. The third objective is the desire to reach profitability with 12 months. This is especially important since Fargo Medical Laboratories will be using bank debt would like to see a positive ROI fairly soon.
Market Fargo Medical Laboratories has identified two market segments they will serve. First is the large number of physicians that have a practice in the Main Street Professional Building, where Fargo Medical Laboratories will lease space. This customer segment has 128 potential customers with a growth rate of 3%. The second group is physicians that have medical practices in other nearby facilities. There are 115 potential customers in this segment with a 5% annual growth rate.
Services Fargo Medical Laboratories offers a comprehensive battery of blood tests for physician’s patients. Several tests will be done in-house including:
- CBC- A complete test of red blood cell count, white blood count, and a platelet count. Each of these three can be ordered individually if needed.
- Blood sugar test- Frequently requested for diabetics or possible diabetics.
- Electrolyte testing- For patients who are on diuretics and there is concern that they may be losing too many of their electrolytes.
- Creatine- Often used to check kidney functioning or to determine if there is heart or kidney problems.
Other types of blood analysis can be done with the specimen sent to a central lab for testing.
Management Fargo Medical Laboratories has been founded and will be led by Dave Gigsted. Dave received an undergraduate degree in small business management. After graduation Dave got his laboratory technician certification and went to work for a laboratory. He was eventually elevated to lab manager, staying with the lab for five years.
Dave then moved with his wife to Fargo where he worked for a year in a lab. Surveying the business environment with the thought of opening up his own blood laboratory, he recognized the great need for a lab in the Main Street Professional Building, and developed a plan and secured financing for the venture.
1.1 Objectives
- To gain 60% of the Professional Building’s blood testing work.
- Develop 20% of the revenues from offices outside the Professional Building.
- Reach profitability within 12 months.
1.2 Mission
It is Fargo Medical Laboratories’ mission to serve local physicians with fast, accurate, private, reasonably priced blood testing services. Fargo Medical Laboratories exists to exceed all of their customer’s expectations.
1.3 Keys to Success
- Lease space in the Main Street Professional Building, the location of our primary target market.
- Set up a strong contract with a large local laboratory to outsource the more difficult tests, ensuring fast service and good rates.
- Follow a strict regime of accounting controls to help ensure profitability.
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by lighthouselab | Apr 25, 2022 | Clinical Laboratory , Consulting Services , Industry Insights , Tips for New Lab Owners | 2 comments
One of the first steps you need to take to transform your ideas for a lab business into a functioning laboratory is to create a business plan. A business plan details your business’s objectives and how it will achieve its goals. Your business plan will help keep executive members focused on what’s good for the company and can help your business attract investments from external interests.
The document provides relevant marketing, financial, and operational information that explains how the business plans to achieve its goals. And just as your business changes and adapts, you will need to periodically revisit and revise your business plan to keep it current. Understand these key components of any successful laboratory business plan:
1. Executive Summary
Your executive summary should include the following:
- The mission statement: a short statement, either a single sentence or short paragraph, that describes the company’s purpose of existence.
- The business opportunity : describe the need or opportunity the market presents and how your business meets the need or opportunity.
- The target market: the customer base you’re targeting. You can define your target market by checking out the competition, analyzing your products and services, and choosing specific demographics to serve.
- The products and services: describe what your business offers and how these products and services appeal to your target market.
- The marketing and sales strategy: briefly outline your plans for marketing your products and services. How will you generate interest in your laboratory and convert that interest into actual sales?
- The competition: What businesses do you compete with? Why will customers choose to use your business rather than your competitors’?
- Financial analysis: summarize the financial plan, including projections for at least the next three years. These projected statements are often called pro-forma financial statements, or simply pro-formas. They include the overall budget, current and projected financing needs, a market analysis, and the company’s marketing strategy.
- Owners and staff : describe the owners, key staff members, and their relevant expertise.
- Implementation plan: outline the steps and schedule for taking your business from the planning stage to a functioning laboratory.
The executive summary provides a lot of information, but remember to keep it short—no more than two pages long. One of the easiest ways to write the summary is to complete sections of your business plan, then write a couple of sentences summarizing each section. When readers have completely read through the executive summary, they should understand what your business does, how it does it, and how it stands above the competition.
2. Products and Services
In this section of your business plan, clearly describe the products and services you offer, including pricing and unique features and benefits. Explain the demand for your products and services. If pertinent, include information about manufacturing processes, your company’s intellectual property, proprietary technology, and details about research and development.
Include a paragraph or two about how your lab will process and fulfill customer orders. Describe specialized equipment your lab needs to create and deliver products. You can also explain future products or services you plan to offer.
3. Market Analysis
Market analysis is a key component of any successful laboratory business plan . That’s because the healthcare landscape changes constantly, and the success of your laboratory depends on how well you understand the market. When writing your market analysis, include information on your target market, your competition, and potential changes in the industry that could impact your business. Describe the expected consumer demand for your lab’s products, as well as how easy or difficult it might be to grab market share.
When determining your target market, consider factors such as age, gender, location, and income level. Understand what needs or problems your target market has that your laboratory can solve.
Your competition includes any other businesses that are offering similar products or services to your target market. Research your competition carefully. Find out what they’re offering, how much they’re charging, and their strengths and weaknesses. Knowing this information can help you differentiate your own products and services and make your business stand out.
Finally, stay aware of any potential changes in the medical industry that could impact your laboratory business. These could include new regulations, technological advances, or changing demographics. Understanding these potential changes can help your business adapt and stay ahead of the competition.
4. Marketing Strategy
In the marketing strategy section of your business plan, you’ll describe how your laboratory will attract and keep customers. Explain your marketing campaign ideas and how you plan to deliver marketing messages.
Once again, it’s important for you to know your target market well so that you can develop a plan to reach them. You can implement your strategy with traditional marketing tactics like print ads, direct mailers, and radio advertising. Or you can use or include more modern marketing methods, like social media marketing and search engine optimization.
Your marketing strategy will contain your business’s value proposition. This proposition introduces your brand to consumers and explains why your company deserves their business. The marketing strategy should address the four Ps of marketing: product, price, place, and promotion.
5. Budget and Financial Planning
The financial plan, the final piece in your business plan, discusses potential costs and how to manage them. This section will include financial planning and future projections. Established businesses often include statements and balance sheets in this section. New businesses discuss financial targets, estimates, and potential investors for the first few years.
Include a pro-forma that projects future income and expenses. The main components of a pro-forma are:
- Revenue: Money you expect to bring in from patients, healthcare providers, and insurance companies. Don’t forget potential revenue sources such as government contracts.
- Expenses: The cost of supplies, equipment, staff salaries, infrastructure, leasehold improvements, and technology.
- Profit: The difference between revenue and expenses.
The pro-forma statement can help you obtain financing from lenders and investors. It can also help you plan for years in the future and anticipate changes as your business grows.
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We have built over 150 laboratories across the country. You can work with our team of experts from the initial consultation through the launch of your business. Contact us for a free consultation to get started!
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So in summary it teaches you how to establish a laboratory business and other related businesses. The laboratory business plan shows the step by step guide on how to start and to run a profitable LABORATORY .
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Product Description The Business plan for laboratory Business Plan is a comprehensive Business plan for laboratory that will assist you with all the needed ideas and plans to start a successful Business plan for laboratorybusiness. This Business plan for laboratory will also help you in raising capital from any bank or other investors for your new Business plan for laboratory.
Advantages of The Business plan for laboratory: The Business plan for laboratory is fully Updated with current research on how to start LABORATORY business One great advantage of this business plan for laboratory is that it does not only confined to administrative service, but can also be used as sample for any kind of related businesses.So in summary it teaches you how to establish a medical laboratory and other related businesses. The business plan for laboratory shows the step by step guide on how to start and to run a profitable LABORATORY.
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The business plan for laboratory is a 8 Chapter – of about 31 pages!
The business plan has a 3 years Automated Financial Plan. it has a Complete Industry Research on Business plan for laboratory
Business plan for laboratory
LABORATORY executive summary
LABORATORY company summary
LABORATORY products and services
LABORATORY market analysis
LABORATORY market segmentation
LABORATORY industry analysis
LABORATORY competition and buying patterns
LABORATORY strategy and implementation summary
LABORATORY swot analysis
LABORATORY marketing strategy
LABORATORY sales strategy
LABORATORY sales forecast
LABORATORY management summary
LABORATORY personnel plan
LABORATORY financial plan
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- Science Information Website Company Business Plan
Science Information Website Company
BUSINESS PLAN E-SCIENCE TECHNOLOGIES, INC.
5621 Gateway Road Boston, Massachusetts 02215
e-Science Technologies, Inc., was founded in late 1999 by a unique team of leading scientists and former Wall Street and Internet executives. The company's objective is to establish its e-Science.net website as the most trusted and comprehensive source of scientific information and services on the Internet for the physical and life sciences, and the impact of science on society.
EXECUTIVE SUMMARY
Investment highlights, risk factors, the competitive environment, the website, operating strategy, revenue opportunities, organization & management, present opportunity, introduction and overview.
The company's Business Plan is to leverage the power and reach of the Internet to allow individuals, educators, and representatives of private, public, and not-for-profit organizations anywhere in the world to have access to:
- A full range of online scientific information, including news and live webcasts of major scientific events and breakthroughs in Galileo's Tower™
- An online laboratory for conducting experiments, called Virtual Lab™ 1.0
- Monthly commentary and articles from highly regarded professors representing the world's greatest educational institutions
- A monthly scientific competition for high school students, where a full or partial college scholarship will be awarded to each month's winner
- Real-time chat forums in Newton's World™ with leading scientists in a variety of scientific fields, including physics, biology, and chemistry
The e-Science.net website will offer both free and subscription-based editorial content and related services. The site's home page will offer a gateway to different levels of editorial content and services segmented by user (e.g., elementary and high school students, adult lay people with an interest in science, and professional scientists and academicians).
The company expects the majority of its paid subscribers to be professional scientists and academicians. In addition to having access to free Basic Content provided to general site visitors, subscribers will have access to Premium Content, private discussion forums and exchanges, and other special features. E-Science.net's Basic and Premium Content will include original articles created by staff writers, features contributed under contract by renowned international scholars and scientists affiliated with the company, and licensed features from third parties.
In addition to generating subscription revenues from visitors that are paid subscribers, e-Science.net will generate significant advertising revenues from companies that want to reach its targeted and specialized community of amateur and professional scientists. Such firms include manufacturers and distributors of science-related products and scientific organizations, as well as traditional consumer products and durable goods manufacturers, retailers, and other online firms. Additional revenues will be earned by facilitating e-commerce transactions with producers and distributors of scientific products and services, offering online tutoring services, and selling e-Science™ branded software.
In August 2000, e-Science Technologies, Inc., was spun off from Net Wide Holdings, Inc. ("NHI"), a Delaware corporation which is an incubator of Internet companies. Besides e-Science.net, NHI has also developed a comprehensive business plan for quote-right.com, a website dedicated to providing financial and investment content to online investors.
Business Strategy
The e-Science.net business strategy incorporates in the short term the objectives highlighted below. The company believes that meeting these principal objectives will enable e-Science.net to establish itself as the preeminent online destination for amateur and professional scientists, as well as those with a casual interest in science.
Principal Short-Term Objectives
- Offer users a unique and broad range of scientific features and tools in a single integrated, easy-to-access website.
- Expand the set of existing online scientific communities by allowing site visitors with similar science-related experience to exchange information and gather news and knowledge in a compelling new environment.
- Establish and promote the e-Science.net brand name so that online consumers equate the company with top editorial content, knowledgeable scientists, and a broad range of intellectually rich and fun online experiments.
- Compile and provide to advertisers meaningful demographic data on website visitors.
- Structure alliances with a broad range of science-related vendors to facilitate e-commerce transactions.
- Promote the world's first online laboratory, Virtual Lab™ 1.0, for users of all ages and levels of scientific knowledge.
Corporate Development
In order to achieve its objectives, e-Science.net has undertaken several key development initiatives. Specifically, the company has completed significant market research leading to the creation of this Business Plan: recruited a diversified group of top scientists as advisors, identified key prospective strategic partners, and begun to interview candidates for senior management. Moreover, the company has developed the design for the first generation of its website, including the online laboratory Virtual Lab™ 1.0, and is planning for a "soft" launch of e-Science.net in October 2001.
During the autumn of 2000, the company will seek its first round of outside financing to fund its next growth stage, with a full-scale launch of the e-Science.net website planned for January 2001.
Present Opportunity
e-Science.net is ideally positioned to establish itself as the leader in a valuable online market niche. The company believes that there are no direct competitors, and that other participants in the online market oriented toward people with an interest in science tend to be limited in terms of scope, and focused on a more a narrow audience.
In contrast, e-Science.net offers compelling editorial content and interactive features to a wide array of science-minded individuals, including both amateurs and professionals, from children to adults. The centerpiece of the e-Science.net website is its innovative online laboratory. This multimedia learning application, known as Virtual Lab™ 1.0, offers visitors to e-Science.net the opportunity to perform interesting online experiments as if they were in an actual laboratory, mixing ingredients, changing temperatures, and witnessing the outcome in real time.
In addition to its editorial content and Virtual Lab™ 1.0, e-Science.net offers many other rewarding features, including special discussion forums, science clubs, and scientific competitions for high school students, all intended to create a profound sense of community among its visitors. The company is confident that the community feeling inspired by e-Science.net will attract repeat visitors and enhance its ability to establish itself as the premier online destination for general science.
Opportunity to Establish Leading Position in Major Market Segment
The company believes that it is poised to establish a leading position in the market for general online science information and products. e-Science.net does not believe that there are directly comparable websites currently in operation today that provide the breadth of information and innovation that it will provide to online amateur and professional scientists, as well as those with a casual interest in science.
Innovative Operating Strategy
The company's innovative business model will serve to differentiate it from the competition and achieve its desired market share and revenue targets. Key features of e-Science.net business model include the following three elements:
1. Broad Target Audience In contrast to other more narrowly focused science-related sites, e-Science.net will offer content and features appealing to a broad spectrum of consumers, from those with a casual interest in science to industry professionals. The company estimates that the size of its target online audience is roughly 32 million people in the U.S. alone. 2. Virtual Lab™ 1.0 The centerpiece of the e-Science.net website is its innovative online laboratory. This multimedia learning application, known as Virtual Lab™ 1.0, offers visitors to e-Science.net the opportunity to perform interesting online experiments as if they were in an actual laboratory, mixing ingredients, changing temperatures, and witnessing the outcome in real time. 3. Strategic Approach to Editorial Content The company's approach to editorial content is based on providing an enriching breadth of information on science to online visitors. Key content features include: 1. Galileo's Tower™, which will feature scientific news and live webcasts of major scientific events and breakthroughs, and 2. a college- and university-led monthly commentary section with contributions from highly regarded professors at the world's greatest educational institutions. The company expects that featured content will be debated in a lively fashion in real-time chat forums in its Newton's World™.
Leading International Scientific Team
The company's team of scientific advisors, led by Dr. William Newton, Chief Scientist, is composed of a handful of scientists that are world leaders in their field of specialization. This team includes specialists in robotics, biomechanics, engineering mechanics, medicine, psychiatry, environmental studies, and scientific education.
Development of e-Science.net Organization and Website
The company's growth is dependent upon the successful development of its organization and website. e-Science.net has been formed to execute the concept outlined within its Business Plan and as yet has no significant operating history. While the company's first generation website has already been created, further development of editorial content, features, and technology will be required to achieve the company's long-term objectives.
Management of Growth
Subject to the completion of the company's private placement in the autumn of 2000, e-Science.net expects its business to grow rapidly during the remainder of 2000 and in future years. This growth will require a commitment to a substantial marketing plan and an ongoing hiring program, among other things. Rapid growth may place a strain on the company's management, resources and operations. Accordingly, failure to properly manage this growth could have a material adverse effect on the company's business.
Capital Requirements
The company will rely heavily upon its planned autumn 2000 private placement to fund its post-launch period. While the company believes that the amount of capital it plans to raise during this period will be sufficient for the following twelve months of operation, it is possible that additional outside funding will be required to continue operations. If such financing is not available on commercially acceptable terms, e-Science.net may be unable to take advantage of planned business opportunities, which could have a material adverse effect on its business.
Competition with Established Off-line Publications and New Market Entrants
Although the company is confident in its business model, e-Science.net could face intense competition from newly introduced websites in the future and from science-oriented publications with whom consumers may be more immediately familiar. The company's failure to establish a strong market presence early in its development could adversely affect its ability to consummate its planned growth objectives.
Government Regulation
e-Science.net is subject to government regulation applicable to businesses generally, and to businesses that offer information or services online. Although there are currently few laws and regulations governing Internet-based commerce, it is possible that such laws or regulations may be implemented in the future. These laws and regulations may include issues such as copyright, privacy, piracy, and taxation of goods and services distributed via the Internet. The company cannot anticipate the effect that future laws or regulations may have on e-Science.net.
Liability for Content
As a publisher of licensed and original editorial content, the company is not immune from claims relating to defamation, negligence, copyright, and patent or trademark infringement. Such claims, if lodged against e-Science.net and prosecuted successfully, could have a material adverse effect on its business.
Overview of Internet Usage Trends
During the last five years, the Internet has become a formidable alternative to traditional media. Never before have consumers been able to seek information, communicate with one another, and execute commercial transactions so quickly and easily. According to a recent study, the number of worldwide web users is expected to grow from approximately 100 million in 1998 to approximately 320 million by 2002. The proliferation of the Internet as a research and commercial tool will make traditional methods of communication almost obsolete, and will further break down national boundaries in the communication and research domain. The accessibility and expanse of the Internet provides a true "marketplace of ideas."
It is not an overstatement to say that the growth of Internet usage across the world was the single most important technological change of the late twentieth century, resulting in business models with vastly lower costs for products and services and significant benefits to all participants. In November 1998, Forrester Research, a Cambridge, Massachusetts-based technology-oriented consultancy, estimated that there was $43.1 billion in commerce conducted over the Internet in 1998, that there would be $109.3 billion in commerce in 1999, and $1.3 trillion in Internet commerce in 2003.
In this setting, not only is the number of new users increasingly rapidly, as well as the sale of goods and services, but the amount of time spent by users of the Internet online has increased significantly as well. In June 1999, Media Metrix estimated that the average hours spent per person per month on the Internet increased by 43.8 percent from May 1998 to May 1999, growing from 5.3 to 7.6 hours per month. More recently, Neilsen/NetRatings estimated that the average time spent online by Internet users was 8.3 hours in December 1999.
As the number of online users has grown dramatically, along with average time spent online, the Internet has become an increasingly attractive medium for niche advertising. Among other attributes, online advertising offers targetability, interactivity, and measurability with precision and timeliness not available in traditional media. For this reason, U.S. advertising via the Internet is forecast by Forrester Research to increase from an estimated $1.3 billion in 1998 to $10.5 billion in 2003.
Moreover, as the Internet continues to evolve, and consumers become aware of websites with compelling new ideas, the market remains extremely receptive to innovative concepts. According to Media Metrix, iwon.net, a sweepstakes website launched in late 1999, had 6.9 million unique visitors in March 2000, a site that didn't exist in March of the previous year, but quickly became a leading website.
The e-Science.net Target Audience
The company believes that its website will appeal to a wide audience, including professional scientists and academicians, science students and "armchair scientists" alike. In assessing the size of its target audience, the company has made certain assumptions profiled below about Internet penetration rates for its various constituencies. In summary, the company believes that e-Science.net's target market in the U.S. alone currently consists of roughly 32 million online users. As Internet usage rates continue to grow, the company expects its total target audience size to grow as well, particularly among students and adult hobbyists. The size of each of the various market segments identified by the company is profiled below:
Projected Market Size for e-Science.net (U.S.)
The Competitive Environment
According to a recent poll conducted by Popular Science , 60 percent of individuals who use the Internet have searched for science-related information online. Furthermore, the poll shows that 70 percent of people searching for science information online believe the Internet empowers them by providing them with information they are seeking in a timely, efficient, and convenient manner.
e-Science.net intends to establish itself as the dominant participant in the field of science and discovery over the Internet. The current competition in this industry is largely unnoticed by consumers, with very few if any standout websites able to be cited by consumers by name without prompting. The company believes that most science-related websites are restricted to one discrete topic or field and tend to be comprised mostly of static, mundane articles, with little chance for interactivity. Many sites are also geared towards a specific target audience, often not lay people, and tend to be affiliated with a sponsoring organization, such as a science association or think tank.
In terms of sales of educational products, the Software and Information Industry Association recently estimated that educational software for curricular uses approximated $800 million in total U.S. sales, and that other educational software not specifically tied to school curricula accounted for roughly another $1.0 billion in total U.S. sales.
The wide range of fields and topics covered by e-Science.net offers vivid evidence of its scope and diversity. e-Science.net will provide core research and comprehensive information pertaining to the physical and life sciences, as well as the effect of science on society, in a well-organized, logical website.
Website Organization
An overview of how the website will be organized is as follows:
The e-Science.net website will be segmented in such a manner that it appeals to a broad spectrum of individuals and organizations who are interested in science. The multidimensional design enables the company to perform the following functions for users of its site:
- Guide visitors to specific areas of interest
- Educate visitors about particular scientific issues
- Help visitors assess their individual science information needs
- Initiate action through interactive messaging
- Provide ongoing support through a personalized action plan
Website Features
Science news.
The e-Science.net Science News center will offer a wide variety of scientific information designed to appeal to all scientists, from the novice to the most expert. Galileo's Tower™ will provide the latest information ranging from cutting edge scientific papers to live webcasts of significant scientific events, such as space shuttle launches and landings.
Virtual Lab™ 1.0
The company believes that its multimedia learning laboratory, Virtual Lab™ 1.0, will be unrivaled in the industry for the foreseeable future. In order to develop Virtual Lab™ 1.0, the company has dedicated considerable resources to employ a team of programmers and technicians over the past six months dedicated to this project alone.
Virtual Lab™ 1.0, which will be available initially in five different languages, has been designed to simulate real life laboratory testing conditions in an online environment. For example, a visitor to the website will be able to "mix" different compounds and molecules into a beaker or other container, apply heat, light, or electricity, and see the results in real time.
Virtual Lab™ 1.0 has been designed to appeal to many different categories of users, from novices to experts, providing an extremely useful and enjoyable online experience. Experiments will be grouped according to scientific category and level of difficulty. Some examples of possible experiments using Virtual Lab™ 1.0 include the following:
Chemistry: "What do you get when Argon and Nitrogen mix?" Biology: "Genetic Outcomes" Physics: "The Behavior of Light Rays: Everett's 'Many Worlds' Interpretation of Quantum Mechanics" Psychology: "How Facial Expressions Affect Mood"
In addition to its online applications, the company has designed Virtual Lab™ 1.0 software for conducting experiments off-line as well. The company will charge individual consumers a $39.00 fee to download Virtual Lab™ 1.0 from e-Science.net. In addition, the company intends to license Virtual Lab™ 1.0 for worldwide distribution to schools and other appropriate end-users. This feature promises to provide tremendous traffic to the company's website, along with substantial interest from commercial sponsors. At present, the company plans to offer new releases of Virtual Lab™ once or twice per year for the foreseeable future.
Newton's World™
The company plans to schedule a live chat every evening on different topics of interest, with e-Science.net's paid subscribers interacting directly with the company's affiliated scientists. Weekly chat schedules and topics will be determined and announced in advance, allowing for maximum participation and ensuring quality in dialogue.
This website feature will create an interactive and personal element that is expected to stimulate recurring traffic. Initially, this feature will follow a "question and answer" format. In addition, as mentioned earlier, the company intends to facilitate private or restricted online conferences and consultations among qualified members. (A sample schedule of topics appears in the appendix.) The company will also allow subscribers to apply for "Expert Scientist" status, which will enable them to host conferences and submit papers, research, and otherwise participate at a higher level on the website when appropriate. Finally, e-Science.net will also organize an Interactive Collegiate Forum with several national universities under the aegis of Newton's World™ to discuss science-related matters.
Specialized Science Clubs
To foster a community feeling and to encourage active and consistent online participation, e-Science.net will form several virtual clubs for its visitors. The clubs will be organized according to the category of visitors (e.g., younger kids, science students, and adults). Clubs that will be introduced include the following:
e-Science ™ Future Scientist Club —This club's objective is to encourage a life-long love of science among elementary school children. It will include online science competitions, information on science camps, specialized subgroups (e.g., Future Chemist Club), online science quizzes and other special features geared towards the young scientist. e-Science ™ Science Student Club —This club will focus on secondary school and university science students and will include online competitions, specialized subgroups (e.g., Physics Students Club), chat rooms, information on leading science universities and science programs, information on careers in science, forums to submit ideas to Newton's World™, science quizzes, and other special features geared toward the serious science student.
E-Commerce Links
The company will create links to a variety of manufacturers and distributors of science-related materials, including books, equipment, and supplies.
Emphasis on Innovative, Comprehensive Scientific Content
e-Science.net offers users a unique and broad range of scientific features and tools in a single integrated, easy-to-access website. Editorial content will cover key areas of science, including physics, chemistry, astronomy, the biological sciences, and the impact of science on society. The company is dedicated to updating its content, product, and service offerings continuously in order to meet the ever-changing and growing demand for online science information.
One of the key features offered at e-Science.net will be the company's online laboratory Virtual Lab™ 1.0, which will allow users to mix ingredients, add heat, light, and electricity, and conduct online experiments in real time. The company is also committed to offering other interactive features which will enhance and personalize the visitor's online science experience.
By emphasizing its comprehensive, innovative content, the company believes that it can establish a reputation as the preeminent online destination for amateur and professional scientists, as well as those with a casual interest in science.
Broad Scientific Community Approach
As discussed above, unlike other websites which emphasize only one specialty or topic, e-Science.net will offer content covering a wide range of scientific topics. This will attract the science community at large to the website, greatly enhancing its community appeal. This will also serve to expand the set of existing online scientific communities by allowing site visitors with similar science-related experience to exchange information and gather news and knowledge in a compelling new environment.
Compelling Adjunct Services
e-Science.net's website traffic will be largely driven by its exceptional scientific content. However, the company will offer many adjunct services to its visitors and subscribers which will not only enhance the user's experience on the e-Science.net website, but which will also provide additional revenue streams to the company. For example, the company will structure alliances with a range of science-related vendors to facilitate e-commerce transactions and will offer online tutoring services in selected scientific fields as well.
Aggressive Marketing
Key to the company's operating strategy is its emphasis on establishing e-Science.net as the most trusted and respected name in scientific consultation and services on the Internet. The company believes that the e-Science.net concept will have broad domestic and international appeal, enhanced by the ubiquitous nature of the Internet. Accordingly, the company has adopted a marketing and public relations strategy with the objective of establishing rapid market penetration and a dominant brand identity.
Advertising
Advertising will be the cornerstone of e-Science.net's marketing program and will include online and off-line initiatives. The company believes that "click-through" banner advertising will constitute a key means of driving traffic to its website. In order to attract first-time users to e-Science.net, the company plans to engage in extensive banner advertising on strategic websites that appeal to its target audience. Depending on the source, the company can use banner advertisements to direct users to the e-Science.net home page or to a specific page containing topical information. The company also intends to utilize general off-line advertising through more conventional media. Some off-line outlets under consideration include print advertising (such as Popular Science and Scientific American ), and radio and television advertisements which would air in conjunction with science-oriented programming.
Affiliate Relations
Co-marketing campaigns are a significant part of the company's plan to drive traffic to the e-Science.net website. e-Science.net has identified selected colleges and universities that have moderate to large-scale science programs as well as governmental and non-governmental (NGO) science organizations that the company believes would make strong strategic partners. In some cases, the company expects to have access to these organization's mailing lists and the ability to distribute brochures at the point-of-presence about e-Science.net. (Where appropriate, the company may participate in fundraising or other forms of support for not-for-profit or educational programs for the advancement of science and scientific causes.)
Public Relations
Because the "Newton" name is one of the most respected and recognized names in the scientific world, the company believes that Dr. William Newton is in a unique position to raise consumer knowledge of scientific issues and increase awareness of the company. e-Science.net intends to leverage Dr. Newton's reputation to spread the company's message of empowering consumers and science professionals alike with information and services of significant interest. Moreover, Dr. Newton and other company scientists will conduct presentations at relevant scientific conferences and publish articles in topical trade journals, supported by an effective public relations firm responsible for promoting e-Science.net.
Introduction
The company's revenues will be derived primarily through advertising sales, subscription revenues, e-commerce transactions, including sales of e-Science™ branded software, and online tutoring services.
Advertising Revenues
As e-Science.net launches its innovative scientific information and experimentation website, the company believes that advertisers and merchants will have a strong interest in gaining access to its visitors. The company believes that its website will be visited by users receptive to the products being advertised by scientific magazines, educational sites, and medical suppliers, as well as traditional consumer products and durable goods manufacturers, and selected retailers.
Because e-Science.net is a unique concept, there is no comparable website to provide direct comparisons for advertising rates. Taking into account the average rates for Internet advertising, the company plans to charge approximately $40.00 per CPM (cost per thousand impressions) for banner ads in the Basic Content area, and a higher rate for banner ads in the Premium Content area accessible only to paid subscribers.
The company believes it will be able to generate two million visitors per month within (fill in number) months of full launch. (By comparison, according to Media Matrix, a leading Internet traffic monitoring company, Ivillage.net, a website geared toward women, generated 6.7 million unique visitors in May 2000, while On Health.net generated 5.2 million unique visitors. Other leading portal sites such as America Online routinely generate over 30 million unique visitors per month, including non-subscribers.)
Subscription Revenues
The company believes that it will successfully convert roughly 10 percent of visitors to its website to paid subscribers. At a monthly subscription fee of $19.95, when the company obtains 2 million unique visitors per month, with 200,000 as paying subscribers, monthly subscription revenues will be $4 million.
E-Commerce Revenues
e-Science.net will establish e-commerce relationships with educational and scientific product manufacturers and retailers. Through these arrangements, visitors to e-Science.net will be afforded access, via direct links, to a large assortment of consumable and durable products, including chemical compounds, beakers, science kits, and measuring devices, among others. For all sales originating via the e-Science.net website, the company will collect a transaction fee from affiliated vendors that is equivalent to a fixed percentage of the product value.
Software Sales
The company will offer proprietary, branded e-Science™ software for sale on its website. Although the company's online laboratory Virtual Lab™ 1.0 will be available to most visitors for free online, selected experiments may be conducted by visitors and subscribers off-line by downloading e-Science™ software for these experiments and associated "virtual ingredients." The company intends to commence development and licensing of e-Science™ software associated with Virtual Lab™ 1.0 before beginning development of other kinds of science-related software. In addition to marketing this software online, it will also be marketed directly to elementary and secondary schools.
Online Tutoring
The company will offer online tutoring services geared towards the estimated 18.1 million online elementary and secondary school science students in the U.S. Tutoring fees will be charged on an hourly basis, at an approximate rate of $45.00 per hour.
e-Science.net will be led by Dr. Willaim P. Newton. In addition to Dr. Newton, the company has a distinguished group of scientific advisors, and has begun to recruit members of its senior management team. Profiles of these key individuals are provided below.
Jason Lin, Ph.D., PE, Senior Scientific Advisor. Dr. Jason Lin received his Master's of Science degree from the University of California at Berkeley in 1961 and worked closely with Dr. A. H. Einstein, the son of legendary scientist Albert Einstein. He received his Bachelor of Science degree from Cheng-Kung University and his Ph.D. from Colorado State University in 1966. Dr. Lin performed post doctoral work in Classical Physiology and Medical Instructions at Baylor College of Medicine from 1966 to 1969. Dr. Lin has taught Biomechanics, CV Flow Dynamics, Biofluid Mechanics, and has researched CV Dynamics, Hemorheology, Cardiovascular Prostheses, and Circulatory Assists. Lin has had scientific papers published in many major scholarly journals. Dr. Lin currently is associated with the University of Miami as a James L. Knight Professor, the University of Nanyang Technological, Singapore as Eminent Professor of Biomedical Engineering, and has been the Herff Chair of Excellence Professor of Biomedical Engineering at Memphis State University. Dr. Lin was granted Visiting Professor status at the Julius Silver Institute of Biomedical Sciences, Department of Biomedical Engineering, Israel Institute of Technology, Haifa, Israel, and has an association with the following educational institutions: the University of Houston, Baylor College of Medicine, King's College Medical School, and the University of London. Taking a very active role in the medical and scientific communities, Dr. Lin is currently a Director with the National Science Foundation Industry, a member of the Surgery and Bioengineering Study Section, National Institute of Heart, Lung, and Blood, and is on the Scientific Review Board for the Medical Research Council of Canada. In addition, Dr. Lin is currently on the Editorial Board of Transaction American Society of Internal Artificial Organs and Asian Cardiovascular and Thoracic Surgery Annals, and has served as Chairperson of the following causes: Ad Hoc Committee, Surgery and Bioengineering, Omnicath Corporation, Board of Scientific Advisors, AV Healing, and Board of Scientific Advisors, Cardiotech International. Throughout his career, Dr. Lin has consulted for many organizations and companies, such as the U.S. Food and Drug Administration, the National Institutes of Health, St. Jude Medical Center, Baxter Edwards Laboratories, the World Heart Corporation, Autogenics Europe Ltd, and Beckman-Coulter, among others. Dr. Lin is involved with the following professional societies: Founding Fellow of American Institute for Medical and Biological Engineers, Fellow of ASME, Senior Member of American Society of Biomedical Engineer, and a Member of the American Society of Artificial Internal, International Society of Biorheology, and Sigma Xi. Having received numerous awards and honors throughout his career Dr. Lin is the owner of several patents such as the Prosthetic Heart Valve, the Low Turbulence Heart Valve, and the Helicofoil Pump. William Knaught, Ph.D., Senior Scientific Advisor. Professor Knaught currently teaches Engineering Mechanics at the University of Wisconsin-Milwaukee. He has taught and performed research at various schools in the United States, including the California Institute of Technology and Northwestern University. Dr. Knaught has also worked abroad in England, Poland, Germany, Russia, Italy, Yugoslavia, and China. In 1970 he worked as a Distinguished Visiting Scholar in the Department of Applied Mathematics and Theoretical Physics at the University of Cambridge, United Kingdom. His research has been sponsored by the British Science Council, NATO, NASA, the National Science Foundation, the Office of Naval Research, the National Academy of Sciences, and the National Institute of Standards and Technology. In 1991, Dr. Knaught was appointed a Fulbright Scholar, and in 1992, he received the Lady Davies Scholarship from the government of Israel. He is a member of the Sigma Xi Research Society and the American Academy of Mechanics, an Associate Member of the Cambridge Philosophical Society in the United Kingdom, and a life member of the New York Academy of Sciences. Dr. Knaught is one of the co-founders and a co-chairman of the International Conference and Research Workshops on Mesomechanics, which convenes every two years in order to merge interdisciplinary research of a high technology nature involving Physics, Mechanics, and Materials Science. He has been selected an ASEE/NASA Summer Faculty member twice, once in 1996 at the Johnson Space Center-NASA White Sands Test Facility in New Mexico, and again in 1998 at the California Institute of Technology/ Jet Propulsion Laboratory in Pasadena, California. Since 1987, Dr. Knaught has served as President of Panslavia-International Research Institute, Inc., which assists multinational partners in trade, science, and technology transfer with particular emphasis on global problems of ecology and medical research and development. Disorado M. Rhadi, M.D., Senior Medical Advisor. Since 1995, Dr. Rhadi has been a Board Certified Pediatrician, following his education which began in 1985 at the Aga Khan University in Pakistan. His duties as a practicing physician have taken him all over the world, where he has gained medical privileges at Rio Grande Regional Medical Center, Edinburg Regional Medical Center, and McAllen Medical Center. His practicing experience in the United States has taken him to Cook County Children's Hospital in Chicago, the University of Illinois Hospital, and Brookdale Hospital Medical Center in Brooklyn, New York. Kenneth Y. Fraffel, M.A.T., Senior Scientific Advisor. Dedicating his life to teaching, with highlights in Chemistry, Physics, and Earth Science, Mr. Fraffel earned a Bachelor of Science degree in Chemistry from the University of Massachusetts. He went on to earn his Master of Arts in Teaching in Chemistry from Bridgewater College. Having recently retired after teaching for 28 years, Mr. Fraffel is a private investor. Rey S. Luttin, M.D., Senior Medical Advisor. With his education starting in 1978, Dr. Luttin's specialty is Child and Adolescent Psychiatry. Dr. Luttin completed his Internship and Residency at the University of Missouri, Columbia, in 1987, and a post-residency Fellowship in 1989. His association with several hospitals include Madison Center Hospital, Charter Hospital, and Memorial of South Bend. In his private practice he treats adults, adolescents, and children, networking with local mental health agencies. Having been a leader in his area for more than 10 years, he works closely with social workers, teachers, mental health workers, psychologists, and community organizations. Namir C. Wassan, Ph.D., Senior Scientific Advisor. Dr. Wassan is associated with the Ministry of Higher Education, King Fahd University of Petroleum and Minerals. In this capacity, he is very much involved in environmental related research, particularly, the engineering aspects. Dr. Wassan will share his works with the company on the many research projects in which he has participated.
The company is currently recruiting key executives for the following positions to round out its management team:
- President and CEO: Responsible for implementing the company's comprehensive business strategy on a day-to-day basis, establishing key objectives in connection with this Business Plan, and overseeing key department heads.
- Vice President, Business Development: Responsible for creating and implementing the company's worldwide strategic partnerships.
- Chief Financial Officer: Responsible for financial planning, financial reporting, financial forecasting, treasury functions and tax planning, and compliance.
- Chief Technology Officer: Responsible for website planning and development, continued functionality, feature enhancements, and maintenance.
- Vice President of Marketing: Responsible for the external promotion of the company, the creation and implementation of the company's marketing strategy, the development of affiliate relations programs, and the development and implementation of the company's publicity efforts.
- Editor-in-Chief: Oversee responsibilities for website content, including both original and licensed content, quality control, and related activities.
- Director of Research: Responsible for managing and monitoring research activities, particularly relating to content.
- Director of Advertising Sales: Responsible for generating advertising revenues.
Other key positions to be filled include Research Assistants (specializing in various scientific fields), Science Reporters (to cover science news and produce news-based content for the website), Features Managers (to manage specific website features, such as the science clubs and Virtual Lab™ 1.0), Software Developers (to develop and license e-Science™ software), Advertising Salespeople (to assist in sales of banner, button, and sponsorship advertising), technology support staff such as Programmers and Website Support Managers, and other administrative support personnel.
e-Science.net is poised to become a leading destination for online science information and experimentation. The innovative e-Science.net format creates a multi-tiered, multi-subject forum for the exchange of ideas and information pertaining to the physical and life sciences, and the impact of science on society. Access to content on e-Science.net will be stratified in such a way that the site is expected to appeal to amateur and professional scientists alike, from children to adults.
The company's business model will enable it to generate revenues from several diverse sources, including advertising sales, subscriptions, e-commerce, and other special online services. e-Science.net's operating strategy encompasses building brand awareness, attracting strong visitor traffic, creating incentives for casual visitors to become repeat visitors and to subscribe to the company's special services, and creating a community of end-users which is not only self-supporting but also attractive to prospective advertisers and marketing partners. The company believes that there are no science-oriented websites with a similar format and that the competitive field is extremely limited. Furthermore, e-Science.net is being developed by a strong team of Internet entrepreneurs and world-renowned scientists.
In addition to developing its business strategy and assembling its advisory team, the company is presently completing its first generation website and has laid the foundation for its planned growth. In order to achieve its objectives, e-Science.net will seek to raise $X.0 million in equity financing during the autumn of 2000. Proceeds of this financing will be used to develop the second generation of the e-Science.net website, to hire key management and other support personnel, and to commence implementation of the company's sales and marketing initiatives. Subject to financing, the company is preparing for a full launch of the e-Science.net website in January 2001.
In summary, the company is confident in its ability to establish a leading general science website, supported by renowned company scientists in touch with consumer desires and knowledgeable about the Internet. With the energy and commitment of its founding development team, e-Science.net intends to press its competitive advantage in order to redefine the standards by which science-related websites are evaluated.
Sample Schedule of Website Discussion Topics
Dr. newton's weekly live chat symposium plan.
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Medical Laboratory Business Plan
NOV.19, 2020
Medical Laboratory Business Plan for starting your own research center
Medical laboratories have always been in demand due to the continuous rise in population. If you are a person who wants to earn recognition in the medical and healthcare business, you must go for opening a medical laboratory. It will not only allow you to earn large sums of money but also to help the elderly and ill in diagnosing the problems with them.
To give an idea of what will be the financial, human resource and other requirements for starting a medical lab, we are providing here a business plan for a medical laboratory. This sample business plan written for the startup, MediChecks will cover all the aspects about how to start a medical laboratory.
Executive Summary
2.1 the business.
MediChecks will be a licensed and certified medical laboratory in Houston. The laboratory owned by Vanessa Smith will conduct wellness checkups, testing for various health conditions, and vaccinations.
If you are wondering how to start your own medical laboratory then keep reading this business plan . You can also get a guide on starting a medical laboratory business pdf format from this site.
2.2 Management of Medical Laboratory
Before you start a laboratory business you must ensure that you possess an excellent management structure.
MediChecks will be hiring a procurement manager, HR manager, and general manager for ensuring the long-term smooth running of the business. The managers will be provided a workforce for performing their respective tasks such as acquiring medical and chemical equipment, hiring the best-suited employees, and administering day-to-day cases.
2.3 Customers of Medical Laboratory
Though our customers will comprise of people of all ages, we expect the elderly to visit us more. Considering that senior people need attention, care, and consideration, we aim at making special arrangements for them.
2.4 Business Target
Our target is to become the most renowned medical lab facility in our hometown. Moreover, we aim at building long-lasting relations with our customers and earning profits by serving them.
Company Summary
3.1 company owner.
Vanessa Smith is a graduate of Baylor College of Medicine located in Houston. She has secured a degree in MBBS and has worked at Kindred Hospital Houston Medical Center for two years.
During the years of her service as a doctor, Smith gained experience in handling patients and managing her staff.
3.2 Why the medical laboratory is being started
Smith always wanted to be an entrepreneur in the medical domain. She had been exploring the options for initiating a startup even when she was a university student.
After years of service, she decided to open up a medical laboratory. She decided to do so as the medical laboratory was relatively easier to operate, unlike clinics that needed to be opened 24/7.
In this sample business plan for a medical laboratory we have explained how Smith successfully started and run her business. It can serve as an example for you if you are looking for the best medical business plan template to follow for your own startup.
3.3 How the medical laboratory will be started
Since Smith was a medical graduate, she hired a professional business advisor to write her a business plan for a medical laboratory. After getting a detailed laboratory business plan Smith decided to first hire the managers so that she could have an experienced guide for acquiring the right equipment and staffing the right people.
The second step was seeking the services of an advertising manager who was responsible for also carrying out the company’s campaign on social media. With his advice, Smith hired an IT worker to make sure the company was retaining a perfect website and database system.
For the setup, Smith rented a large ground floor shop and converted it into a medical facility after required renovations. The medical machinery was installed and seating arrangement for patients, doctors, and workers was established.
Before starting your own research lab you must decide which services you would be providing. When you have a clear knowledge about what you will have to do, you can make the right decisions.
Besides, medical machinery is very expensive so you need to have a defined plan of your offered services as the purchases will be made accordingly.
In this laboratory development plan sample we have listed the services offered by MediChecks in their initial phase.
· Wellness Checkups
Regular checkups are an absolute necessity if you want to prevent diseases and chronic illnesses. To help adults as well as kids in diagnosing the conditions with them, we will conduct medical checkups.
Our package will include vision and hearing tests, urinalysis, hemoglobin test, ECG, renal and abdomen checks, and a blood pressure check.
· Clinical Laboratory Services
We will offer all sorts of blood tests, cholesterol tests, urinalysis tests, spinal fluid analysis, immunology and allergy tests, liver function tests, and thyroid tests.
· Radiology Services
In the beginning, we will offer X-ray, ECG, and ultrasound facilities. However, within a year, we expect to also include MRI in our radiology services.
· Disease Checks And Vaccination
We will offer diagnostics checks for various illnesses such as coronavirus, dengue, etc. Moreover, we will also provide immunology and vaccination services for children.
Marketing Analysis of Medical Laboratory Business
Like every other business, a laboratory startup also requires a detailed analysis of the target market. Before launching your diagnostic laboratory business you have to understand your market dynamics and your target customers.
Understanding the market before drafting your medical laboratory business plan is very important as it enables you to make timely and right decisions.
If you are looking for how to start a medical laboratory or how to create an effective marketing plan, you can take help from here. In this guide on starting a medical laboratory business pdf we have provided the detailed marketing analysis done by MediChecks.
5.1 Market Trends
Medical and diagnostics laboratories are in demand these days. The reasons include a constant rise in population and an unexpected surge in coronavirus cases. Citizens have started caring about their wellbeing more than ever as they realize that any underlying health conditions can make them susceptible to COVID-19.
According to IBISWorld, nearly 27,000 diagnostic labs are running in the US in 2020. The number is expected to increase more. Statista forecasts a revenue generation of $54.7 billion by 2024 by all the medical labs in the US. All the facts suggest that it is the right time to invest in this business.
5.2 Marketing Segmentation
The detailed marketing segmentation of our target audience is as follows:
5.2.1 Senior Citizens: Our major target group will comprise of elderly people of our town. We expect the senior citizens of Houston to visit us for regular wellness checkups. Routine checkups and testing will enable them to prevent many diseases and severe conditions.
5.2.2 Young & Adults: Our second target group comprises of young people and adults. They are expected to avail our clinical laboratory services as well as radiology services.
Adults usually need to have blood or urine tests, X-rays, and other checkups. So we expect them to be our second largest group of target customers.
5.2.3 Teens & Kids: Teens and kids will also be coming to us for various tests, checkups, and vaccinations. To provide them with an unforgettable experience, we will be giving them small items as gifts along with their reports.
We realize that this group of our target customer is usually afraid of doctors and medical checkups. Therefore, by exchanging gifts we will make them feel like we are their friends and well-wishers.
5.3 Business Target
Our business targets are listed as follows:
- To maintain an average rating above 4.7 throughout the year
- To achieve a customer repeat rate of 35% by the end of the first year
- To earn a net profit margin of $10k per month by the end of the first year and $20k per month by the end of the second year
5.4 Product Pricing
Our prices are lower than those of our competitors. We will also be offering several discounts in the initial phase of our business so that we can attract more and more customers.
Marketing Strategy
Preparing a marketing plan for laboratory center requires special efforts and skills. In developing laboratory strategy for the advertisement you have to keep in mind that you are addressing the sufferers. Your tone and words must reflect that you are empathizing with them not for your gains but for theirs.
In this lab proposal format we are providing the marketing strategy adopted by MediChecks.
6.1 Competitive Analysis
Our biggest competitive edge is our customer-oriented approach. Since our topmost priority is to turn our customers into prospects, we have kept our rates slightly lower than others.
Secondly, we have the best medics of the town who are both professional and empathizing. All of our medical workers are highly knowledgeable and hold certifications in Anatomic and Clinical Pathology.
6.2 Sales Strategy
- We’ll offer 40% discount on all of our services in the first two months
- We’ll ensure a strong social media presence to reach our target customers
- We’ll advertise our startup through billboards and posters
- We’ll offer small to medium sized gifts to our customers below the age of 13
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
Personnel plan
Hiring the right staff is an integral part of any business especially when the work demands frequent interactions with people.
Before conducting strict testings and interviews, MediChecks prepared a list of required employees, their job descriptions, and expected salaries.
Keep reading this medical business plan sample to learn the detailed personnel plan of MediChecks.
7.1 Company Staff
Smith will be the CEO herself. For her laboratory, she’ll hire the following people
- 1 General Manager to manage the lab’s overall operations
- 1 Human Resource Manager to manage staff
- 1 Procurement Manager to acquire machinery, equipment, and chemicals
- 2 IT Experts to maintain lab’s database, website, and social media presence
- 4 Medical Laboratory Professionals to perform tests
- 2 Pathologists to examine test samples
- 2 Radiologists to operate radiology department
- 2 Cleaners to maintain the facility
- 2 General Employees/ Technicians for daily works
- 1 Receptionist to guide people
- 1 Security Guard
7.2 Average Salary of Employees
Financial plan.
A business cannot thrive without efficient financial planning. If you are setting up a laboratory you will have to purchase expensive equipment and machinery. Therefore, to use the available capital resources to the maximum, you must have a clear plan of which funds have to be spent where.
If you want to know how an effective financial plan looks like you can take help from here. In this sample business plan for a medical laboratory, we have provided the detailed financial plan of MediChecks.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
Download Medical Laboratory Business Plan Sample in pdf
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Comments (2)
Very well, i've been meaning to mini medical laboratory esterblishment whuch u neddded such a small Medical laboratory business plan, that will take like 2 million naira
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How to Write a Laboratory Business Plan
by Wendy Roltgen
Published on 26 Sep 2017
Technology continues to expand the service offerings and ways a laboratory does business in modern society. Medical laboratories play a role in helping detect, diagnose and treat disease. Laboratories are utilized by medical clinics and hospitals to perform tests. Writing a laboratory business plan involves more than just writing. A strong understanding of the laboratory’s business objectives, financial data and the surrounding competitive marketplace are essential to this type of business plan.
Put together a team to write the laboratory business plan. The team should consist of the laboratory manager and three to five key staff members.
Determine the laboratory’s strengths and weaknesses. Define customer needs and how the services the laboratory plans to offer will meet these needs. Consult with professionals who work with the lab to gain a better understanding of the laboratory services they require most. If currently in business, find out what customers like about services you currently provide and areas they would like you to change.
Define the laboratory's purpose and provide a detailed business description. Identify the type of services the lab will provide and highlight any areas of expertise. Provide details on how the lab handles research and development. Also highlight any company awards or recognitions the laboratory has received.
Provide information on the technicians and staff, and details on laboratory accomplishments. Include biographies of the experts on staff with a focus on business accomplishments. Include details about the laboratory history. Identify the laboratory founders and reasons the laboratory was formed. Include information about the current laboratory facility, overall size and any special equipment the laboratory utilizes. Mention requirements for growth or diversification plans as well.
Outline the current market and identify your selling strategy. Identify key customer targets that will utilize the laboratory. Outline your marketing strategy and the current market conditions. Identify factors that are likely to influence the laboratory marketplace in the future. Identify competitors and their strengths, weaknesses and pricing strategies. Highlight ways your laboratory differs from the competition.
Gather the lab's financial data. Include details about loan applications, capital equipment and laboratory facilities. The financial data plan should also include a balance sheet, breakeven analysis, income projections and a summary of previous financial performance. Provide a summary analysis of the financial data for easy reading and reference. Convey details about the investment amount and how the lab plans to use the funds. Include a timeline for income projections.
Insert any supporting material in the appendices. Supporting documents can include tax returns, lease or purchase agreements, copies of licenses, copies of awards, copies of staff credentials and letters of recommendation from doctors and hospital administrators.
Organize your business plan into sections for easy reading. Provide a table of contents and cover with the laboratory name, date and appropriate contact information.
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Business Management
Secrets of a successful start-up lab, a start-up lab has entrepreneurial requirements that must be met in order for it to successfully develop into a full-fledged business.
A big idea wrapped in many small, but critical, details
Many labs start out as entrepreneurial ventures to develop new technology. As such, a start-up lab has entrepreneurial requirements that must be met in order for it to successfully develop into a full-fledged business.
Below are some of the entrepreneurial requirements of a start-up lab.
Starting The Lab
Creating the business plan.
Starting your lab begins with a business plan that includes, in this order, an executive summary, a company description, a market analysis, an organization and management section, a service or product line section, and a funding request section.
The executive summary is the most important section of a business plan, as it spells out your experience and background as well as the decisions that led you to want to start your business. The executive summary also spells out why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to grab a potential investor’s interest.
The executive summary should highlight the strengths of your overall business plan and demonstrate that you have done thorough market analysis. It should include information about a need or gap in your target market and how your particular technology solutions can fill it. The executive summary should convince the reader that you can succeed in your target market. Although the executive summary appears first in the business plan, it is the last section of the business plan that you write.
The company description section provides a high-level review of the different elements of your business. This is similar to an extended elevator pitch and can help readers and potential investors quickly understand the goal of your business and its unique proposition. The company description section includes a description of the nature of your business and explains the competitive advantages that you believe will make your business a success.
The market analysis section should highlight your industry and market knowledge as well as any of your research findings and conclusions. It should include a description of your industry, including its current size and historic growth rate as well as other trends and characteristics, such as life-cycle stage and projected growth rate. It should also include information about the target market, its distinguishing characteristics, size of the primary target market and your projected share of it, a competitive analysis, and any regulatory or governmental regulatory requirements that will affect your business.
The organization and management section should include your company’s legal and organizational structure, management profile, and the qualifications of your board of directors. The service or product line section includes a description of your product or service, details about your product’s life cycle, status of your intellectual property protection, and current or future R&D activities.
The marketing and sales management section includes your overall marketing and sales strategy—namely your strategies for market penetration, growth, channels of distribution, and communication.
The funding request section of the business plan should include your current funding requirements and any future funding requirements over the next five years, supported by historical and prospective financial information. The funding request section should also include an analysis of the prospective use of the requested funds.
Setting up the business structure
Whether the business structure of your start-up lab is a sole proprietorship, a limited liability company (LLC), a corporation (C or S), or a partnership, it will have long- and short-term legal and tax implications that must be considered. It is advisable to seek legal and tax advice before adopting the final business structure.
Financing the lab
Many entrepreneurs “seed” the start-up lab from their personal resources or the resources of friends and family. This seed funding will pay for lab rent, setting up the lab, employee and consultant salaries, administrative overhead, and other expenses such as insurance, legal, and accounting fees.
Selecting the lab space
There are many available options to establish the physical location of the start-up lab. These include leasing a lab space in a commercial location or in an incubator facility. Traditionally, it is more costly for the start-up lab to lease commercial space with existing lab facilities than it is to establish a lab in an incubator facility.
Many states make available dedicated incubator facilities with wet labs to assist with commercializing critical technologies and to create jobs to strengthen local economies. In the state of New Jersey, the incubation facilities at the Commercialization Center for Innovative Technologies (CCIT) offer life sciences and pharma biotech start-ups plug-in-ready wet and dry laboratory modules with hoods and sinks; office space, including offices and suites; conference rooms; and shared bathroom and eating areas.
There are certain requirements that the start-up lab must meet to avail itself of the CCIT incubation facilities. The start-up lab must make an application to the CCIT Advisory Board, which reviews the business plan and the sources of funding that are available for a period of one year. It is worthy to note that one characteristic of the CCIT is that lab start-ups can stay a maximum of five years; then they “graduate” and move into a commercial lab space. Certain incubators have no term limits.
After securing the lab space, whether it is in an incubator or a commercial facility, the next step is to secure office and lab equipment, whether new or used. New office and lab equipment is available on the open market, and used office and lab equipment may be purchased at large pharma auctions or from online surplus asset sales channels such as GoIndustry DoveBid , which cater to the biotech, life sciences, and pharmaceutical industries.
It is also worthy to note that labs may avail themselves of start-up discounts offered by certain vendors such as Fisher Scientific, Staples, and UPS. In the state of New Jersey, such discounts are available through membership in the Biotechnology Council of New Jersey (BioNJ).
Hiring personnel
An entrepreneur should become aware of employment and labor laws for hiring employees and consultants in order to ensure compliance. These employment and labor laws may include offering employee benefits, writing effective job descriptions, or providing communication tools such as employee handbooks.
Employees and consultants are generally available through the usual channels, or through talent acquisition resources. BioNJ offers resources for talent acquisition such as networking on LinkedIn and talent networking events.
Operating the lab
Once your lab is set up, the next step is operating and managing the lab to ensure continued growth and success. Start-up labs at the operational and management stages have certain entrepreneurial requirements.
Management support
Management support is a broad concept and includes having a team of advisors or service providers available to manage business, finance, accounting, legal, insurance, and human resources functions. In the initial stages, labs might hire outside contractors or consultants to meet these functions, and as they grow, they may hire dedicated staff. Labs located in incubator facilities may have access to shared business management services to support their day-to-day activities.
Another form of management support is networking a resident entrepreneur with colleagues at the other start-up labs leasing space in the incubator.
In many states, experts in business development, product development, customer validation, marketing, corporate structure, strategy, and funding are made available to start-up labs by state organizations. It is worth noting that CCIT offers a new program targeting life science executives in transition to serve as advisors to the tenants of the incubator.
If a start-up lab qualifies as a minority-owned business, the Small Business Administration (SBA) offers a business development program to help qualifying minority-owned firms develop and grow their businesses through one-to-one counseling, training workshops, and management and technical guidance. The program also provides access to government contracting opportunities, allowing these businesses to become solid competitors in the federal marketplace.
As the lab grows and expands, the entrepreneur must continue to find funding. Incubator facilities run their own programs and provide opportunities for resident entrepreneurs to display their technology to funding sources. Funding sources include one or more angel investors or a venture capital fund. An example of a venture capital fund is Apple Tree Partners , which invests in pharmaceuticals, biotech, medical technologies, and healthcare services.
Government grants provide funding under certain conditions. The SBA offers research grants for small businesses engaged in R&D under the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. SBIR and STTR programs encourage small businesses to undertake R&D projects that meet federal R&D objectives and have high potential for commercialization.
The SBA also offers loan options to small businesses that meet certain criteria. The SBA loan options include guaranteed loan programs, surety bonds, and equity financing.
Guaranteed loan programs and debt financing are not directly made by the SBA but by its partners (lenders, community development organizations, and micro lending institutions). The SBA guarantees repayment of the loans, thus eliminating some of the risk to the lending partners. SBA-guaranteed loans are not available to a small business if the borrower has access to other financing on reasonable terms.
Surety bonds target small-business contractors that cannot obtain surety bonds through regular commercial channels. The SBA makes an agreement with a surety guaranteeing that the SBA will assume a percentage of loss in the event the contractor breaches the terms of the contract. The SBA’s guarantee gives sureties an incentive to provide bonding for eligible contractors, thereby strengthening a contractor’s ability to obtain bonding and greater access to contracting opportunities for small businesses.
Equity financing is available through the SBA’s Small Business Investment Company (SBIC) program. The SBA does not invest directly in small businesses but relies instead on the expertise of qualified private investment funds. The SBA licenses these funds as SBICs and supplements the capital companies raise from private investors with access to low-cost, government-guaranteed debt.
If its entrepreneurial requirements are met, a start-up lab may grow into a full-fledged business. “A start-up lab can remain [totally] virtual or [partially] virtual, or it can set up as a fully diversified company,” says James Sharpe, biotechnology entrepreneur and CEO of several biotech start-ups. “It all depends on the business model a start-up lab chooses to adopt.”
Virtual companies may have only a few key employees and use contract services to accomplish their tasks, while partially virtual companies may have a core management and research team and may contract out their more complex functions such as clinical trials and manufacturing.
“The start-up labs that choose to become fully diversified companies must build substantial expertise in many disciplines in order to succeed, and this takes a significant amount of time and resources, things that are generally in short supply in the start-up world,” says Sharpe. “Hence, the virtual and partially virtual models, which offer an alternative for efficient use of resources while accomplishing key milestones, have gained favor in the past ten years.”
- Blog for Business
Healthcare business
Opening a medical laboratory
#1 Introduction
Health is an essential thing for every human being. So, naturally, people are ready to spend a lot on staying healthy and fit. However, we often choose comfort and speed even if it is more expensive. That is why medical labs have to provide quality medical testing and fast and comfortable service. Sure, if they want to succeed. And we are sure you do!
Many labs still have no desire to change and implement innovations, so they lose. Pathetic, but it is not that bad for those ready to develop in new, modern ways. Just select a handy booking system to stand out among the nearest competitors, attract more patients and get a positive image.
Some people think that state medical laboratories are more popular as they cost less and provide the same services. But are they the same as private labs? Well, actually, not really. Private labs have a list of advantages:
Private medical labs are more customer-oriented: no queues, quarrels and angry medical staff.
Offer 24/7 online booking : clients can make an appointment in a few clicks even while having a coffee at home.
The results are ready much faster, so patients can start treatment way earlier.
You see that medical laboratories win over the state ones. Mainly because they are ready and can develop their medical services together with implementing innovations. So, let's find out the secrets of a successful Medical Lab Startup .
It s difficult sometimes to choose the right clinic name. The article in the EasyWeek blog can help you to boost imagination.
Sign up EasyWeek software and install an online appointment system easily. Your clients can get appointments from the clinic website, Facebook or Google Maps .
/f/86518/5120x2880/0451a9b091/shutterstock_1912524385.jpg "Healthcare startup")
#2 Opening a medical laboratory from scratch
The medical business is not among the easiest ones. First, there are many competitors, especially talking about big cities. Second, the medical field is under strict control. But do not be afraid. All you have to do is take a closer look at all the details that have to be mentioned when opening a private medical lab. And, the most important factor is that laboratory testing is always on demand as it is a must-have to get the proper treatment.
Higher medical education will significantly help when starting a medical business. However, if you have any other education and still want to open a medical laboratory, you should hire a specialist with appropriate skills.
Features of opening and maintaining a medical laboratory business:
The need to obtain a medical license + strict control from the government's side.
Higher medical education for medical staff is a must.
Networking in a medical field is highly desirable: contacts of best doctors, clinics, hospitals, etc.
The premises have to comply with sanitary and epidemiological standards.
Purchasing of the needed equipment.
Clinical lab is a promising but complex business niche.
Set up an online appointment booking system for your medical lab .
The two best ways of opening a medical lab in 2022
Opening a medical laboratory from scratch: create a business plan, invest in advertising, etc.
Opening a medical lab by franchise: get a ready-made business plan together with support from the management company and a famous name + medical contacts.
Provided services
Decide on the services your medical lab will provide. Firstly, it is better to give only the most popular services:
general and biochemical blood tests,
clinical urine tests,
hormone tests,
allergy testing,
biomarker testing for cancer treatment,
and ultrasound examinations.
Later, sure, you can add some services. But remember that to do it you will need more staff and more expenses. Once you are ready, get the required medical equipment and hire more professionals to provide the new testing.
Medical laboratory staff
Laboratory staff usually consists of administrators and medical staff. The number of employees depends on the provided services and the size of the medical lab. Very often, before passing the medical tests, patients also want to consult a doctor. Therefore, medical laboratories additionally hire therapists, pediatricians, urologists, gynecologists, and other specialists. Sometimes these doctors also provide medical tests. It is the best way, but you have to train the team to perform everything in the best possible way.
/f/86518/3840x2160/0cb96e7c2e/shutterstock_1436495414.jpg "Center for testing in the US")
#3 Premises and equipment for a medical laboratory
As a rule, sampling of analysis and analysis conduction take place in separate rooms. When selecting premises, remember that you will need a separate room for sampling and conducting medical laboratory analysis. No doubt, medical labs require a lot of investment. You will have to spend on purchasing laboratory equipment, furniture, and renovation.
The medical lab has to be well-thought-out as this type of clinic is under strict government control.
That is why new medical laboratories often collaborate with famous ones. They deal only with attracting patients while more prominent labs conduct medical analysis.
Your location is as important as your team. It is essential to think well about selecting the right place where your future clients will find you easily. The area has to be convenient and the signage memorable. You can open a lab near a medical clinic to attract their patients as well. Or even collaborate providing medical testing for the medical center situated nearby. Locating a medical lab in the residential area will also work very well.
Arrangement of a sample point
Reception area: furniture for administrator and guests, a shoe basket for the front door, and a water cooler.
One or more medical rooms.
Technical and administrative premises.
Medical room equipment.
Medical furniture: tables, chairs, couches.
Refrigerated storage systems.
Ultrasound, ECG machines (depends on the list of services).
Pressure meters, thermometers.
Instant analysis kits.
Test tubes, disposable syringes, disinfecting wipes, bandages, clamps.
/f/86518/5369x3558/0627299600/shutterstock_1114244621.jpg "Medical lab centre in London")
#4 Medical activity licensing
Before opening any medical business, you will need to obtain a medical license. To do it, be ready to collect the following papers:
Medical verification.
Documentation of USMLE exam completion.
Post-graduate training verifications (if applicable).
References.
Fingerprint cards.
Summary of derogatory information.
Remember to start the process of license obtaining in advance.
It usually takes up to a few months to get all the documents collected, approved, and receive the medical license itself. Plus, always consult local authorities as the needed documents and time frames can change from state to state.
Getting a medical license is a long and sometimes complicated way. Be ready to wait and work a bit harder than usual to open a medical lab successfully.
#5 Get started with promotion
Attracting customers is essential for any business. Talking about medical labs, they are a bit easier to open as these types of medical services are always in demand. So, naturally, many patients want to get them. Anyway, to get the best results, it is better to think about a sequential marketing plan.
One of the easiest ways is researching the nearest competitors and then offering similar services but with a discount.
Ads will be effective both on social networks, TV, or journals/magazines. However, the best way is an online presentation. To present a new lab online, you have to:
Create a laboratory website with online booking feature. How to create a website for free, read here .
Sign up your medical center on social networks.
Connect the lab to Google Maps .
Once you attract customers, handy CRM will help you to retain them. Plus, it will also attract new customers as CRM systems offer valuable tools for medical labs promotion.
This type of software increases the quality of services and, as a result, the average check. The system will also deal with a client base, staff scheduling, reminders, and finance. For instance, EasyWeek offers a Finance module to calculate salary, reward, or collect fines. It is also packed with different types of notifications: email, push, and SMS, a widget for online booking, and a personal page that works like a mini-website.
Instal online appointments via Instagram .
/f/86518/3464x2309/244fde97ba/shutterstock_264176111.jpg "Online appointment for tests")
#6 Lab franchise
A franchise is a right to open a medical lab under an already existing name, with the help of the management company + with a fully ready business plan. It is a good option for those who want to start a medical business without deep knowledge about this field.
We have prepared a checklist on opening a medical lab by franchise:
Read about the company, study clients' reviews, and speak to those who have already opened a company using this franchise.
Register your business with guarantee authorities.
Sign a franchise agreement.
Prepare all the needed franchise documents.
Select a location, renovate it.
Hire medical staff, administrators, and cleaning.
Install an online appointment booking system .
Welcome patients!
Check the list of possible franchisors as they vary from state to state.
/f/86518/5760x3840/f0614712f1/shutterstock_1886906170.jpg "Medical Lab")
#7 Conclusions
To open a medical laboratory, you will have to work hard and be ready to invest a lot. But, the niche is prosperous as it is in high demand.
There are many details to remember if you want to succeed. Usually, constant business analysis, thought-out planning, and a handy CRM system will make you win.
CRM system is an excellent solution for any medical business. However, it is especially convenient for medical labs as it optimizes all the work processes by automating daily routines.
Try EasyWeek online appointment scheduling software for free to see how well it works for your medical lab. If you have any questions, feel free to contact our support team, they will be glad to help you!
And remember! Quality sample testing, high-speed results, and pleasant prices are the key to medical laboratory success.
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Preparing a financial plan for your business is important if you plan to pursue business finance options such as loans, according to Inc. Business finance companies look at the short-term viability as well as the long-term potential of a bu...
According to HowStuffWorks, information technology gives companies the ability to organize large databases, personal schedules and various other forms of important information. Information technology enables the rapid transfer of informatio...
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management.
1.1 Objectives · To gain 60% of the Professional Building's blood testing work. · Develop 20% of the revenues from offices outside the Professional Building.
One of the first steps you need to take to transform your ideas for a lab business into a functioning laboratory is to create a business
The Business plan for laboratory Business Plan is a comprehensive Business plan for laboratory that will assist you with all the needed ideas on how to
including the online laboratory Virtual Lab™ 1.0, and is planning for a "soft" launch of e-Science.net in
One Lab technician will be responsible for doing onsite blood tests.
value on the market both by making high-tech testing and analysis lab available
Like every other business, a laboratory startup also requires a detailed analysis of the target market. Before launching your diagnostic
THE TECHNICAL UNIVERSITY OF KENYA SCHOOL OF BIOLOGICAL AND LIFESCIENCESDEPARTMENT OF APPLIED AND TECHNICAL BIOLOGYBUSINESS PLAN OFCHITECHI LABORATORY
Define the laboratory's purpose and provide a detailed business description. Identify the type of services the lab will provide and highlight
Starting your lab begins with a business plan that includes, in this order, an executive summary, a company description, a market analysis, an organization
#6 Lab franchise · Read about the company, study clients' reviews, and speak to those who have already opened a company using this franchise.