- Contain a precise and concise format.
- Be organised into numbered Sections and Sub-sections
- A hyperlinked table of sections so you can easily access and navigate information on the plan.
- What problem do you want to solve?
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
- What is your solution?
Highlight the value that your consumer market will get from using your app but do not dive into the details.
- How will your app change the market?
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.
- What is your goal?
Outline your short term plans and the scope of your app with regards to how many people and how much money you’re targeting.
- Basic info about your organization
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.
- A few words about the history
What is the inspiration behind your founding idea? How did you start?
- Team introduction
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.
- Market size
Analyze the available market demand on your app and the number of users your app can reach.
- Market changes
To project your potential income, you need to analyze the market trends from at least 5years ago.
- Understand your customer
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.
This involves how you can make your idea profitable. You can employ the following methods:
- Use your mobile app for advertising other products
- Ensure your app has unique features that you can leverage to charge a fee for installation
- Have a free trial period after which users have to pay to continue using your app.
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:
- Be practical and professional
- Be brief and concise
- Keep your grammatical errors to a minimum
Seeing a project to completion is not easy, but with the implementation of these fundamental project management practices, you’re guaranteed success.