Managing your finances for your startup laboratory

getting finance for your laboratory

Managing your finances for your startup laboratory

Financing your research is one thing, but managing your laboratory finances is a whole different story. As a scientist, you need to show that you are capable and that you can handle your budgets, right down to the last lab coat and pair of goggles. How can you do this effectively and with as little stress as possible?

The beginning

You have your laboratory, you have your funding, what next? How do you manage your future laboratory before you have even gotten started? First things first, keep things basic; don’t complicate things. Keep your science research separate to your bank statements.

Costs

Your funding proposal is the root of your laboratory, so it is essential to finesse the finer details before you get to work. There is so much more to running a laboratory than a standard business. For example, the cost of keeping the appropriate systems up-to-date and in-line with the latest regulations including your natural gas and specialist gas distribution systems and water systems with adequate backflow protection.

Prioritise

With that in mind, don’t sugarcoat your requests. There’s no getting away from the fact that you need money –  the people you are dealing with mean business. Be clear, concise, and honest about your financial requirements. When it is time to put things into action, stick to your plans; don’t over or underbuy. Managing your laboratory finances is not much different from your own private finances. You know what you need to put aside for outgoing costs, and then you see if there is any leftover. Add up the must have equipment, as well as rent, utilities, and staff salaries.

When managing money, you need to prioritise; do you have one too many incubators or fume cupboards on your to buy list when you should be buying protective equipment? Stick to your plan, and only once you have your fully operational space buy the non-essential ‘nice to have’ items.

Be realistic

Simply put; don’t ask for too little or too much money. The world of funding whether it be through grants, venture capital, or peer-to-peer lending is a competitive one, being inconsistent or not including essential information is not going to help put you at the forefront of funding. If your requests are more expensive than others in the same area of work, it is not going to look good for you; know what you require inside out and be honest about it.

Ask for help

Ask your co-workers if what you have written is adequate. There’s no one size fits all solution to writing the perfect proposal, but it helps to ask those who have been in your position. Once your plans are ready and you feel confident, keep your co-workers in the loop and ask them to get involved. If this is your first time setting up a laboratory, the more people working with you, the better. If you are not sure what direction to go in, Higgins is here for you. With over 50 years’ experience and cost-effective prices, you cannot go wrong. We are a member of WIAPS (Water Industry Approved Plumbers Scheme), BCGA members, and we are Gas Safe approved to give you the peace of mind you are in the right company.

We can help to plan and design your laboratory, supply and install furniture, benching, natural and specialist gas, distribution systems, plumbing, and electricity. Customers are our top priority, that is why we offer project management to ensure that work is completed on time. We also provide ongoing maintenance so that you are never left in the dark. For more information on how we can help you, get in touch today on 01625 613308.