Knowles Exams & More inc. | Application Preview
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General Information
Business Registration Number: 20079545
Location: Brunswick, GA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
Equipment in free testing services community events § To finance our business requirements of $150,000 investment to purchase a space, purchase equipment for the facility, hire key personnel, web design, marketing, and advertising which will produce future benefits and the operations of the business. § Provide a business blueprint phase for Knowles Exams & More, Inc. and provide details of its activities. § Provide market insights to establish the feasibility study of the business, evaluate the success of our business against benchmarks, facilities, strategic planning, etc. § Provide financial projections and plan According to the pro-forma projections, the company will be cash-flow positive. The investment returns, interest rate, and agreement will be further discussed during negotiation. The company expects to be earning solid profits a year after our company’s launch. If proper funding can be obtained, the company does not expect any significant cash flow
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Business Plan
More business to work unemployed people in training . investing more in team than in product. You’re investing into the founders and the whole team so they can eliminate more health risk, reach bigger milestones.
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Self Identified Competition
The health care industry is extremely competitive. We will compete directly with other labs within our target market. Our competition comes from: § Laboratory Corp Amer Holdings of Burlington, NC § Quest Diagnostics Incorporated of Secaucus, NJ § Other competition comes from private clinical laboratories that provide the same quality of services planned to be provided by Knowles Exams & More. They are the two leading laboratories in the nation. However, KE&M is the leading mobile laboratory in Southeast Georgia. They are considered competitors because they are established and have spent a considerable amount of time operating in the market. Since the key players have been in the market for a while, they have an established reputation and trust of their patients, some of them managed to expand and open an extra branch, Knowles Exams & More plans to heavily rely on high quality of services and professionalism of the staff as well as a strong marketing plan. The possibility of the emergence of other mobile healthcare services is not without our notice also. The demand for laboratory services is high and increasing, new players are 18 | P a g e entering the market (existing players are introducing new branches). We believe there will be an imitation of business and operations in the nearest future. However, we are determined to maintain a level of operation standard and keep portraying our company as the best in what we do. We will also flow with market trend, stay up-to-date and implement these new trends so as to keep abreast of the latest development and improve our services on all fronts in the industry. Also, the patients will be finding a laboratory center that satisfies their requirements in term of services, quality of services, location, facilities, fees, etc. and they will have to accept receiving laboratory services from a center which can be inadequate for their demand. Competitive Advantages § Utilization Of cutting-edge technology, providing the center with a competitive advantage in services and customer experience. § A prime location in the heart of Brunswick, GA, secured and ready to be developed. § Owner’s background, experience, and expertise in operations management. § Key local and industry connections from the founder. § Top quality talent, recruited from local and expatriate resource pools. § Aggressive quarterly marketing plan and strategy in alignment with Customer The direct competitors are the private laboratory centers that are located in Brunswick, GA and provide similar services for the same target market. The impact of competitor force is significant on the attractiveness of this industry. § Supplier Power The main suppliers will be those providing medical supplies and consumables, and also the medical laboratory equipment providers who are supposed to provide after sales maintenance services. The impact of this force is medium on the attractiveness of this industry, as Knowles Exams & More can source the laboratory supplies and consumables from multiple sources and the identified equipment suppliers have a good market reputation and are keen to provide the best after sale services and maintenance. § Buyer Power (Bargaining Power of Patients) 19 | P a g e For the laboratory services, the target market are not price sensitive when it comes to testing, especially if they are covered by insurance, this is assuming that the quality of the services provided is good and justifies the fees. The impact of this force is relatively low on this industry, especially for the middle to upper segment and knowing that the applicable fees are within the market range. § Threat of New Entry The threat for new entrants is present in view of the rising demand for laboratory services, but it requires substantial investment and knows how, so relatively not easy. The threat also includes the present medical centers that branch out in other locations within Brunswick, GA to benefit from increased demand, they have the expertise and knowledge and brand name. The impact of this force is high on the attractiveness of this industry. Porter's 5 Forces Conclusion The threat of new entrants is present by way of new laboratory centers or the branching out of present ones; but due to the large demand (present and future), Knowles Exams & More will still be able to have it market share considering that the level of quality of services offered is high and the fees are within the market range, which makes the bargaining power of buyers low. The threat of substitute services is present but it is usually more convenient for an outpatient to visit a private laboratory center especially for the target market. The bargaining power of suppliers is medium because they are in control of the laboratory equipment maintenance know-how and replacement parts/programming, the entrepreneur will need to select the equipment and machinery suppliers based on their brand name, quality, reputation, and after sales services. The power of the direct competitors is high, but with superior services and cutting-edge laboratory equipment and reasonable pricing fees (within the market range), Knowles Exams & More will be able to penetrate the market and achieve his market share especially in view of the increasing demand for laboratory service.
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