So, you’ve got an idea for a better mousetrap. Awesome. And now you are trying to plan the business. Maybe to think through all the angles. Maybe to get advice so you can be sure you’re on the right track. Maybe to raise capital. Or maybe all of the above.

Regardless of your goals, don’t forget that “business plan” starts with the word “business” for a reason. A product is great. It’s important. But a product is not a business – and could very well be worthless on it’s own. Who will buy it? What exactly will they pay for, and how will you charge them? How many do you need to sell in order to cover your overhead? When do you expect that to happen? These are just a few of the issues to explore before you know if you’ve got a business, or just a product.

Of course, there are exceptions. You might view your venture as a hobby, or a way to give back to the community, instead of a path to profits. Perhaps you’re an inventor, and you’ve got a company lined up to buy your gizmo and turn it into a business themselves. Or you may have an investor with deep pockets, who thinks you could be the next Facebook or Twitter, and encourages you to get huge fast and worry about revenue and profit later. If you don’t fall into one of those categories, don’t forget to put the “business” in your business plan.