If you are looking for a sample biotech business plan template, here is a guide for starting a biotechnology company.
Interested in small biotech business planning tips? If YES, here is a practical guide on biotech startup business.
How to Start a Biotech Company
Do you want to build a biotech company? I believe you are a scientist who wants to venture into starting his own business. Well, I guess starting a biotech company may just be best for you. In this article you will learn the various steps you will need to take before starting a biotech company anywhere.
The biotech industry is one that is strictly regulated because of the high risks involved in the business. Basically, the biotech business is concerned with making use of living organisms and systems in developing new products.
The industry is one that is open to all creative scientists who are innovative and want to start their own business. Starting a biotech company is no daunting task at all. Nevertheless, it will require you to be very creative, together with some dose of experience and training.
Are you ready to start a biotech company? Let us take the steps one at a time.
Carry out a thorough Research on the Industry
Before you can venture into starting a biotech company, you must understand the nature of the biotech business first. You must be able to know the recent developments in the biotech business before you even start your biotech company.
This business entails far more than being a scientist who produces products. This business is very dynamic, and as such, you must make sure you always keep abreast with the latest developments as regards to the development of your products.
When you carry out a diligent research about the biotech business, you stand to benefit a lot, far beyond your expectations. Researching will also help you make good decisions in your business.
After you are fully sure you have enough information about the business, you can go ahead to start the legal processes, but first you must obtain a very good location for your biotech company.
You must be aware that there are various zoning regulations as regards to choosing the location for your biotech company. It is very critical that you contact a real estate agent to help you choose the best location for your biotech business.
Nonetheless, the location you choose has a very critical bearing on the success or failure thereof of your biotech company. The optimum location is one that is close to the source of raw materials, energy, target market, good road network, etc. However, because of zoning ordinances, you may not be afforded an optimum location for your biotech company.
Get the Legal Processes Done
Now is time to get the legal processes done properly. First, you must choose a name for your biotech business. Choose a name and proceed to getting your biotech business registered with the relevant authorities in your area.
Also, you will have to obtain a business license and the necessary business permits before you can start up a biotech company in your area. It is wise to seek the services of an attorney to help you with this process.
Choose Where to Specialize On
This is where having done a proper and thorough research has a very grand role to play. If you have done your research well about the biotech business, you will realize that there are a number of niches you could specialize on.
Amongst the many niches are: medical industry / pharmacy (i.e. drugs production); agricultural industry; food industry; etc.
Having carried out a very thorough research on the biotech business, you will have come to a conclusion as to which biotech business niche you would love to focus on. Go ahead and make your decision, as long as you are sure it will guarantee you an advantage, and also make it easy for you to achieve your business goals.
Determine the Target Market
Having carried out a proper and thorough research, you should be able to determine who your prospective customers will be. Your good ideas are not enough, no matter how good they may be. You will need a market that will be in need of the products you are developing.
I know you must have realized that there are very good and exciting technologies that have no market demand; you must not let this happen in your biotech business.
Be very certain that there is a ready market demand for the products you are producing. Depending on the biotech niche you decide to choose, the following fields are some of the target markets of the biotech business: medicine and pharmacy; hybrid animal production; hybrid bird production, etc.
Also, you must make sure that your technologies must be protected by Intellectual Property (IP).
Organize a Strong Team
The strength of the team you build is very crucial to the success of your biotech company. You must make sure you organize a team where the individuals that make up the team possess complementary set of skills. Without a good and strong team, you may likely not be able to achieve your business goals.
Write a Business Plan
Go ahead and draft a business plan once you are done with the legal processes of your biotech company. In the course of writing a business plan for your biotech company, you will have to do an in-depth research on the industry.
You must truly know who your competitors in your chosen location are; you must also establish your business goal and set out business objectives to achieve your business goal. Also, you must write out the sales and marketing strategies you intend to utilize in promoting your biotech company.
Your biotech business plan must be made concise as much as possible, carrying the relevant information about your biotech company.
BIOTECH COMPANY BUSINESS PLAN SAMPLE PDF / DOC
A biotech company is an essential part of modern human existence. It is a field of science that is needed by lots of other fields in our society today. At the introduction of biotechnology, it was basically used in pharmacy and medicine.
However, today, it has found use in many other fields. Popular among the fields that are in high and constant need of biotech are food production, agriculture, medicine, and pharmacy. Although quite a number of people are not very comfortable with the use of biotechnology in agriculture, the contributions of biotechnology to the successful cultivation of crops and also the rearing of animals can’t be denied
If you are certain that you want to start a biotech company, then you will need a business plan. You do not have to go far to get a business plan because that can be gotten on this page. Below is a biotech company business plan sample. Read on and get the needed tips on how to write a business plan for a biotech company.
BUSINESS NAME: TT & P Biotech Company
- Executive Summary
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
TT & P Biotechnology is a biotechnology company with its main facility located in Chicago. The facility we intend to make use of has been approved by the government. As a result of this, we are ready to run all types of productions that are associated with biotechnology companies. We at TT&P have come into the biotechnology business to make available the needed chemicals and services by humans through the use of cellular techniques and living organisms. We are not just interested in profit making. We are also looking to ensure that our many esteemed customers get value for whatever money they spend.
Our Products and Services
TT & P Biotechnology Company is into the biotechnology business not just to make profits but to satisfy our customers. This, we will achieve by making use of standard facilities that have the approval of the government.
Some of the products that will be coming from our firm include
- Nutritional supplements
- Pesticide Resistant crops
- Pest resistant crops
Our vision is to set up a biotechnology firm that will produce products that will be used in and other parts of the United States.
At TT &P, our mission is to startup a top notch biotechnology firm that is capable of standing the test of time as well as competing with more established biotechnology firms.
We at TT& P are not content with just running a biotechnology firm. We want much more than that. We want to comfortably make it to the list of the top 50 biotechnological companies in the United States. Although all this might seem quite a task, we have plans in place to achieve this. Some of these plans include hiring only individuals that are qualified to work at the highest level. As far as hiring people is concerned, we are not just interested in hiring very skilled individuals. We are also on the lookout for other factors such as honesty, communication skills, the readiness to work , and the ability to meet very tight deadline.
In the last five years, there has been a rapid growth in the biotechnology industry. This has been powered by the demand for an improvement in agricultural and medical science. Although in the biotechnological field, lots of more established companies have made it a habit to swallow up smaller companies, their still abounds enough space for all to co-exist.
This is possible because of the need for biotechnological inputs by various fields. Examples of some of the fields that require biotechnological input are pharmacy, agriculture, medicines and food industries.
We are not denying the fact that there is a high level of competition in the biotechnological business. However, what matters is the availability of ample customers. As a result of this, we are not targeting just a single industry.
Some of our target industries include
Medicine manufacturing firms
Food production and processing firms
Non-food processing industries.
Sales and Marketing Strategy
In order to make great sales in this business, we have decided o carryout the following
- Give discounts to our first set of clients
- Advertise our products frequently
- Take full advantage of networking
Source of Startup Capital
Biotech companies are very capital intensive. As a result of this, the bulk of the amount that will be needed to start this company will be sourced from the bank. We and all our partners have been able to come up with 20% of the amount for this business which amounts to $100,000. The remaining 80% which is about will be gotten from the bank.
The high level of competition in the biotechnology industry is quite obvious. At TT&P, we are prepared to survive in this very competitive environment.
This is a biotechnology business plan for TT&P Biotechnology Company. It is a firm owned by James Blacky and is based in Chicago.