Are you about starting a fertility clinic? If YES, here’s a complete sample fertility clinic business plan template & feasibility report you can use for FREE to get started. Okay, so we have considered all the requirements for starting a fertility clinic. We have analyzed and drafted a sample fertility clinic marketing plan backed up by actionable guerrilla marketing ideas for fertility clinics. So let’s proceed to the business planning section.
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
Why Start a Fertility Clinic?
With the ever – increasing rate of infertility around the world, fertility clinic business is becoming a thriving and profitable business. As an investor, if you are interested in the business, you can as well launch your fertility clinic business in the united states.
To start a fertility clinic, you have to first look at the existing laws in the country or state you reside because there is hardly any country that does not pay serious attention on their health sector. Any health reproduction related business is usually highly regulated so as to guard against the infiltration of quacks.
If you have an interest in starting your own fertility clinic, then you need to pay a visit to the health and medical regulatory body in your country to get all the required information. You also need to carry out thorough feasibility studies and market survey. Business plan is yet another very important business document that you should not take for granted when launching your fertility clinic business.
Below is a sample fertility clinic business plan template that can help you to successfully write your own with little or no difficulty.
A Sample Fertility Clinic Business Plan Template
1. Industry Overview
The Fertility Clinics industry comprises of medical facilities that offer treatments to aid individuals in conceiving children. Aside from sperm bank, these facilities offer diagnosis, medications, intrauterine insemination, in vitro fertilization and other assisted reproductive technology methods.
Increased interest in assisted reproductive technology (ART) has driven revenue higher as more people have sought alternative ways to have children. A recent report published by IBISWorld shows that the Fertility Clinics industry relies more on labor than capital and that depreciation costs are expected to account for about 2.7 percent of total industry revenue in 2016, whereas wages are estimated to account for 40.3 percent of revenue. As a result, the industry’s capital intensity is relatively low.
The report further shows that in 2015, for every dollar spent on labor, industry enterprises will invest an estimated $0.07 in capital, on average. Equipment leasing and outsourcing testing to third-party facilities minimize the capital depreciation costs associated with the high-tech treatments that fertility clinics provide. This also minimizes expenditures on machinery that may become obsolete if a new technology enters the market and enables better fertility treatment outcomes.
The Fertility Clinics industry is indeed a very massive industry in the United States. Statistics has it that the industry is worth $2 billion, with an estimated growth rate of 4.2 percent within the next five years. There are about 493 registered and licensed fertility clinics in the United States and they are responsible for employing about 17,630 people that comprises of doctors, nurses, pharmacists, surgeons and other health and non – health workers. It is important to state that IntegraMed has the lion share of the available market in the industry in the United States.
Please note that the Fertility Clinics industry has high barriers to entry. In addition to strict reporting requirements due to regulation, the industry’s barriers to entry are high as a result of the skilled workforce and high-tech equipment needed to operate a fertility clinic.
Even though up-front costs of entering the industry can be minimized through equipment leasing and financing, finding skilled staff, including licensed doctors, nurses and industry technicians and be costly and time consuming. In addition, clinics are often judged by the published outcomes of prior treatment cycles and a new entrant will have no data available for prospective clients.
If you are considering starting your own fertility clinic in the United States, then you should try and work around the industry barriers.
It is absolutely compulsory for any investor who is looking in the line of starting a fertility clinic business to meet extensive federal, state and local laws and regulations. These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures.
Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with building codes and environmental protection laws. These regulations make it difficult and costly for aspiring entrepreneurs to enter the industry.
Lastly, if you are determined to go all the way, you will surely succeed in establishing your fertility clinic in the United States of America and you will be glad you did because it is indeed a profitable business.
2. Executive Summary
Atkinson Williams® Fertility Clinic, Inc. is a licensed and government approved fertility clinic that will be located in the heart of Corpus Christi, Texas – United States of America. We have been able to acquire a standard facility that is highly suitable for the kind of fertility clinic business we want to operate.
Atkinson Williams® Fertility Clinic, Inc. is in the fertility clinics industry to aid individuals in conceiving children. This facility offers diagnosis, medications, intrauterine insemination, in vitro fertilization and other assisted reproductive technology methods.
We are in the fertility clinics industry to deliver excellent services to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in the State of Texas and the United States of America.
Our facility will be opened round the clock to attend to clients (patients). We have a standard medical call center that is manned by trained health workers. Our employees are going to be well trained to operate within the framework of our organization’s corporate culture.
Atkinson Williams® Fertility Clinic, Inc. will ensure that all our patients are given first class treatment whenever they visit us. We have a CRM software that will enable us manage a one on one relationship with our customers.
Atkinson Williams® Fertility Clinic, Inc. is owned and managed by Dr. Atkinson Williams. He is a Board Certified / Fellowship Trained Fertility Specialist and ACMPE’s Certified Medical Practice Executive (CMPE) with over 20 years’ experience working as a fertility researcher with the United States’ government.
3. Our Products and Services
Atkinson Williams® Fertility Clinic, Inc. will ensure that our patients are well taken care of and our services will be carried out by highly trained professionals in the fertility industry. These are the services that Atkinson Williams® Fertility Clinic, Inc. will be offering;
- Offer treatments such as intrauterine insemination, in vitro fertilization and other assisted reproductive technology methods
- Infertility evaluations
- Artificial insemination
4. Our Mission and Vision Statement
- As a fertility clinic, we want to help clients from all across the United States of America and the world make babies in the midst of difficulties.
- Atkinson Williams® Fertility Clinic, Inc. is a world – class fertility clinic that is equipped to help couples who find it difficult to make babies. Our services will be guided by the professional ethics that governs the fertility industry in the United States of America.
Our Business Structure
We will adopt international best practices and we will ensure that it reflects in our business structure. This is why we have decided to recruit only qualified professionals in the industry to man various job positions in our organization. We are quite aware of the rules and regulations governing the fertility clinics industry which is why we decided to recruit only qualified employees.
When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders. 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 five years or more.
These are the positions that will be available at Atkinson Williams® Fertility Clinic, Inc.;
- Chief Medical Director/Chief Executive Officer
- Doctors (Fertility Specialists)
- Lab Technicians
- Nurses/Nurse’s Aides
- Sales and Marketing Executive
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Medical Director / Chief Executive Officer:
- 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
- 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 fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Doctor (Fertility Specialist)
- Responsible for offering treatments to aid individuals in conceiving children
- Responsible for handling fertility related surgery
- Handles sperm and fertility examinations, infertility evaluations, artificial insemination
- Handles restorative fertility services
- Accountable for processing prescriptions and dispensing medication
- Answerable for ordering, and controlling medicines
- Handles any other duty as assigned by the Medical Director.
- Carries out various fertility tests for patients
- Responsible for collecting, screening and storing human sperm from sperm donors for use by women who need donor-provided sperm to achieve pregnancy
- Issues out sperms that matches the request of our clients / patients
- Responsible for managing our patients
- Handles fertility related case management
- Responsible for offering medication management services
- Assists the fertility specialist / surgeon in treating patients and during fertility treatment surgery
Sales and Marketing Manager
- 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
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with 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.
- Accountable for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
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 chief executive officer 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
- Responsible for cleaning the wards and hospital facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Handles any other duty as assigned by the admin and HR manager or superior officers.
6. SWOT Analysis
Because of our drive for excellence, we were able to engage some of the finest business consultants in Corpus Christi – Texas to look through our business concept and together we were able to examine the prospect of the business and to access ourselves to be sure we have what it takes to run a standard fertility clinic.
Here is a of what we got from the critically conducted SWOT Analysis for Atkinson Williams® Fertility Clinic, Inc.;
Our strength lies in the fact that we have a team of qualified professionals manning various job positions in our fertility clinic. As a matter of fact, they are some of the best hands in the whole of Corpus Christi – Texas. Our location, the Business model we will be operating on, opening 24 hours daily and 7 days in a week, multiple payment options, well equipped medical call center and our excellent customer service culture will definitely count as a strong strength for us.
Our seeming weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity we intend giving the business and also the finance needed to acquire some of the latest sperm collection, screening, storing and fertility equipment et al.
The opportunities that are available to fertility clinics are unlimited considering the ever growing rate of infertility all across the world and we are going to position our fertility clinic to make the best out of the opportunities that will be available to us in Corpus Christi – Texas.
One of the major threats that we are likely going to face is economic downturn and unfavorable government policies. Another threat that may likely confront us is the arrival of a new fertility clinic brand in same location where ours is located.
7. MARKET ANALYSIS
- Market Trends
The fertility clinics industry has benefited from favorable government policies, demographic trends, technological advances and of course continuous awareness of sperm donations and fertility concerns. Nevertheless, better infertility preventive care has slightly suppressed the revenue generated in the industry.
So also, limited patient access to fertility care, due to states in the United States not covering fertility care for Medicaid patients, has caused some sperm banks and fertility clinics to lower prices and cut into profitability.
The fertility clinics industry has recently begun consolidating due to the pressures of healthcare reform. The truth is that the demand for fertility care services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage and the plummeting unemployment rate increased disposable income.
Infertility treatments have become more advanced and less risky, raising demand for industry services. As disposable income levels rise, revenue for the industry will post strong growth and an increase in Americans with private health insurance will make industry services more affordable.
One thing about this industry is that labor costs are on the high side. However, fertility clinics have also faced personnel shortages and have struggled to recruit qualified personnel. Industry profitability has generally risen over the past five years due to increase in service prices.
No doubt, the fertility clinics industry will continue to grow and become more profitable because of the increasing awareness of the danger of infertility as it affects the overall manpower of the United States of America.
8. Our Target Market
Atkinson Williams® Fertility Clinic, Inc. is in business to service a wide range of clients in Corpus Christi – Texas and we will ensure that we target both self – pay customers (who do not have health insurance cover), and those who have health insurance cover.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the fertility clinics industry in the United States. Our customers can be categorized into the following;
- Single women and coupled lesbians who want to have children of their own
- Heterosexual couples where the male is infertile male or who are finding it challenging to impregnate their wife
- Health Management Organizations (HMOs)
Our competitive advantage
Please note that apart from the competitions that exist amongst various fertility clinics, they also compete against other healthcare service providers such as hospitals, health centers and community clinics that provide fertility services.
Atkinson Williams® Fertility Clinic, Inc. is coming into the market well prepared to favorably compete in the industry. Part of our competitive advantages lies in the fact that we have access to highly skilled workforce, we can boast of proximity to key markets and we have robust understanding government policies and their implications.
Our fertility clinic facility is well positioned and visible, we have enough parking space with good security. Our services will be carried out by highly trained professionals who know what it takes to give our highly esteemed customers value for their money and to abide by international best practices as it relates to the fertility clinics industry.
Last but not least, 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
Atkinson Williams® Fertility Clinic, Inc. will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Atkinson Williams® Fertility Clinic, Inc.;
- Offer treatments to aid individuals in conceiving children
- Infertility evaluations
- Artificial insemination
- Other assisted reproductive methods
10. Sales Forecast
Our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.
We have examined the fertility clinics market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Corpus Christi – Texas.
- First Fiscal Year: $80,000 (From Self – Pay Clients / Patients): $120,000 (From Health Insurance Companies)
- Second Fiscal Year: $110,000 (From Self – Pay Clients / Patients): $150,000 (From Health Insurance Companies)
- Third Fiscal Year: $140,000 (From Self – Pay Clients / Patients): $300,000 (From Health Insurance Companies)
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 natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Atkinson Williams® Fertility Clinic, Inc. will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top fertility treatment at affordable prices.
We know that if we are consistent with offering high quality fertility treatment and excellent customer service, we will increase the number of our customers by more than 25 percent for the first fiscal year and then more than 40 percent subsequently.
Before choosing a location for our fertility clinic, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents in Corpus Christi – Texas.
We hired experts who have good understanding of the fertility industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Corpus Christi – Texas.
In summary, Atkinson Williams® Fertility Clinic, Inc. will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residents, hospitals and health facilities in and around Corpus Christi – Texas
- Advertise our fertility clinic in community based newspapers, local TV and radio stations
- List our fertility clinic on yellow pages’ ads (local directories)
- Leverage on the internet to promote our fertility clinic
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with health management organizations, government agencies and health insurance companies.
11. Publicity and Advertising Strategy
We are in the fertility clinic line of business to become one of the market leaders and also to maximize profits hence we are going to explore all available means to promote our business. Atkinson Williams® Fertility Clinic, Inc. has a long – term plan of opening our fertility clinics in key cities around Texas which is why we will deliberately build our brand to be well accepted in Corpus Christi before venturing out.
Here are the platforms we intend leveraging on to promote and advertise Atkinson Williams® Fertility Clinic, Inc.;
- Place adverts on both print (community based newspapers and health magazines) and electronic media platforms
- Sponsor relevant community health programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Corpus Christi – Texas.
- Engage in roadshows from time to time in target communities
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our fertility clinic’s logo et al.
12. Our Pricing Strategy
Fertility clinics, hospitals and health care service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for fertility clinics to bill their clients based in their discretion.
However, in some cases fertility clinics, hospitals and health care service providers also adopt the hourly billing cum per visit billing method. We are aware that there are some clients that would need regular access to fertility counselling services and assistance, we will offer flat rate for such services.
- Payment Options
The payment policy adopted by Atkinson Williams® Fertility Clinic, Inc. is all inclusive because we are 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 Atkinson Williams® Fertility Clinic, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
In view of the above, we have chosen banking platforms that will enable our client make payment for our services and products without any stress on their part.
13. Startup Expenditure (Budget)
If you are looking towards starting a standard fertility clinic, then you should be ready to raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business is not cheap.
You would need money to secure a standard fertility clinic facility, acquire medical equipment and supply and you would need money to pay your workforce until the revenue you generate from the business becomes enough to pay them. The items listed below are the basics that we would need when starting our fertility clinic in the United States, although costs might vary slightly;
- The total fee for registering the Business in the United States – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of Atkinson Williams® Fertility Clinic, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Business Consultant – $2,500.
- The cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- The total cost for payment of rent for 12 months at $1.76 per square feet in the total amount of – $120,100.
- The total cost for fertility clinic remodeling (construction of racks and shelves) – $30,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits – ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $300,000
- The cost for Start-up inventory (sperm collectors, sperm preservers, and other fertility cum medical equipment and instruments) – $250,000
- Storage hardware (bins, rack, shelves,) – $3,720
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
- The cost of launching a Website: $700
- Miscellaneous: $10,000
We would need an estimate of $700,000 to successfully set up our fertility clinic in Corpus Christi – Texas.
Generating Startup Capital for Atkinson Williams® Fertility Clinic, Inc.
Atkinson Williams® Fertility Clinic, Inc. is owned and managed by Dr. Atkinson Williams. This is why he 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
- Source for soft loans from family members and friends
- Apply for loan 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 document 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
One of our major goals of starting Atkinson Williams® Fertility Clinic, 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 offer our fertility treatment 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.
Atkinson Williams® Fertility Clinic, 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 organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We recognize 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 Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the facility to suit the design of our fertility clinic: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of fertility and medical equipment and instruments et al: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Establishing business relationship with key stakeholders in the industry: In Progress.