In a world where technology rules all, it’s very important that you, as a business owner, keep up with all the latest trends. In this case, the latest trend is developing mobile apps. The number of smartphones is rapidly increasing by the day, so it’s never been more important to make your presence felt in the app store.
Mobile Apps And Their Impact On The World
Mobile apps are the things that run the world today. You can order food and water from an app, you can purchase clothes, you can play games, you can talk to your friends, you can do business – virtually, you can do it all from a smartphone.
However, not every app is a good one. When you look at the numbers, there are just under 5 million different apps on AppStore and Play Store combined and most of us only use about 10 to 15 apps on the regular basis. Now, why are some apps better than the others? Well, for instance, some are just better and more fun. On the other hand, when you have 1000 different apps that all do the exact same thing and only one or two of the whole lot are popular – there’s are something else going on there.
Business Plan – The Difference Maker
In most cases, the main difference lies in the business plan. When you know what to do right from the get-go, success is no longer just an option – it’s a guarantee. Unfortunately, a lot of good ideas have been flushed down the drain because of the lack of a proper business and development plan and that’s why we’re here. We know what it takes to write a great business plan and we’re going to share it with you!
The key to a well-thought-out and finely composed business plan lies in the rough template. Your first step towards the business plan should be laying out all ideas on the paper, in whatever order you please and then going off of it. Once you put everything down on paper, you’ll begin sorting your ideas out and putting them all together in a proper way.
Here’s what a good plan should include.
The First Section – Executive Summary
A summary is exactly what it sounds like – a clear and precise explanation of the project to the investors. Only the relevant details should be mentioned in the summary. There’s no need to go in-depth at this point, that will come later on.
Problem identification and a potential solution
Another key aspect of a good business plan is problem identification and solution offering. Basically, at this point, you have to showcase what it is that your app will do and in what way will it better the lives of users.
Starting with problem identification is paramount. Making sure investors are aware of a certain problem that needs to be solved is how you get your funding. When it comes to problem identification – there are three questions you need to answer.
- What’s the problem?
- Is it significant?
- Is there an effective solution?
Explaining the problem and how significant is how you get people interested. Showing that you have the answer to it is how you seal the deal. At this point, it’s important to really prove to investors that the solution you’re offering is effective and unique and that there’s potentially a lot of money to be made here. This brings us to our next point…
Explaining The Selling Point
As we’ve said in the beginning, the app market is very saturated and you’d be going up against millions of other apps, so, what makes you think yours is going to stand out?
At this point, you need to convince everyone that your product, your app, is different from the others, even similar ones. What does yours do that the other ones don’t? A selling point is the key part of the whole process because this is what separates an idea from an actual business move investors might be interested in.
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Explaining Your Goals & Objectives
You won’t find an investor willing to put his or her money on the line for a project without clear goals and objectives in mind. You have to have some kind of long-term targets and strategies right there in the business plan. Things like your target revenue, short-term and long-term projections, end goals and so on.
The Second Section – About Company
The second section of the business plan should highlight your company.
You should start things off with basics. Is your company an LLC or not? Where are you located? Are you working remotely? How many of you are working on this project? All of these questions should be answered right here.
A brief history of your company should be more than enough here. Just go through the basics of why you’ve decided to run your own business. Keep it short, but keep it intriguing.
Introduce Your Team
Any start-up app business plan should include details about the team that’s working on the project. Highlight some key players on the project like managers or senior developers and tell the potential investors why they’re the right option for your app. Play on their strengths and make them look good.
The Third Section – Market Analysis & Marketing Strategy
As far as investors are concerned, if you don’t know the market and you don’t have a marketing strategy – you don’t have a business plan. That’s why it’s important that you go over every aspect of marketing in this section.
Explain your market to the investors. Talk about how big it is, who you’re planning on targeting, talk about previous market changes and the changes you expect in the future and so on.
Also, showcase your marketing strategy. Show the investors how you plan on advertising your product, what approach you’ll take and how will you make your app stand out. The more detailed your marketing plan is the more likely they’re to invest in your start-up.
The Final Section – Monetization Strategy & Funding
In the final section, you have to talk about money.
First of all, you have to show in what way the app will make money for the investors. Will it be subscription-based? Will it be a one-time purchase? Will you run ads? All of these monetization methods are viable options for a mobile app – you just have to sell the idea behind yours.
Once you show the investors how the app will make them money, feel free to ask for some.
Building the app isn’t free. That’s why you’re here. At this point, you have to justify the funding your seeking and by showcasing the numbers. Talk about required funding and why do you need it and if you’ve done all the previous things correctly – you can expect an investment.
In The End…
Finally, once the project is on and you have investors – all that’s left to do is to develop an app and conquer the market.
We hope we’ve helped you!