How to Make a Business Plan for Your Mobile App Startup
In recent years, we have seen a rise in fintech disruptors so much that mobile app development has become a necessity.
For startups, in particular, designing mobile apps is a way to target more users and reach the millennial population. And a well-thought mobile app business plan is the first step to developing such an app. The business plan is the blueprint for mapping out the entire cost of app development, and the planning, designing, marketing, and after-sales support of the product.
You need a step-by-step plan to launching a mobile app startup. It’s not enough to launch the app on the app stores. There is a lot of competition in the B2B and B2C mobile app market. So, you must plan and budget for the marketing tactics you will use to get users to search for and download your app.
An adequate app business plan covers the total cost of app development, so you have a realistic idea of the price of features and platform of the app. Business plans usually follow a template, so here is a rundown of the elements they need to contain to ensure the successful launch of your startup:
- Executive Summary
- Problem Identification
- Potential Solutions
- Unique Selling Points
- Company Background and Team
- Market Potential
- Projections
- SWOT Analysis
- Competitor Research
- Marketing Strategy
A well-crafted, detailed, and insightful business plan gives answers to the questions investors will ask before they decide to fund your project. Ensure that you cover all areas for a descriptive analysis for your company and explain the unique selling points (advantages) of the app you are developing.
Any investor funding your project would like to know if their long-term targets match with yours. When defining your mission values state:
- Your target revenue
- End goal: IPO or Acquisition Strategy
- The timeline to achieve these goals
Marketing is possibly the costly phase of developing a new product. Investors are funding your app idea, so they need to know the exact numbers involved. You need to be transparent and detailed about how you plan on using the funds, how much you need, the total cost of app development and running your startup and the way you will monetize your product.
Working with a trusted app development agency can help you navigate all the specifics of writing a proper business plan and other technicalities.
Mind Katalyst works with clients to help define, build and grow meaningful and transformative software and hardware across emerging technology platforms including Augmented Reality, Blockchain, Artificial Intelligence/Machine Learning and IoT. For more on how Mind Katalyst can help you scale your technology products, contact us for more details.
Carnellia Ajasin CEO of Mind Katalyst, is passionate about inventing new technology products in the emerging technology space that are meaningful and relevant. She works with ambitious organizations and businesses on the strategic application of innovation, creativity and emerging technologies to create competitive advantage, transformative impact and growth in business and society.
