Do you have a great mobile app idea? Are you ready to put it in action? Then you need a strategy that will guide you through the process. That strategy should come in the form of a business plan. A business plan is a tool that will help you achieve your goals. What you a well-written business plan can give you is:
- Attract investors
- Have a solid plan for strategic planning and prioritization
- Minimize risks
- Attract founders
- Grow your business (companies that plan grow 30% faster than those that don’t)
A great business plan will help you turn your mobile app idea into a successful business. But first, you need to know how to write such a plan. Here are the most important tips on how to write a business plan for your mobile app idea.
Note: If you wish to learn about How to write app specs then you can click on the link provided.
Cover the Main Elements of the Descriptive Analysis
To write a well-rounded business plan that embodies all the relevant aspects of developing your app business, you need to include the main elements. The descriptive analysis should have the following structure:
The business plan needs to start with an overview of your business plan. The executive summary needs to be informative and persuasive. If you don’t get the attention of investors with the summary, you won’t be off with a good start. The summary should give them a reason to keep reading.
Include the most important details from the plan without exceeding two pages. Mostly focus on the target audience, market scenario, problems, and your proposed solution (e.g. problems that users have with competitors’ apps), and the objective of your app. After reading the summary, investors or your team should have a better perspective of what to expect.
The next step is to introduce your company. Some investors can be won over with the impressive and innovative founders and the team that runs the project rather than any statistics. That’s why it’s important how you present your company.
What you need to cover in this section is:
- The basic information about your company (location, duration, etc.)
- Your history (preliminary ideas, motivations, and problems)
- Your team
- Your mobile app concept
- Your vision and mission
This is where you cover all about the industry. When you want to welcome a new app into the world you should know whether there is a demand for such an app. Industry analysis justifies the development of your app.
In the industry analysis part of the business plan, you should prove that your idea is viable. Back this up with data on:
- Market analysis (total available market, serviceable available market, and serviceable obtainable market – TAM, SAM, SOM)
- Competitor analysis (include various parameters such as niche, the level of functionality, pricing, and audience size)
- Customer analysis (
After you have written all the relevant details about your company and app, it’s time to express your marketing plans. Marketing is an essential part of the business growth strategy. The use of the app won’t reach its full potential without marketing.
To identify the right marketing approach for your app you can analyze your competitors’ marketing strategy, perform a SWOT analysis, test your ideas, and similar. What you can include in the marketing section of your plan is:
- The user persona (demographic and psychographic data)
- Customer acquisition plan (social media, email marketing, referral program, event marketing, etc.)
- Defined key metrics (daily active users or number of downloads, for example)
The purpose of the marketing strategy is to show that you have a set growth strategy in place. However, keep in mind that your marketing strategy might have to change after you put the app in motion and analyze the results.
How you plan to operate (day-to-day) tells a lot about your business’s potential. That’s why you need to write about your operational strategy. Include information that expresses your plans of:
- Building a relationship with customers
- Maintaining a relationship with customers
- Maintaining quality assurance
- App development
- Business management
- Personnel plan (hiring, salaries, the purpose of their role)
Lastly, there is the section that many investors look most forward to – the financial plan. This is where you have a chance to show that your mobile app idea is actually a solid plan with 3-5 year projections.
The financial plan should express:
- Startup costs (the cost to develop the app and run the business)
- The funding you need
- App monetization strategy
Go Beyond a Generic Business Plan
A business plan shouldn’t be a copy-pasted content. You won’t win over the investors if you don’t make any effort to personalize it. How you share your thoughts is just as important as what you share.
That’s why you should consider the following tips on how to make your business plan unique:
- Express your passion – The readers (investors) should feel your enthusiasm and passion. Share what made you follow this idea and you developed your passion)
- Share your story – Storytelling is an effective method of keeping the readers engaged. There is no reason why you shouldn’t include it in your business plan. Tell the story of how you came up with the idea or the obstacles you need to overcome. However, keep it concise so that you don’t bore the readers. Make the story truthful and relatable.
- Pay attention to your writing – Your writing plays an important role. The content needs to be comprehendible to be effective. If you aren’t sure that you can create a well-written business plan, hire a writing service such as TrustMyPaper or BestEssaysEducation. Essay writing services are a good choice because they are affordable and can get the job done.
- Be realistic – As much as you want to win over the investors with great numbers, the investors know the reality of the market. A realistic presentation of the numbers should be your only possibility.
Writing a business plan can be really challenging. That’s why having all the requirements in front of you can be very helpful. They can guide you through the process and make it less tedious. Be free to add your own twist to the plan and make it unique. That’s the best way to hook the investors – provide them with all the data and show your business’s personality along the way.
In case, if you have been looking for an app development company then we can help you. We are Agicent Technologies and we have been making apps since 2010. Therefore to send us an enquiry mail us at firstname.lastname@example.org. You can also check out our article on MongoDB vs MySQL, therefore to check it out click on the link provided. We hope this article may have been of some help to you. Also, thank you for reading it until the end.