Countless things to do when setting up a business. Little things, big things. It's easy to forget one and it's difficult to judge which ones are really important. In order to help you, a start-up checklist has been drawn up. In the following eight questions you'll recognize the elements of a business plan. So, answer them properly (which will take longer than you think) and you immediately have the most important issues you need to address in Business plan.

1. What is <Your New Product>?
   • Why do you see a need for <Your New Product>, i.e. what trends do you see that drive the current and future needs of the targeted customers you want to serve?
   • What does <Your New Product> do, and why?
   • What makes <Your New Product> so different, so special?
   • Why would anybody want to buy <Your New Product>, as opposed to the products from other suppliers? (i.e the same products, or products that perform the same function).

2. What customers and markets do you see for <Your New Product>, and what is it's potential?
   • Who will be your target customers (grouped per segment), and why? Why do you see these segments, and what are the characteristics most important to your business?
   • What is the estimate size per segment, and how will they develop over time? Why?
   • What is the market potential for <Your New Product> (based on estimate of sales per segment * <Your New Product>-price per unit)? Please include time-lines.

3. What is your business model and how are you going to make money with <Your New Product>?
   • What parts of <Your New Product> will your customers pay for, and how will it develop over time?
   • Will you further develop <Your New Product> yourself, or will you out-source this - if so, what parts and who will be your suppliers? Why and what elements do you pay for? Do you see any opportunities for developing partnerships in this field?
   • Will you market, distribute, sell & service <Your New Product> directly to your customers, or will you use other channels - if so, what channels? Why are these channels best suited to reach your target customers? What about partnerships?
   • Do you see opportunities to enhance the scalability of your business by turning it into an 'E-business'? If so, what impact would that have on your competitive advantage (4.) / financial mechanics (8.)?

4. Why are you able to beat your competitors on your target segments with <Your New Product> and to attain and build a strong position over a longer period of time?
   • What companies do you know that offer similar products (or products that offer the same function) to your target customers - or are likely to step in to compete in your target segments?
   • How strong are these competitors in each segment, and why do you think you are able to 'beat' them with <Your New Product>?
   • How do you think to build 'sustainable competitive advantage', that is - how are you going to be better and 'beat' your competitors over a longer period of time? (E.g. by creating entry barriers, developing value adding functions over time, patents etc.). Be very clear on this issue!

5. What are the key-issues for you to address to make <Your New Product> a success, and what risks are involved? What overall strategy do you see to cope with these issues / risks and build a defensible market position?

   For example:

   • Time-to-market of your first product
   • Speed to build your position
   • Anticipated competitors with more power than you (i.e. their present position, lock-in effects of customers / channels etc.)
   • Large investments to finish your product
   • Resource sqeeuzes (e.g. people) with a negative impact on your growth
   • High costs to build your channels, etc.

6. What is the current status of your business (i.e. your current position), and what milestones have you planned for further development?
   • Market
     Customers / revenues: do you already have launching customers? Or have you already served customers successfully and with what result? What product elements do already generate revenues, and how will this develop over time? Channels: what marketing & distribution channels have you targeted, and how are you going to build them (milestones / timelines)? Do you already have signed agreements with these channels? Marketing / sales. Do you want to develop a brand -- if yes, how? What are your strategies and plans for marketing, sales and pricing? Please include goals and milestones over time.
   • Product
     What is the status of your product, and what milestones have you planned for further development? What sound strategy do you see for your product development? Be clear on goals and milestones over time.
   • Organization
     What is the current status of your own organization and set up of your suppliers? What milestones do you see to acquire the necessary skills & resources over time, and to enlarge a supplier coalition?
   • Infrastructure
     Do you need an infrastructure to support your activities for development, delivery and service? If so -- will you outsource this, or build it yourself? Why? And what (intermediary) goals and milestones do you see?

7. What are the characteristics of the team you need to make <Your New Product> a success?
   • What key-qualities should be represented in your team to successfully market, develop, produce and grow?
   • Who are on the <Your New Product> team now, and what are their qualities? (Please include CV's - and indicate whether they are full-time on the team).
   • In your view, what qualities are missing? (Don't worry - in this stage this is not a reason for rejection)

8. Based on your combined plans - what will be the 'financial mechanics' of <Your New Product>?
   • What investments do you need to develop <Your New Product>, and when?
   • What costs will you make to build your organization, develop marketing etc., and -approximately- when?
   • When do you expect to bring <Your New Product> to market, and when do you foresee any sales - and how will your sales volume develop over time?
   • What resulting cash flows do you project, in several scenario's - ranging from optimistic to pessimistic? What factors are the strongest drivers for any changes in your forecasts?
   • Are you already financed? If yes - how?
   • In each scenario - what financial support would you need, and when?
   • What is (or will be) the initial shareholder structure?