Financing Your Drug Testing Business
Most that opt to start a drug testing business will choose either a basic drug testing business that partners with labs or a franchise opportunity such as that offered by DTC. Financing your business and startup costs must be considered—perhaps even a business loan like those offered by the Small Business Association (SBA). Bright Hub offers many articles on funding your business and learning how to write a business plan—something essential for most business startups that seeks loans or investors.
You can also download useful templates such as cash flow forecasting tools, an opening balance sheet template, and you can learn great tips on cash flow management to help your business succeed.
If you’re thinking about how to start a drug testing service/business—check with state or local health boards regarding what is required before you invest. Beyond licensing fees and state or local requirements, you also have to consider what business liability insurance you must obtain, on-going training and certification, health inspections, and the personnel or knowledge on how the world of drug testing operates.
If you decide to incorporate, you can learn how to incorporate on your own and skip the legal fees right here on Bright Hub along with learning how to set up appropriate corporate bylaws and operating agreements.
Finally, if you choose an investment opportunity, check out the franchisor with the Better Business Bureau, ask as many questions as you can and have a business attorney or accountant take a look at any franchise agreements before you sign in the event you want to terminate the franchise.
The need for drug testing is ever present and beyond that, more people are interested in DNA testing for family tree purposes. The drug testing business can be exciting and rewarding as long as you take the time to do some research on your own, visit with other drug testing companies that won’t be your competitor, and avoid signing agreements you don’t understand.
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