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Starting a Diagnostic Laboratory: Before You Start Writing a Business Plan

By Admin / Published on Monday, 24 Oct 2016 08:38 AM / Comments Off on Starting a Diagnostic Laboratory: Before You Start Writing a Business Plan / 949 views

Data ManagementA diagnostic laboratory, where doctors and other medical professionals send samples for clinical diagnoses, is a business that entails considerable startup costs and fully detailed planning. When your laboratory begins its operations, however, it can be a lucrative and important establishment in your community.

There are many considerations when you’re starting a lab, but the first phase is all about planning. Here are some of the things you should do.

Describe What Your Company Does

There are different elements to a business like a diagnostic laboratory, and you need to provide a high-level review of each one. Any reader or potential investor should be able to grasp what your unique selling proposition and your business goals are. What is the nature of your business exactly? And what are its competitive advantages that will help it succeed?

Services and Products

This should detail the services you intend to offer, and the products you will be using or selling at your laboratory. It is important that you determine the prices of these offerings so that the reader or investor can have an idea of how much they will cost and how much you can potentially gain.

List Your Equipment

A laboratory uses specific equipment. These are not cheap. Make a comparison of the same types of equipment from different manufacturers or sellers. Call your prospective suppliers and talk to them about costs and features. You and your qualified personnel should be able to determine which of the equipment you should choose.

Determine How You Want to Handle Data

A lab is all about data, and with the high usefulness and importance of data you cannot afford to mismanage or lose any of it. Data collection, storage, and analysis are all critical. You need a laboratory data management system that you can trust. This is another worthy investment you have to be willing to make.

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You may have to talk to investors or ask for a grant, so your executive summary and the rest of your business plan should be complete and high-level. A laboratory is not for everyone, but if you are qualified, and you do things right, this is no doubt a good business idea.