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Published On: Thu, Apr 25th, 2019

How to Write a Brilliant Business Plan for Your Mobile App Startup

On your way to the list of the most successful startups of all times, don’t neglect the importance of a circumstantial business plan. This is your helping hand when growing a young business, securing loans and attracting more investments. However, many entrepreneurs worldwide believe that a business plan for a startup is a waste of time and skip this stage. This is their huge mistake. And we prepared this brief overview of how to write a startup business plan to save your business from fail.

Photo/Tero

5 key components you must include in your business plan

Do you know that there are more than 2.2 million different apps on App Store? Joining this number isn’t hard, but getting noticed in this crowd is a true challenge. A lot of companies have already learned on their mistakes, observation and experience. Fortunately, you don’t have to get in the same pitfalls and instead, can just take a look at 5 essentials your app startup business plan must include.

  1. Informative summary

This is an introduction to your app and its capabilities. This is the very first thing your potential partner will see when thinking of investing in your app, so get rid of distractions, take a deep breath and think over these points:

A problem to solve

There is a problem in the defined niche you would like to solve with this app. Tell about how serious and painful this problem is, and how important it is to address it quickly. Mention other services that already address the same problem, but stress the points they miss.

An innovative solution

Here, describe the ways how your app can deal with this problem. Provide general information only but show it from the brightest side. The reader has to be fascinated with the solution you offer.

Your goals

Tell how do you plan to change the market. Describe your goals and approximate estimations of the numbers of app downloads, users, and potential profit you would like to get.

2. Deep market analysis and customer persona

Another thing that is necessary to be added to the business plan is market analysis. Besides, it is an endless source of valuable information for you.

A comprehensive market analysis will help you to understand:

  • The size of the market you target;
  • Tendencies and atmosphere in this market;
  • Target audience;
  • Main competitors.

Are there any similar apps in the market? Can you affirm you are better than they are? Do you have the proofs? Collect the information about the existing competitors and develop a strategy on how to outdrive them.

After you have collected the needed information, try to portrait a person called customer persona. This is a concept that includes basic information about your app’s potential user. Give it a name, define its age and gender. After this, define the location, education, occupation and interests of a person that will one day download your app.

This method provides you with an opportunity to see your product with the eyes of a future user. It will help to identify strength and weaknesses, understand how to upgrade it and how to increase customer’s interest.

photo/ Gerd Altmann

3. Marketing and SEO steps

Add a chapter highlighting how you plan to promote your app. There are several channels you can acquire customers from. Here are some of them:

  • Startup landing page;
  • Social networks;
  • Referral programs.

Choose reliable metrics to measure the conversion rates, a number of installations etc. Estimate the approximate audience outreach and add this information to the business plan, too.

No doubts, you need a vigorous marketing strategy and a robust SEO campaign. Still, they won’t help you if you’ll produce low-quality tools with miserable buggy functionality. Take care of your product, and the users will take care of your income.

4. Monetization section

Have you already decided on how you will make money out of your app? There are many ways to monetize a startup app, and depending on its purpose and functionality, you should pick the one that meets your needs best.

For example, you can integrate ads to make a profit. This method works well when you have thousands of active users. This method won’t fit the complete beginners in the industry, but apps with some background can already benefit from efficient advertising. The installation fee will be a good option if you offer an app of unique functionality. A freemium approach will be good if you build a game, education or entertainment app – a product where users are ready to pay for some additional features, content, etc.

For the potential investors, monetization chapter is a momentous component of your business plan. This is the answer to the question about whether your product is expected to be profitable and viable.

5. Your startup team description

Here, tell the world who you are and how your path started. Add some storytelling and enhance it with real facts like when the company was founded, the number of employees, the method of processes organization etc.

Location matters a lot. Share the information about where your office is located and what market you target.

Don’t forget to introduce your team. There is no better way to appeal to a reader than to show the real people he or she is going to cooperate with. Provide atmospheric team photos, make a reader feel like he or she already knows you. Be open-minded and friendly so you can distinguish your startup from hundreds of other buried in the app store abyss.

In conclusion

Before we will wish you good luck with building an attractive startup business plan, keep in mind the following things:

Plain text is dull

Thinking over your business plan format, divide the plain text into blocks, enrich it with images, infographics, tables, and real statistics. In some cases, funny photos and gifs will be appropriate, too.

Simplicity is the answer

Talk to your readers with simple words and sentences, avoid too many technical definitions and meaningless humdrum phrases.

Share facts, not hopes

People who want to invest in your business need some reliable facts. Try to satisfy their curiosity.

Slang won’t help you

Although it may seem like you’ll get closer to the reader, keep in mind that you want to wake up the investors’ interest. Keep it professional.

Good grammar is crucial

Proofread tools are your reliable assistants. Correct spelling, punctuation, and grammar, and read your plan once again.

This is it! You have got one step closer to the list of most successful entrepreneurs 2019.

Is everything clear? If some things are shady, just drop us a line and get all the missing answers.

Author: David Brown

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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