Free Medical Laboratory Business Plan
For Raising Capital from Investors, Banks, or Grant Companies!
Please note that the financials
in this complete free business plan are completely fictitious and may not
match the text of the business plan below. This free business plan demonstration
purposes only. If you are interested in purchasing the completed editable MS Word
and Excel documents for this business plan, please click the button below! Also,
the text of the business plan is formatted with a fully automated
table of contents.
It should be noted that there is no special software required to use these
templates. All business plans come in Microsoft Word and Microsoft Excel format.
Each business plan features:
- Excecutive Summary
- Company and Financing Summary
- Products and Services Overview
- Strategic Analysis with current research!
- Marketing Plan
- Personnel Plan
- 3 Year Advanced Financial Plan
- Expanded Financial Plan with Monthly Financials
- FREE 30 Page Sample Private Placement Memorandum
- FREE PowerPoint Presentation for Banks, Investors,
or Grant Companies!
1.0 Executive Summary
The purpose of this business plan is to raise $200,000 for the development of a medical laboratory while showcasing the expected financials and operations over the next three years. Medical Laboratory, Inc. (“the Company”) is a New York based corporation that will provide testing of blood, tissue, bodily fluids, chemicals, and other organic/medical components on behalf of its client base in its targeted market. The Company was founded in 2009 by John Doe.
1.1 Products and Services
The primary revenue center for the business will come from the ongoing testing of bodily fluids and organic/medical components on behalf of its client base, which will primarily consist of medical practices, hospitals, and other medical facilities. The business will earn substantial fees from carrying out these tests. The business will also provide per hour consulting fees and project review fees regarding the development of laboratory tests as they related to more complex studies. This is a very important secondary income stream for the Company. The third section of the business plan will further describe the services offered by the Medical Laboratory.
1.2 The Financing
Mr. Doe is seeking to raise $200,000 from as a bank loan. The interest rate and loan agreement are to be further discussed during negotiation. This business plan assumes that the business will receive a 10 year loan with a 9% fixed interest rate.
1.3 Mission Statement
Medical Laboratory, Inc.’s mission is to provide comprehensive and state-of-the-art medical and organic chemical testing on behalf of its client base.
1.4 Mangement Team
The Company was founded by John Doe. Mr. Doe has more than 10 years of experience in the laboratory testing industry. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.
1.5 Sales Forecasts
Mr. Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.
1.6 Expansion Plan
The Founder expects that the business will aggressively expand during the first three years of operation. Mr. Doe intends to implement marketing campaigns that will effectively target hospitals, medical practices, drug companies, and other businesses with medical testing needs within the target market.
2.0 Company and Financing Summary
2.1 Registered Name and Corporate Structure
Medical Laboratory, Inc. The Company is registered as a corporation in the State of New York.
2.2 Required Funds
At this time, the Medical Laboratory requires $200,000 of debt funds. Below is a breakdown of how these funds will be used:
2.3 Investor Equity
Mr. Doe is not seeking an investment from a third party at this time.
2.4 Management Equity
John Doe owns 100% of the Medical Laboratory, Inc.
2.5 Exit Strategy
If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Medical Laboratory. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.
3.0 Products and Services
Below is a description of the services offered by the Medical Laboratory:
3.1 Medical Testing Services
The primary source of revenue for the business will come from the ongoing testing of blood, tissue, bodily fluids, and organic compounds on behalf its client base. The Company will charge a per project/per test basis depending on the size and scope of the required test. At the onset of operations, the Company will have three properly qualified scientists that will perform laboratory work as it relates to medical testing. Mr. Doe intends on using a high impact marketing campaign to bring in business from medical practices, hospitals, and drug companies that require these services on an ongoing basis.
3.2 Consulting Services
The Company will also generate secondary streams of revenue from consulting and project management services as it is related to overseeing the ongoing development of a specialized medical study. The Company will be able to advise its client base on how to minimize these issues, resulting in fewer regulatory issues. The income derived from these services carry very high margins.
4.0 Strategic and Market Analysis
4.1 Economic Outlook
This section of the analysis will detail the economic climate, the medical laboratory industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. Many economists expect that this recession will continue until mid-2010, at which point the economy will begin a prolonged recovery period. However, this should have a minimal impact on the Medical Laboratory’s ability to generate business.
4.2 Industry Analysis
Within the United States, there are approximately 16,500 laboratories that specialize in the testing of medical related compounds. Each year, these businesses aggregately generate more than $18.7 billion of revenue while concurrently providing jobs to more than 100,000 people. Aggregate payrolls in each of the last five years has exceeded $9 billion. This is a mature industry, and the future expected growth rate is expected to mirror that of the general economy.
4.3 Customer Profile
In this section of the analysis, you should describe the type of customer you are seeking to acquire. These traits include income size, type of business/occupation; how far away from your business is to your customer, and what the customer is looking for. In this section, you can also put demographic information about your target market including population size, income demographics, level of education, etc.
4.4 Competitive Analysis
This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages. If there are a number of competitors in the same industry (meaning that it is not feasible to describe each one) then showcase the number of businesses that compete with you, and why your business will provide customers with service/products that are of better quality or less expensive than your competition.
5.0 Marketing Plan
Medical Laboratory, Inc. intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Company.
5.1 Marketing Objectives
• Develop strong ongoing relationships with local doctors, hospitals, drug companies, and other businesses that have ongoing medical testing needs.
• Develop an online presence by developing a website and placing the Company’s name and contact information with online directories.
5.2 Marketing Strategies
Mr. Doe intends on using a number of marketing strategies to ensure that the Company can immediately generate ongoing laboratory testing and consulting contracts among its targeted demographics at the onset of operations. Primarily, Mr. Doe will initially contact local physicians, medical clinics, and hospitals. After initial contact, the Company will provide an extensive sales brochure that will showcase information about the Company’s services, its pricing, and why the Medical Laboratory can satisfy all of a client’s medical testing needs. Additionally, the business will develop its own online platform so that clients searching the web for medical testing services can see the Company’s web page among ranked directories. This website will feature similar information as that of the sales brochures.
In this section, describe the pricing of your services and products. You should provide as much information as possible about your pricing as possible in this section. However, if you have hundreds of items, condense your product list categorically. This section of the business plan should not span more than 1 page.
6.0 Organizational Plan and Personnel Summary
6.1 Corporate Organization
6.2 Organizational Budget
6.3 Management Biographies
In this section of the business plan, you should write a two to four paragraph biography
about your work experience, your education, and your skill set. For each owner or
key employee, you should provide a brief biography in this section.
7.0 Financial Plan
7.1 Underlying Assumptions
• Medical Laboratory, Inc. will have an annual revenue growth rate of 8% per year.
• The Owner will acquire $200,000 of debt funds to develop the business.
• The loan will have a 10 year term with a 9% interest rate.
7.2 Sensitivity Analysis
Medical Laboratory’s revenues are not sensitive to changes in the general economy. Much like the rest of the healthcare industry, the Company will be able to effectively generate revenues from medical businesses that have ongoing testing needs. As such, the current economic climate will not hinder the Company’s ability to launch operations.
7.3 Source of Funds
7.4 General Assumptions
7.5 Profit and Loss Statements
7.6 Cash Flow Analysis
7.7 Balance Sheet
7.8 General Assumptions
7.9 Business Ratios
Expanded Profit and Loss Statements
Expanded Cash Flow Analysis