Don't bother with copy and paste.

Get this complete sample business plan as a free text document.

Download for free

Data icon I.D. Verification Technology Business Plan

Start your plan

Bionex Corporation

Strategy and Implementation Summary

Bionex, Inc. will pursue specific, definable, market segments with a multi-tiered, multi-channel approach. We will leverage our technologies with a licensing agreement in one key area and a direct sales and distribution strategy in the other using established distributors. We will look to foreign markets in the future through established distributors for additional revenue.

5.1 Competitive Edge

Our competitive edge lies with our technology and our philosophy. Our technology is designed to eliminate financial and identity fraud while preserving privacy.  We believe customers’ privacy is sacred, and their account information should remain protected at all times, during transactions or when they are asleep. We have developed biometric solutions that more cost effective and will make broad integration cheaper and easier than ever. In addition, we aim to provide our retail customers with one of the best technical support and warranty plans in the industry. Our support will offer a toll-free number, twenty-four-hour live operator support, and a limited lifetime warranty. Our company will strive to provide custom applications and software tailored specifically to our customers’ needs.

5.2 Marketing Strategy

Public relations and industry media will help in overall industry awareness plans. Feature articles and product reviews will help launch awareness of our products. Direct mail to buying groups and ads in trade publications will help with buyer impressions. The top 20 to 30 customers in each segment will be approached first; a few sales hits in these top tiers will enable achievement of targeted forecasts. Bionex will achieve its initial sales goals from direct and distributed sales of BioXen biometric devices. Our products will saturate the market and fill the void for personal biometric devices. Worldwide sales through distributors will provide needed cash flow; sales of Xenosys and Xenavex will begin shortly thereafter. We believe our complimentary Point of Sale strategy and increased help from select consultants will trigger enhanced growth in the financial and government arenas.

5.3 Sales Strategy

Bionex expects to generate revenue from domestic licensing and sales of Xenasys transaction systems, Xenavex identity platforms and BioXen biometric devices. In order to sustain strong sales and royalties for expansion and growth, Bionex will prioritize research and development. Through R & D we can continue to bring cost-effective biometric technologies to market. To initiate sales, Bionex plans to hire consultants with ongoing business relationships with government entities, and credit card companies; we will rely on them to introduce key leads and initiate contracts right from the start. In addition, key contacts with senior writers for Wired Magazine, Business Week, CNet, and ZDnet will bring positive national attention to our technology and products.

Bionex anticipates that initial revenues will come from licensing agreements of Xenasys to credit-issuing banks supporting Visa, Mastercard, Discover and American Express who are seeking to attract or retain customers on the basis of fraud prevention, verified transactions and secure account management systems. Bionex seeks to facilitate widespread use of Biometric Credit Cards by implementing complimentary Biometric point of sale systems for leading retailers and merchants seeking to avoid fraud losses, and improve customer satisfaction by enabling more secure transactions for potential customers in their retail networks. Bionex plans to collect additional revenue in the future from licensing  our biometric transactional platform to internet payment gateways (VeriSign, Authorize Net, Paypal, Western Union, CyberCash etc.) and credit card companies (Visa, Mastercard, American Express, Discover).

Bionex will rigorously pursue government contracts from federal, state and local governments. Our strategy in obtaining these contracts will be to provide distinct, all-in-one solutions (software, hardware, installation and support), saving the government money and time, and increasing productivity and security while solving implementation issues. We will enlist the help of consultants familiar with government bidding processes, and who have contacts within different departments.

Bionex will also distribute a diversified line of BioXen personal biometric products through electronic retailers such as CompUSA, BestBuy, Circuit City, J&R, RadioShack, etc. Because Bionex is a new entity, we understand that we will have to prove our company’s worth to distributors in order to earn their respect and business. We will promptly honor all dealer requests for product samples. We will offer an 800 number phone line and have full-time customer service to meet distributors’ needs. Our product line will fulfill the demand of thousands of customers with a discerning priority, need and interest for the latest in personal security. Bionex will continue to expand our BioXert product line with introduction of biometric mice, biometric keyboards, biometric ethernet cards, biometric pda devices, biometric removable hard drives, etc.

Bionex will market our Biometric Physical/Network access solutions to the healthcare industry, and exploit recent legislation requiring stronger security measures, by providing compliant biometric solutions which are cost-effective, easy to use, and easily integrated.

5.3.1 Sales Forecast

The following table and related charts show our present sales forecast. We are projecting healthy sales in 2006. We are forecasting sales to increase to ‘huge’ in year two with expanded marketing expenditures and reach. Sales are expected to grow steadily through 2010 and beyond. We project continued success and increasing sales due to recognized brand name, proven track record, international expansion, and strategic acquisitions. Future expansion will also contribute to an increase in sales revenue from development of new products, new markets, and new demands.

Id verification technology business plan, strategy and implementation summary chart image

Id verification technology business plan, strategy and implementation summary chart image

Sales Forecast
Year 1 Year 2 Year 3 Year 4 Year 5
Xenasys Transaction Systems $335,019 $670,038 $1,340,076 $2,680,152 $5,360,304
Xenavex Identification Platforms $322,335 $612,437 $1,163,629 $2,210,896 $4,200,702
BioXen Biometric Devices $330,413 $594,744 $1,070,539 $1,926,971 $3,468,548
Total Sales $987,767 $1,877,219 $3,574,245 $6,818,019 $13,029,554
Direct Cost of Sales Year 1 Year 2 Year 3 Year 4 Year 5
Xenasys Transaction Systems $90,909 $159,091 $278,409 $487,215 $852,627
Xenavex Identification Platforms $89,944 $157,402 $275,454 $482,044 $843,576
BioXen Biometric Devices $94,727 $165,772 $290,101 $507,678 $888,436
Subtotal Direct Cost of Sales $275,580 $482,265 $843,964 $1,476,937 $2,584,639

5.4 Milestones

The following are the key milestones for the first years of operation:

  1. All patents applied for by April 1st, 2005.
  2. Start-up capital successfully raised.
  3. Working prototypes of Xenosys, Xenovex and BioXen ready by June 2005.
  4. BioXen products to appear in retail stores for 2005 Holiday Season. 
  5. Obtain contract(s) from financial industry and government sectors before January, 2006.
Id verification technology business plan, strategy and implementation summary chart image

Milestone Start Date End Date Budget Manager Department
Complete Business Plan 10/22/2003 12/22/2003 $0 Kerben Executive
Patent Applications Complete 4/1/2004 2/1/2005 $50,000 Eisenberg R&D
Start-up Investment 4/1/2004 4/1/2005 $0 Rosen Finance
Xenosys Prototype 4/1/2004 6/14/2005 $50,000 Eisenberg R&D
Xenovex Prototype 4/14/2004 6/7/2005 $50,000 Eisenberg R&D
BioXen Prototype 4/21/2004 6/1/2005 $30,000 Eisenberg R&D
First BioXen Device Sold 10/1/2005 1/1/2006 $0 Bernstein Marketing
First Xenosys Transactions 1/1/2006 1/2/2006 $0 Bernstein Marketing
First Xenovex ID Issued 3/1/2006 3/2/2006 $0 Bernstein Marketing
Totals $180,000