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Home › Topics › Starting a Life Science Business › Making a Business Plan

Tips

Writing a Business Plan

Topics Starting a Life Science Business Making a Business Plan Writing a Business Plan

You will need to write a business plan covering your mission and financial projections (Nerdwallet, 2021). The key steps are:

1. Executive Summary or Mission Statement

Your business’s focus, the products or services offered, ownership, and a summary of your plans.

2. Company Description

The company name, location, key people, history, nature of the business, and more details on what will be offered.

3. Objectives or Goals

Objectives or goals and how you will achieve them. This section may include what funds are needed and how they will be used.

4. Business and Management Structure

The legal structure of the business and key managers and employees.

5. Products and Services

What the product is, how it works, the customer, pricing, sales and fulfillment strategy, and comparison to the competition.

6. Marketing and Sales Plan

The marketing strategy and how it will be executed.

7. Business Financial Analysis

Income, cash flow, or balance statements to date, if any.

8. Financial Projections

Have a year’s worth of burn rate in the bank, because it can take that long to raise money. If you are seeking a loan, include a plan for how you would re-pay it.

Reference

Nerdwallet. How to Start a Business: A Step-by-Step Guide for Entrepreneurs. NerdWallet. 2021.

Resources on Business Plans

Sample Biotechnology Business Plan – A template and a sample plan, by ProfitableVenture.com.

Write Your Business Plan – U.S. Small Business Administration

How to Start a Biotech Company. by Tajonar A. Mol Biol Cell. 2014 Nov 1; 25(21): 3280–3283. doi 10.1091/mbc.E14-06-1162

General Tips for Business Planning:

  • Don’t spend the time to develop the perfect plan in every detail. Make decisions quick enough to keep forward momentum. Most of your decisions will be right or good enough.
  • Focus and prioritization are important. Do what matters most first. Focus on just one thing at a time.
  • You don’t have to become good at running everything. Consider finding a co-founder or partner whose strengths complement yours
  • For procrastination or time management problems: Use a project management system and work in time chunks and then move on to the next task. Or partner with a co-founder who keeps things on track.
  • Be sure to consider personal needs while developing your business plan. For example, if you plan to have no salary costs in the first 6 months, you need to consider what you will live on.

Source: Gascoigne Adriana. Tech Boss Lady: How to Start-up, Disrupt, and Thrive as a Female Founder. Seale Press. October 9, 2018. Book written by the founder of Girls in Tech.

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Intro to Starting a Life Science Business
2 Articles
Steps to Starting a Life Sciences Business
Evaluate Your Business Skills
Finding a Business Idea
2 Articles
Tips from Biotech Entrepreneurs on Finding a Business Idea
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Tips for Biomedical Market Research
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7 Articles
Writing a Business Plan
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Case Example: Commercialization Advice
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Case Example: Learning Investors Basics
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4 Articles
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Partners and CoFounders
Board of Directors
Roles You Can Play in the Business
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Your Business Name
Registrations and Tax IDs
Licenses, Permits, Other Requirements
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Return to Starting a Life Science Business

This project is funded by National Institute of General Medical Sciences (Grant #1 R43 GM131458-01)


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