Clinical labs are healthcare businesses that are very important for identifying illnesses so that doctors can work on helping people get better. They are also used in forensic activities related to solving crimes. And then of course there are research labs that are trying to discover and create new things to be used in the medical field. There are many different regulatory hoops to jump through to get a lab business up and going, but there are also other considerations. The startup capital can be a big hindrance to getting going, so sometimes it takes some creativity to think about how to get funding and get started without needing to spend too much money. Here are 6 tips to help you get your clinical lab off the ground more easily.
Think creatively. There is more than one way to do something. Don’t choose a business plan simply because someone else has done that work a certain way. Instead, think about whom you want your business to be, whom you want to serve, and how to get business from that sector. Many mail-in lab companies like EverlyWell, for example, are thriving because they thought creatively. Consider different options not only for how you will operate behind the scenes, but also for how you will deliver services.
Lease Equipment Instead of Buy
Renting equipment is a great option for startups that need to get their clinical lab business off the ground more quickly. You can rent equipment for a fraction of what it would cost to buy and then upgrade as your business grows, without having to invest in assets that may be obsolete in the not-so-distant future. Test equipment leasing is a smart business move for many lab businesses because of the flexibility it provides. You can access state-of-the-art equipment for a very small monthly fee instead of buying it outright. You can get everything from centrifuges and microscopes to blood analysis machines and computers. Plus, specialized items like autoclaves or refrigerators.
Rent Space Instead of Building New
It’s always tempting to think that your new business needs a new space. While it’s important to meet regulatory concerns around your business, you can often customize a space to your needs without needing to break ground first. If you’re launching your clinical lab business, renting space is an option to consider. Renting space has several advantages over building your own. Of course, it’s less expensive, it can be more flexible, and it can offer a great starting point before you grow.
Develop a Robust Business Plan
Developing a robust business plan is an essential first step in launching any business, including your clinical lab. The plan will help you set goals, define your target market, and figure out how much money you need to get started. You can also use this plan to help you seek out lending and financing opportunities as well as investors. They will often look for details in your plan to determine if they want to invest in your new venture or not.
Learn About Different Certifications for Labs
Different labs can be certified to carry out specific types of testing using different materials. Labs that handle contagious diseases would need a different certification than one doing genetic testing. When you’re starting out, it’s important to understand what types of certifications are available and how they can help your lab. Your long-term business goals should help you determine which direction to go in. If your plan is to offer services directly to patients or providers, you may need a different approach. Certifications also help you if you need to be involved in legal proceedings that involve biological evidence.
Work With Local Universities to Hire Technicians
Look for people who have a passion for the work. You want staff who are willing to learn and can do so in an environment that values their contributions. One place to look for intelligent and skilled lab technicians is through local universities. Staying connected to the research and educational community is critical when you run a lab. Students can come to do internships with your lab if you offer this type of opportunity as well.
If you’re considering starting a clinical lab, these tips can help get you started on the right foot. You don’t have to be an expert in all areas of business; instead, focus on what makes sense for your company and your goals.