| How To Write a Business PlanBefore starting your biotech company you will need a thorough business plan to provide vision and focus and satisfy potential investors, granting agencies and loan institutions. Check this planning outline for a list of items to include in your business plan. Difficulty: Hard Time Required: Several Hours Here's How:Write an Introduction
Give an introduction to your business idea including the following:
- Business Concept
- Goals and Objectives
- Management / Ownership
Outline Your Products and Services
What products and services will your company offer, how do they fit together with the vision of the company. What are the risks involved and how is the product protected (eg. patents)?
- Products / Service Mix
- Products / Service Risks
Do a Market Analysis
Thorough research to define the demand for your product and what existing competition there might be, will aid in determining the viability of your idea and the startup. Include a SWOT analysis in this sections to evaluate your company's strengths, weaknesses, opportunities and threats.
- Description of Total and Target Markets
- Area Market is Situated in
- Expected Share of Market
- Competitors
Plan Some Marketing Strategies
Practical issues such as the following must be considered:
- Sales
- Pricing
- Distribution
- Promotion
Discuss How the Company Will Operate
A description of the state of the research and government approval, if required, will give an idea of the financial requirements and estimated time until a profit can be realized. Other additional practical considerations are listed here.
- R&D
- Production
- Procurement of Supplies
Plan For Human Resources
How many employees will the company be able to support in the beginning, what will their responsibilities be, what level of training do they need and where will you get professional assistance (legal, accounting etc.) when needed?
- Skilled Personnel
- Administrative Assistance
- Legal and other Specialty Needs
Describe the Company Location
Consider the following:
- Business Location
- Size / Type of Building Required
- Lease, Rented or Purchased
- Zoning Regulations
Recognize Environmental Issues
Identify and plan for dealing with any environmental issues such as:
- Disposing of Chemical Wastes
- Air Emissions
Plan Your Finances
Anyone considering investing, loaning or granting money to your cause will want to see the balance sheets:
- Starting Balance Sheet
- Cash Flow Forecast
- Loans, Grants etc.
- Repayment of Loans
- Insurance
- Accounts Receivable Concerns
- List of Inventory
- List of Other Assets
- How Bookkeeping Will be Addressed
Investors and banks will also want to know about other sources of startup funding, if any.
Establish Goals
Outline a 3-5 year plan that includes long term goals for the company and measurable milestones that demonstrate stepwise progress in achieving them.
What You Need:- Resume
- Applicable Certificates or License
- Credit / Business References
- Partnership Agreements
- Insurance Agreement or Quote
- Applicable Sales and Other Tax Registration Numbers
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