Digital fingerprinting is one of the most sophisticated identifying methods that are in high demand as technology develops and security concerns rise. Given the anticipated tremendous expansion of the fingerprint sensor industry in the coming years, it would be wise to consider investing early and riding the wave to success.
Of course, beginning a business is difficult and patient. Thank goodness, you’ve found the perfect spot, as this step-by-step manual outlines all you need to know to create, market, and profit from a successful biometric fingerprinting business.
To get started, scan the information below.
Step 1: Find Out if this is the Right Business for You?
Operating a live scan fingerprinting business will, like other companies, be more suitable for some people and situations than others.
If you’re seeking for a new source of income or want to start a flexible mobile business, this sector may be ideal for you. It may also be ideal for people who already operate a brick and mortar firm.
Here are some advantages and disadvantages to consider.
Positives Vs Negatives
| Flexibility — One might be nomadic or have a side businessStrong demand guarantees sales. Minimal start-up expenses | Certification and strict standards With strict punishments, a highly controlled environment The demands of organizations vary, necessitating a variety of talents and tools. |
Industry Trends
- Industry size and historical growth — According to industry researcher Markets and Markets, the worldwide fingerprint sensor market is worth $3.5 billion.
- Growth forecast – The global background screening market, of which fingerprint scans account for the largest share, is expected to double in size by 2028 to reach nearly $10 billion, according to analyst Allied Market Research. Markets and Markets anticipates impressive 11% annual growth through 2026, creating a $5.8 billion industry.
Cost of Starting Live Scan Fingerprinting Business
Depending on your strategy, there are a variety of costs associated with beginning a live scan fingerprinting firm.
Even $5,000 may be used to launch a mobile business without a permanent location. Starting a brick-and-mortar firm with a mobile service van and a fingerprint specialist will cost about $20,000.
$12,500 on average is spent on beginning costs. The table below provides a more thorough explanation of how much it will cost to launch this kind of firm.
Is Live Scan Fingerprinting Business Profitable?
The quantity of customers you service on a monthly basis determines the revenue from a live scan fingerprinting business. For a 15-minute session, the industry standard price is $25. The cost of transportation for on-site service and any applicable agency fees are not included in this calculation.
An typical mobile firm will generate around $33,000 in yearly income if it schedules 5 appointments per day, five days a week. Based on an 80% profit margin, your pre-tax earnings would be close to $26,000.
On the other hand, a company that offers both mobile services and a physical storefront would anticipate having 15-20 customers in the store each day in addition to an extra 5 appointments for mobile services. The gross income in this scenario will be close to $150,000 per year at an average of 23 appointments each day. Given your greater overhead expenses, your profit margin would probably be decreased to 50%, but you’d still earn a nice profit of $75,000 anyway.
You may think about adding more locations if your business becomes more well-known; in such scenario, sales and profits would increase in line with that. By the third year, you might expect to have three locations and average 25 appointments per day, which would bring in close to $490,000 in revenue and close to $245,000 in profit.
Entry Barriers
- For this self-study certification, familiarize yourself with the Fingerprint Rolling Certification Program Reference Handbook.
- In the state where you intend to launch your firm, submit an application.
- Roll your fingerprints at a live scanning facility.
- Send the finished application—along with a small cost of $74 at the time of writing—to the Justice Department.
Step 2: Create a Strategy
Identify a Gap
The need for secure identification systems is driving the demand for electronically stored fingerprints. Employers are increasingly requesting that job candidates, volunteers, and working professionals like physicians, teachers, attorneys, and other business workers have their fingerprints scanned as part of their background checks.
The operation of live scan fingerprinting must be understood. To capture the digital fingerprints, a technician rolls the employee’s fingertips on a glass plate. The Department of Justice, federal, state, and other organizations get the print for verification and a background check.
Solutions
- Live scan fingerprinting: A biometric device electronically records a fingerprint scan, which is then sent to the appropriate institutions. The clarity of the fingerprints makes live scan a popular technique since it lowers the possibility of rejection by any agency.
- Fingerprint cards: A more traditional way of collecting fingerprints, fingerprint cards can print fingerprints in real time or with ink. The latter is favored since the fingerprints can be seen clearly. Each organization’s fingerprint cards will be unique.
Pricing
Depending on the type of service and the organization to whom the prints are sent, live scan fingerprinting costs vary depending on the customer. By the middle of 2021, the FBI would charge $17 and the DOJ would charge $25 for a record review based on the provided prints.
The scanning technician charges a rolling cost of $20 to $30 every session, or an average of $25. So, if a customer requests both an FBI background check and a Justice Department record review, you should bill them for $67, which covers your cost of $25, the Justice Department’s fee of $25, and the FBI’s fee of $17.
A separate transportation fee would be assessed if certain clients requested that you visit their home or place of work to obtain their fingerprints. Utilize the Step By Step profit margin calculator to establish your pricing points once you have an understanding of your expenditures.
Target Market
Businesses and consumers make up the two primary categories of clients.
Employees and volunteers may request your services on an individual basis since, as was previously said, they are increasingly being asked to have their fingerprints taken.
Alternately, a connection may be established with companies and nonprofits that routinely request new hire scans from volunteers, encouraging repeat business. State-run organizations like the FBI and state law enforcement units are two examples of this type. Financial institutions, real estate agents, healthcare facilities, and legal firms are just a few examples of private sector businesses that may be covered by them.
Location
- On websites like Craigslist, Crexi, and Instant Offices, you may locate business space for rent in your neighborhood.
- You might wish to abide by these general guidelines while selecting a commercial space:
- Accessible by public transportation in a central location
- With plenty of natural light and ventilation
- As your firm expands, your lease might be made more accommodating.
- A facility that is ready to use and doesn’t require any substantial upgrades or repairs
Step 3: Write a Business Plan
Every business must have a plan. This will act as a guide to assist you launch your company while maintaining attention on your main goals. A business plan also helps investors and partners understand your company and its objectives:
- Executive Summary: A brief outline of the whole business plan that should be written after the plan is done.
- Business Overview: A summary of the company’s goals, vision, purpose, assets, and control structure.
- What we make and what we do: Explain in detail what you’re selling.
- Do a SWOT analysis and look at market trends like changes in demand and growth opportunities.
- Competitive Analysis: Look at your key rivals’ strengths and flaws and make a list of what makes your services better.
- Sales and Marketing: Look at the unique selling points (USPs) of your business and come up with sales, marketing, and promotion plans.
- Management Team: An overview of the team’s tasks and professional backgrounds, as well as a business structure.
- Operations Plan: Your company’s operational plan includes how it will get supplies, where it will put its office, what its most important assets and tools are, and other practical details.
- Financial Plan: A three-year plan for money, including start-up costs, a break-even analysis, predictions of profits and losses, cash flow, and a balance sheet.
- Appendix: Add any other papers related to money or business.
Step 3: Create a Marketing Plan
Even though some of your customers will find you online or on the street, you should still invest in promotion! Spreading the word is crucial for new businesses since it will increase consumer awareness of the brand and bring in more consumers.
Once your website is up, connect it to your social media accounts. Social media is a fantastic tool for marketing your company since you can create posts that are engaging and promote your products.
- Facebook is a great place for paid ads because it lets you target specific groups, such as guys under 50 in the Cleveland area.
- Instagram has the same perks as Facebook, but it’s for a different crowd.
- Website: Search engine optimization (SEO) will help your website show up higher in appropriate search results, which is a key part of making more sales. Make sure your website has clear calls to action. Try changing the size, color, and placement of calls to action like “Book Now” This could bring in a lot more customers.
- Google and Yelp: Getting mentioned on Yelp and Google My Business can be very important for getting people to know about your business and buying from you.
- Competitions and giveaways – Create interest by delivering rewards to clients who execute a certain action, such the fifth client of the day receives a 50% discount.
- Signage – Put up enticing signs at your shop and on your website.
- Flyering – Distribute fliers throughout your area and at professional events.
- In-Person Sales – Promote your goods/services at trade exhibitions and nearby marketplaces.
- Post a video – A video regarding your live scan fingerprinting company should be posted. Use comedy, and it can become popular online!
- Seek out referrals – Encourage consumer recommendations of new clients by providing incentives.
- Paid social media advertisements – Placed on platforms that will allow you to reach your target audience.
- Make infographics- Post them, and include them into your material.