The Indian diagnostic industry is currently a 5 billion dollar industry that is witnessing a growth at 15-16 percent every year.
Pathology is a very important term that explains the art of science for determining the cause of a particular disease. The Indian pathology franchise business is in high demand that carries numerous scopes for interested entrepreneurs/franchisors. In fact, 70 percent of all the treatments are based on pathology results that make it a lucrative business option in today’s health and wellness industry.
India currently has around 1 lakh diagnostic centers out of which pathology labs register the total of about 70 percent. As the range of diseases and their complexity is rising in India, it could be the right moment for franchisors to invest in the pathological franchise business.
Thus, if you are on a path of establishing your own pathology business, consider the following points for being successful.
Costing is an essential element that decides the fate of a franchise business. Especially, while setting up a pathological business, there are several areas that need to be focused while investing.
Firstly, you need to buy or rent a location where you would be setting up your pathological business. Secondly, you need to invest heavily in the equipment that will form the backbone of the service you will be offering to your clients. But you need to have ample amount of money for meeting costs like salary expenses and overheads.
Always Plan in Advance
Planning in advance is beneficial in many ways. It ensures you to focus on your strategies, allowing you to think every time before executing a plan.
As a franchisor, planning in advance also helps you stay away from financial losses to a minimum, eliminating several roadblocks. In addition, advance planning provides you enough time to manage your capital along with deciding the location and interiors of your pathological lab.
No matter how much amount you spent on promoting your brand, your business would be successful only when you could offer your clients with quality service.
And adequate medical equipment are required in order to gain a client’s trust, satisfying them. You need to make a list of the equipment that includes blood collection tools, X-ray machines, USG machines, CT-scan machines etc.
If you are passionate enough to establish a pathological lab business and lack an adequate amount of capital, you could opt for medical loans which are usually custom-made.