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Ultrasound Guidelines Council Business Presentation

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Presentation to Nebraska's UGC Meeting on the potentials for Ultrasound Businesses.

Presentation to Nebraska's UGC Meeting on the potentials for Ultrasound Businesses.

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  • Talk about premise of knowledge – limited. Using business knowledge onlyBackgroundAsk – How many are currently operating an Ultrasound business? Ask for their input and discussion.
  • If you are going to start a business providing ultrasounds for producers, or expand your existing business, you need to do some kind of assessment as to your desires, expectations and overall goals for the business. Personal skills, competencies – Are you competent to go out and start working with clients? If you need to develop yours skills, this is one way, but also find some breeders who are interested in helping you practice on their cattle. Easier way to develop a favorable impressions than going out and botching your first paying job.Ask yourself, do you have the time to do this business. If its limited, to what extent are you going to be involved. Where are you willing to travel and how much time to do you expect to be on the road. If its limited, run the numbers to see if you can get a return on your investment and cash flow the operation. The bottom line is to make money at this.Family considerations – Is your spouse, business partner, family members willing to cover for you when you are out traveling. Are they willing to have you take time away from your current work?Industry knowledge – Are you familiar with what is going on in the industry to sell this service to the breeders or new clients. Assuming you want to expand, you are either going to take business away from another technician or you need to expand the target market. So you need to be informed about the hows, whys, and trends when trying to sell your services to the breeder.Financial resources – Do you have the money or credit options to purchase the equipment to get you started. Do you have operating monies to help cash flow the first couple of months until payments from clients start coming in. How you manage your cash flow will be critical especially in the beginning when more money is going out than coming in.General business skills – Besides knowing how to operate the equipment, do you know how to develop invoices, follow-up with delinquent accounts, track revenue & expenses, prepare tax forms, etc. If not, either find workshops or courses to help you develop these skills, or consider contracting out these services. Yes, this costs more, but if you really do not like to do this type of work or are just not good at it….contract labor can save your $$ in the long run.
  • Industry research – this is the beginning
  • Full cost for equipment
  • Equipment at $12,500 ½ price
  • Breeders are not just calling you for your service…they want something that is going to benefit them. What is that?What can you do for the breeder that will convince them to purchase your services? Convenience of your coming to their farm or ranch to help save their time. Work conducted efficiently so they don’t have to have hired hands standing around waiting on you. Effective scans that are processed quickly for faster feedback to the breeder Guaranteed work? Help organize regional work to reduce costs Help increase the bottom line for the breeder.
  • Transcript

    • 1. The Business of Your Ultrasound Business
      UGC Educational Program
      July 29, 2008
      Marilyn Schlake
      Associate Director
      NebraskaEDGE
    • 2. Certified, Now What?
      Assessments and Resource Inventories
      Personal skills, competencies
      Time
      Family considerations
      Industry knowledge
      Financial resources
      General business skills
    • 3. Market Research
      Industry – Stable, to slight increase
      Angus: 147,958 (2008), 3249 herds
      % of breeders reporting – minimal
      Reporting is NOT mandatory, no major push to increase numbers
      2003, cow/calf operations – 1,013,570
      Current, 160 UCG Technicians
    • 4. Market Research
      Technicians to Cattle Operations
      2
      6
      5
      1
      7
      3
      8
      2
      1
      5
      1
      19
      2
      9
      3
      3
      3
      1
      1
      3
      2
      5
      5
      5
      1
      3
      6
      1
      2
      3
      3
      3
      <1,000
      2
      16
      1,001-10,000
      2
      10,001-20,000
      20,001-30,000
      30,001-40,000
      Sources: USDA Livestock Operations 2003 Summary & UGC
      40,001>
    • 5. Financials
      Start-up Costs
      New: 25,000
      Used: 10,000 – 15,000
      Annual Fixed Costs:
      Loan Payment on Equipment - $ 7465
      Maintenance $ 500
      Insurance (Equipment & Liability) $ 750
      Internet Access $ 600
      Recertification $ 400
      Vehicle (payments & insurance) $ 600
      $10315
    • 6. Variable Costs
      Per Head Basis
      Image Processing $4.00
      Supplies $ .50
      $4.50
    • 7. Return on Investment
    • 8. Break-even Comparison
      Variable Cost: $4.50 per unit
      Fixed Cost: $10,315.00
      Expected Sales: 3,000 units
      Price: $16.00 per unit
      Total Revenue: $48,000
      Total Variable Costs: $13,500
      Profit: $24,185.00
      Break-even: 897 units
      Variable Cost: $4.50 per unit
      Fixed Cost: $10,315.00
      Expected Sales: 3,000 units
      Price: $14.00 per unit
      Total Revenue: $42,000
      Total Variable Costs: $13,500
      Profit: $18,185.00
      Break-even: 1086 units
    • 9. Break-even Comparison
      Variable Cost: $4.50 per unit
      Fixed Cost: $6,583.00
      Expected Sales: 3,000 units
      Price: $14.00 per unit
      Total Revenue: $42,000
      Total Variable Costs: $13,500
      Profit: $21,917.00
      Break-even: 693 units
    • 10. Target Market
      Characteristics:
      • Keeps records
      • 11. Uses information for sales & herd improvement/selection
      • 12. Interested in overall breed improvement
    • Marketing
      Low Cost
      Word of Mouth & Referrals
      Breeder Collaboration
      Business cards
      Personal letters
      On site visits
      Laboratory lists and recommendations
      Professional Image
      $$ Investment
    • What do you Market?
      A Product??? A Service???
      NEITHER!!
      Sell the Benefits!
      Features: Size, Quality, Varieties, Types, Materials Used
      BENEFITS: What will your services DO FOR or GIVE TO your customer?
    • 16. Good Business Habits
      Accurate results
      Timeliness in processing data
      Timely & accurate billing
      Cash flow management
      Help breeders collaborate, reduce costs
      Return phone calls & email
      Competitive pricing
      Continued education/skill development
    • 17. Why Plan Your Business
      1. Forces you to look at the whole business
      2. Focuses attention on important questions
      3. Helps clarify and communicate your goals and objectives
      4. Becomes a means of assigning priorities
      5. Becomes a framework for daily decision making, and better management
      6. Helps maintain a “proactive” business attitude
      7. Serves as a benchmark to track performance
      8. Stimulates development of new/future business opportunities
      9. Becomes a tool to access capital, acquire business partners,
      attract employees
      10. ROAD MAP increases your chance of success
    • 18. Resources
      NebraskaEDGE or Small Business Training
      Small Business Development Center
      SCORE
      www.toolsforbusiness.info/success-in-nebraska
      www.nebraska.gov

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