Are you about starting a medical waste management & recycling company? If YES, here is a complete sample medical waste management & recycling business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a medical waste management & recycling company. We also took it further by analyzing and drafting a sample medical waste management & recycling marketing plan template backed up by actionable guerrilla marketing ideas for medical waste management & recycling companies.
There are diverse niche areas in the recycling industry and one of them that you can specialize in if you are interested in starting a business in this industry is the medical waste management and recycling business. This business is highly profitable because there is hardly any country or city that you won’t find hospitals and other health facilities that generate medical waste.
There are many ways a determined and diligent entrepreneur can make money and one of the ways is to establish a medical waste management company that also specializes in medical waste recycling. Medical waste is not like the normal waste that can be handled by both trained and untrained cleaners; it requires some level of professionalism to successfully run a medical waste disposal company.
Medical waste comprises of waste generated in hospitals, laboratories, dental clinics, optic clinics and diagnostic centers et al and these wastes can be harmful to humans if not properly disposed off and recycled.
You will quite agree that used disposable hand gloves, face masks, blood soaked cotton wool, placentas, needles and syringes etc. can’t just be handled with levity because of the potential danger that it can cause both humans and the environment.
So, if you are interested in starting a medical waste management and recycling company, then you should be ready to conduct thorough feasibility studies and market survey before committing your money and other resources to it. Aside from a thorough and detailed feasibility studies and market survey, one of the important documents that will aid the success of the business is a good and workable business plan.
Below is a sample medical waste management and recycling company business plan template that can help you successfully write your own business plan with little or no stress.
A Sample Medical Waste Management and Recycling Business Plan Template
1. Industry Overview
The medical waste management and recycling business falls under the waste collection services industry and companies that operate in this industry basically collect hazardous and nonhazardous waste and recyclable materials.
Nonhazardous waste includes municipal solid waste (household waste), industrial and commercial waste. Transfer stations where waste is transferred from local vehicles to long-distance automobiles for transport to disposal facilities are also included in the waste management industry. It is important to state that this industry does not account for government-provided services of a similar nature.
A close study of the industry shows that the Waste Collection Services industry has benefited from the recovery of the industrial, construction and commercial business sectors. As these sectors expand, it is natural for them to produce more waste.
So also, steady demand from the residential market has helped stabilize the overall revenue generated by the waste collection services industry. Going forward, the demand for waste collection services will continue to be driven by population growth, privatization and business creation. Additionally, the industry will benefit from the public’s growing interest in the recycling industry.
The Waste Collection Services industry that medical waste management and recycling business is a part of will continue to experience growth in all parts of the world especially in developed countries. The companies with the leading market share in the industry are Republic and Waste Management.
Statistics has it that in the united states of America alone, there are about 7,676 licensed and registered waste management companies scattered all across the length and breadth of the country and they are responsible for employing about 206,928 employees.
The industry rakes in a whooping sum of $45 billion annually with an annual growth rate projected at 0.6 percent within 2011 and 2016.
A recent report published by IBISWORLD shows that the distribution of establishments in the Waste Collection Services industry across the United States largely reflects the size and distribution of the US population and economic activity.
Densely populated areas that are particularly economically active tend to generate large quantities of waste, necessitating the presence of greater numbers of industry establishments.
The report further stated that other factors that contribute to the relative concentration of industry establishments in a geographic location include the structure of the local economy and the commitment to and level of recycling. Some industries, particularly in the service sector, generate relatively little waste.
Some of the factors that encourage entrepreneurs to start their own medical waste management and recycling business could be that the business is easy to set up and they can easily get support from the government.
Despite the fact that Waste Management Business involves both government establishments and private sector, that does not in any way make the industry to be over saturated. The fact that people and industries generate wastes on a daily basis means that there is always a ready market for waste management companies.
Just like any other business, if you are able to conduct your cost analysis, market research and feasibility studies before launching your medical waste management and recycling company, you are more likely not going to struggle to grow the business because there are loads of people and hospitals and medical related businesses out there who are looking for medical waste management and recycling companies to help them handle their wastes as required by the law of the United States of America.
Over and above, starting and operating a medical waste management and recycling company can be challenging, but the truth is that it can be rewarding at the same time.
One good thing about the industry is that it is open for both big time investors who have the capacity to start the business with fleet of waste collection trucks and aspiring entrepreneurs who may want to start with just one waste collection truck.
2. Executive Summary
Blue Cross® Medical Waste Recycling, LLC is a U.S based licensed waste management company with strong bias for recycling medical waste. We have been able to secure a standard facility in an industrial estate in Dover – Delaware; a facility that is highly suitable for the kind of medical waste recycling plant that we want to build.
We are in the waste management and recycling industry to contribute our quota in saving the earth and also to compete in the highly competitive waste management and recycling industry not only in Dover – Delaware, but also throughout the United States market.
Blue Cross® Medical Waste Recycling, LLC will initially be involved in the collection and management of medical waste but will in the nearest future engage in the recycling of medical waste. Our business goal is to become one of the leading medical waste management and recycling companies in the United States of America and we will make sure that we do all we can to compete favorably with leaders in the industry.
Our workers are going to be selected from a pool of certified and highly experienced recycling engineers and technicians in and around Dover – Delaware and also from any part of the United States of America as the business grows.
We will make sure that we take all the members of our workforce through the required training that will position them to meet the expectation of the company and to compete favorably with leading medical waste management and recycling plants in the United States and throughout the globe.
At Blue Cross® Medical Waste Recycling, LLC our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
Blue Cross® Medical Waste Recycling, LLC is a private registered business that will be owned by Engr. Richard McCain, a recycling engineer par excellence who graduated from Illinois Institute of Technology with a degree in Mechanical Engineering and his friend and business partner for many years Joseph Chaps (B.Sc. Business Management).
They have a combined experience that can help them build Blue Cross® Medical Waste Recycling, LLC to favorably compete with other leading recycling plants in the United States of America and throughout the globe.
3. Our Products and Services
Blue Cross® Medical Waste Recycling, LLC was established with the aim of maximizing profits in the waste management and recycling industry.
We want to compete favorably with the leading medical waste recycling plants in the United States which is why we have but in place competent quality assurance teams that will ensure that every recycled medical waste material or product that leaves our recycling plant meet with best practices in the industry.
Our products and services are listed below;
- Recycling medical waste
- Recycling other hazardous materials
4. Our Mission and Vision Statement
- Our vision is to create a standard and world class medical waste management and recycle plant whose products and brand will not only be accepted in Dover – Delaware but also in other cities in the United States of America.
- Our mission is to provide standard recycled medical materials that will assist the relevant industries in saving cost and energy and also to contribute our quota in helping save our world from unnecessary degradation caused by buried medical waste.
- We want to build a medical waste recycling plant that can favorably compete with other leading brands in the waste management and recycling industry.
Our Business Structure
Blue Cross® Medical Waste Recycling, LLC is a medical waste management and recycling company that intends starting small in Dover – Delaware, serving smaller industries (cottage companies) within our location, but hope to grow big in order to compete favorably with leading medical waste management and recycling plants in the industry both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operation.
At Blue Cross® Medical Waste Recycling, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of eight years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Head, Technical Services
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Accountant
- Plant Engineers/Technicians and Operators
- Client Service Executive
- Truck Drivers
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering inf
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Head, Technical Services:
- Serves as project manager of the organization; works directly with employees in the medical waste recycling plant
- Develops strategic plan by studying technological and financial opportunities; presenting assumptions; recommending objectives.
- Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
- Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Maintains quality service by establishing and enforcing organization standards.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies.
- Ensures that the organization work in line with international best practices as it relates to medical waste recycling industry.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily office activities.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models information and analyze the volumes of transactional data generated by customer
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Create new markets cum businesses for the organization
- Empower and motivates the sales team to meet and surpass agreed targets
Accountant/Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis
- Performs cash management, general ledger accounting, and financial reporting for one or more properties
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Recycling Plant Engineers (2) and Technicians/Machine Operators (8)
- Responsible for installing, maintaining and repairing of all the recycling machines in the plant
- Responsible for operating recycling machines in the plant
- Responsible for sorting, shearing, shredding, torching and baling medical waste materials to be sold to downstream metal smelters for further processing.
- Operating facilities for separating and sorting used and condemned medical waste for recycling
- Handles any other job functions as it relates to recycling materials.
Truck Drivers
- Assists in loading and unloading medical waste materials and recycled materials
- Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators
- Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment, such as hazardous material placards
- Assists the transport and logistics manager in planning their route according to a pick – up and delivery schedule
- Inspect vehicles for mechanical items and safety issues and perform preventative maintenance
- Complies with hazardous waste truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
- Collects and verifies delivery instructions
- Reports defects, accidents or violations
Client Service Executive
- Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels/documents for the company
- Distributes mails in the organization
- Handles any other duties as assigned by the line manager.
6. SWOT Analysis
Blue Cross® Medical Waste Recycling, LLC engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured medical waste management and recycling business that can favorably compete in the highly competitive waste management and recycling industry in the United States and the world at large.
Part of what the business consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for Blue Cross® Medical Waste Recycling, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Blue Cross® Medical Waste Recycling, LLC;
- Strength:
Our core strength lies in the power of our team; our workforce. We have a team of certified and highly trained and experienced medical waste management specialists, recycling engineers and technicians / machine operators, a team with excellent qualification and experience in various niche areas in the recycling industry.
Aside from the synergy that exists in our carefully selected workforce, our product will be guided by best practices in the industry and our medical waste recycling plant is centrally positioned in an industrial estate and it is built to fit into the design of a 21st century recycling plant.
- Weakness:
As a new medical waste management and recycling company in Dover – Delaware, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive recycling industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our business the way we would want to.
- Opportunities:
The opportunities in the medical waste management and recycling industry is massive considering the number of individuals and manufacturing companies who are now switching over to alternative source of raw materials to save cost and energy.
As a medical waste management and recycling company, we are ready to take advantage of any opportunity that is available in the industry.
- Threat:
Aside from unfavorable government policies, one of the major threats that we are likely going to face is economic downturn.
It is a fact that economic downturn affects businesses generally. Another threat that may likely confront us is the arrival of new medical waste management and recycling plants in same location where our target market exists and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
One obvious trend in the waste collection services and recycling industry and of course in other recycling related industry is that players in this industry leverage on saving the earth and balancing the ecosystem to promote their business.
As a matter of fact, governments all over the world and even international Non – Government Organizations are in the forefront when it comes to campaigning in favor of recycling materials to generate raw materials for industries as against tapping virgin raw materials. This is so because it will help save cost and energy and the earth that we live in will be the better for it.
If you are a keen follower of the trends in the waste management services and recycling industry and of course any other recycling business, you will realize that players in this industry ensure that they position their recycling plants close to clients to reduce transportation costs and turnover time.
This is one of the major reasons why you can easily find medical waste management and recycling plants located in manufacturing cum industrial estates, as well as highly populated urban areas with loads of hospitals and other medical facilities.
In spite of obvious recessionary challenges and in the wake of a consumer preference shift toward green products and growth in environmental regulations that encourage recycling of medical waste, the waste collection and recycling industry is expected to experience healthy growth going forward as purchases of recycled medical products and other related products drive demand for recycled products.
Lastly, more and more manufacturing industries are beginning to see the benefits of going for recycling materials as against going for virgin raw materials in the production of their products. This is the reason why the industry is expanding and becoming more profitable and viable.
8. Our Target Market
Before starting our medical waste management and recycling business in Dover – Delaware, we conducted a market survey and feasibility studies and we are certain that there is a wide range of manufacturing/production factories that cannot successfully run their businesses without sourcing for recycled medical waste materials from us.
In view of that, we have created strategies that will enable us reach out to various manufacturing / production companies who we know can’t afford to do without our products/recycled raw materials. Below is a list of the people and organizations that we will specifically market our products and services to;
- Cotton wool manufacturing companies
- Syringe and needle manufacturing companies
- Cottage companies and Startups who would need recycled raw materials
Our Competitive Advantage
The medical waste management and recycling industry is an emerging market that is yet to be fully embraced globally, therefore there is little or no competition in the industry at the moment.
Although there is a relationship between the emerging players as they cannot do without the other. Since the industry is a multi-stage one, there is need for collaboration among the players in order to have a win-win situation for all the players.
Without a shadow of doubt, there are loads of big time investors that have stakes in the recycling industry; but one thing is certain, there is room big enough to accommodate all players.
So, if you enter the industry today, you should brace yourself for collaboration in the nearest future as soon as the recycling industry enters it boom period, this period will definitely arrive especially in the developing world when recycled products are seen in the same light as new and virgin materials.
Our Competitive Advantage lies in the power of our team; our workforce. We have a team of certified and highly trained and experienced recycling engineers and technicians/machine operators, a team with excellent qualifications and experience in various niche areas in the recycling industry.
Aside from the synergy that exists in our carefully selected workforce, our product will be guided by best practices in the industry and our medical waste recycling plant is centrally positioned in an industrial estate and it is built to fit into the design of a 21st century recycling plant.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Blue Cross® Medical Waste Recycling, LLC is established with the aim of maximizing profits in the medical waste management and recycling industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.
Blue Cross® Medical Waste Recycling, LLC will generate income by selling and supplying the following products;
- Collection for medical waste from hospitals and other medical facilities
10. Sales Forecast
One thing is certain, there would always be manufacturing/production companies who cannot but source their raw materials from medical waste recycling plants.
We are well positioned to take on the medical waste management and recycling industry and we are quite optimistic that we will meet our set target of generating enough income from the first six months of operation and grow our medical waste management and recycling company to enviable heights.
We have been able to critically examine the medical waste management and recycling market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
- First Fiscal Year: $240,000
- Second Fiscal Year-: $550,000
- Third Fiscal Year-: $800,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor within same location where our medical waste management and recycling plant is located or where our target market exist. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Some environmental experts stated that the world market for waste, from collection to recycling is worth around 300 billion Euros (US $410 billion). The recycling business is therefore a growing business that has futuristic benefits; there are markets in the developing world that can be tapped into especially in Africa, Asia and Latin America.
We are mindful of the fact that there are growing competitions in the medical waste and recycling industry especially in the United States; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the medical waste management and recycling industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Blue Cross® Medical Waste Recycling, LLC.
Our corporate goal is to grow Blue Cross® Medical Waste Recycling, LLC to become one of the top 5 medical waste management and recycling brands in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Dover – Delaware but also in other cities in the United States of America.
Blue Cross® Medical Waste Recycling, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our medical waste management and recycling company by sending introductory letters alongside our brochure to manufacturing/production companies and other key stake holders in the manufacturing industry.
- Advertise our business in relevant business magazines, newspapers, TV and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver recycled medical materials
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Join local chambers of commerce and industries with the aim of marketing our products
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our in – house brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to become the number one choice for manufacturing/production companies in the whole of Dover – Delaware and beyond which is why we have made provisions for effective publicity and advertisement of our medical waste management and recycling company.
Below are the platforms we intend to leverage on to promote and advertise Blue Cross® Medical Waste Recycling, LLC;
- Place adverts on both print and electronic media platforms
- Sponsor relevant community based events/programs
- Leverage on the internet and social media platforms like Instagram, Facebook, twitter, YouTube, Google + et al to promote our products
- Install our billboards in strategic industrial locations all around Dover – Delaware
- Engage in roadshows from time to time in targeted industrial estates
- Distribute our fliers and handbills in target areas
- Contact manufacturing/production companies and inform them of Blue Cross® Medical Waste Recycling, LLC and the recycle materials we sell
- List our company in local directories/yellow pages
- Advertise our business in our official website and employ strategies that will help us pull traffic to the site
- Ensure that all our staff members wear our branded shirts and all our vehicles / trucks are well branded with our company logo et al.
12. Our Pricing Strategy
At Blue Cross® Medical Waste Recycling, LLC we will keep the prices of our recycled medical waste materials and medical waste collection fees below the average market rate by keeping our overhead low and by collecting payment in advance from hospitals, other medical facilities and manufacturing companies who would hire our products and services. In addition, we will also offer special discounted rates to all our customers at regular intervals.
- Payment Options
The payment policy adopted by Blue Cross® Medical Waste Recycling, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Blue Cross® Medical Waste Recycling, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payment for our products and services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a standard medical waste management and recycling plant; it might differ in other countries due to the value of their money. However, this is what it would cost us to set up Blue Cross® Medical Waste Recycling, LLC in the United of America;
- Business incorporating fees in the United States of America will cost – $750
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring facility that will accommodate the design of medical waste recycling plant we want to build will cost – $120,000
- The amount required to purchase the needed medical waste recycling equipment and machines – $80,000
- Equipping the office (computers, printers, projectors, markers, servers/internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $30,000
- Amount required to purchase the needed software applications to run our business – $3,500
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Amount needed to acquire pick – up trucks – $50,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about three hundred and fifty thousand (350,000) U.S. dollars to successfully set up a medium scale but medical waste management and recycling plant in the United States of America.
Generating Startup Capital for Blue Cross® Medical Waste Recycling, LLC
Blue Cross® Medical Waste Recycling, LLC is a business that will be owned and managed by Engr. Richard McCain and his friend Joseph Chaps. They are the sole financial of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of their stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility)
N.B: We have been able to generate about $100,000 (Personal savings $70,000 and soft loan from family members $30,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Blue Cross® Medical Waste Recycling, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to sell our recycled materials a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Blue Cross® Medical Waste Recycling, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard facility to build a standard and modern medical waste recycling plant: Completed
- Application for business license and permit: Completed
- Purchase of all forms of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Purchase of repair and installation tools and equipment: Completed
- Graphic Designs and Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed recycling machines, equipment and trucks: In Progress
- Purchase of the needed furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in healthcare industries and pick – up points for medical waste materials: In Progress