Adapted from content excerpted from the American Express® OPEN Small Business Network
Describe the current status of your product or service and what
remains to be done to make your product or service ready to be
marketed. Include a schedule detailing when this work will be
completed. Consider using a traditional outline to create a product
development schedule, or modify the launch plan you have created
for internal use and provide a simplified version here. Readers of
your plan, especially potential investors, will scrutinize your
development plan to determine if you have thoroughly thought
through all facets of the development of your product or
service.
Tips
- Include obtaining a patent/trademark/or copyright, or
other steps that are important to the development of your
business.
- If your business plan is for a service company, there
is still a strong need for a development status section.
Service companies have to set up offices, make plans for
fielding calls, get stationery and business cards,
conduct market research, gather references, and do a
sample mailing of sales pieces, among other things.
- Venture capitalists and other lenders often focus on
a few industries and will be well acquainted with the
development procedure for a product or service like
yours. For this reason, be sure to create a high-quality,
detailed plan.
- Turn to an industry association for help with the
development process of a product or service like yours if
you are early in the development cycle and are not
confident that you are familiar with all stages.
- Look in the library for books of sample business
plans and check your development status section against
the ones in these books.
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