In the last few years, there has been a huge amount of pathology labs opening. A business opportunity that many companies saw potential in.
Most of the time, when it comes to anything we consider as medical, it might be too difficult of an undertaking for the average business owner to launch. However, even opening a pathology lab can be done in just a few (not always easy) steps.
Like any good business that wants to succeed, a lot of planning will go into it.
- Your business plan will require an executive summary
- firm description
- market analysis
- organization and management part
- product line section or what
- services you will provide
- finance request section.
One of the most important parts will be your executive summary, as this will show possible backers everything that led to this business decision.
Whether your start-up lab is organized as a sole proprietor, a limited liability company (LLC), a corporation (C or S), or a partnership, long- and short-term legal and tax issues will be considered.
Before deciding on a final business structure, acquiring legal and tax counsel is a good idea.
It is good to look at some of the other labs that you can find online and check out their legal structure. If most of them have picked a specific legal structure, there will be a reason for it.
Funding a lab is no small feat, and like many entrepreneurs, you will likely need to seed the start-up yourself (from your personal finances). The funding will cover the lab lease, setting it up and kitting it out, consultants, admin costs, employee training or hiring, and National USP 797 clean room certification services.
Choosing the right location
The physical site of the start-up lab can be established in a variety of ways. Leasing a lab space in a corporate location or an incubator facility are examples of these options.
Traditionally, leasing commercial buildings with existing lab capabilities is more expensive for a start-up lab than establishing a lab in an accelerator facility.
There are some incubator facilities that are designed with technology and medicine in mind. These facilities will have ready wet and dry lab spaces and can accommodate pharma, biotech, and life sciences.
Getting into one of these locations can be a huge boost to your efforts, and one of the best things is that you can stay for a few years, and if you make a profit the whole time, you might get offered a fully-fledged commercial space.
You need a team committed to high standards as you are, which might take some time. Informative and interesting job descriptions, clear communication, training, and benefits are a great start.
It can be better to go through an external source and have a recruitment company put in much of the legwork for you.
And one of the key parts of running this type of business will be security. Since you will be handling private and personal information, you will need to adhere to all of the legislation and laws for that. Here are some tips that can help: Improving Your Business’ Security Systems – Amanda Krill.