I guess it depends on how much money you need. Let’s start with my personal experience.
I started working toward opening my own lab in 2010 by investing $20,000 of my own savings into used lab equipment. I was buying on Ebay glassware, spectrometers, and even a gas chromatograph. By the end of 2010, I rented a small lab, and by the end of 2011, it was fully operational. In 6 months I accredited it to ISO 17025 standard. One year later, my wife and I took the second mortgage on our house, and with $56,000 in our pockets, we started a new start-up lab.
Personal Saving is the most common and the simplest way of finding start-up capital.
Borrowing from Friends and Family. This is a really bad idea. There is always a chance that your business can fail. If it happens, you will lose not only your business but also your friends.
Bank Loan. Theoretically, it is possible but in reality, it is hard to get. You will need a business plan, proof of assets, and millions of other different documents. It is also very expensive. Typical interest with insurance will be 6-15% a year
Silent Partner’s or Investing Partner’s investment. This is a private investment into your business. I am not really familiar with the process, but it likely works because many successful businesses started thanks to the financial support of private investors.
And by the way, if you want to hire me as an independent consultant to help your company with starting a new lab, please contact me through the CONTACT US form. I offer my services in video conference format and in-person.
