Technovation Lesson: Business Plan Week 6

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 1.Team Name, App Name, and Member Names 2.Executive Summary 3.Company Summary 4.Product Description 5.Market Analysis 6.Strategy & Implementation Plan 7.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 –Refer to pages 19 and 20 in the workbook Type a finalized version of your business plan from your workbook Record your ideas in pages 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