Check-in: Business model • You should have completed the business model page in your workbook. You’ll need this for the Business Plan.
Agenda • Topics • Business Plan • Activity • Writing Your Business Plan
What is a business plan? • A formal document that shows: • Main employees • Product • Market • Business model • Long-term goals, etc. • It’s what you would show a potential investor in order to convince them to give you $$ • Can be as long and detailed as you like (~3-4 pages)
Components of the Business Plan • Team Name, App Name, and Member Names • Executive Summary • Company Summary • Product Description • Market Analysis • Strategy & Implementation Plan • Financial Analysis
2. Executive Summary • Summarizes the major points for the rest of the plan
3. Company Summary • List individuals on the team and any relevant experiences in their backgrounds
4. Product Description • What is the product or service? • What does it do? • What is the value proposition? • How will it benefit customers? What needs are you addressing?
5. Market Analysis • Who is the customer? • What are their needs? • What were the results of your customer surveys? • How big is your market? • Describe any competitors • How do you plan to differentiate yourself from them?
6. Strategy & Implementation Plan • How will you bring the product or service to the market? • How will you build awareness amongst customer base? • List actions you will take to launching your product or service • List your distribution channels – where will customers get access to your app • Highlight how you will draw customers to it
7. Financial Analysis • Profit = revenue – cost • What are your revenue streams? • How much does your product or service cost? • What is your cost structure? • How much money will you make? • Realistically, how many customers do you think you will have this year? Next year? • Multiply the number of customers by how much each person will spend on your app. That will be your revenue.
Activity: Design The First Half of Your Business Plan • Team Name, App Name, Member Names, Executive Summary, Company Summary, Product Description • You’ve already answered most of these questions • To get started: go through your workbook pages 21- 24 • Refer to pages 19 and 20in the workbook • Type a finalized version of your business plan from your workbook Record your ideas in pages 21- 24 of the workbook
Task List • Complete at least half of your business plan (typed!) • Team Name, App Name, Member Names, Executive Summary, Company Summary, Product Description • Prototype Development: • Continue working on adding functionality to each screen