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Why a Start-up Company
Considerations for a Start-up
Benefits of a Start-up
How Can an Entrepreneur or Investor Get Involved
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Business Development Assistance
Funding Sources & Local Business Resources
Business Plan
Getting Started With a Business Plan
A business plan is an essential component in the business formation stage of the start-up process. Initially it allows you to structure your thoughts and actions and analyze the essential elements necessary for a successful business. Later, it is also a communication vehicle describing your business concept to others. The following is one example of an outline for an initial business plan. Your Tech Transfer New Business Development Specialist is experienced in the creation of business plans and is available to help you.
The Business Plan
- Executive Summary
- Mission
- what is the “critical need”
- what are your critical competitive advantages
- Description of product/service
- competitive advantages (in eyes of customer)
- how will it be made or delivered
- Intellectual property or other protection
- Patents/copyrights/trademarks/service marks/know-how
- Other barriers to entry
- Market Analysis
- Size
- Growth
- Location
- Characteristics
- Important segments
- Customers
- Who, where, why
- Who is influencer, who is decision-maker
- Competition
- Who, where, how big, how competitive
- Advantages/disadvantages
- Indirect competition
- Future competition
- Pricing assumptions
- Management/infrastructure
- Near-term, longer-term
- Key resources needed
- Experience
- Incentives
- Operations
- Quality
- Manufacturing
- Service
- Finances
- Cash flow required (1-3 years)
- Income statement
- Milestones
- Five year profit/loss projection
Printed from: http://www.techtransfer.umich.edu/resources/entrepreneurs/business_plan.php