More than 7 billion lab tests are performed every year in the United States.
If you’re looking to make the jump to start your own independent lab, there are dozens upon dozens of decisions to make. How can you be sure to make the right decisions and start your business on the right foot?
Read on, because this article will tell you everything you need to know about starting an independent lab from the ground up.
Type of Independent Lab
Your first decision is to figure out the type of lab you want to run. You have countless options, such as starting a dental lab, a product testing lab, or a medical lab.
Do you want to have employees or run the lab on your own? There is no right or wrong answer here, it really depends on whether or not you want to manage employees and have a larger business. Some independent lab owners are perfectly happy to be the only employee of the lab.
As you start to make these decisions, you’ll want to document them in a business plan. This will help you get financing for the lab and to understand the potential obstacles in starting the lab.
Financing the Lab
You’ll need to find financing for the lab unless you already have cash set aside to start building the lab. In your business plan, you’ll find out the startup lab costs and monthly operating costs of the lab.
You can then use these figures to obtain financing. There are various ways to finance the business, from crowdfunding to angel investment. You could always go to your local bank and obtain a loan.
You’ll have to find a location and purchase equipment for your lab. Your location may matter if you’re serving the general public. Then you’ll need to make sure it’s accessible and offers plenty of parking.
The lab equipment is where you’ll spend most of your startup funds. There are options for buying used lab equipment that can bring those costs down a little.
You want to make sure that your investment will last and you’re getting quality equipment.
Register the Lab
You have to have the proper credentials to run the lab. That starts by registering your lab as a business with your secretary of state’s office.
You’ll then need to get the lab accredited to show that it meets certain standards. The right accreditation depends on the type of lab work you plan to perform.
Starting an Independent Lab
It can be completely overwhelming when you jump from working in a lab or in academia to starting an independent lab. You have a lot of things to decide and think about since you’re now a business owner.
You need to balance the needs of the lab with profits. By planning what your lab is going to be, who it’s serving, and save money on equipment, you can start off on the right foot.
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