Write an Introduction
Give an introduction to your business idea including the following:
- Business Concept
- Goals and Objectives
- Management / Ownership
Describe your business model including if you are a virtual business.
Outline Your Products and ServicesWhat products and services will your company offer and how do they fit together with the vision of the company? In this section, include information on whether you depend on outsourcing for any aspect of these operations. What are the risks relating to competition or other economic issues, and how is the product protected (eg. patents)? Describe the following relationships:
- Products/Services Mixtures
- Products/Services Risks
Do a Market AnalysisThorough 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
Plan Some Marketing StrategiesPractical issues such as the following must be considered:
Running a startup requires many different skills and roles, and it might not always be practical to do it in-house. This is another area where outsourcing might be used.
Discuss How the Company Will OperateA 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.
- Procurement of Supplies
Plan For Human ResourcesHow 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 LocationIf you aren't a virtual company, or you don't outsource production, there are many things to consider when choosing a location. You may want to locate in one of the top biotech hubs of North America, and if you do your own R&D, there are considerations for choosing laboratory space. Consider the following:
- Business Location
- Size / Type of Building Required
- Lease, Rented or Purchased
- Zoning Regulations
Recognize Environmental IssuesIdentify and plan for dealing with any environmental issues such as:
- Disposing of Chemical Wastes
- Air Emissions
Indicate if you plan to get ISO certified for quality environmental or managment systems, or already have the certification.
Plan Your FinancesAnyone 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
- 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 GoalsOutline a 3-5 year plan that includes short and long term goals for the company and measurable milestones that demonstrate stepwise progress in achieving them.
What You Need
- Applicable Certificates or License
- Credit / Business References
- Partnership Agreements
- Insurance Agreement or Quote
- Applicable Sales and Other Tax Registration Numbers