When you’re starting a biotech research lab, it can be tough to know where to start. This article is for entrepreneurs who want to open up their own businesses in this field but aren’t quite sure how to make it happen. We’ve put together some tips that will help get your new lab off the ground.
Find a Large Enough Space
When searching for a space to house your lab, it’s important to find one that can accommodate all of the equipment you plan on purchasing. A 500-square-foot office won’t work if you’re planning on using an 8-foot centrifuge for DNA extraction and purification.
Find a location large enough to house the staff and equipment with ease, but also consider the possibility of having room for growth. Sooner than later, your business may need additional space. You’ll want to keep this in mind when making decisions about what size laboratory would be ideal for starting out as well as in future expansions.
Lease Research Equipment
Leasing lab equipment is the most common and cost-effective way to get started. However, you should know that leasing is not as simple as renting a car or apartment. You need to think about what equipment you need and where you can lease it. You also have to make sure that the equipment is safe for your lab environment. Click here to learn more about this, and lease bio lab research equipment at affordable rates.
Find Lab Assistants
Once you have a better understanding of the kind of work your lab will be doing, you’ll be in a better position to evaluate potential lab assistants.
Look for people who are knowledgeable about their field and experienced enough to handle the challenges of working in a research setting. Make sure they’re passionate about doing this work, as well. Without their enthusiasm, it’ll be hard to keep them motivated once things get tough.
Next comes making sure that each person has all the skills needed for their role in the lab. The key here is finding people who can work together well. You need team players who communicate well and don’t mind helping out your clients when they rent or use the lab.
Get Funding and Plan the Business Structure
In the United States, one-fifth of all new businesses fail within the first year of operation. That’s approximately 20% of all new businesses failing in just one year of operation. Many of these businesses fail due to a lack of funding.
By the second year, the failure rate increases to 31.2%. The third-year failure rate increased to 38.8%. By the time five years pass, the failure rate reaches 49.7%. Without funding, the failure rate increases drastically.
One of the most important things you should do to start your biotech lab is to get funding. You’ll need money for everything from research materials and supplies to equipment, office space, staff salaries, and more.
Because this is a new field and not many businesses have successfully made it into the market yet, it can be hard to find funding at first. However, the key is not to give up. Try reaching out to local investors or other people in your industry who may be able to provide advice or support as well as financial backing.
Once you have secured the finances, it’s time to understand how your business structure will work. You will have to work out ways in which there will be people in direct control of the lab in your absence. These are on-site employees who will deal with the clients directly and will deal with any other emergency issues as needed. On top of these people, you have to decide on the managerial roles putting yourself at the top of the chain.
Think About What Research People Can Do There
This is typically determined by the equipment and expertise available there, but you may want to ask yourself if a certain type of work would fit with the area where your lab is located.
For example, if you’re starting a biotechnology lab in New York City and it’s known for its fashion industry, maybe don’t focus on using the space for animal testing or other things that might make people uncomfortable around it. The last thing you want is for your lab to get a bad reputation.
Advertise Your Lab
By the end of the fourth quarter of 202, Facebook brought in ad revenue worth $27.2 billion. The company’s average revenue per user reached $10.14 because of that. Thus, it’s evident how people are willing to spend money on Facebook ads to promote their businesses, and you, too, should consider it.
Facebook and Twitter are great for posting updates about projects and events. However, they aren’t as useful for advertising your space as other social media platforms like Instagram or LinkedIn. These platforms are more professional, so keep in mind who you’re targeting when choosing to advertise on them.
If you haven’t already, get some business cards ready with your company’s name, logo, and contact information. Hand out these cards at events, conferences, and meetings related to biology or biotechnology. You could also leave them lying around at libraries or community centers where there is scientific research being done, so people know how close they live to a potential place of research and even employment.
Starting a biotech research lab as a business is a unique idea. However, it’s risky too. Yet, following these simple tips will help make things a lot less risky.
