The business plan should be updated with fresh data and goals for the future as a startup goes through various stages of growth. It can act as a source of the right information for all parties involved in the company in this way.
In Part 1, we saw 3 steps of writing a business plan. Here are the remaining four.
Marketing strategy
A technology startup business plan’s marketing and sales strategy should outline the following:
- Target market
- The company’s marketing and sales objectives
- The strategies and tactics that will be used to achieve these goals
- The key marketing and sales metrics that will be used to track development
- The budget for marketing and sales initiatives.
Basically, it should describe the marketing and sales strategy for your company. The market opportunity data you previously gave should support your marketing and sales plan. Reaching your target market should be the goal of the plans and techniques.
Team and Management Structure
The section of the company plan dealing with the team and management structure is next. Start by giving a general overview of the management and organizational structure of the startup. It can be useful to illustrate the reporting structure in a graphical format.
This can then lead to a summary of who owns or runs each of the important business sectors (CEO, CTO, CMO, etc.). A brief biography of each member of the leadership team that details their training, prior employment, and pertinent experience is a good idea. Give a summary of their position and responsibilities inside the company, along with their bio.
Key milestones
You have described your target market, the goods, and services you will provide, as well as the team members who will carry out the company’s mission at this phase in the business plan. You should include a timeline of your company’s previous and upcoming milestones in this area. This will help to show the trajectory of growth for your startup and your future plans.
This section ought to unequivocally show how your startup can develop from a concept into a profitable enterprise. Giving specific dates and accurate facts in this part can lend some credibility to your startup and show off your abilities.
Financial plan
Your technology startup business plan should include a financial plan as its last element. In this portion of the business plan, it is explained how the company has been and will continue to be financed.
As the amount and type of information that must be included may vary depending on the firm and the specific financial goals of the plan, there is no one way to construct the financial plan portion of a business plan.
However, most of the financial plans ought to contain a few fundamental components. These consist of a pro forma balance sheet, income statement, sales projection, and cash flow statement. If past financial data is available, it should be used to create the pro forma financial statements, which should also include projections for future revenues and costs.
A description of the capital structure of the business, including its debt and equity financing, should also be included in the financial plan.
So, these are all the steps for writing a tech startup business plan. All these plans can get confusing, and it is essential to do them right. Turnkey Tech Solutions also provides startups guidance with business plans as well. Get in touch to know more!