Do you want to start a syringe production company? If YES, here is a sample syringe & needle manufacturing business plan template & FREE feasibility report.
Just like most businesses, syringe manufacturing is pretty open to as many people that are interested in the industry as long as they have the required capital, experience and qualifications. Below is a sample syringe manufacturing business plan template that will help you successfully write yours with little effort.
A Sample Syringe Manufacturing Business Plan Template
Table of Content
- Industry Overview
- Executive Summary
- Our Product Offering
- Our Mission and Vision Statement
- Job Roles and Responsibilities
- SWOT Analysis
- MARKET ANALYSIS
- Our Target Market
- SALES AND MARKETING STRATEGY
- Sales Forecast
- Publicity and Advertising Strategy
- Startup Expenditure (Budget)
- Sustainability and Expansion Strategy
Syringe manufacturing business is under the Syringes and Injection Needle manufacturing industry and players in this industry manufacture a variety of syringes and injection needles, including hypodermic syringes, medical bulb syringes, blood collection syringes and fountain syringes. Typically, industry products include a barrel, plunger, needle and cap. This industry excludes syringes used for nonmedical purposes.
The Syringes and Injection Needle Manufacturing industry revenue has increased steadily as in the united states, due to demand for syringes and injection needles. Rising product prices have also supported industry growth. Revenue is projected to rise over the five years to 2022 as healthcare providers continue to invest in new equipment to keep up with growing demand for healthcare services.
In the United States of America, the industry generates over $4 billion annually from more than 48 syringes and injection needle manufacturing companies and the industry is responsible for the employment of over 9,068 people. Experts projected that the industry will grow at a 3.6 percent annual rate between 2014 and 2019. The establishment in this industry that has dominant market shares in the United States of America are Becton, Dickinson and Company and Medtronic PLC.
A recent report published by IBISWORLD shows that the Syringes and Injection Needle manufacturing industry has experienced steady growth over the five years to 2019 as a result of favorable demographic shifts, increased health insurance coverage and strong sales abroad.
Furthermore, US total health expenditure has been on the rise, particularly government spending on healthcare. Increased public spending has recently bolstered demand for industry products but also served as a lifeline for the industry during the downturn and early recovery.
With national health expenditure expected to reach $3.4 trillion in 2019, IBISWorld estimates industry revenue will increase 2.6 percent over the year. As a result, industry revenue is expected to rise at an annualized rate of 3.6 percent to $3.8 billion within the next five years.
The syringe and injection needle manufacturing business is profitable and it is open for any aspiring entrepreneur to come in and establish his or her business.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is a standard and registered syringes and injection needle manufacturing business that will be located in one of the industrial estates in West Palm Beach – Florida, United States of America. We have been able to lease a facility that is big enough to fit into the kind of standard syringe and injection needle manufacturing company that we intend launching.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will manufacture a variety of syringes and injection needles, including hypodermic syringes, medical bulb syringes, blood collection syringes and fountain syringes. We are set to sell our products to a wide range of clientele not just in the United States of America, but also all across the world.
We spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors. We will ensure that we engage in continuous improvement of our products so as to suite the ever – changing trends in the healthcare industry.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will ensure that all our customers are given first class treatment whenever they purchase any of our products. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large they may grow to. We will ensure that we get our customers involved in our product conception and also when making some business decisions.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is owned by Billy Jones.
He has a B.Eng. in Production Engineering, with over 15 years’ experience in the syringes and injection needle manufacturing industry working for some of the leading brands in the United States. Although the business is launching out with just one outlet in West Palm Beach – Florida, but we will ensure that we distribute our products all across the United States of America and other countries of the world.
Our Product Offering
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will sell products to a wide range of clients which is why we will design, develop and manufacture various types of syringes and injection needles. Our product offerings are listed below;
- Standard disposable and reusable syringes
- Prefilled syringes, pens and auto injectors
- All Other including safety syringes
Our Mission and Vision Statement
- Our vision is to become one of the leading brands in the syringes and injection needle manufacturing industry in the United States of America and Canada.
- Our mission is to establish a world – class syringes and injection needle manufacturing company that will manufacture a wide range of syringes and injection needles and build a brand that will become a known brand not just in the United States of America, but also other parts of the world.
Our Business Structure
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. knows the standards expected from companies that are into the manufacturing of syringes hence the need for us to conform to industrial best practices. We will ensure that we hire people that are qualified, 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 senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Production Manager
- Human Resources and Admin Manager
- Production Engineers
- Sales and Marketing Manager
- Customer Services Executive
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
- Creating, communicating, and implementing 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
- Reports to the board
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- 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.
- Defining job positions for recruitment and managing interviewing process
- Carrying out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversee the smooth running of the daily office activities.
- In charge of approving designs for the organization
- Responsible for managing the daily activities in the production facility
- Ensure that the production facility is in tip top shape and goods are properly arranged and easy to locate
- Control syringes and injection needle manufacturing, distribution and supply chain inventory
Sales and Marketing Manager
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer purchases
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
- 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
- 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
- Responsible for designing, fabricating, developing and manufacturing a variety of syringes and injection needles
- Responsible for maintenance of equipment and instruments in the production plant.
Client Service Executive
- 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 customers on the phone, uses every opportunity to build client’s interest in the company’s products
- 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 to ensure accurate and helpful information is supplied to customers when they make enquiries
- Make suggestions and encourage purchase of products
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is in business to become one of the leading syringe manufacturing companies in the United States of America and we are fully aware that it will take the right business concept, management and organizational structure to achieve our goal.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. employed the services of an expert HR and Business Analyst with bias in manufacturing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.
This is the summary of the SWOT analysis that was conducted for Billy Jones® Syringes and Injection Needle Manufacturing, Inc.;
Our core strength lies in the high quality of our finished syringes and injection needles, the power of our team and the state of the art and well – equipped plant that we own.
We have a team of highly trained and experienced engineers and support staff members that can produce top notch syringes and injection needles. We are well positioned in the heart of West Palm Beach – Florida and we know we will attract loads of clients from the first day we open our company for business.
A major weakness that may count against us is the fact that we are a new syringes and injection needle manufacturing company and we don’t have the financial capacity to compete with multi – million dollar companies such as Becton, Dickinson and Company and Medtronic PLC when it comes to manufacturing and selling syringes and injection needle at a rock bottom prices. So also, we may not have enough cash reserve to promote our brand the way we would want to do.
The fact that we are going to be operating our syringes and injection needle manufacturing company in West Palm Beach – Florida provides us with unlimited opportunities to sell our products to a large number of hospitals, pharmaceutical stores and health facilities.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our show room and production plant; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new syringes and injection needle manufacturing company in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.
- Market Trends
If you keep tabs with happening in the syringes and injection needle manufacturers industry, you will agree that technological advances, the legislative expansion of healthcare access and the improving economy have stimulated demand for syringes over the last five years, and the aging US population has further contributed to revenue growth, due to the high incidence of health issues requiring syringes and injection needle among the elderly.
A report published by IBISWorld shows that over the next five years, demographic shifts and higher demand for medical services will continue to favor industry operators. Despite being a fairly mature industry, product innovation and the emergence of prefilled syringes will boost demand in emerging markets.
Nevertheless, of all demand-related factors affecting the industry, the rising average age of the US population will have the largest effect on future demand. Demographic and products shift The US population is expected to continue growing older over the next five years.
So also, technological advances, expansion of healthcare and the improving economy have stimulated demand. Industry operators often have the weak hand in price negotiations and recent healthcare legislation has created a degree of uncertainty for syringes and injection needle manufacturing companies.
Lastly, as part of marketing strategies, syringes and injection needle manufacturing companies now ensure that they have showrooms at different locations where they display their products.
As a matter of fact, it is even cheaper to purchase directly from these showrooms established by syringes and injection needle manufacturing companies as against purchasing from pharmaceutical retail stores. It is a strategy that helps them increase sales and income for their business.
Our Target Market
We have positioned our syringes and injection needle manufacturing company to service businesses in the healthcare industry in and around West Palm Beach – Florida and every other location where our show rooms will be located.
We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to design, develop and manufacture a wide range of syringes and injection needle for the following customers;
- Pharmaceutical stores
- Medical laboratories
- Medical colleges
- Dental clinics
- Optical centers
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is launching a standard syringes and injection needle manufacturing company that will indeed become the preferred choice for hospitals and other healthcare facilities in the United States of America and other countries of the world.
One thing is certain; we will ensure that we design, develop and manufacture a wide range of medical equipment and instruments that are in high demand in the healthcare industry. We will also ensure that we work with some of our high – profile clients in designing, developing and manufacturing of syringes and injection needles.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
SALES AND MARKETING STRATEGY
- Sources of Income
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is in business to design, develop and manufacture a wide range of syringes and injection needles. We are in the syringes and injection needle manufacturing industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will generate income by selling the following products;
- Standard disposable and reusable syringes
- Prefilled syringes, pens and auto injectors
- Others including safety syringes
We are well positioned to take on the available market in the United States of America and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.
We have been able to examine the syringes and injection needle manufacturing industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
Below are the sales projections for Billy Jones® Syringes and Injection Needle Manufacturing, Inc. it is based on the location of our business and other factors as it relates to syringes and injection needle manufacturing companies startups in the United States;
- First Fiscal Year (FY1): $350,000
- Second Fiscal Year (FY2): $750,000
- Third Fiscal Year (FY3): $1.9 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 competitor manufacturing same syringes and injection needles as we do 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
Before choosing a location for Billy Jones® Syringes and Injection Needle Manufacturing, Inc. we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for hospitals, pharmaceutical stores and healthcare facilities in and around West Palm Beach – Florida.
We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want.
We hired experts who have good understanding of the syringes and injection needle manufacturing 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 the United States of America.
In summary, Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters alongside our brochure to hospitals, pharmaceutical stores, dental clinics, optical centers, medical laboratories and key stake holders in the United States of America
- Ensure that we design, develop and manufacture a wide range of syringes and injection needle needed in the healthcare sector.
- Make use of attractive hand bills to create awareness and also to give direction to our show rooms
- Position our signage / flexi banners at strategic places around West Palm Beach – Florida
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- List our business and products on yellow pages ad (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
- Join local chambers of commerce and industries to network and market our products
Publicity and Advertising Strategy
Despite the fact that our syringes and injection needle manufacturing plant is well located, we will still go ahead to intensify publicity for the business.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. has a long-term plan of exporting our syringes and injection needle to other countries of the world and to become a household name in the healthcare industry which is why we will deliberately build our brand to be well accepted in West Palm Beach – Florida before venturing out.
Here are the platforms we intend leveraging on to promote and advertise Billy Jones® Syringes and Injection Needle Manufacturing, Inc.;
- Place adverts on community based newspapers, radio and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around West Palm Beach – Florida
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Advertise our medical equipment and instruments in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and vans and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals.
Our Pricing Strategy
Aside from quality, pricing is one of the key factors that gives leverage to players in the syringes and injection needle manufacturing industry, it is normal for customers to go to places where they can get quality syringes and injection needles at cheaper price which is why big players in the industry like Becton, Dickinson and Company and Medtronic PLC et al will attract loads of clients.
We know we don’t have the capacity to compete with market leaders in the industry, but we will ensure that the prices and quality of all the syringes we manufacture are competitive with what is obtainable amongst companies within our level.
- Payment Options
The payment policy adopted by Billy Jones 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 Billy Jones® Syringes and Injection Needle Manufacturing, Inc. will make available to her clients;
- Payment via bank transfer
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payment for all purchases without any stress on their part.
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/leasing a big facility, then you would need a good amount of capital as you need to ensure that your facility is conducive enough for workers to be creative and productive.
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 of starting a syringes and injection needle manufacturing business; it might differ in other countries due to the value of their money.
These are the key areas where we will spend our startup capital on;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of Billy Jones® Syringes and Injection Needle Manufacturing, 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 total cost for hiring Business Consultant – $2,500.
- The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400.
- The total cost for long – term leasing of a standard warehouse and showroom – $250,000
- The total cost for remodeling the production facility and showroom – $20,000.
- 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) – $60,000
- The total cost for Start-up inventory (purchase of syringes and injection needle making tools and equipment and the purchase of raw materials inclusive) – $250,000
- The total cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The total cost for the purchase and installation of CCTVs – $10,000
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The total cost of launching a Website – $600
- Miscellaneous – $10,000
We would need an estimate of five hundred and fifty thousand dollars ($550,000) to successfully set up our syringes and injection needle development plant in West Palm Beach – Florida.
Generating Funds/Startup Capital for Billy Jones® Syringes and Injection Needle Manufacturing, Inc.
Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is a private registered business that is solely owned and financed by Engr. Billy Jones. He has decided to restrict the sourcing of the startup capital to 3 major sources.
- 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 $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $400,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
Sustainability and Expansion Strategy
Part of the plans we have in place to sustain Billy Jones® Syringes and Injection Needle Manufacturing, Inc. is to ensure that we continue to make available different sizes of high – quality syringes and injection needles, deliver quality services, improvise on how to do things faster and cheaper. We are not going to relent in providing conducive environment for our workers and also the required trainings that will help them deliver excellent services at all times.
We are quite aware that our customers are key component to the growth and survival of our business hence we are going to continuously engage them to give us ideas on how to serve them better and the products they want to see in our store. We will not waste time in adopting new technology, best practices and diversifying our services.
Billy Jones® Syringes and Injection Needle Manufacturing, 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 retraining 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 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 production plant: 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 Packaging and Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed production equipment and machines, tools, 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
- Compilation of our list of products that will be producing: Completed
- Establishing business relationship with vendors – In Progress