Innovative Business Plan: Medicare Health Care Herbalist Establishment

This report provides a comprehensive business plan for establishing a small herbalist business, named Medicare Health Care herbalist business, with the goal of generating a profit between 60k to 200k per year. It outlines the business details, including its legal structure as a private company registered under the corporation act 2001, its vision to provide quality healthcare services, and its mission to treat patients using advanced technologies. The plan includes a risk management strategy with a SWOT analysis, insurance requirements, and regulatory compliance measures. The marketing plan identifies the target market as children and mothers, focusing on their key needs and utilizing communication methods like ERP systems and online surveys. Operationally, the plan details the management structure, licensing, supplier relationships, equipment, inventory control, and technology requirements. The financial plan includes key financial goals, estimated start-up costs, revenue projections, and potential sources of finance, aiming to secure around AUD $300K to effectively run the business.

RUNNING HEAD: Establishment of new innovative business 1
Name of the student
Topic- Establishment of new innovative business
University

Establishment of new innovative business
Table of Contents
1. Executive summary.............................................................................................................................2
Busienss Snap Shot..................................................................................................................................3
Introduction.................................................................................................................................................3
2. Business Details...................................................................................................................................3
Busienss type...........................................................................................................................................3
Legal structure.........................................................................................................................................3
Licensing.................................................................................................................................................3
Registration.............................................................................................................................................4
Vision of Medicare Health care herbalist business..................................................................................4
Mission of Medicare Health care herbalist business...............................................................................4
Value proposition....................................................................................................................................4
Goals........................................................................................................................................................4
Objectives................................................................................................................................................5
Industry and market overview.................................................................................................................5
3. Risk management plan........................................................................................................................6
SWOT analysis.........................................................................................................................................6
Insurance requirement.............................................................................................................................6
Regulatory compliance, legal and ethical considerations........................................................................7
Workplace Health and Safety (Risk mitigation).......................................................................................7
Contingencies..........................................................................................................................................7
4. Marketing plan....................................................................................................................................7
Identification of market...........................................................................................................................7
Key wants and needs...............................................................................................................................8
Communication methods........................................................................................................................8
Marketing mix.........................................................................................................................................8
5. Operation plan...................................................................................................................................10
Management structure and key personal..............................................................................................10
Licensing, location and permits.............................................................................................................10
Suppliers................................................................................................................................................10
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Establishment of new innovative business
Equipment.............................................................................................................................................11
Inventory control strategy......................................................................................................................11
Required Technologies..........................................................................................................................11
Communication methods......................................................................................................................11
Payment option.....................................................................................................................................12
Professional membership......................................................................................................................12
Contingency plan...................................................................................................................................12
Key policies............................................................................................................................................12
6. Financial plan of Medicare Health care general company.................................................................12
Key financial goals.................................................................................................................................13
Estimated start-up cost..............................................................................................................................13
Revenue projects, fixed cost and variable cost for the company................................................................14
Assets secured.......................................................................................................................................15
Potential sources of finance..................................................................................................................15
Cost of funding......................................................................................................................................15
Consult for financial advice....................................................................................................................16
References.................................................................................................................................................17
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Establishment of new innovative business
1. Executive summary
With the ramified changes in general practice medical health care services industry, many
general practitioners are treating patients with the advanced technologies and patients oriented
treatments. This trend has helped patients to use effective heath care services from general
practitioners. This report is accompanied with the business plan which will be assessed to
establish small herbalist business that could make profit of 60k-200k per year.
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Establishment of new innovative business
Busienss Snap Shot
The future plan is to grasp potential clients in medical health care services market
through advanced machines and technology and implementing and patients oriented treatments.
However, funds could be raised through the private funding and bank loans to run the general
practice medical health business effectively. However, in order to establish, medical health care
services in market, the main focus should be made on the provision of appropriate facilities,
having contacts within the key market and ensuring the best price policy with the high quality
services.
Introduction
The medical health care services industry has grown rapidly throughout the time.
However, the main key business strategy to accomplish the set objectives and gaols in general
practice medical health care services is based on the quality of the products offering in market to
treat the patients. The name of the newly set up the general practice medical health care services
organization would be Medicare Health care herbalist business.
2. Business Details
Busienss type
It would be small private company which would be incorporated with to provide general
health care services in market.
Legal structure
The legal structure of Medicare Health care herbalist business would be private
organization in which all the applicable rules and regulations would be followed in determined
approach.
Licensing
The general practitioner licenses would be issued to permit a person to provide medical
Health care general practice services.
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Establishment of new innovative business
Registration
Medicare Health care herbalist business needs to be registered under the corporation act
2001 and all the incorporation compliance would be followed.
Vision of Medicare Health care herbalist business
To provide best quality health care general services for the betterment of patients.
Mission of Medicare Health care herbalist business
The mission of Medicare Health care herbalist business is to provide treat all the patients
with its advanced technologies and using sophisticate approach.
Value proposition
The value proposition of Medicare Health care herbalist business is to offer quality,
personalized, customized care, assistance and support to patients and children to help them to
mitigate their health issues.
Goals
The main goal of company is to provide best quality health care general services for the
betterment of patients and earn profit.
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Establishment of new innovative business
Objectives
Increasing its overall market share through its advanced
Years Key strategic area focus
1 10 % annual growth in sales
2 20% annual growth in sales
3 10% annual growth
Industry and market overview
The industry of Medicare Health care herbalist business is more focused on the
healthcare providers, medication reminders and women and children health program. This below
graph reflects that only 36% people are fit and rest of the public are suffering from some kind of
diseases.
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Establishment of new innovative business
3. Risk management plan
`This plan is formulated and implemented with a view to control threats from the internal
and external factors on the Medicare Health care herbalist business in Australia.
SWOT analysis
Strength
Medicare Health care herbalist business has
advanced machines and technologies.
It has good amount of funding to operate this
health care services and for the promotion of
the same.
Weakness
Company may face difficulty to comply with
the applicable rules and regulations.
The legal structure of private company in
Australia is very tough to follow and penalties
are also high.
Opportunities
People in Australia are more inclined towards
advanced machines and technologies for their
treatment.
Medicare Health care herbalist business could
generate core competency in providing best
quality of services to clients.
Threats
This industry has high growth which could
attract other clients.
Company may face problems and issues in
their business due to the advanced offering of
rivals in Health care general business.
Insurance requirement
Medicare Health care general company needs to take insurance for its business and all of
its employees. It will save company from all types of destruction in the future. It is the
mandatory provision which should be complied.
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Establishment of new innovative business
Regulatory compliance, legal and ethical considerations
The regulatory compliance of Medicare Health care general company is to comply with
the all the rules and regulations issued by Australian government and offer its health care
services as per the guidance of Australian Natural Therapies Association. The ethical
consideration of Medicare Health care general company is related to provide best quality of
services to its clients.
Workplace Health and Safety (Risk mitigation)
Medicare Health care general company needs to implement following program to mitigate the
associated risk in determined approach.
 Preparation of safety management
 Hazardous identification and risk assessment
 Measuring performance and insured the possible hazardous.
Contingencies
It is the possible uncertainty which may or may not happen. Medicare Health care general
company would secure these contingencies by using possible methods such as professional
indemnity performance and other contracts.
4. Marketing plan
This marketing plan will help in identify the target market and possible marketing mix which
company could adopt in the market.
Identification of market
The main target market for the client would be children and mothers. Clinical services are more
availed by these two people at large in Australia as compared to males. As given in the above
graph, more than 7% market share of these clinical services is grasped by the women and 20% is
covered by the children.
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Establishment of new innovative business
Key wants and needs
The Key wants and needs of medical services are to treat all the patients with its advanced
technologies and using sophisticate approach.
Communication methods
Medicare Health care general company could use Enterprises resources planning cyber
computing system and online survey to grasp the potential clients in market. Nonetheless,
seminars and personal observation could also be used as communication method (Cheeriness,
2016).
Marketing mix
This marketing mix is associated with the several p’s which needs to be followed by Medicare
Health care general company to run its health care services
Product- Medicare Health care general company will offer best care services to women and
children in Australia.
Place- The Medicare Health care general company will follow online and offline mode for
offering its services to clients.
Pricing- The price of health care services would be kept very low and main focus would be to
treat patients with best services.
Promotion- Medicare Health care general company will use enterprises resources planning cyber
computing system and monkey survey to promote its business.
Positioning- In Australia, people are more inclined towards advanced machines and technologies
for their treatment. Therefore, Medicare Health care general company could use installed
technologies to treat patients.
People- The most of the employees in Medicare Health care general company will be experts in
handling patients with good care. However, proper training and development program will be
implemented to increase the effectiveness of their working.
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Establishment of new innovative business
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Establishment of new innovative business
5. Operation plan
This plan will help Medicare Health care general company to operate its medical health care
activities effectively (Conelea and Freeman, 2015).
Management structure and key personal
Licensing, location and permits
The general practitioner licenses would be issued to permit a person to provide medical
Health care general practice services. Medicare Health care herbalist business needs to be
registered under the corporation act 2001 and all the incorporation compliance would be
followed.
Suppliers
All the suppliers will be medical representative who will he hired on the contract basis.
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