Are you about starting an eye surgery equipment company? If YES, here’s a complete sample eye surgery equipment maker business plan template & feasibility report you can use for FREE to get started.
Okay, so we have considered all the requirements for starting an eye surgery equipment maker company. We have analyzed and drafted a sample eye surgery equipment marketing plan backed up by actionable guerrilla marketing ideas for eye surgery equipment companies. So let’s proceed to the business planning section.
An eye surgery equipment maker business is a highly technical manufacturing business to start, but it is indeed a business whose products are sold all across the world as long as there are eye clinics there.
If you are sure this type of business is what you want to do after you must have carried out your feasibility studies and market research, then the next step to follow is to write a good business plan; a detailed blue print of how you intend raising your seed capital, setting up the business, managing the flow of the business, sorting out tax and marketing your services.
Below is a sample eye surgery equipment maker business plan template that will help you successfully write yours without much stress.
A Sample Eye Surgery Equipment Maker Business Plan Template
1. Industry Overview
Eye surgery equipment maker business is under the ophthalmic instrument manufacturing industry and players in this industry manufacture ophthalmic diagnostic instruments and surgical equipment used in eye-related medical procedures.
Examples of diagnostic equipment include optical coherence tomography scanners, ophthalmic ultrasound systems, cameras, scopes, tonometer and lighting equipment. Examples of surgical equipment include ophthalmic lasers, as well as cataract, glaucoma, refractive and other surgery devices.
A close study of the Ophthalmic Instrument manufacturing industry shows that the industry is driven by a number of factors, including aging demographics, surgical and product innovations, economic growth, increasing health insurance coverage and an expansion in demand from overseas markets.
Going forward, the progressive aging of the US population helped foster industry growth, as elderly individuals are more likely to develop eye diseases; their increasing numbers has fueled a rise in medical and nonmedical eye surgeries.
So also, the demand for products manufactured in this industry has also been driven by advancements in surgical techniques, such as minimally invasive laser procedures, which have made medically necessary eye surgeries safer.
The Ophthalmic Instrument Manufacturing industry is indeed a thriving line of business in most countries of the world. In the united states of America, the industry generates over $5 billion annually from more than 76 ophthalmic instrument manufacturing companies. The industry is responsible for the employment of over 10,953 people.
Experts project that the industry will grow at a 2.2 percent annual rate between 2013 and 2018. The establishment in this industry that has dominant market shares in the United States of America are Alcon, Carl Zeiss Meditec, J&J, and Valeant.
A recent report published by IBISWORLD shows that over the five years to 2018, the Ophthalmic Instrument Manufacturing industry has benefited from a progressively aging US population, as eye problems closely associated with age, such as macular degeneration, cataracts, glaucoma and diabetic retinal disease has led to a rise in ophthalmic surgeries, which increased demand for ophthalmic equipment sold by this industry.
A projected continuation of these trends, namely a progressively aging US population, technological advancements in corrective vision procedures and strong demand from overseas markets should support the industry in the five years to 2023, as revenue is expected to increase an annualized 1.7 percent to $5.4 billion.
It is important to state that there are business opportunities for an investor who is interested in starting his or her eye surgery equipment manufacturing business in the United States of America, besides, we only have 76 ophthalmic instrument manufacturers in the whole of the US.
2. Executive Summary
Keith Anderson® Eye Surgery Equipment, Inc. is a U.S based eye surgery equipment manufacturing company. We have been able to secure a standard government approved facility in Lake Charles – Louisiana. We are also into after sales services such as installation, maintenance and repair.
We are set to compete in the highly competitive ophthalmic instrument manufacturing industry not only in Lake Charles – Louisiana, but also throughout the United States market.
Keith Anderson® Eye Surgery Equipment, Inc. will engage in the manufacturing of surgical systems and instruments, diagnostic equipment, laser surgical equipment and eye-care diagnostic equipment and other related installation, maintenance and repair services.
Our business goal is to become one of the leading eye surgery equipment manufacturing company in the United States 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 ophthalmic instrument engineers and technicians in and around Lake Charles – Louisiana 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.
At Keith Anderson® Eye Surgery Equipment, Inc., 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.
Keith Anderson® Eye Surgery Equipment, Inc. is founded by Engr. Keith Anderson an ophthalmic instrument engineer who graduated from Illinois Institute of Technology (B.Engr.), and his friend and business partner Engr. Creflo Beckerman.
They have a combined experience that can help them build Keith Anderson® Eye Surgery Equipment, Inc. to favorably compete with other leading ophthalmic instrument manufacturing plants in the United States of America.
3. Our Products and Services
Keith Anderson® Eye Surgery Equipment, Inc. is established with the aim of maximizing profits in the Ophthalmic Instrument Manufacturing industry.
We want to compete favorably with leading eye surgery equipment manufacturing companies in the United States which is why we have put in place a competent quality assurance team that will ensure that every eye surgery equipment that leaves our plant meets and even surpasses our customers’ expectations and conform to international best practices.
We will work hard to ensure that Keith Anderson® Eye Surgery Equipment is not just accepted in Lake Charles – Louisiana but also in other cities in the United States of America and other countries of the world. Our products and services are listed below;
- Surgical systems and instruments
- Diagnostic equipment
- Laser surgical equipment
- Surgical systems and instruments
- Other related installation, maintenance and repair services
4. Our Mission and Vision Statement
- Our vision is to establish a standard eye surgery equipment manufacturing company whose products and brand will not only be accepted in Lake Charles – Louisiana, but also in other cities in the United States of America and other countries of the world.
- Our mission is to manufacture standard ophthalmic instruments that can be used all around the United States of America and other countries of the world. We want to build a company that can favorably compete with other leading brands in the ophthalmic instruments manufacturing industry in the global market.
Our Business Structure
Keith Anderson® Eye Surgery Equipment, Inc. intends starting small in Lake Charles – Louisiana, but hopes to grow big in order to compete favorably with leading eye surgery equipment manufacturing companies 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, which is why we are committed to only hire the best hands within our area of operation.
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 the 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 five 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
- Plant Manager/Head, Technical Services
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Ophthalmic Instrumentation Engineers/Technicians (10)
- Client Service Executive
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 and developing incentives
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, 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
- Reports to the board
Plant Manager/Head, Technical Services:
- Oversees the smooth running of the plant
- Serves as project manager of the organization; works directly with employees
- Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
- 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.
- Makes certain that the technical department perform efficiently, coordinate employee efforts, and facilitate communications between management and ophthalmic instrument engineers and technicians
Human Resources and Admin 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
- 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 induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
Sales and Marketing Manager
- Identifies development opportunities; follows up on development leads and contacts
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Develops, executes and evaluates new plans for expanding sales
- Creates new markets cum businesses for the organization
- Empowers and motivates the sales team to meet and surpass agreed targets
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
Ophthalmic Instrumentation Engineers (2) and Technicians (8))
- Works with the team of engineers in manufacturing of surgical systems and instruments, diagnostic equipment and laser surgical equipment
- Handles other related ophthalmic instrument installation, maintenance and repair services as requested by clients.
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 creative director 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
6. SWOT Analysis
Keith Anderson® Eye Surgery Equipment, Inc. engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured eye surgery equipment manufacturing plant that can favorably compete in the highly competitive Ophthalmic Instrument Manufacturing industry in the United States.
Part of what the team of business consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for Keith Anderson® Eye Surgery Equipment, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Keith Anderson® Eye Surgery Equipment, Inc.;
We are an eye surgery equipment manufacturing company that is well – positioned to take advantage of government subsidies and other available grants. So also, we have a team of certified and highly trained ophthalmic instrumentation engineers and technicians, a team with excellent qualifications and experience in various niche areas. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.
As a new eye surgery equipment manufacturing company in Lake Charles – Louisiana, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients (eye surgery equipment distributors) in the already saturated and highly competitive Ophthalmic Instrument Manufacturing industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our products the way we would want to.
The opportunities in the Ophthalmic Instrument Manufacturing industry are massive considering the number of players in this industry and the demand for industry’s products. In the United States, even with tariffs against Chinese manufacturers in place, the value of imports has risen.
Increased government initiatives will help spur demand from downstream customers. As an eye surgery equipment manufacturing company, we are ready to take advantage of any opportunity that is available in the industry.
High import competition has been the main threat to the industry over the five-year period. Just like any other business, other threats that we are likely going to face is economic downturn. Another threat that may likely confront us is the arrival of a new eye surgery equipment manufacturing company in same location where our target market exists and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
If you are keeping tabs of happenings in the ophthalmic instrument manufacturing industry, you will agree that the demand for eye surgery equipment and devices has skyrocketed many thanks to substantial government support. So also, technological advancements in ophthalmic instrument will definitely lead to a greater supply of low-cost eye surgery equipment, making these ophthalmic instruments more accessible for low budget consumers, also lowering demand.
Advancements in surgical techniques have made eye surgery quicker and less painful. International demand for eye care services and ophthalmic equipment strongly grew. An aging US population will increase demand for vision services for common refractive disorders. External factors such as Number of adults aged 65 and older and Number of people with private health insurance in the Ophthalmic Instrument Manufacturing industry will impact industry performance.
Another trend is that the ophthalmic instrument manufacturing industry has galloped ahead in recent years as a result of the rapid technological developments in our world, falling ophthalmic instrument costs and favorable government policy.
In the coming years, demand for ophthalmic instrument is projected to continue growing. Ongoing government aid in the form of tax credits and rebates, along with technological advances in medical equipment market is expected to help revenue grow sharply going forward.
8. Our Target Market
Before building our eye surgery equipment manufacturing plant in Lake Charles – Louisiana, we conducted a market survey and feasibility studies and we are certain that there is a wide range of clients who cannot successfully run their businesses without purchasing eye surgery equipment and other ophthalmic instruments from us. Below is a list of clientele that we have specifically mark
t our products and services to;
- Eye care clinics
- Hospitals that also has optician department
- Eye surgery and medical equipment distributors and retailers
Our competitive advantage
In as much as the market for eye surgery equipment is growing all over the globe, you must adopt a workable marketing strategy to be able to make good sales and huge profits. We have solid plans to go into contract agreements with leagues of ophthalmologists. We know that we can also make more sales if we work with our customers to produce customized eye surgery equipment and other ophthalmic instruments that can suit their purposes.
Ophthalmic instruments come in different sizes, shapes, and capacities, hence, our eye surgery equipment manufacturing company will take all these factors into account so that we can be able to meet the needs of various categories of customers who will need our products.
Our competitive advantage lies in our access to the latest and most efficient technology and techniques, our ability to undertake technical research, protection of intellectual property/copyrighting of output and the power of our team; our workforce.
We have a team of certified and highly trained ophthalmic instrument engineers and technicians. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.
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
Keith Anderson® Eye Surgery Equipment, Inc. is established with the aim of maximizing profits in the ophthalmic instrument manufacturing 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.
Keith Anderson® Eye Surgery Equipment, Inc. will generate income by selling and offering the following installation, maintenance and repair related services;
- Surgical systems and instruments
- Diagnostic equipment
- Laser surgical equipment
- surgical systems and instruments
- Other related installation, maintenance and repair services
10. Sales Forecast
We are well positioned to take on the available market in the ophthalmic instrument manufacturing industry and we are quite optimistic that we will meet our set target of generating enough profits from our first six months of operation and grow our eye surgery equipment manufacturing company to enviable heights.
We have been able to examine the ophthalmic instrument manufacturing market, we have analyzed our chances in the industry and we have come up with the following sales forecast. Below is the sales projection for Keith Anderson® Eye Surgery Equipment, Inc. It is based on the location of our business and of course the wide range of our products, services and target market;
- First Fiscal Year: $750,000
- Second Fiscal Year: $1.1 million
- Third Fiscal Year: $1.7 million
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 competitors within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are growing competitions in the ophthalmic instrument manufacturing industry; 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 industry and they will be trained on a regular basis so as to meet their targets.
Our corporate goal is to grow Keith Anderson® Eye Surgery Equipment, Inc. to become one of the top 10 eye surgery equipment manufacturing brands in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market not only in Lake Charles – Louisiana but also in other cities in the United States of America.
Keith Anderson® Eye Surgery Equipment, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our eye surgery equipment manufacturing company by sending introductory letters alongside our brochure to eye care medical clinics, medical equipment distributors and retailers
- Advertise our business in relevant technology magazines, newspapers, TV and radio stations
- List our business in yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Leverage on the internet to promote our business
- Engage direct marketing approach
- 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. Below are the platforms we intend to leverage on to promote and advertise Keith Anderson® Eye Surgery Equipment, Inc.;
- Place adverts on both print (newspapers and health magazines) 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 services
- Install our billboards in strategic locations all around Lake Charles – Louisiana
- Distribute our fliers and handbills in target areas
- List our eye surgery equipment manufacturing company in local directories / yellow pages
- Advertise our eye surgery equipment manufacturing company 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 are well branded with our company logo et al.
12. Our Pricing Strategy
At Keith Anderson® Eye Surgery Equipment, Inc. we will keep the prices of our products and services below the average market rate by keeping our overhead low and by collecting payment in advance from major distributors. In addition, we will also offer special discounted rates to all our customers at regular intervals. The prices of our product and services will be same as what is obtainable in the United States’ open market.
- Payment Options
The payment policy adopted by Keith Anderson® Eye Surgery Equipment, Inc. 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 Keith Anderson® Eye Surgery Equipment, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via Point of Sale Machine (POS)
- Payment via online bank transfer
- 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 the purchase of eye surgery equipment without any stress on their part.
13. Startup Expenditure (Budget)
When it comes to building an eye surgery equipment manufacturing plant, you should be ready to spend loads of cash because it is indeed a capital-intensive business. However, this is what it would cost us to set up Keith Anderson® Eye Surgery Equipment, Inc. 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 a standard government approved plant – facility large enough to fit into our design will cost – $250,000.
- The amount required to purchase the needed equipment, tool box and repair equipment – $150,000
- Equipping our office facility (computers, printers, projectors, markers, 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 – $150,000
- 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 $750,000 to successfully set up a medium scale but standard eye surgery equipment manufacturing company in the United States of America.
Generating Startup Capital for Keith Anderson® Eye Surgery Equipment, Inc.
Keith Anderson® Eye Surgery Equipment, Inc. will be owned and managed by Engr. Keith Anderson and his friend Engr. Creflo Beckerman. They decided to restrict the sourcing of the startup capital for the business to just three major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sale of his 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
N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have 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 business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Keith Anderson® Eye Surgery Equipment, Inc. is to build a business that will survive off its own cash flow without 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 eye surgery equipment and offer our installation, maintenance and repair services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Keith Anderson® Eye Surgery Equipment, Inc. 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.
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.
- 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 government approved plant – facility: Completed
- Application for business license and permit: Completed
- Purchase 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
- Printing of Promotional Materials: Completed
- Recruitment of employees: 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 various industries: In Progress