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.
