Fargo Medical Laboratories

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Laboratory Business Plan

Management Summary

Dave Gigsted is the founder and manager of Fargo Medical Laboratories. Dave received his undergraduate degree in Small Business Management from the University of Illinois. While in college, Dave worked at a bicycle shop, initially as a mechanic, moving up to assistant manager by the time he graduated. This provided him with hands-on business experience to combine with his business degree. 

Upon graduation, Dave began his job search, including opportunities in the medical profession. His mother and aunt are both registered nurses who shared with Dave that, at that time in Illinois, lab technicians were in short supply. So Dave enrolled in an eight-month program through the community college for a degree in Laboratory Technology. After completing this degree, Dave went to work at a laboratory. Within two years, he had been promoted to Lab Manager. Dave found this work challenging, enjoyed the medical aspect and worked hard in the business end of the job.

After five years, Dave and his wife moved to Fargo for a job opportunity for his wife. He immediately began working at a laboratory and worked there for a year. During this time Dave began looking into different business opportunities, recognizing that he had now developed sufficient business skills to operate his own business. Dave found there was a high concentration of physicians in a professional building with no nearby lab. In talking with people, he learned the physicians were looking for a lab to relocate to the building but but had been unable to find any. Armed with this information, Dave began to draft a business plan confident that with a solid strategy and comprehensive plan he would be able to find financing and begin his new venture.  

6.1 Personnel Plan

  • Dave will handle business development, sales, marketing, accounting, courier, customer service, and assorted lab tech work.
  • Two phlebotomists on staff at any one time to draw blood
  • One Lab technician will be responsible for doing onsite blood tests. This will be a part-time position. Dave will be able to fill in as needed in this capacity
Personnel Plan
Year 1 Year 2 Year 3
Dave $22,000 $28,000 $32,000
Phlebotomist $16,500 $18,000 $18,000
Phlebotomist $15,000 $18,000 $18,000
Lab technician $22,000 $24,000 $24,000
Total People 4 4 4
Total Payroll $75,500 $88,000 $92,000