How to start a lab when funds are tight? Getting hold of the right equipment can be costly, so here’s a primer for cash-strapped principal investigators.
No matter the reason for starting a research lab, it’s very much like starting any other business. You need a business plan, along with funds for your lab equipment, space, and staff. If you’re not sure where the money’s coming from or you’re on a tight budget, you can still start a productive enterprise. We’ve put together this post to help you get started, with resources to get you off and running.
Start-up Capital
Medical labs have very specific needs. They require suitable premises for the laboratory and offices, either by leasing or purchasing existing premises if you can find suitable ones for lease or by constructing them from scratch. They also need the necessary equipment for the laboratory, and they must have sufficient cash flow to pay all expenses including labor and materials, and to receive payment from third parties like insurance companies and government agencies. All in all, it’s a very involved and complex process.
Setting Up Your Lab
At this point, you’re ready to secure the lab and office equipment you need to effectively operate the lab. Depending on your area of research, you will likely need a variety of lab tools and machines, such as imaging equipment, analytical instruments, chromatography, microscopes, and more.
There are several options when it comes to buying research lab equipment. Opting for used equipment can be tempting, since buying new equipment can easily cost hundreds of thousands or even millions of dollars. However, used equipment comes with the risk of equipment malfunction or failure. The auction style approach can provide great deals, but if the equipment fails shortly after your purchase, you’re out of luck.
Leasing your lab equipment is an affordable way to set up your lab, while ensuring you have high-quality, fully-functional lab equipment, whether it’s new or refurbished. Because of the operating lease structure, as opposed to a capital lease structure, the monthly lease payments are 100% tax deductible.
This approach gives you peace of mind by avoiding the hefty upfront costs associated with purchasing and by removing the headaches associated with annual service contracts.
What You Can Do to Start the Best Way?
At Business Loans Michigan, we want to help you cut through the red tape to get the working capital you need to fund your business. Our loans for professional service providers are available through a fast, simple application that's fully automated. Provide basic data, and we'll review your business performance to give you the funding you need – up to $250,000 – to help you hire and train employees, purchasing equipment and invest in marketing initiatives.
Our loans can help you get off and running with the least amount of hassle. They can also give you the flexibility to make important business decisions without too much concern.
The online application takes only 15 minutes. After being funded, borrowers can receive financing in as little as 72 hours. Our team at Business Loans Michigan takes pride in offering the following:
Contact us today to start a new adventure!
No matter the reason for starting a research lab, it’s very much like starting any other business. You need a business plan, along with funds for your lab equipment, space, and staff. If you’re not sure where the money’s coming from or you’re on a tight budget, you can still start a productive enterprise. We’ve put together this post to help you get started, with resources to get you off and running.
Start-up Capital
Medical labs have very specific needs. They require suitable premises for the laboratory and offices, either by leasing or purchasing existing premises if you can find suitable ones for lease or by constructing them from scratch. They also need the necessary equipment for the laboratory, and they must have sufficient cash flow to pay all expenses including labor and materials, and to receive payment from third parties like insurance companies and government agencies. All in all, it’s a very involved and complex process.
Setting Up Your Lab
At this point, you’re ready to secure the lab and office equipment you need to effectively operate the lab. Depending on your area of research, you will likely need a variety of lab tools and machines, such as imaging equipment, analytical instruments, chromatography, microscopes, and more.
There are several options when it comes to buying research lab equipment. Opting for used equipment can be tempting, since buying new equipment can easily cost hundreds of thousands or even millions of dollars. However, used equipment comes with the risk of equipment malfunction or failure. The auction style approach can provide great deals, but if the equipment fails shortly after your purchase, you’re out of luck.
Leasing your lab equipment is an affordable way to set up your lab, while ensuring you have high-quality, fully-functional lab equipment, whether it’s new or refurbished. Because of the operating lease structure, as opposed to a capital lease structure, the monthly lease payments are 100% tax deductible.
This approach gives you peace of mind by avoiding the hefty upfront costs associated with purchasing and by removing the headaches associated with annual service contracts.
What You Can Do to Start the Best Way?
At Business Loans Michigan, we want to help you cut through the red tape to get the working capital you need to fund your business. Our loans for professional service providers are available through a fast, simple application that's fully automated. Provide basic data, and we'll review your business performance to give you the funding you need – up to $250,000 – to help you hire and train employees, purchasing equipment and invest in marketing initiatives.
Our loans can help you get off and running with the least amount of hassle. They can also give you the flexibility to make important business decisions without too much concern.
The online application takes only 15 minutes. After being funded, borrowers can receive financing in as little as 72 hours. Our team at Business Loans Michigan takes pride in offering the following:
- Up to $250,000 on a term loan without any application fees
- Your money is available within 1-2 business days
- Choose full prepayment and save on interest fees
- Once you repay 50% of your loan, you get new terms and conditions
Contact us today to start a new adventure!
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Any questions? Our business advisors at Business Loans Michigan are happy to help!
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Applying is free and will not affect your credit score.
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