We’ll be looking at how to write a blood bank business plan.
Have you ever thought about starting a blood bank service? This is one of the delicate healthcare businesses that have to do with life.
The need for blood transfusion is very high, especially during emergencies. Blood banks play a key role in the provision of blood when the need arises.
BLOOD BANK BUSINESS PLAN SAMPLE
If you’re fascinated by this business idea, you’ll need all the help you can get to launch your operations.
Apply For an Independent License
Independently licensed centers have become a growing trend in recent years. Meeting all legal requirements is very important. Now, there are certain conditions to be met before being considered for a blood bank license.
These requirements aren’t uniform.
In other words, every state has its unique requirements. Some of these may be similar when compared on a state-by-state basis. Whatever the case is, you need to find out what the requirements for a blood bank license are for your state.
Part of the process includes presenting evidence of experience in the healthcare sector. Specific requirements will need to be found out from your state’s health department.
Registration
To be registered as an independent blood bank, you’ll need to go through the entire registration process set forth by your state’s health department.
Apart from that, you also need to register with the American Association of Blood Banks.
This is a major body that coordinates the activities of its members. Such coordination seeks to adopt the best global standards in blood storage and transfusion. Also, the American Association of Blood Banks rivals the Red Cross as one of the major sources of safe blood.
As a new blood bank business, your activities will be governed by a set of operational guidelines that cover all independent members of the association.
Revenues
Most private or community blood banks operate as non-profits. Plus, they function as small businesses with boards of directors as well as a president. Revenues play a crucial role in ensuring this business runs smoothly.
Estimated earnings accruing to private blood banks fall within the $50,000 to $500,000 range. However, a small percentage of these earnings may be retained in not-for-profit excesses.
Startup Costs
In planning for your blood bank business, you’ll need to figure out how to raise the needed funding necessary.
Such funding should be sufficient enough to cover all equipment or tools required. Such funding may be sourced through savings, loans, or angel investors among other sources.
Your startup costs should be sufficient to purchase all the tools you need.
Some of the basic tools required for a blood bank include a blood storage refrigerator, donor couches, dielectric tube sealer, blood mixer & collector, platelet incubator as well as platelet agitator.
Other basic equipments include plasma expressor, Elisa reader with washer, refrigerated centrifuge, binocular microscope, centrifuge machine, universal hot air oven, bacteriological incubator, and Rh view box among others.
Marketing Strategies
For a blood bank to be successful in its operations, it will need to increase its blood donor base. There are several ways to do this. One of the most effective strategies includes the dissemination of information about the need and benefits of blood donation.
Here, the mass media is an important partner. Sponsored ads are necessary to reach your target market. The aim is to motivate your audience to find reasons to come forward to donate. Social marketing is yet another strategy to reach your target customer base.
These days, people spend most of their time on social media platforms. You’ll want to leverage this opportunity to create the right message that resonates and convince people to come for donation.
More importantly, repeat donors are very essential to the success of a blood bank. With this strategy, coupled with an effective campaign for first-time donors, your blood bank will hardly run out of blood supply.
Competition
Like a blood bank business, competition is one of the realities you’d have to deal with.
For most people who donate blood, this is considered a mainly charitable act. However, this $125-a-unit commodity is highly sought after by blood banks and sold to hospitals.
An effective marketing strategy is needed to stay ahead of your competition. Plus, there’s never a short supply of competition within the blood bank industry. If your blood bank business must excel, then a careful assessment of the market is needed.
On the other hand, this industry is also collaborative. This is why there’s an association that acts as an umbrella body encompassing and overseeing private blood bank businesses.
This act of coordination helps streamline their business activities making it even more effective.
Business Structure
Another requirement you needed for a successful blood bank business has to do with having a business structure in place. Such a structure has to do with the administrative part of doing business.
Your workforce must be qualified to handle all aspects of your operations.
Different professionals handling various tasks are needed. Some of the most important positions you’ll need to fill include chief phlebotomists, phlebotomists or lab technicians, cleaners, nurses & nurse aids, as well as sales and marketing executives.
Other positions to fill include the accountant or cashier as well as a customer care executive. All positions must be filled by qualified personnel. You want very capable hands to run all aspects of your business operations.
For this process to be successful, a rigorous screening process must be followed. This is necessary because not everyone that claims to be qualified is qualified.
The SWOT Test
Having launched your blood bank business, an operational assessment is required at different times. This is meant to ascertain the health of the business.
Certain operational aspects of your blood bank business may be contributing to its slow growth.
Such may not be readily evident until an analysis of strength, weakness, opportunities, and threats is conducted.
This reveals aspects of the business that need to be improved upon. In other words, the SWOT test helps you know where you need to put more effort to make your business grow.
This blood bank business plan guide is provided to help you better plan your business operations. Consider the stress of writing a good plan as one of the sacrifices you’ll need to make to ensure its successful implementation.