DNA TESTING LAB BUSINESS PLAN SAMPLE TEMPLATE
Advancement in technology has opened up enormous medical opportunities for new business to spring up. One of such is the DNA testing lab.
You’re probably reading this with the hope of piecing together a good plan for your intended lab.
Luckily, you’re at the right place. Read on as we provide you with a sample DNA lab business plan. This should provide you with the help you need.
Dewey DNA Labs is a state of the art DNA testing laboratory. We offer a whole range of DNA testing related services.
Located in Kailua-Kona, Hawaii, we are committed to the provision of world class DNA testing. Some of our services include ancestry tests, lineage tests, genetic testing and predisposition tests among many.
Our location was chosen due to Hawaii’s reputation as an excellent destination for healthcare. There has been a growing need for DNA services.
This demand, coupled with our passionate desire for world class private practice has led to the launch of our DNA testing lab.
At Dewey DNA Labs, we offer a long list of DNA testing services. These range from paternity tests, relationship tests (siblings, genetic reconstruction, Y chromosome tests and mitochondrial tests) and prenatal tests.
Other services include ancestry tests, clinical tests, health tests (personality tests, intolerance testing and skincare testing) and drug tests.
Other testing services include animal tests, dog DNA tests, horse DNA tests, DNA banking and counseling services. These are provided with the utmost level of professionalism from our highly qualified and experienced workforce.
We are driven by a single desire. And that is, establishing a lab which will in the near future become a one-stop shop for all things forensics. We have also set a timeline for our expansion drive.
This will result in the spread of our labs to more cities within and beyond Hawaii.
DNA testing labs have been in existing for quite a long time. This has resulted in the emergence of major brands within Hawaii and across the country. However, we are not deterred by this development. The decision to establish our world-class DNA testing lab is as a result of our strong passion to deepen and broaden excellence within this industry.
Our target is to eventually break into the league of major industry players. This will be achieved through our broad experience and commitment to quality service and growth.
Operating a DNA testing lab is capital intensive. As such, we have raised an investment sum of $2,000,000.00. However, this is only a drop in the bucket compared to what we need to achieve our growth and expansion plans.
Therefore, within the next three years, we plan on implementing our expansion plans.
This will require raising the sum of $10,000,000.00. 20% of the required sum will be sourced from our profits. While the remaining 70 will be obtained from a loan facility.
Dewey DNA labs has been 4 years in existence. Within this period, we’ve had a lot of challenges to contend with. Nevertheless, quite a number of gains were made. Above all, we also achieved modest growth, though not as much as we would have wanted.
In order to understand and identify our areas of strength and weakness, we saw the need for an analysis of key areas. The following are summaries of our findings;
The team of professionals that make up our workforce is our greatest strength. These comprise of scientists as well as administrators who are committed to its smooth running. Each of our professionals have been carefully picked with the sole aim of getting the very best. This shows in our ability to take on difficult challenges.
We have entered into a cordial working relationship with private and public agencies. This has enabled us gain an appreciable share of the market.
Our current capacity means we can’t compete with bigger and more established DNA labs in Hawaii. This will restrict the number of clients we can handle. Other restrictions will include the type of clients we attract.
Our competitors are able to attract bigger clients and that makes us unable to compete favorably.
The current boom in the economy means that an increasing number of people can afford to fund their curiosity. DNA tests don’t come cheap. As such, a growing income will mean more disposable income.
This is one of the reasons why demand for DNA lab services has risen sharply over the years.
The same reasons that fuel opportunities can also turn out as threats. An economy in recession is bad for business. This will lead to a significant drop in demand for our services.
With an increasing number of favorable conditions, the future sure looks good for business. This positive growth outlook has been further reinforced by our financial projection. We included all indicators of growth to arrive at this projection and the results aren’t bad at all. This projection covers the next 3 years of our operations.
- First Financial Year $2,000,000.00
- Second Financial Year $3,900,000.00
- Third Financial Year $9,000,000.00
In spite of our size there are several factors that give us an edge over our competitors. These include our partnership with industry stake holders.
Others include our welfare package, our depth of experience as well as our location. All of these contribute in giving us an advantage which we are fully exploiting. This will be even greater when our expansion plans take off.
These days, there is a growing diversity in the number of people who demand for DNA testing services. Therefore, our target market will include individuals, families, talk shows, hospitals, crime investigators, and security agencies among others.
There you have it! This DNA testing lab business plan sample can be used as a template in writing one for your use. This is only a sample with no real representation of an existing business. You may do well to conduct a thorough research of your business needs to include in your plan.