A laboratory handles biological samples and confidential patient information. They are staffed by professionals from different academic backgrounds and expertise in clinical sciences. A person with a business background is usually the one who manages the financial and human resources side of a lab. To start a laboratory business you need to acquire the right equipment and recruit the best people. This business plan will help you understand all the essential aspects of running a successful laboratory business.
Laboratory Business Plan
The business model presented in the business plan consists in providing a laboratory service that offers fast, accurate, private and reasonably priced sample testing services that exceed all the customer's expectations. The services provided by the laboratory include tests on bodily fluids, tissue, chemicals, and other organic/medical samples on behalf of clients within the area. In this section of the business plan you will understand how the laboratory works and how it makes money.
A laboratory facility is considered a major support for hospitals all over the world, which is why it is highly necessary that everything regarding the business gets done right and cautiously, as wrong results could sooner or later ruin the lab’s reputation. In this section of the business plan you will find the plan to position the company within the market place by maintaining a high-level of credibility among the medical community.
A laboratory offers routine blood tests on-site and more complex blood tests outsourced to a central lab. For simple tests, the laboratory will do the analysis in-house, for more complex blood work the specimens will be sent to an outsourced central laboratory. The advantages the laboratory offers include convenience, fast service and results within 24 hours. In this section of the plan there is an explanation of how to run the lab in the most efficient way, describing usual procedures, materials and equipment required and staff training.
This chapter of the laboratory business plan explains how the business intends to reach its customers by ensuring that its target market knows about its existence and the services it provides. Here you will find an overview of the marketing strategies and goals set to make your laboratory stand out from its competition.
This section of the business plan describes the type of customers the laboratory is seeking to acquire. This include a profile that contains key descriptions such as their income, type of business/occupation, how far away from the business they are, and what the customer is looking for. The market segmentation also describes other demographic information of the target market such as population size and level of education, among others.
This section lists different promotional strategies for the laboratory including: contacting local physicians, medical clinics, and hospitals to create long-lasting profitable relationships. Providing an extensive sales brochure that will showcase information about the company’s services, pricing, and why the laboratory can satisfy all of a client’s medical testing needs. In addition, the laboratory will have its own web page so that clients searching for medical testing services can find the lab ranked in local directories.
The laboratory’s revenues are usually not sensitive to changes in the general economy. As the rest of the healthcare businesses, the laboratory will be able to successfully generate revenues from medical companies that have ongoing testing needs. As such, the current economic climate will not hinder the company’s ability to launch operations. In this chapter of the business plan you will find the financial plan for the company that includes balance sheet, profit and loss and cash flow statement’s forecasts for a period of three to five years.
The primary source of revenue for the laboratory will come from testing bodily fluids including blood, and organic/medical components for patients in medical practices, hospitals, and other medical facilities. The business will earn substantial fees from carrying out these tests. This section will further explain other services and sources of revenue for the company.
This part of the business plan lists the major regular expenses for the laboratory and presents a guide to keep those expenses properly tracked and controlled in order to increase the business profitability. The list of operating expenses includes and explanation in detail of the direct costs, indirect costs and the overhead.