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.
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.
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.