Digg It - Business

Writing a Business Plan for your next entrepreneurial endeavor is crucial. You will need sufficient capital and a guide to keep you on track. One important part of any business plan is to size up the Industry and attempt to figure out your pecking order and

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

specialty niches for your best chances of profitability. Having written more business plans than I care to admit and having read hundreds of others, it always amazed me how easy it was to attempt to “wing it” when it came to the Industry Analysis section. Yo

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

know read a trade journal and look at a graph put it into Microsoft Excel and shove it into the business plan. If you have done this or are tempted to, you are not alone. But let me warn you that the Industry Analysis section is crucial. As a serial entrepr

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

neur I have had some great successes and victories in the market place and of course as Babe Ruth will tell you, some strike outs also. You must know the truth and understand the trends of your Industry to properly position yourself for the stage win. This i

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

why Lance Armstrong has a whole team to cover for him as he rides into the record books. You must know your competition, the course and have a clear strategy to be successful in business and it all starts with your business plan.

Now then without sounding

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ike an academic, which I am not, nor do I posses a fancy diploma or have the letters MBA next to my name; let me show you a sample of an Industry Analysis. I want you to win, so copy this article and slightly modify the sample below to fit your particular bu

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

iness model while covering paragraph by paragraph in your own work exactly the state of your Industry Sector. Identify the trends and niches which are currently being exploited, as well as those things you are worried about and/or know will be your challenge

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

. Take a red pen and write in the margins and then when you think you are ready and have collected the data online and read every single thing you can find on your industry, then take all your notes and formulate your own Industry Analysis, as it is one of t

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

e most essential elements of your business plan. This sample is for a mobile car wash business of a franchise company and it is a simple business, your industry may be more complicated, but this serves as a good example for you to get started.

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and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

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Industry Analysis:

Trends

As more and more people are buying or leasing cars for three to five years, which cost $30,000 or more, they have to maintain them. After all, why would you lease a brand new beautiful Lexus or BMW to keep up with

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

he Jones’, if you are not going to keep it washed. The automobile is a status symbol in California now more than ever. It is so important to people that they will mortgage their house in order to own the car they want.

In California there are over 25 mill

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

on vehicles. That’s 1.2 cars, boats, trailers, trucks, R.V.’s, motorcycles, etc. for every man, woman and child. A car wash truck can wash 100 cars a day, 700 cars per week. Seven hundred cars per week is less than 2% of the average population of 40,000 f

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

r a California city. That percent of market penetration is two out of one hundred people. Obviously, at least one out of every ten people would like to have their cars washed on a weekly basis. That would be ten percent market penetration or 4,000 vehicle

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

per week or six car wash trucks per area. This is achievable.

Position for Growth

With personal services on the rise and community owned businesses (mom and pop shops) making a strong comeback, this is a perfect time to open a mobile car wash business.

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

here is also a growing trend of two bread winner families, creating less personal time. During recession periods, our crews will be less affected than other competitors because we go to where people have jobs. These people have money. People eventually ha

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

e to get their cars washed and we are already there. Many fixed site car wash customers switch to a mobile service to save the extra one to two dollars because our prices are consistently lower. During recessions people hold on to their cars longer and hav

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

to keep them up as they are not able to buy a new car as often. During an economic expansion more customers sign up for monthly services and fleet sales double. Due to our lower overhead and efficiency our business, like McDonald’s, is reoccurring. Cars

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

et dirty every week, just like people keep getting hungry.

Our society is filled with credit card users. Our business plan calls for one-third of all generated sales to come from these customers. Fifty-five percent of all monies borrowed in the United Sta

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

es are done so by credit card. The number has increased for ten years and now with everyone using credit cards on the Internet in virtual stores this trend will continue over the next decade. Customers are able to order car wash services through our web si

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

e http://www.carwashguys.com. Check it out sometime. This is another service that is provided for by our franchisor. Our site is easily found on most major search engines such as Google, MSN and Yahoo

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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