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.
- 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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