Mobile Phlebotomy Business Plan
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Below is a template to help you create each section of your Mobile Phlebotomy business plan.
Executive Summary
Business Overview
LabLink Mobile Services is a startup mobile phlebotomy company located in Philadelphia, Pennsylvania. The company is founded by Sheryl Conners, who has practical experience in phlebotomy, with the additional expertise of knowledge and business acumen. She has determined she can confidently start and effectively grow a successful mobile phlebotomy services company at this time. She believes her experience of strategic growth, marketing skills, financial capabilities, and wide and deep knowledge of phlebotomy practices will provide everything needed for long-term growth and profitability.
LabLink Mobile Services will provide a comprehensive array of services for a wide variety of clients. Sheryl Conners will be the president and provide her leadership to support the strategic goals of the company. LabLink Mobile Services will be the ultimate choice in Philadelphia for clients to ensure that every need of mobile phlebotomy customers is fully and completely met.
Product Offering
The following are the services that LabLink Mobile Services will provide:
- On-site blood collection services
- Sample processing
- Rapid test-processing with 24-hour turnaround
- Home health checkups by licensed professionals
- Blood pressure monitoring with clinician link to app
- “Rapid Request” system that alerts staff to immediate client needs
- Day to day management of services and on-site scheduling
Customer Focus
Clients of LinkLab Mobile Services are the patients who require care and monitoring for various conditions. Clients also include physicians who require test results to make informed decisions for a patient on a timely basis. Clinics are also clients of LabLink Mobile Services, as patients under clinical care may need day-to-day testing and/or monitoring. Hospitals, assisted living homes and other long-term care facilities are clients, as well, as they may need backup phlebotomists for patients under specific care conditions.
Management Team
The management team of LabLink Mobile Services will consist of Sheryl Conners, who will act as president of the C Corporation, and Jennifer Perkins, who will be the director of phlebotomy services for the company.
Sheryl Conners is a graduate of the University of Pennsylvania, where she graduated with a master’s degree in nursing. Her special field of study was blood-borne diseases and she served for one year in training in the country of Africa, collecting blood samples to stop the spread of various viruses. She has over twenty years of experience as a senior phlebotomist.
Jennifer Perkins has fifteen years of experience in phlebotomy services, including the previous five years in management of a clinic with twenty phlebotomists under her direction. Jennifer graduated from the Pennsylvania College of Nursing with a bachelor’s degree in nursing. Her management and leadership capabilities while working with Sheryl Conners indicated she is the perfect choice to expand into a leadership position.
Success Factors
LabLink Mobile Services will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly-qualified team of LabLink Mobile Services
- Comprehensive menu of services and an accurate and complete software system, delivering accurate phlebotomy results 24/7 every day of the week to clinicians and client physicians.
- Unique “Rapid Request” system that alerts the mobile phlebotomy team to respond to an immediate need of a client within a very short window of time.
- LabLink Mobile Services offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Download the Mobile Phlebotomy business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
LabLink Mobile Services is seeking $200,000 in debt financing to launch its mobile phlebotomy services. The funding will be dedicated toward securing office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for LabLink Mobile Services.
Company Overview
Who is LabLink Mobile Services?
LabLink Mobile Services is a newly established, full-service mobile phlebotomy company located in Philadelphia, Pennsylvania. LabLink Mobile Services will be the most reliable, cost-effective, and efficient choice for residents in the city and the surrounding communities. LabLink Mobile Services will provide a comprehensive menu of phlebotomy, sample collection, and health-related services for any client to utilize. Their full-service approach includes a unique “Rapid Request” system that alerts staff to urgent client needs.
LabLink Mobile Services will be able to serve clients throughout Philadelphia. The team of professionals are highly qualified and experienced in phlebotomy and related services. LabLink Mobile Services removes all headaches and issues of the blood collection process and ensures all issues are taken care of expeditiously while delivering the best customer service.
LabLink Mobile Services History
Since incorporation, LabLink Mobile Services has achieved the following milestones:
- Registered LabLink Mobile Services, LLC to transact business in the state of Pennsylvania.
- Has a contract in place for a 10,000 square foot office at one of the midtown buildings
- Reached out to numerous contacts to include LabLink Mobile Services in their on-call listings.
- Began recruiting a staff of two and office personnel to work at LabLink Mobile Services.
LabLink Mobile Services
The following will be the services LabLink Mobile Services will provide:
- Friendly, knowledgeable, and highly-qualified team of LabLink Mobile Services
- Comprehensive menu of services and an accurate and complete software system, delivering accurate phlebotomy results 24/7 every day of the week to clinicians and client physicians.
- Unique “Rapid Request” system that alerts the mobile phlebotomy team to respond to an immediate need of a client within a very short window of time.
- LabLink Mobile Services offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Industry Analysis
The mobile phlebotomy industry is expected to grow over the next five years to over $695 million.
The growth will be driven by the on-going and increasing need for testing due to infectious viruses and diseases. As the population grows, the need will also continue for mobile phlebotomy services and clients will prefer the convenience of an on-site collection service. Additionally, senior services will be required in increasing requests due to the rising senior population in the next ten years.
Costs will likely be reduced as the mobile phlebotomy service sector becomes greater and certain prices will decrease as a result, including supplies or other to-be-determined items needed in phlebotomy-related services. Costs will also be reduced by the advancement of software to both read and diagnose blood collections, eliminating the need for personnel to read and diagnose certain conditions or changes that require medication.
Download the Mobile Phlebotomy business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Demographic Profile of Target Market
Clients of LinkLab Mobile Services are the patients who require care and monitoring for various conditions. Clients also include physicians who require test results to make informed decisions for a patient on a timely basis. Clinics are also clients of LabLink Mobile Services, as patients under clinical care may need day-to-day testing and/or monitoring. Hospitals, assisted living homes and other long-term care facilities are clients, as well, as they may need backup phlebotomists for patients under specific care conditions. Finally, corporations who use testing and collection services will call on LabLink Mobile phlebotomy services for on-site visits.
The precise demographics for LabLink Mobile Services are:
| Total | Percent | |
|---|---|---|
| Total population | 1,680,988 | 100% |
| Male | 838,675 | 49.9% |
| Female | 842,313 | 50.1% |
| 20 to 24 years | 114,872 | 6.8% |
| 25 to 34 years | 273,588 | 16.3% |
| 35 to 44 years | 235,946 | 14.0% |
| 45 to 54 years | 210,256 | 12.5% |
| 55 to 59 years | 105,057 | 6.2% |
| 60 to 64 years | 87,484 | 5.2% |
| 65 to 74 years | 116,878 | 7.0% |
| 75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
LabLink Mobile Services will primarily target the following customer profiles:
- Patient clients
- Physician clients
- Clinics
- Hospitals
- Corporate wellness clients
Competitive Analysis
Direct and Indirect Competitors
LabLink Mobile Services will face competition from other companies with similar business profiles. A description of each competitor company is below.
Phlebo Mobile
Jason Krushner is the president of Phlebo Mobile, a mobile phlebotomy service established in 2000. Jason received his master’s degree in nursing from the University of Montana and spent five years as a phlebotomist in the Philadelphia Care Group before opening his own mobile services company.
The primary service offered by Phlebo Mobile is the collection of blood samples for corporate on-site purposes, often contacted by life insurance companies or other corporate service companies. The service offers a complete, one-stop shop for mobile phlebotomy care with a minimum of time away from the office. Yearly contracts are used to fully extend services by Phlebo Mobile and guarantee repeat customer business.
Home Health Guardians
Tracy Hawthorne and Lucas Hawthorne, a sister and brother leadership team, established the Home Health Guardians Company in 2018 in response to the covid virus testing demand suddenly in play in the Philadelphia greater region. The company grew quickly and efficiently, thanks to the leadership experience of Tracy, who was a C-suite executive in a modern clinic office on the outskirts of Philadelphia when first approached by clinics and physicans’ offices to assist in the burden of covid testing. Tracy and Lucas now offer testing services for a wide variety of viruses and bacteria-borne illnesses, in addition to nutritional counseling for those who need a stronger platform of nutrition to thrive. Injections are also offered for international travelers who may need inoculations against diseases that are foreign-bred and borne.
LifeLine Mobile Blood Bank
LifeLine Mobile Blood Bank was started in 2009 by Tom and Larkin Owens to provide blood services to seniors in the greater Philadelphia region. The company is used exclusively by Philadelphia Health Network to provide blood for hospital and clinic patients within its network of health care providers. In addition to offering blood transplant and replacement services, the LifeLine Mobile Blood Bank offers sample collection and blood testing for patients within the network of healthcare providers.
In a ten-year contract with the major baseball team of Philadelphia, LifeLine Mobile Blood Bank also offers services, inoculations, sample collection and other blood-related care for the professional ball team within the state. This includes service prior to travel nationally or internationally and adds nutritionally-sound supplements and on-going nutritional care for the athletes in the industry. The contract runs through 2034, when it will be expected to renew.
Download the Mobile Phlebotomy business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
LabLink Mobile Services will be able to offer the following advantages over their competition:
- On-site blood collection services
- Sample processing
- Rapid test-processing with 24-hour turnaround
- Home health checkups by licensed professionals
- Blood pressure monitoring with clinician link to app
- “Rapid Request” system that alerts staff to immediate client needs
- Day to day management of services and on-site scheduling
- LabLink Mobile Services offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Marketing Plan
Brand & Value Proposition
LabLink Mobile Services will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees that is able to provide a comprehensive set of blood and sample collection services.
- Unique “Rapid Request” system that alerts the mobile phlebotomy team to respond to an immediate need of a client within a very short window of time.
- Unbeatable pricing to its clients; they will offer the lowest pricing in the city.
Promotions Strategy
The promotions strategy for LabLink Mobile Services is as follows:
Word of Mouth/Referrals
Sheryl Conners has built up an extensive list of contacts over the years by providing exceptional service and expertise to former clients. The contacts and clients will follow her to her new company and help spread the word of LabLink Mobile Services.
Professional Associations and Networking
There are numerous networking and professional medical associations and trade groups throughout Philadelphia who will be approached by Sheryl Conners. Sheryl will work to support these groups and take a leadership role in each, as allowed, bringing recognition and new clients into LabLink Mobile Services.
Print Advertising
Prior to opening, LabLink Mobile Services will send a direct mail piece to all physician offices, home health care companies, clinics and hospitals in the Philadelphia region. The piece will describe the services and products of LabLink Mobile Services and offer discounts during the first month of business.
Website/SEO Marketing
LabLink Mobile Services will fully utilize their website. The website will be well-organized, informative, and list all the services that LabLink Mobile Services provides. The website will also list their contact information and engage via their unique software system. The website will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “mobile phlebotomy company” or “mobile phlebotomy near me,” LabLink Mobile Services will be listed at the top of the search results.
Pricing
The pricing of LabLink Mobile Services will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.
Operations Plan
The following will be the operations plan for LabLink Mobile Services.
Operation Functions:
- Sheryl Conners will be the owner and president of the company. She will oversee all staff and manage client relations. Sheryl has spent the past year recruiting the following staff:
- Jennifer Perkins has fifteen years of experience in phlebotomy services, including the previous five years in management of a clinic with twenty phlebotomists under her direction. She will become the director of phlebotomy services.
- Tracy Goings will become the office manager, overseeing all office administration, client files, and accounts payable.
- Greg Abbott is the Social Media Marketing Manager, providing all marketing for the services of LabLink Mobile Services.
Download the Mobile Phlebotomy business plan template (including a customizable financial model) to your computer here <–
Milestones:
LabLink Mobile Services will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease office space
- 5/15/202X – Finalize personnel and staff employment contracts for LabLink Mobile Services
- 6/1/202X – Finalize contracts for LabLink Mobile Services clients
- 6/15/202X – Begin networking at industry events
- 6/22/202X – Begin moving into LabLink Mobile Services office
- 7/1/202X – LabLink Mobile Services opens its doors for business
Management Team
The management team of LabLink Mobile Services will consist of Sheryl Conners, who will act as president of the C Corporation, and Jennifer Perkins, who will be the director of phlebotomy services for the company.
Sheryl Conners is a graduate of the University of Pennsylvania, where she graduated with a master’s degree in nursing. Her special field of study was blood-borne diseases and she served for one year in training in the country of Africa, collecting blood samples to stop the spread of various viruses. She has over twenty years of experience as a senior phlebotomist.
Jennifer Perkins has fifteen years of experience in phlebotomy services, including the previous five years in management of a clinic with twenty phlebotomists under her direction. Jennifer graduated from the Pennsylvania College of Nursing with a bachelor’s degree in nursing. Her management and leadership capabilities while working with Sheryl Conners indicated she is the perfect choice to expand into a leadership position.
Financial Plan
Key Revenue & Costs
The revenue drivers for LabLink Mobile Services are the fees they will charge to individual and corporate clients for their services. .
The cost drivers will be the overhead costs required in order to staff LabLink Mobile Services. The expenses will be the payroll cost, rent, utilities, mobile services and vans, office supplies, and marketing materials.
Funding Requirements and Use of Funds
Financial Highlights
LabLink Mobile Services is seeking $200,000 in debt financing to launch its mobile phlebotomy services. The funding will be dedicated toward securing office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
Download the Mobile Phlebotomy business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of patients Per Month: 1,400
- Average Revenue per Month: $41,000
- Office Lease per Year: $100,000
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Mobile Phlebotomy Business Plan FAQs
What Is a Mobile Phlebotomy Business Plan?
A mobile phlebotomy business plan is a plan to start and/or grow your mobile phlebotomy business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Mobile Phlebotomy business plan using our Mobile Phlebotomy Business Plan Template here.
What are the Main Types of Mobile Phlebotomy Businesses?
There are a number of different kinds of mobile phlebotomy businesses, some examples include: Home Health and Wellness Services, Corporate Wellness Services, and At-Home Medical Services.
How Do You Get Funding for Your Mobile Phlebotomy Business Plan?
Mobile Phlebotomy businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Mobile Phlebotomy Business?
Starting a mobile phlebotomy business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Mobile Phlebotomy Business Plan - The first step in starting a business is to create a detailed mobile phlebotomy business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your mobile phlebotomy business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your mobile phlebotomy business is in compliance with local laws.
3. Register Your Mobile Phlebotomy Business - Once you have chosen a legal structure, the next step is to register your mobile phlebotomy business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your mobile phlebotomy business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Mobile Phlebotomy Equipment & Supplies - In order to start your mobile phlebotomy business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your mobile phlebotomy business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.