Launching a lab for molecular diagnostics is a challenge with the potential for great reward. Understanding the challenges involved helps increase the chances of success for startup labs. Psychē Systems put together these tips to help guide you towards success in starting a molecular diagnostic lab.
Research the Market for Your Molecular Diagnostics Lab
If you’re interested in starting a medical lab, it’s likely you understand the importance of research. In fact, it is probably something you enjoy. That’s a good start, because opening a molecular diagnostics lab requires a lot of research. The more research startup labs do initially, the greater the chances are for success in the long run.
Molecular diagnostics is your passion, so your niche is defined. Start by researching the market need for your niche lab. When researching market demand for your lab services, consider both the short-term and long-term market needs. Understanding the market demand for your services also helps identify opportunities to grow your business in the future.
Market research includes an assessment of your competition. Identifying your competitors’ strengths and weaknesses can show you how you fit into the market. For example, if your expertise in an area is lacking from your competition, that’s an advantage. Make note of these differences to define your marketing plan.
Research Physical Needs for Your Startup Lab
A startup lab needs equipment that requires an initial financial investment. As an expert in your field, create a list of what equipment is necessary for molecular diagnostics.
Next, make a list of the office equipment necessary to start your lab business. One way to accomplish this is to envision your daily business routine. What tables do you need to perform your work? How many office desks are needed to run your business? What computers are necessary for processing results and billing clients? All of these needs require initial capital expenditures to use in creating your startup budget.
While defining the equipment needs for your startup lab, an idea of how much physical space you require will develop. Once you figure out how much space you need, research market rental rates.
Research Personnel Needs for Startup Labs
Even the most brilliant research scientist needs help to run a lab business. Personnel needs start with the number of fellow researchers you need for an initial launch. However, don’t forget about the personnel support needed for the basic running of a business. An office manager isn’t necessary to start a lab; however, consider your growth plans for these positions.
Accounting is necessary to running a business and is easily outsourced. It’s a cost to consider in your research and preparing your startup budget.
Research Accreditation Requirements
Accreditation is essential for medical labs. Research what accreditation is necessary for a molecular diagnostics lab business. Then, develop a plan on how to achieve it, as well as how much it will cost.
Create a Business Plan and Initial Budget for Your Molecular Diagnostics Lab
Researchers love data. Now is the time to take all the information from your research to draft a business plan. Your business plan is important for several reasons. One of the main reasons is to make the case for financing your startup lab business. The business plan process shows how much funding you need and helps you get it.
Research Financing for Startup Labs
At this point, you’re almost there! With a solid business plan, your focus shifts to securing financing. There is still some research to do regarding financing. The first thing is to check into available grants for your molecular research. It doesn’t mean that’s the direction you will end up with for financing, but if there are grants available, researching that information is beneficial.
SBA loans are another resource not to overlook when considering finance options.
Once you research government-backed finance options, it’s time to turn to the private sector. Researching private funding interests in your molecular diagnostics lab starts with identifying opportunities. When you determine private finance opportunities, keep in mind that you need to convince investors to buy into your startup lab. With your research and business plan in hand, making your case to investors is easier.
Software Needs for Startup Labs
Your molecular diagnostic lab requires enterprise software to operate. Psychē Systems offers the software you need for your molecular diagnostics lab. And we want you to be successful, which is why we provide value-added information on our website for startup labs.
We know starting a new lab is not an easy task. Because of this, we created Psychē Startup LaunchPad to help you figure it out. Startup medical labs are in a unique position to thrive in the current market. However, if you’re starting a medical lab, it’s important that you don’t jump into the business without the right tools. Running a lab business requires more than passion and medical knowledge. Psychē Startup LaunchPad is an online resource comprised of articles and links to content to help gain the information you need to manage a successful startup lab.
Visit our website to explore all the resources available for your molecular diagnostics startup lab today!