Starting your own medical transportation company? If your company will bring dependable and trustworthy service to clients across the region, it is important to prepare a comprehensive and specific business plan for long-term growth and success. The development of your business plan will bring clarity and purpose to your medical transportation business, as well as serve as the roadmap to put all the pieces together. In this article, we will offer the specifics needed to create your own comprehensive business plan, so let’s get started!
Do Your Homework
If you’ve ever done homework in order to complete a project, you are ready to start your business plan. In this case, this means you’ll need to compile some facts and figures from your target audience and your competitors. Each piece of research will add to your perspective of the major efforts of your business.
First, research current and potential customers, also known as the “target audience,” for your business. Who are the primary customers of your medical transportation company? Will the company serve those who do not drive due to medical or cognitive impairments and patients who’ve been discharged from hospitals? Will customers be accompanied by caregivers or family members? Will primary customers be booking services on behalf of residents or family members reserving rides for patients? These questions and the answers to them will form the bulk of your target audience, the primary and secondary clients who you serve and will potentially serve. Develop a list of all current and potential clients.
Next, research current and potential competitors. The goal in doing your homework in this sector is that you’ll want to know about the current offers of each competitor in order to offer something different or unique, thereby surpassing your competitors to win the majority of customers. Research the specific services offered, the pricing for each service, the schedules or restrictions on hours available, and other salient information. Develop a list of all current and potential competitors.
Prepare Funding and Financial Projections
Many of the medical transportation companies that are newly formed require funding from investors or lenders. With the costs of medical transport vehicles, attendants, mechanical equipment, fuel, and other operational costs, the company will require a significant cash outlay at the launch. In order to present the funding needed to launch, prepare all costs known and those expected for the first year of operation. Include employee costs, insurance, location costs, office equipment, and other detailed estimates. Prepare a summary of the information and a specific breakdown of costs to include in your business plan.
Outline the Operations Plan
Before the launch of your medical transportation company, prepare a detailed plan of the operations on a daily, weekly and monthly basis. Estimate the number of transports the company will complete each day, maintenance and cleaning of the vehicles, and details for administrative staff roles and responsibilities. Each of these sectors within the company can be outlined for better communication within the company and for a better presentation of the company to investors or lenders.
Prepare the Business Plan
With most of the preparation completed in the research, funding and operational plans, it is time to prepare the complete business plan for your medical transportation company. If you do not currently have a template in place, use this comprehensive template: how to start your own medical transportation business and insert the documentation you’ve already prepared. This business plan will now form the roadmap for your company from start through the initial years of your business.
If funding is required in order to start your medical transportation company, use your completed business plan to present to investors, lenders, banks or other financial institutions. The business plan will offer a complete overview of the primary elements of your business.
Create Marketing Strategies
It’s now time to market your company to potential customers and remind your current customers of your interest in their experience, as well. Consider who your primary and secondary customers may be and how they prefer to receive information. Select from email communications, blogs, and announcements or social media callouts in Facebook or Instagram. Also consider placing ads in local newspapers and periodicals. The ways in which you will communicate should reach your target audience regularly and effectively.
The time and effort needed to prepare your business plan will be well-spent, as you consider the preparation for the launch of your business and the projections for the years ahead. Referring to your business plan regularly will bring success in the early years of your medical transportation company and many years of long-term growth after that. We wish you the best of success!