We offer many pertinent ideas on how to start an analytical testing laboratory.
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Characteristics of a Good Analytical Testing Laboratory Business Plan
Your analytical testing laboratory's business plan should be tailored to your business's unique traits and goals. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – A foundational statement of your company's direction and strategy.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your analytical testing laboratory's strategy and direction.
Well in advance of opening an analytical testing laboratory in your area, it's a smart move to see how many competitors you have. We've provided the link below to help you generate a list of competitors near you. Just enter your city, state and zip code to get a list of analytical testing laboratories in your community.
Is the local market large enough to support another analytical testing laboratory? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
As part of your due diligence on opening an analytical testing laboratory, the next step is to speak with somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. What's in it for them?
But, a person who owns an analytical testing laboratory outside of your community may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. 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.
So, what can you do to find somebody who runs an analytical testing laboratory outside of your area who is willing to talk?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Three Arguments for Buying an Analytical Testing Laboratory
It's almost always preferable to buy an analytical testing laboratory than to pursue an analytical testing laboratory startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. If you're careful in your research, the analytical testing laboratory you buy will have a track record of profitability – a big plus since it may take months or even years for a startup to turn a profit.
- Operational Efficiency. When you're shopping for an analytical testing laboratory, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
Consider Buying a Franchise
Your odds of making a success of your new business zoom upwards when you franchise and leverage their successful brand and track record.
If you are thinking about opening an analytical testing laboratory, you ought to assess whether purchasing a franchise might make your life much easier.
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 currently own an analytical testing laboratory, try these useful resources:
If you sell to analytical testing laboratories, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.