Research projects can take many forms and have just as many purposes. They are conducted by business people, researchers, and students, and in all cases a research project business plan is needed if funding is required. However, even if funding is not needed, the business plan documents an operating plan for project success.
This particular type of business plan can follow the traditional form if activities like marketing and staffing are involved. However, in many cases the business plan must be adapted to accommodate project information and needs because the project does not fit a traditional business model.
The purposes of a research project include expanding factual knowledge, but usually much more is involved. The typical business research project requires data collection and analyzation, interpretation of results, drawing conclusions, making recommendations, and developing a budget or financial performance statements. For example, a pharmaceutical company might be interested in developing a new biologic drug. The company develops a research project business plan to submit to grantors, but the plan also serves the business as an operating guideline.
Business research projects answer questions like the following:
• What will the project accomplish? Like any business plan, the Executive Summary should clearly describe the intent of the proposal.
• What market opportunity exists that the company believes it can meet?
• What were the sources of data and the methods of data analyzation used?
• Who will manage and conduct the research project?
• What market solutions were developed? These are the conclusions of the research project?
• What is the projected costs of the research project, and what are the expected revenues should the market solutions be put into place?
If investors are needed, the research project business plan is customized to meet their needs also. However, some research projects are requesting grant funds to fund just the research, with no expectation of generating revenue, so the ROI of the project is not necessarily important. Each of the business plans for research projects are individualized.
OGS Capital specializes in writing customized business plans for businesses, research facilities and researchers, and others. To discuss business plan needs, contact OGS Capital by submitting the short online form.
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