XYZ Medicare – Business Plan
- 1 Business Description
There has been an increasing demand for masks in the world due to the current emergence of coronavirus.Face surgical masks are tools that are worn not only by health professionals but also by the general public. The wearing of the masks in most cases is to prevent the spread of the virus from the wearer to others. Coronavirus has been rapidly spread in most parts of Asia, especially China, which has to call other countries like Singapore, to adopt prevention measures. Our company intends to get into a serious business of producing these face surgical masks in Singapore. Although there are many suppliers of masks, customers need these tools in an efficient, presentable, and more economical way. Unlike any other supplier,XYZ Medicare is a partnership firm that will provide its products to its locals.
- 1.1 Objectives
Within the first three months of operation, XYZ Medicare purpose to:
- Consider the creation of a unique and innovative environment that will allow XYZ Skincare to produce differentiated products from other mask suppliers
- Educate the entire community on the importance and the way to use the masks
- Set affordable prices for the masks
- 1.2 Business Ownership
XYZ Skincare is a registered partnership business that is owned by three partners Patrick Cale, Allan, and Peter. In this case, the owners contributea capital amount of $10,000 each for a start-up.
- 1.3 Competition Assessment
Although there are many suppliers of masks, XYZ Medicare differentiates itself by gaining value through establishing effective distribution channels and affordable prices. The business will uniquely gain market share because of its strategic location.
- 2 Market Analysis
- 1.1 Marketing Plan
XYZ Medicare is faced with an opportunity of being a pioneer of producing the most trendy and modern face surgical mask in Singapore. The consistent popularity importance of masks combined with the growing interest of trendy masks is proven to be the winning market currently. For the reason of differentiating itself from the competitors in the market, XYZ Medicare print the mickey mouse on the masks following the fact that 2020 is the Rat Year.As a strategy to penetrate the market and earn a wide market share, the company will focus on providing high quality branded masks at competitive prices. In addition, the supplier will, in addition to employing more salesmen, advertise throughout the country in order to build customer awareness.
- 1.2 Market Segmentation
Face surgical masks are items meant to help one reduce his/her exposure to the risk of getting coronavirus through the prevention of respiratory droplets. The virus, chronic diseases like tuberculosis and asthma, as well as other flu, is a major driver of the global market for our products. The segmentation of the global market is based on the channel of distribution, such as hospitals and clinics, online stores, and drug stores. Due to the current potential spread of the coronavirus to any country in the world, its growth is expected to grow very fast, especially in Singapore, where there are a lot of travels to China. The target customers by XYZ Medicare are of two divisions; first is a medical staff; second is the general public, including those working in factories and has a risk of respiratory infections. The target group is people of all ages from young to old. The wide range of ages chosen is proportionate to an appeal of the use of the product to a wide variety of people.
- 3 Operating Plan
XYZ Medicare intends to start operation immediately; the required amount of capital is obtained. The owners have already contributed their start-up capital, and the process of getting a loan to supplement the capital is on the process. Once the operation is on, the company makes contact with the suppliers to deliver the required materials as well as making the first sale.
- 4 Environmental Plan
While there are several environmental pollutants, facial surgical masks could add to the pollutants. However, our company will ensure that the users are well trained on the usability of the mask. In addition, in order to protect the environment, several rubbish collection points are installed, especially on the production site, to curb pollution.
- 5 Financial plan – Sources of capital/equity
The sources of funds are contributed by the three partners, and the deficit is obtained throughobtaining a loan of $7,688. Each partner contributes $10,000, which makes a total of $30,000, and when start-up expenses are deducted, a cash balance of $22,512 is left. This information is presented in the table below;
| Value/Quantity | Comments and References | |
| Business location | Singapore | |
| The initial investment by owners | $30,000 | $10,000 each from 3 partners |
| Start-up expenses | ||
| Business Registration and administrative cost | $388 | |
| Push Cart Rental cost in advance | $6,000 | |
| Equipment and miscellaneous items (cash register, receipts, stationery, plastic bags) | $300 | |
| Marketing (posters, minor design for pushcart) | $300 | |
| Warehouse storage rental (160-200sqf) | $500 | |
| Cash Balance for operation | $22,512 |
- Start-up Balance Sheet
| Start-up Funding | |
| Start-up Expenses to Fund | $7,488 |
| Start-up Assets to Fund | $30,200 |
| Total Funding Required | $37,688 |
| Assets | |
| Non-cash Assets from Start-up | $1,500 |
| Cash Requirements from Start-up | $20,000 |
| Additional Cash Raised | $0 |
| Cash Balance on Starting Date | $16,188 |
| Total Assets | $37,688 |
| Liabilities and Capital | |
| Liabilities | |
| Current Borrowing | $7,688 |
| Total Liabilities | $7,688 |
| Capital | |
| Planned Investment | |
| Patrick Cale | $10,000 |
| Allan | $10,000 |
| Peter | $10,000 |
| Total Capital | $30,000 |
| Total Capital and Liabilities | $37,688 |
| Total Funding | $37,688 |
- 6 Financial plan – Projected financial performance
XYZ Skincare projects its sales for the first quarter, as presented in the table below. The first month sales are expected to be 1800 boxes, and this will rise by 20 percent in the second month. In the third month, the sales are expected to stabilize at 1920 boxes per month. The selling price of every box is $18 on cash terms.
| Sales Forecast | |||
| 1st Month | 2nd Month | 3rd Month | |
| Unit Sales | |||
| Boxes | 1,800 | 2,160 | 1,980 |
| Unit Prices | |||
| Price per box | $18 | $18 | $18 |
| Sales | |||
| Total | $32,400 | $38,880 | $35,540 |
- 7 Projected Profit and Loss
Being a start-up business, XYZ Medicare pays for supplies in cash and receives cash on sales. The first three months projected sales are $32,400, $38,880 and $35,540 respectively. The purchases from suppliers are 2000 boxes monthly with a per-unit price of $2 and an additional 40% for landed cost. This makes a total per-unit cost of each box to be $2.8. The pushcart will be rented at $3000 per month. The marketing cost is not included because it will be done through social media platforms such as Facebook, Twitter, blog, and WhatsApp.
| Pro Forma Profit and Loss | |||
| 1st Month | 2nd Month | 3rd Month | |
| Sales | $32,400 | $38,880 | $35,540 |
| Purchases | $5,600 | $5,600 | $5,600 |
| Gross Margin | $26,800 | $33,280 | $29,940 |
| Expenses | |||
| Push cart rental | $3,000 | $3,000 | $3,000 |
| Wages | $2,700 | $2,700 | $2,700 |
| Supplies (stationary, receipts, plastic bags etc) | $100 | $100 | $100 |
| Warehouse storage rental | $500 | $500 | $500 |
| Logistic (inventory transfer) | $80 | $80 | $80 |
| Total Operating Expenses | $6,280 | $6,280 | $6,280 |
| Profit Before Interest and Taxes | $20,520 | $27,000 | $23,660 |
| Net Profit | $20,520 | $27,000 | $23,660 |
References
Choi, J. S., & Kim, K. M. (2016). Crisis prevention and management by infection control nurses during the Middle East respiratory coronavirus outbreak in Korea. American Journal of infection control, 44(4), 480-481.
McIntosh, K. (2017). Middle east respiratory syndrome coronavirus: Treatment and prevention.
Shishegar, R. (2017). Techniques for analysis of folding in the cerebral cortex (Doctoral dissertation).
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