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Home › Topics › Starting a Life Science Business › Business Planning & Commercialization

Tips

Writing a Business Plan

Topics Starting a Life Science Business Business Planning & Commercialization Writing a Business Plan

You will need to write a business plan covering your mission and financial projections. 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 your company will offer.

3. Objectives

Objectives or goals and how you will achieve them. This section may include funds needed and how you will use them.

4. Business and Management Structure

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

5. Products and Services and the Market

What the product or service 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 will repay it.

Reference

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 – US Small Business Administration

How to Start a Biotech Company – By Tajonar A. Mol Biol Cell. 2014 Nov 1; 25(21): 3280–83. doi 10.1091/mbc.E14-06-1162.

General Tips for Business Planning

  • Don’t spend time developing 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 cofounder or partner whose strengths complement yours.
  • For procrastination or time management problems, use a project management system and work in time chunks, then move on to the next task. You could also partner with a cofounder who successfully keeps things on track.
  • Be sure to consider personal needs while developing your business plan. For example, if you plan on not having an income for the first six 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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Topic Home Expand All
Intro to Starting a Life Science Business
3 Articles
Overview of Starting a Life Sciences Business
Evaluate Your Business Skills
Finding a Sound Business Idea
Early Market Research
3 Articles
Case Example: Leslie Bowen, Early Market Research
Market Research Before Starting a Business
Tips for Biomedical Market Research
Business Planning & Commercialization
9 Articles
Writing a Business Plan
Develop a Reimbursement Strategy
Technical and Business Assistance and Other Commercialization Support
Case Example: Commercialization Advice
Other Post-SBIR Commercialization Support
Planning Your Research Environment
Technology Readiness Level
Design, Prototype, Testing, Manufacturing
Tips on Planning from Successful Biotech Entrepreneurs
Financial Skills, Planning, & Investors
6 Articles
Financial Planning
Tackling Financial Risk
Equity and Shares
Sources of Capital for Small Businesses
Case Example: Learning Investor Basics
Entrepreneur Financial Skills and Resources
Registering Your Business
3 Articles
Business Name, Tax IDs, and Insurance
Registrations for Your Business
Industry-Specific Requirements, Licenses, and Permits
Your Business Governance
4 Articles
Select a Business Structure
Cofounders, Partners, and Founding Team
Board of Directors
Roles You Can Play in the Business
Return to Starting a Life Science Business
End Resources

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


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