Wondering how to start an MRI business? We take you step-by-step from start to success.
Opportunities for MRI Center Startups
Healthcare accounts for roughly 16% of GDP in the U.S. It's a massive industry that is experiencing strong growth trends due in part to the rising number of aging Americans. As a result, opportunities for emerging entrepreneurs in the healthcare field are virtually unlimited.
Entrepreneurs interested in launching an MRI center are exceptionally well-positioned to benefit from industry trends. In an effort to contain costs, the managed care industry is increasingly outsourcing diagnostic and outpatient services to private companies, providing independent MRI centers with a steady stream of clients well into the foreseeable future.
Startup Requirements for MRI Businesses/Centers
MRI centers are clinical environments that place a high priority on patient care. Patients often request a referral to an independent MRI center based on the belief that they will receive a higher level of convenience and care from an independent provider, so it's important to tailor your business model for a superior patient experience, including professional staffing.
The other significant hurdle you'll need to overcome is startup capital. Finding money to start a MRI business is challenging because of the costs involved. A good MRI machine alone will run more than $1 million, not to mention the costs of retrofitting a commercial space for clinical care.
Cost Management Tips for MRI Business Startups
It's easy to see why cost management is a core business function for MRI center entrepreneurs. Out-of-control expenditures can quickly threaten your startup's bottom line and inevitably lead to a failed business launch.
Leasing or leasebacks can go a long way toward reducing the startup capital requirements for your business. Rather than buying a MRI machine and other equipment outright, you can lease it for a monthly payment. Over the long-term, it costs more to lease than to buy -- but for now, leasing is a proven method for mitigating risk during your company's early years.
Best Practices for Writing an MRI Company Business Plan
You know that a business plan is important. The only problem is that you don't have any idea how to write one.
Fortunately, you don't have to tackle your MRI company's business plan by yourself. There are plenty of useful solution designed to assist MRI business entrepreneurs in business plan writing.
Our Business Plan Help section discusses some of the business plan resources other entrepreneurs have found useful.
Prior to launching an MRI business within your community, it's worthwhile to determine how you will fit in the competitive landscape. Use the link below to find competitors in your city. After clicking on the link, type in your city, state and zip code to get a list of MRI businesses near you.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
Once you've finished assessing the competion, be sure to speak with somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started an MRI business in a location that is not competitive to you can be a great learning resource for you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How do you find an MRI business manager who is willing to talk to you but doesn't live nearby?
Easy. Find them using our link below and start calling until you are successful.
Pros & Cons of Buying an MRI Business
An acquisition can be a great way to enter MRI business ownership. But it's important to evaluate the benefits and drawbacks of buying a business before you decide on either an acquisition or startup approach.
BENEFITS: Existing companies have proven business models and a history of profitability. They should also have some degree of brand recognition and an established customer base.
DRAWBACKS: On the downside, MRI business acquisitions can be difficult to adapt to your unique business philosophy so it's important to make sure the business is capable of achieving your ownership goals before you initiate the buying process.
Franchising May Be a Better Way to Go
Choosing to partner with a franchisor ensures that you benefit from feedback and ideas from other franchisees and get strong support from the home office.
If you are thinking about opening an MRI business, you would be wise to investigate whether franchising might increase your chances of success.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you came here to learn about selling to MRI businesses, you're in the wrong place. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.