You have to be confident that you can obtain sufficient clients to be viable, and not start out just because you're annoyed with your current boss. Will your skills provide a significant competitive advantage if you invest in setting up a laboratory?.
The very first step is to create a business plan. Note that most banks have skilled people that will help potential startups prepare such plans using spreadsheet templates. If you plan of using somebody else's money, they will expect to see a coherent and comprehensive business plan with various scenarios considered, and realistic but measurable financial targets.
The necessary resources will depend on your skills, the needs of your clients, and the presence of cost-effective competitors with happy customers. Also, if you hang off a larger institution, such as as University, you can reduce startup costs, but may deter some larger clients concerned about confidentiality.
I would always refer my customers to competitors if their costs are cheaper and accuracy and delivery are acceptable. No point in trying to be all things to all people.
If you are playing with chromatography and producing reports for others, you need to watch for the hidden costs, such as insurance ( professional indemnity, public liability, etc. etc. ), laboratory compliance with regulatory requirements ( environmental, safety, etc. etc. ), financial management and audits - if setting up a limited liability company.
If your clients want accreditation, they will pay for it, but be aware that accreditation costs are fixed ( audits, instrument service and calibration, training, manuals, reference standards, etc. etc. ), meaning that larger sample throughputs will reduce sample cost, so you have to offer other benefits, such as quicker turnaround.
Don't try to use more information as a selling point, as the client may only want specific critical information.
If your clients want cheaper R&D, they will make decisions on price and level of skill and your coherence when evaluating proposals, rather than accrediation and quality systems. All regulated industries will expect a comprehensive, documented, and actively-maintained quality system, and will pay more for it.
Industries that have critical analytical requirements will have programmes in place to ensure that contractors are price and performance competitive and deliver expected services.
New players have to match existing players, sometimes new technology can help obtain a competitive advantages, but always be aware your competitors can also purchase such equipment.
We always learn from our mistakes, but the important aspects are realism and agility - the ability to change with circumstances. Analytical chemistry is dynamic, so what was important last year may be trivial now.
Do it again?, yes.