Like any new venture, starting a radiology business is not easy. Of the many things that have to be taken into account, one of the primary factors is the high capital investment in equipment. That means that you have to start off with a tidy pile of savings or loans.
What then are the points you should consider before starting a radiology business?
- Have a business plan in place – For other businesses, it usually comes after you have finalised the location and the premises but for a radiology business this is at the top of the list. It is because you need to keep aside a substantial amount of equipment and other essentials will revolve around the remaining funds at your disposal. The business plan will set out your costs of setting up business, expected turnover, when you can expect to break even and become a profit generating entity and your marketing and publicity modalities. Hire a consultant if you want to get this down right. Remember, this is a crucial document for future operations which can even be placed before banks and lending institutions for borrowings or even to get a partner on board.
- Choose a location with care – Choose your location with care. This is very important and can make or mar your business. Your premises should have adequate floor space with large cabins to house different equipment and an airy comfortable reception area and doctors’ chambers. It should preferably be near hospitals or outpatients’ service centres or satellite diagnostic clinics. The area should be a well-populated self-contained Make sure that there is adequate frontage to capture the attention of walk-in clients without referrals. Contact a property lawyer in Melbourne or wherever you are setting up your business. There are a lot of legal aspects in leasing commercial property and you’ll do well to bank on professional advice.
- Make a good layout plan – Have a good interior specialist draw up a layout plan for you. It should include an administrative area, meeting/training room, changing rooms, technicians’ rooms, and separate chambers for equipment. The ideal required space for starting a radiology business is 4000 sq ft. Go by what the specialist advises you with regard to furniture, the colour of the walls and other specifics that will make a visit to your clinic a pleasurable experience for customers.
- Trained technicians – Instead of doing it yourself, leave the hiring process to labour hire companies who are experts in this field. In any case, you might not have the required technical knowledge to truly evaluate the worth of radiologists and technicians if you have simply entered this field as a business venture and not as an extension of your radiology qualifications.
- Choose equipment with care – As a radiology business requires huge capital expenditure initially, choose equipment with care, first the ones that have a demand in your location. Start with basic X-Ray and scan machines and move on to more sophisticated ones over time. You can save on costs by leasing the machinery instead of outright purchase.
There are many other things that will crop up before the business opens but get these basics right and you increase your chances of founding a successful radiology business.