Are you considering opening up your own lab facility to test blood work, urine samples and other things in your area? If you know that it could be profitable but are concerned about the cost of the startup process and how to bring on investors, there are a few things you want to think about first. Look into the following things to lower the cost of starting up the lab and help you get an accurate estimate of the cost break down for your presentation to investors.
Apply for Grants
If there is a shortage of labs in your area and testing is backed up, or if you think that you could help with the development of diagnosing and treating diseases, see if you can apply for grants to help fund your new business. You may be able to get grants if you agree to donate a portion of your time to research, or if you're willing to do testing and reports for Medicare and Medicaid patients at very low cost.
Find a Mass Supplier
Find a company that has mass spectrometry supplies and other lab tools and items you'll need to do the work in the space. See what it's going to cost when you are able to purchase the supplies in bulk and if you set up a contract with a supplier. The supplier may be willing to cut you a deal on the products for large consistent orders, helping you to keep costs down. This is the same with paper products, bathroom and cleaning supplies and more.
Estimate Overhead Costs
Finding out the cost for business leasing and supplies won't be as difficult as trying to figure out how much it's going to cost to keep the building fully staffed. Sit down with a business expert to find out how many employees you're going to need to make the business successful in order to get a better understanding of what you're going to pay in overhead costs and taxes.
These are a few of the things you want to start doing if you want to open up a lab but are worried about the costs and finding enough people to support you financially. Finding a business analysis expert that can come up with an accurate estimate and report for the potential investors and loan officers at the bank, applying for grants, and finding a supplier will help a great deal.