A business plan for new product/service-
Product name: Pocket Beam
We are a start-up business and will create a software/app which links to iBeacon and will send information to their phone. This software requires no programming skills just drag and drop to make it work so that any people can use this product. We are targeting new business and existing business as our software can customize easily, each company can use it in their best way.
We are selling the software and the beacon together with an optional plan.
Seminar is open monthly so that we can hear customer feedback directly and also interact new people. From this we show our responsibility and trust to the customer. We are welcoming any further request which need some programming skills so that we can adopt to each individual needs.
The business plan needs to cover all down below:
Product/service new business-
-What is your value proposition?
-How are you going to solve a customer problem better than your competitors?
-Any patent protection possible?
-Technology details: Defensible? Unique? Sustainable competitiveness?
-Time to market? Ability to execute?
-What prevents someone else from doing it more cheaply or better?
Marketing plan-
-Sales and marketing strategies
-How will you convert from contacts to leads to customers to advocates?
-Costs and strategy of acquiring customers
-Any way to schedule marketing and sales expenditure to 'pay as you go'?
-Respect your competitors
-Unknowns - more research needed?
-4Ps - Product, Price, Promotion and Place
Financial plan-
-Forecast financials in terms of 5 years:
Sales Forecast
Income statement
Cash flow statement
ROI, Payback, NPV, IRR calculations
-Make all of your assumptions explicit
-Any way to benchmark your model against past experience or industry averages?
-Any funding stage gates, which reduces financial risks?
Exit strategy-
-Exit strategy for the venture capitalist investor, not necessarily for the founding entrepreneur
-Exit could be merger, acquisition or IPO
-For an existing business, when will this project become part of the mainstream business?
-Will the current team continue to lead this business venture or go on to develop new business units/products or services?
-There is a difference in skill sets between leadership and management.
2000 words.
10 apa reference.