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xEnabler is a product of partnerships between Delivery, Technology and Innovation. Together the team at xEnabler brings over 40 years of combined experiences to deliver best-in-industry projects that go beyond just code and embrace the concept of real-world solutions.
Most companies have a hard time taking a project from concept to execution due to the lack of an elaborate plan. Whether you are improving certain processes, implementing new technology, or developing a new product in your organization, it will be in your best interest to have a well thought out plan of how you intend the process to run from start to finish.
Almost every project has a team tasked with completing the project and delivering value to the organization. A business plan will enable your team to work effectively with little to no supervision and consequently deliver high-quality projects. How can you come up with the best plan that will guarantee you value-added projects? The good news is that all you need to do is understand the value of a plan and tailor your own to boost your implementation’s success rate.
Whether you are looking to attract Investors or Startup Co-founders, a detailed business plan is the only way to get them to visualize your idea and have confidence in funding your project.
While being preoccupied with making core decisions, it is easy to forget essential aspects that can later cost your business. Jotting everything down in your business plan allows you to routinely take a back seat and ensure that nothing is left out.
Having a business plan helps you visualize each task and its complexity, and therefore you can easily assign responsibilities accordingly to persons best qualified for each.
A business plan helps you estimate your venture’s entire journey, and therefore you can predict risks that you are likely to encounter along the way. A foresight of this will help you prepare for them beforehand and avoid surprises that will be cost-inefficient.
Now that you’ve grasped the importance of a business plan, what should your app business plan contain, and what questions should it answer?
Your app business plan should:
Additionally, you need to address several fundamental questions in your plan. How will you make sure that your app is high ranking and reaching your target audience? How will you ensure your app is getting enough downloads to generate enough monetary value for you and your founders?
This is a concise yet adequately detailed section of your business plan. It should be brief yet complete and inclusive of the following things:
Despite hundreds of thousands of apps already in the market, there are still flaws and drawbacks of these existing systems. In this section, you need to identify which one of these shortcomings your app can solve and why your target audience should opt for your product and not the existing solutions
Highlight the value that your consumer market will get from using your app but do not dive into the details.
With the knowledge that there are similar apps to yours in the market, what makes it a better option? Using statistical data and future projections could help you build your case.
Outline your short term plans and the scope of your app with regards to how many people and how much money you’re targeting.
To entice your potential partners, devise an alluring overview. You can include:
Describe your company’s structure as this determines the future organization of processes. Mention your company’s location and provide reasons as to why you settled on that particular location.
What is the inspiration behind your founding idea? How did you start?
Introduce the team involved in your app startup, specifying their names, positions, and experiences.
You need to be knowledgeable about the industry you are going into before launching your app startup. Understanding the trends in the industry will enable you to adapt your product to make it withstand the test of time.
Analyze the available market demand on your app and the number of users your app can reach.
To project your potential income, you need to analyze the market trends from at least 5years ago.
Get a detailed description of your target audience’s gender, occupation, hobbies, and the challenges they face daily.
Your plan is not complete without a description of how it will get to your target market. Identify the platforms you will use to promote your product effectively, and then decide on the metrics you will use to measure each of these methods’ success.
You can also choose to collaborate with other companies to fuel your growth through referrals.
Identify other people in your line of work and learn from them. Becoming aware of your rivals can help you leverage their weaknesses for success.
This involves how you can make your idea profitable. You can employ the following methods:
Financial issues can be detrimental to your app startup, and therefore you need to consider what type of funding you need for your app and bring your investors in on how much money they’re putting in your business. Additionally, you need to account for regular costs such as salaries and maintenance costs.
To sum it up, here are some tips you can that will help you achieve an excellent business plan:
Seeing a project to completion is not easy, but with the implementation of these fundamental project management practices, you’re guaranteed success.
Do you want to develop an application for your business and looking for the best development team? Our process of “Simplify. Align. Enable.” can turn your complex, high-maintenance IT products into IT assets that are simple to manage, aligned with your business goals, and enables you to stay ahead in the competition.
Book a brainstorming call to see if we’re the right app developer for you.
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