sample business plan technology startup

Technology Business Plan Template

Written by Dave Lavinsky

Technology Business Plan

You’ve come to the right place to create your own Technology business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Technology businesses.

Technology Business Plan Example & Template

Below is a Technology business plan template and sample to help you create each section of your own business plan.

Executive Summary

Business overview.

Kearney Tech Inc., located in Houston, Texas is a tech startup that focuses on developing and commercializing new artificial intelligence (AI) technology applications designed for small-to-medium sized businesses. The company has created proprietary technology that helps businesses improve their profitability by using AI to increase customer engagement. We offer multiple products, including AI hardware, marketing AI software, and CRM AI software. Many of our most basic services are free, but the rest can be accessed by paying a subscription fee. By providing flexible and affordable subscription options for our clients, Kearney Tech Inc. aims to be the next big technology company in the AI space for small and medium-sized businesses.

Kearney Tech Inc. was founded and is led by Abigail Kearney. Abigail has been a senior software engineer for nearly 10 years and has extensive experience in artificial intelligence and machine learning. In addition to her experience, she has a bachelor’s degree in computer science and an MBA. Her education and experience are sure to lead Kearney Tech Inc. to success.

Product Offering

Kearney Tech Inc. will showcase a variety of different applications for its AI technology that companies can utilize to increase their customer engagement from day one. Businesses can choose the platform package that works for them, based on a freemium subscription pricing structure.

The following are the services that Kearney Tech Inc. will provide:

• AI Hardware
• Marketing AI Software
• Customer Relationship Management AI Software
• Customer Support AI Software
• Technology Training: Training sessions on how to use our AI solutions and integrate them into their businesses

Customer Focus

Kearney Tech Inc. will serve small to medium-sized businesses within a 30-mile radius of Houston, Texas. Many of the businesses in our target demographic are startups looking to expand their reach and thus would benefit from technology that can increase their customer base.

Management Team

Kearney Tech Inc. will also employ an experienced assistant to work as a business analyst and help with various administrative duties around the office. She will also hire several developers, salesmen, and other administrative staff to assist her.

Success Factors

Kearney Tech Inc. will be able to achieve success by offering the following competitive advantages:

• Management: Abigail Kearney has been extremely successful working in the technology industry and will be able to use her previous experience to provide the best service experience. Her unique qualifications will serve customers in a much more sophisticated manner than Kearney Tech Inc.’s competitors.
• Relationships: Abigail Kearney knows many of the local leaders, business managers, and other influencers within Houston, Texas. With her 10 years of experience and good relationships with business leaders in the area, she will be able to develop an initial client base.
• Proprietary technology : The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.
• Client-oriented service: Kearney Tech Inc. will have full-time customer service and sales managers to keep in contact with clients and answer their everyday questions.

Financial Highlights

Kearney Tech Inc. is seeking a total funding of $400,000 of debt capital to open its office. The funding will be dedicated to office design, software development, marketing, and working capital. Specifically, these funds will be used as follows:

• Office design/build: $50,000
• Software development: $150,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $25,000
• Working capital: $25,000

The following graph below outlines the pro forma financial projections for Kearney Tech Inc.:

Company Overview

Who is kearney tech inc..

Abigail began researching what it would take to create her own technology company and did a thorough analysis of the costs, market, demographics, and competition. Abigail has compiled enough information to develop her business plan in order to approach investors.

Kearney Tech Inc.’s History

Once her market analysis was complete, Abigail Kearney began surveying the local vacant office space and located an ideal location to house the technology company. Abigail Kearney incorporated Kearney Tech Inc. as a Limited Liability Corporation in April 2023.

Since incorporation, the company has achieved the following milestones:

• Located available office space for rent
• Developed the company’s name, logo, and website
• Determined equipment and necessary supplies
• Began recruiting key employees

Kearney Tech Inc. Services

Industry analysis.

As of 2021, the global technology industry was valued at approximately $5.2T. Of all countries worldwide, the United States currently has the largest technology market, with 32% of the market share at $1.7T. The technology industry in the U.S. accounts for a large part of the nation’s economy.

The Information Technology market can be segmented by categories such as software, devices, infrastructure IT and business services, emerging technology, and telecom services. In the United States, IT and business services hold the greatest market share (30%), followed by software (20%) and telecom services (20%).

Market drivers include the economy, employment rates, and the digital transformation of daily life for a growing number of people and businesses worldwide. Corporations and organizations are seeking IT service providers that can help improve their software, cybersecurity, data, and infrastructure. Technology companies that can provide products and services that cater to these issues can be competitive in the constantly evolving market.

Technology is an integral part of society. Developments in AI and machine learning are essential to keep society moving forward and make businesses more efficient. Therefore, businesses will always be in need of AI solutions to bring in more customers and streamline their services and products. According to Market Watch, the Technology industry is set to grow at a CAGR of 25.73% from now until 2027. Very few industries see this growth, which shows how much demand there is for technological solutions. Therefore, we expect Kearney Tech Inc. to see great success in our local market.

Customer Analysis

Demographic profile of target market.

Kearney Tech Inc. will serve the small and medium-sized businesses of Houston, Texas, and the surrounding areas.

Many small businesses in the community are startups or established enterprises looking to expand their reach and thus would benefit from technology that can increase their customer engagement.

Customer Segmentation

Kearney Tech Inc. will primarily target the following customer profiles:

• Small businesses
• Medium-sized businesses

Competitive Analysis

Direct and indirect competitors.

Kearney Tech Inc. will face competition from other companies with similar business profiles. A description of each competitor company is below.  

Tekuserv has been a reliable technology company in Houston, Texas for more than fifteen years. The company is known for its wide range of technology solutions that serve many small-to-medium-sized businesses. With its large number of experts focused on delivering customer satisfaction, the organization maintains its high standard of developing quality products and providing exceptional customer service. Tekuserv provides business software on a freemium subscription basis. It develops enterprise technology solutions with a focus on customer relationship management.  

Prime AI Business Solutions

Prime AI Business Solutions is a technology development company in Houston, Texas. In business for several years, the company has developed highly-rated AI solutions used by many well-known businesses in a variety of industries. Prime AI Business Solutions now offers a range of AI hardware and software products geared toward helping businesses of all sizes increase their customer base. The company has also introduced a “pay-as-you-grow” pricing model that scales to provide users with more support as they scale up.  

AICE Developments

AICE stands for Artificial Intelligence for Customer Engagement. AICE Developments is also a local technology company that manufactures and distributes a variety of technology products. AICE Developments was established in 2009 in Houston, Texas, providing integrated AI applications and platform services. Its products include applications and infrastructure offerings delivered through various IT deployment models, including on-premise deployments, cloud-based deployments, and hybrid deployments. The company serves automotive, financial services, healthcare, hospitality, retail, utilities, construction, etc. It provides AI solutions for enterprise marketing and customer engagement.

Competitive Advantage

Kearney Tech Inc. will be able to offer the following advantages over the competition:

• Proprietary technology: The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.

Marketing Plan

Brand & value proposition.

Kearney Tech Inc. will offer a unique value proposition to its clientele:

• Service built on long-term relationships
• Big-firm expertise in a small-firm environment
• Thorough knowledge of the clients and their varying needs
• Proprietary technology developed by skilled software engineers

Promotions Strategy

The promotions strategy for Kearney Tech Inc. is as follows:

Kearney Tech Inc. understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Kearney Tech Inc. will invest heavily in a social media advertising campaign. The brand manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Kearney Tech Inc. will invest heavily in developing a professional website that displays all of the features and benefits of the technology company. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Direct Mail

Kearney Tech Inc. will blanket businesses with direct mail pieces. These pieces will provide general information on Kearney Tech Inc., offer discounts, and/or provide other incentives for companies to use the AI platform.

Kearney Tech Inc.’s pricing will be on par with competitors so clients feel they receive great value when purchasing the technology.

Operations Plan

The following will be the operations plan for Kearney Tech Inc.:

Operation Functions:

• Abigail Kearney will be the Owner and CEO of the company. She will oversee all the operations and executive functions of the company. In the beginning, she will also provide customer support and market/sell AI products to potential clients.
• Abigail will employ an experienced assistant to work as a business analyst and help with various administrative duties around the office.
• Abigail will also hire several developers to maintain and develop AI products and services.
• Abigail will also hire a solid sales team to sell our products to potential clients. As the company grows, she will also hire a team that is solely dedicated to customer service.

Milestones:

Kearney Tech Inc. will have the following milestones completed in the next six months.

5/2023 – Finalize lease agreement

6/2023 – Design and build out Kearney Tech Inc.

7/2023 – Hire and train initial staff

8/2023 – Kickoff of promotional campaign

9/2023 – Launch Kearney Tech Inc.

10/2023 – Reach break-even

Financial Plan

Key revenue & costs.

Kearney Tech Inc.’s revenues will come primarily from its technology solution subscription sales. The company will use a freemium subscription model, in which basic functions can be used by any company for free. Additional solutions and support will be available in a tiered package model based on the enterprises’ size and the number of users.

The office lease, equipment, supplies, and labor expenses will be the key cost drivers of Kearney Tech Inc. Ongoing marketing expenditures are also notable cost drivers for Kearney Tech Inc.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Average number of clients per month
• Annual rent: $20,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Technology Business Plan FAQs

What is a technology business plan.

A technology business plan is a plan to start and/or grow your technology business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Technology business plan using our Technology Business Plan Template here .

What are the Main Types of Technology Businesses?

There are a number of different kinds of technology businesses, some examples include: Network technology, Software technology, and Customer relationship technology.

How Do You Get Funding for Your Technology Business Plan?

Technology businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Technology Business?

Starting a technology business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Technology Business Plan - The first step in starting a business is to create a detailed technology business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your technology business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your technology business is in compliance with local laws.

3. Register Your Technology Business - Once you have chosen a legal structure, the next step is to register your technology business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your technology business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Technology Equipment & Supplies - In order to start your technology business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your technology business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful Technology business: How to Start a Tech Company

Having a great business idea and having the willingness and ability to jump into the entrepreneurial or intrapreneurial journey are the stepping stones to a successful journey. Next, you will develop expertise on how to write a business plan for a tech startup step by step.

You may like to start a business venture on your own or start a new business initiative within the firm that you work for. Whatever the case may be; you need to start your journey by writing a tech startup business plan proposal.

Like they say, a job well begun is half done. So, knowing how to write a well thought out business plan wins half the battle for you.

You also need to follow the “Keep it Simple, Silly” doctrine and come up with a simple business plan. Following a step-by-step business plan template, in this case, helps.

Sounds interesting? Let’s start the journey.

How do you begin a tech startup business plan?

To begin a tech startup business plan, you need to ask yourself the following questions:

“What to do?” “How to do it?” “When to do it?” and ” Who will do it?”

These questions will help in starting to plan how to take your business idea to executable action. Planning will help you bridge the gap between where you are right now and where you want to reach, concerning your business idea.

What are the 5 elements of a tech startup business plan?

There is no sacrosanct format of a good business plan or a business plan pdf, and also the ingredients of a business plan proposal would depend on your experience in business and knowledge in that particular field. 

However, a good startup business plan consists of the following:

1. Your background 

In case you have partners, their background too

2. Description of the business idea

It should consist of Utility of the Product / Service and the Unique Selling Proposition, i.e., USP 

3. Production plan 

In case of a product, how would you produce the product, in case of a service, how will you deliver the service

4. Operational plan

How would you smoothly coordinate the day to day work, how would you ensure the desired quality, where would you set up your factory/office, at what price will you sell

5. Organizational plan

This contains details of how many people you will employ to produce or deliver the service, what your marketing set up will be, who will manage your accounting and liaison with the various stakeholders and authorities

6. Financial plan

Now we come to an essential part of your business plan, where you need to spend considerable time and effort. It is the Financial Plan .

Your financial plan should spell out the investment required for the business. Where would the funds come from, and when are the funds needed? How much cash is needed to carry on day to day operations?

This section would also describe the economic feasibility of the business. This would include the revenue forecast for the next year, or three years or even further. 

How do you write a one-page business plan for a tech startup?

You need an elaborate plan to be successful in your business. However, at the same time, you also need to keep in mind that the business plan is needed for the potential investor to consider investing in your business. 

Given the lack of time the potential investor has, you need to make a one-page business plan which has a concise description of your plans but gives details on why she/he should invest in your business. It should motivate the potential investor to spend time and read a more elaborate business plan.

The one-page business plan is also your means of communication with the external stakeholders like the government, the public at large when you need to do any statutory filing of information of the company or present in various conferences. 

You may also like to term this one-page plan as a written “elevator pitch.”

  You may like to start a business venture on your own or start a new business initiative within the firm that you work for. Whatever the case may be; you need to start your journey by writing a tech startup business plan proposal.

  Like they say, a job well begun is half done. So, knowing how to write a well thought out business plan wins half the battle for you.

  You also need to follow the “Keep it Simple, Silly” doctrine and come up with a simple business plan. Following a step-by-step business plan template, in this case, helps.

What does a tech startup business plan consist of?

A startup business plan consists of an internal roadmap elaborating on the most important aspects of your business (i.e., the background, the production, operational, organizational, and financial aspects). 

At the same time, it consists of the purpose, and the financial returns your business will generate, which acts as a written marketing document for external stakeholders.  

However, given the uncertainties in modern times, business plans are increasingly focusing on the risks, and the fall back plans that would be in place if the original plan fails.  

A significant point that gives confidence to the investor about the long term viability of the business plan is the interest that the target market will show in the product or service. So, it is worthwhile to add as a Business plan annexure pdf, any primary research done by a reputed marketing agency of the market potential of the product or service.

When the business plan involves a new product or service, it is effortless to fall into the trap of looking at the product from your point of view and taking the market for granted. What is required at this stage is to focus exclusively on how you conceptualized the idea and how you are planning to bring the concept to execution.

Researchers from MIT suggested successful business plan examples where users were invited to pre-test the products or services. Their feedback is of interest to the investor and needs to be included in your startup business plan.

8 Steps to Create a Business Plan for Your Tech Startup

Step 1: executive summary.

The first step in writing a startup business plan for your new tech business is to create an executive summary.

The executive summary doesn’t need to be lengthy and tedious; around two to three pages should suffice.

Although a short document, the executive summary one of the most important elements of your business plan.

Your executive summary should be concise and clear as it should be successful in communicating everything about your business.

Some investors might  only  ask for your executive summary — so be sure to craft it well and pepper it with all the right bits of information. you’ll want to ensure it can stand on its own.

Stick to the following:

1. Mission Statement:  In one crisp paragraph, explain the mission of your business and what you want to accomplish.

2. General Company Information:  Next, include general information like when your business was formed, the name of the other founders, their roles, the number of employees, office locations, and so on.

3. Visual Highlights:  Include graphs and charts pertaining to any key milestones of the business or any growth you’ve seen since starting the business.

4. Products and Services:  Without getting overly passionate or verbose, briefly describe your product, the technology that powers it, and your target customer base.

5. Financial Information:  If you’re looking for  startup fundraising , include your funding goals. You can also include any information on previous loans or about banks or lenders you’ve worked with before.

6. Future plans:  Don’t forget to include where you plan on taking your business in the future.

Pro tip: Write your executive summary after you’ve completed creating your business plan.

This way you’ll have all your facts in place and all your information and details sorted so you will be better equipped to summarize them.

Step 2: Company Overview

Many entrepreneurs confuse the company overview with the executive summary. However, there is a stark difference between the two.

The company overview is a more detailed top-level view of the structure of your tech business and what you do.

Here’s how you can go about drafting your startup overview:

1. Begin your company overview section by describing what your business specializes in and the technology behind it. This part of the company overview is intended to give readers and investors a general idea of your business.

2. Next, proceed to explain the nature of the industry and marketplace.

3. Lay out the legal structure of your business and provide the ownership structure.

Step 3: Market Analysis

The next step along the process of creating your startup business plan is to perform in-depth research and analysis of your niche, target market, and primary competitors.

This is the first part of your startup business plan where you dive into the details.

Your market analysis will give readers and investors enough proof about the level of understanding you have about the dynamics of your industry.

Your market analysis should include the following sections:

1. Industry Description:  Start by including a detailed view of your industry. How big is it? How much has it grown in the past few years? What are its growth predictions from industry experts? Who are your competitors? How have they performed? And so on.

2. Target Market Details:  Dive into the details of your target market . And include your target market’s characteristics and target market size and growth.

3. Your Market Share Potential:  Chart out what your market share could look like along with how much market share you expect to gain.

4. Market Pricing:  Include an estimated cost of your products and how you will distribute them.

5. Challenges:  Don’t shy away from including any challenges that you may across. This could be legal issues to shifting technologies to capital issues to lack of talented or skilled human resources.

6. Competitor Research:  Study your competitors by analyzing their strengths, market share, weaknesses, challenges they pose to you, and so on.

Step 4: Business Organization

This next section of your startup business plan provides insights and information on your tech business’s management structure clearly defining and explaining what everyone does.

You will also have to go a step further to include everyone’s business background and past experiences.

Here’s what you need to break down:

1. Organizational Structure: Start this section by creating an organizational chart that depicts how your business is structured.

2. Ownership Structure:  Although you’ll repeat this information in your company overview, you have the liberty to go in-depth allowing you to talk about the ownership structure of your company, who owns how much, and so on.

3. Background of Owners:  Categorically explain the background of your team. This includes information on directors, senior management members, and managers.

4. Talent Requirement:  Clearly make a list of all hiring needs.

Step 5: Products and Services

This section of your startup business plan is all about laying out the details and plans for positioning your product, the utility it provides, the technology behind it, and so on.

For instance, if you are offering Internet of Things (IoT) based solutions or Artificial Intelligence-powered services, then give details about how these products work and how you wish to promote and sell it.

Here’s exactly what this section should include:

1. General Description:  Highlight the USP of your product or service and the value it provides to potential customers.

2. Status of products:  Paint an honest picture of the status of your product. Is your product in the idea stage? Is it already selling? Or is it ready to go to market?

3. Product goals:  If you are still in the ideation phase, map out a journey that talks about how you plan to launch the product and bring it to life. Include details on the research and development activities required. You can also include new versions or new products or any new features you wish to include in the future.

4. Intellectual property:  As a tech business, it is imperative to have proprietary intellectual property . Make mention of this and any other patent or trademark that you own or are in the process of owning.

5. Sourcing and fulfillment:  If you are dependent on third-party vendors to fulfill or your product or service creation, mention it here.

This section is crucial for your startup business plan as it defines everything about your products and services.

It will work as a bible for product managers and for you in the development stages and go to market phase.

Step 6: Marketing and Sales Plan

Once you’ve explained everything about your product, it’s time to delve into explaining how you are going to go about marketing and selling your product or service.

When it comes to marketing, this is what this section should look like:

1. Positioning:  This first part of your marketing plan should talk about how you’re positioning your business and products. What price bracket are you targeting? Are you offering any free service? What guarantees and warranties are you offering? Answering these questions and more will help you determine where you are positioning your products and services.

2. Promotion:  This part involves explaining marketing channels and plans you have for advertising your product, PR strategies, SEO plans, content marketing practices, social media marketing, etc.

Next, your sales plan:

1. Salesforce:  How do you plan to sell your product? Do you need a sales force? How big a team do you need? Who will train your sales team? These parameters need to be addressed in your sales plan.

2. Selling strategy:  Give an overview of how you will sell your product or service. Define the process you will follow as a technology business. Will you start with cold-calling potential customers? Or attending events? Or appointing channel partners? Clearly describe what your sales funnel should look like.

Step 7: Financial Plan and Projections

This is a supremely important section of your business plan.

Investors and VCs will want to look at your financial plans and projections before parting with their money.

Ideally, this section uses financial data from past performances or forecasts.

Include the following as part of your financial plan:

1. Income statements

2. Cash flow statements

3. Balance sheets

Additionally, if applicable, include the accounts of receivable statements, accounts of payable statements, and details or documents of debts.

Ideally, your financial projections should be supported either by past performances or future projections and estimations.

Include statements of projected income, cash flow forecasts, forecasted balance statements, capital expenditure budgets, and miscellaneous expenses.

Your startup business plan should include projections for the first year of business but should include a vision for the coming 3 to 5 years.

Step 8: Appendix

The appendix should be included towards the end of your business plan. This section includes all additional information that you didn’t include in the sections above of your business plan.

Any data, statistics, strategic points, charts, footnotes, or further explanations that you think are necessary to be included as part of your startup business plan but has been skipped should be included here.

As an entrepreneur or founder, you can also consider including your own resume and resumes of other founders or senior management team members.

Ideally, the appendix should begin with a table of contents that categorically breaks down your business plan into relevant, followed by the additional information that corresponds to each section.

199 Resources for Startup Business Plan Templates, Business Plan Examples, and Business Plan Samples

Final Thoughts

Although creating a startup business plan seems daunting and arduous, when you break it down into a step by step process, it gets easy to create one.

And with these 8 steps, you can create a killer tech business plan for your tech startup that will help you catapult to success and leave investors mesmerized.

Starting a tech business? Build it on a .tech domain! 

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Technology Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their technology businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a technology business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Technology Business Plan?

A business plan provides a snapshot of your technology business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Tech Company

If you’re looking to start a technology business, or grow your existing technology business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your technology business in order to improve your chances of success. Your technology business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Technology Businesses

With regards to funding, the main sources of funding for a technology business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for technology businesses.

Finish Your Business Plan Today!

If you want to start a technology business or expand your current one, you need a business plan. Below are links to each section of your technology business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of technology business you are operating and the status. For example, are you a startup, do you have a technology business that you would like to grow, or are you operating technology businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the technology industry. Discuss the type of technology business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of technology business you are operating.

For example, you might operate one of the following types of technology businesses:

• Network technology : this type of technology company specializes in providing the computers, printers, scanners, and phones within an organization and making sure they are all linked together in order to work seamlessly with one another.
• Software technology: this type of technology company specializes in providing and/or installing the appropriate software needed for the business. This will include the programs and productivity tools for the organization’s computer network.
• Customer relationship technology: this type of technology company focuses on providing a customer relationship management system (CRM) that keeps track of all customer interactions and information in order to consistently provide exceptional customer service.

In addition to explaining the type of technology business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of client companies served, number of positive reviews, reaching X amount of client companies served, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the technology industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the technology industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your technology business plan:

• How big is the technology industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your technology business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your technology business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, small businesses, and local companies that need technological services.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of technology business you operate. Clearly, large companies would respond to different marketing promotions than small businesses, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other technology companies. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes technology companies such as Geek Squad, local stores that sell and rehab tech equipment, online technology companies, etc.

With regards to direct competition, you want to describe the other technology businesses with which you compete. Most likely, your direct competitors will be technology businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of technology do they provide?
• What areas do they serve?
• What type of technology company are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Is your technology business more capable than the competition?
• Will you provide technology services that your competitors don’t offer?
• Will you provide faster technology service?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a technology business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of technology company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to technology services, will you provide computer repair, 24/7/365 service, phone installation, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your technology company. Document your location and mention how the location will impact your success. For example, is your technology business located near an office complex, an urban setting, or a busy neighborhood, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your technology marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Website and SEO marketing
• Commercials
• Social media marketing
• Local radio advertising
• Business networking

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your technology business, including updating technology, client communication and scheduling, marketing, and implementing and installing the new technology for a client.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth client company, or when you hope to reach $X in revenue. It could also be when you expect to expand your technology business to a new location.  

Management Team

To demonstrate your technology business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing technologys. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a technology business or are connected to a wide network of professional organizations that frequently utilize technology.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new client company at a time or multiple new client companies ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your technology business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a technology business:

• Cost of technology to be installed
• Cost of software and equipment
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your list of technology services, types of clients you will be targeting, and the areas your technology business will serve.  

Putting together a business plan for your technology business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the technology industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful technology business.  

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How to Write an IT Tech Startup Business Plan [Sample Template]

Are you about starting an IT tech startup? If YES, here is a detailed sample IT tech startup business plan template & feasibility report you can use for FREE . If you are a software developer or you have a background in the ICT industry and you are looking for An IT business to start, then you need to look far because there are loads of businesses in the industry and one of them is software as a service (or SaaS) company.

Software as a service (or SaaS) is an emerging paradigm business that enables software to be delivered as a service. This is an arrangement that enables companies to expand their network capacity, and run applications directly on a vendor’s network, offer a host of advantages with the most primary being radically lowering IT costs.

The lower budgetary requirements and commitments allow even smaller companies to piece together an IT project without spending on purchasing legacy server, and storage systems. However, due to the technical nature of this business, it would be wise to consult with a business consultant before starting off.

If your business concept is a great one, the business consultant would offer you tips and suggestions on the way forward. Below is a sample IT tech startup company business plan template that can help you successfully write your own with little or no stress.

A Sample IT Tech Startup Business Plan Template

1. industry overview.

An IT technology company (often tech company) is a type of business entity that focuses on the development and manufacturing of technology products, or providing technology as a service. “Technology”, in this context, has come to mean electronics-based technology. This can include businesses relating to digital electronics, software, and internet-related services, such as e-commerce.

For the purpose of this business plan, we will be looking at software development as a service. Software as a service (or SaaS) is part of the Business Analytics and Enterprise Software Publishing industry and players in this industry consist of companies that are into ERP software, bi software, crm software, scm software and other software development and they may decide to strictly adopt the Software as a services (SaaS) Business model.

A recent report published by IBISWorld shows that the Business Analytics and Enterprise Software Publishing industry has grown steadily due to favorable demand conditions caused by high corporate profit and investment. Over the five years to 2018, industry revenue rose at an annualized rate of 7.1 percent, driven by businesses’ increased technological complexity and the eagerness to adopt efficiency-enhancing software.

The report also shows that many industry products, such as customer relationship management and enterprise resource planning software systems, have become basic tools in the management of large companies. In 2018, industry revenue is expected to rise 2.6 percent to $55.4 billion. The world’s largest software companies have spent the past five years acquiring high-performing enterprise software vendors, cloud companies and data.

The report further states that over the past five years, the Business Analytics & Enterprise Software Publishing in the US industry has grown by 7.1 percent to reach revenue of $55bn in 2018. In the same timeframe, the number of businesses has grown by 10.0 percent and the number of employees has grown by 10.2 percent.

The Business Analytics and Enterprise Software Publishing industry is indeed a growing industry and is gaining ground in most countries of the world. Statistics has it that in the united states of America alone, there are about 2,869 registered and licensed business analytics and enterprise software publishing companies (Software as a services (SaaS) business model inclusive) responsible for employing about 139,347 people and the industry rakes $55 billion annually.

The industry is projected to grow at 7.1 percent annual growth within 2013 and 2018. The companies holding the largest market share in the Business Analytics & Enterprise Software Publishing in the US industry include SAP SE, International Business Machines Corporation, Salesforce.com Inc. and Oracle Corporation.

Some of the factors that encourage entrepreneurs to start their own Software as a service (SaaS) business could be the growing recognition of economic and operational benefits and the efficiency of this business model. As companies ease out gradually from the economic uncertainties and financial shackles, widespread adoption of Software as a service is in the offing.

The successful adoption of this technology concept will pave the way for mass enterprise adoption of Software as a service in the upcoming years. The transition of enterprises from virtual machines to the cloud will additionally extend the impetus required for strong growth of Software as a service (SaaS).

Poised to score the maximum gains will be end-to end cloud-computing solutions that offer complete functionalities ranging from integration of internal and external clouds, automation of business-critical tasks, and streamlining of business processes and workflow, among others.

Over and above, starting a software as a services (SaaS) company requires professionalism and good grasp of how the ICT industry works. Besides, you would need to get the required certifications and license and also meet the standard security expected for players in the industry in the United States.

2. Executive Summary

Joel Rogers® Technologies, Inc. is an IT tech startup that will specialize in offering software as a service (SaaS). The business will be based in Overland Park – Kansas and we were able to secure a well – positioned and standard office facility.

Joel Rogers® Technologies, Inc. is a client – focused and result driven IT tech startup company that is into ERP software, bi software, crm software, scm software and other software development. We will provide broad – based software development services at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will offer standard and professional services to all to our clients.

At Joel Rogers® Technologies, Inc., our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are experienced in the business analytics and enterprise software publishing industry in general.

Joel Rogers® Technologies, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Our plan is to position the business to become the leading brand in software as a service (SaaS) business in the whole of Overland Park – Kansas, and also to be amongst the top 10 IT tech startup companies in the United States of America within the first 10 years of operation. This might look too tall a dream but we are optimistic that this will surely be realized.

Joel Rogers® Technologies, Inc. will be owned and managed by Joel Rogers. He has a Bachelor of Technology. He is a certified SOC 2 – Trust (SOC 2 is designed specifically for SaaS operations) and has over 10 years’ experience working in related industry as a senior software engineer prior to starting Joel Rogers® Technologies, Inc.

3. Our Products and Services

Joel Rogers® Technologies, Inc. is going to offer varieties of services within the scope of the business analytics and enterprise software publishing industry in the United States of America. We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition.

Our business offerings are listed below;

• ERP software development
• BI software development
• CRM software development
• SCM software development
• Other software development

4. Our Mission and Vision Statement

• Our vision is to build an IT tech startup company that will be among the forerunners when it comes to offering software as a service (SaaS) in the world.
• Our mission is as an IT tech startup with bias in software as a services (SaaS) is to help a wide range of clients develop customized software that will help them simplify their businesses and operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard IT tech startup company in Overland Park – Kansas, we have perfected plans to get it right from the beginning which is why we are going to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.

The kind of IT tech startup company we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Overland Park – Kansas as long as they are willing and ready to work with us.

Below is the business structure that we will build Joel Rogers® Technologies, Inc. on;

• Chief Executive Officer
• Programmers and Software Developers

Admin and HR Manager

• Digital Marketers (Marketing and Sales Executive)
• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

Programmers and Software Developer

• Responsible for designing, installing, testing and maintenance of software systems for the organization
• Identifying areas for modification in existing programs and subsequently developing these modifications
• Writing and implementing efficient code
• Determining operational practicality
• Developing quality assurance procedures
• Training users
• Working closely with other developers, UX designers, business and systems analysts
• Presenting ideas for system improvements, including cost proposals
• Working closely with analysts, designers and staff
• Producing detailed specifications and writing the programme codes
• Maintaining and upgrading existing systems once they are up and running
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversee the smooth running of the daily office activities.

Marketing and Sales Executive

• Identify, prioritize, and reach out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts
• Writing winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Document all customer contact and information
• Represent the company in strategic meetings
• Help increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions as recorded
• Prepare the income statement and balance sheet using the trial balance and ledgers
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Technical Help Desk Officer

• Provide technical assistance and support for incoming queries and issues related to our software
• Identifies problems and issues by performing relevant research using the appropriate tools and by following established procedures.
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s services
• Consistently stays abreast of any new information on the company’s promotional campaigns etc. to ensure accurate and helpful information is supplied to clients

6. SWOT Analysis

Joel Rogers® Technologies, Inc. engaged the services of a professional in the area of business consulting and structuring to assist the firm in building a well – structured IT tech startup company that can favorably compete in the highly competitive business analytics and enterprise software publishing industry.

Part of what the business consultant did was to work with the management of our organization in conducting a SWOT analysis for Joel Rogers® Technologies, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Joel Rogers® Technologies, Inc.;

We can boast of a competent technical team that has analytical and critical thinking skills that can help them find creative solutions for our clients. Aside from the synergy that exists in our carefully selected workforce, we have a very strong online presence and we are well positioned to attract loads of clients from the first day we open our doors for business.

One of the weaknesses that is obvious to us is the lack of capacity and inability to compete with big players in the industry especially as it relates to economy of scales.

• Opportunities:

The opportunities in the business analytics and enterprise software publishing industry is massive considering the fact that the world is going the way of technology, and software as a service (SaaS) is indispensable in the value chain of the info tech industry.

Some of the threats that we are likely going to face as an IT tech startup business operating in the United States are hosting issues, installation or upkeep troubles, piracy, unfavorable government policies , and global economic downturn which usually affects purchasing/spending power.

7. MARKET ANALYSIS

• Market Trends

The advancement we are enjoying in our world today can be attributed to the advancement of technology. Technology has indeed given leverage to all aspects of human endeavor. To start with, it is the advancement of technology that landed man in the moon.

It is the advancement of technology that made communication either via the telephone or computer easier and faster. It is the advancement of technology that made transportation faster and perhaps cheaper. It is the advancement of technology that made the manufacturing of goods faster and cheaper, etc.

The technology industry is so wide and vibrant and there is still room large enough for those who are interested in the industry to come in and create their own impact. One thing is certain, the world will always celebrate any inventor who is able to invent machines or devices that can ease the process of doing things.

8. Our Target Market

We are aware that the nature of our business is geared to words serving B2B clients, hence Joel Rogers® Technologies, Inc. will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to compete with the leading IT tech startup companies that offer software as a services (SaaS) in the United States.

As a standard and licensed IT tech startup company that offers software as a service (SaaS), Joel Rogers® Technologies, Inc. will develop software apps for the following clients;

• Financial services providers
• Insurance companies
• Businesses in the health sector
• Supply chain businesses
• Other related businesses that may need software as a services (SaaS) technology

Our competitive advantage

The level of competition in the business analytics and enterprise software publishing industry does not in any way depend on the location of the business since most companies that offer software as a service (SaaS), can operate from any part of the world and still effectively compete in the industry.

We are quite aware that to be highly competitive in the business analytics and enterprise software publishing industry means that we should be able to develop software apps that will help simplify business and operation process for clients.

Joel Rogers® Technologies, Inc. might be a new entrant into the industry in the United States of America, but the management staff are considered gurus. They are highly qualified software programmers and developers in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

We are mindful of the fact that there is fast – growing competition amongst IT tech startup companies and other players in the business analytics and enterprise software publishing industry in the United States of America and around the globe; hence we have been able to hire some of the best business developer cum digital marketers to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard IT tech startup company that offer software as a services (SaaS), that will leverage on word of mouth advertisement from satisfied clients.

Joel Rogers® Technologies, Inc. is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to all the companies, institutions and organizations within and outside the United States
• Promptness in bidding for software as a service (SaaS) contracts from companies, and organizations within and outside the United States
• Advertise our business in relevant programming magazines, radio and TV stations
• List our business on local directories/yellow pages
• Attend international software as a services (SaaS) developers related, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets
• Leverage on the internet to promote our business
• Join related associations around us with the main aim of networking and marketing our services; we are likely going to get referrals from such networks.

Sources of Income

Joel Rogers® Technologies, Inc. is established with the aim of maximizing profits in the business analytics and enterprise software publishing industry and we are going to ensure that we do all it takes to attract clients on a regular basis.

Joel Rogers® Technologies, Inc. will generate income by offering the following services and products

10. Sales Forecast

We are well positioned to take on the available market in Overland Park – Kansas and in the cyberspace and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow the business and our clientele base beyond Overland Park to other cities in the United States of America and in the cyberspace.

We have been able to examine the business analytics and enterprise software publishing market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Joel Rogers® Technologies, Inc., it is based on the location of our business and the services we will be offering;

• First Fiscal Year (FY1):  $300,000
• Second Fiscal Year (FY2):  $550,000
• Third Fiscal Year (FY3):  $1.5 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and internet shutdown within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the software as a services (SaaS) industry by storm which is why we have made provisions for effective publicity and advertisement of our IT tech startup company.

Below are the platforms we intend to leverage on to promote and advertise Joel Rogers® Technologies, Inc.;

• Place adverts on both print (community – based newspapers and magazines) and electronic media platforms
• Sponsor relevant community – based events/programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
• Install our billboards in strategic locations all around Overland Park
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

At Joel Rogers® Technologies, Inc. we will keep our product and service fees a little bit below the average market rate by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to startups, nonprofits, cooperatives, and small social enterprises who want to develop software apps for their business.

• Payment Options

The payment policy adopted by Joel Rogers® Technologies, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Joel Rogers® Technologies, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via online bank transfer
• Payment via mobile money
• Payment via Point of Sales Machines (POS Machines)
• Payment via check

In view of the above, we have chosen banking platforms that will enable our client make payment without any stress on their part.

13. Startup Expenditure (Budget)

These are the areas we are looking towards spending our startup capital on;

• The total fee for incorporating the Business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services P.O.S machines – $3,300.
• The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400.
• The amount needed to acquire a suitable Office facility in a business district for 6 months (Re – Construction of the facility inclusive) – $40,000.
• Marketing expenses for the grand opening of Joel Rogers® Technologies, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The total cost for hiring Business Consultant – $2,500
• The cost for equipping the office (computers, software apps and hardware such as Application-specific integrated circuit (ASIC) machines, internet server, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $25,000
• The cost of launching our official website – $800
• Budget for paying at least two employees for 3 months and utility bills – $75,000
• Additional expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous – $10,000

Going by the report from the research and feasibility studies, we will need about Two Hundred and Fifty Thousand US Dollars ($250,000) to set up a small scale but standard IT tech startup company in the United States of America.

Generating Funds/Startup Capital for Joel Rogers® Technologies, Inc.

Joel Rogers® Technologies, Inc. is owned and managed by Joel Rogers. He may likely welcome partners later which is why he has decided to restrict the sourcing of the startup capital for the business to just three major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business closes shop.

One of our major goals of starting Joel Rogers® Technologies, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our software as a services (SaaS) a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Joel Rogers® Technologies, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check : Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Leasing a standard and well positioned office facility in the heart of Overland Park – Kansas: Completed
• Generating part of the start up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed software applications, internet server, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress.

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7 steps to create a technology startup business plan.

• Published on: April 26, 2022
• Author: masschallenge

Many entrepreneurs still overlook the importance of a technology startup business plan. In a space as competitive as the tech industry, a lack of preparation will surely pave the way to disappointment.

Instead of diving in without any concrete strategy, a plan provides a foundation for sustainable business growth.

In this article, we’ll explore the essential elements of a tech startup business plan, and provide the insights you need to create a plan for success.

What Is A Business Plan?

A tech startup business plan is a document that details the premise of your technology business, summarizing vital financial objectives and operational goals, as well as details on how you will accomplish these goals.

Put simply:

It’s a road map that describes what you intend to do, and how you intend to do it.

A typical business plan will comprise the following seven elements:

• Executive Summary
• Company Description

Market Research

• Description of Products and/or Services
• Management & Operational Structure
• Marketing Plan
• Financial Plan

3 Reasons You Need a Business Plan

Before we dive into the individual aspects of a startup business plan, let’s first consider why you need one.

Just what are the benefits of a business plan?

1. It Offers Greater Clarity

Having a business plan will give you a much better understanding of your business and the objectives you are trying to achieve. Even the most basic technology startup business plan example will seek to define your goals in more objective terms.

For example, you can set specific targets for website traffic, sales volumes, or profit margins. This makes it easier to track and measure success and aligns your decision-making with sales and marketing initiatives.

2. It Increases the Chances of Success

A report from the Harvard Business Review found that companies with a business plan are 16% more likely to succeed.

Furthermore, companies that have a business plan also enjoy higher growth rates than companies without a plan.

3. You Are More Likely to Get Investment

Angel investors and venture capitalists aren’t in the habit of making bad bets. When they part with large sums of money, it’s a carefully considered decision they base on the likelihood of earning a positive return on investment (ROI). When you have a business plan, you give your startup strategic focus, which helps you create an identity that is built to succeed. This makes for a more attractive prospect in the eyes of investors, so it’s easier to raise capital for your startup when you have a plan.

How to Write a Business Plan for Your Tech Startup (7-Steps)

So, now that you understand the motivation behind creating a tech startup business plan, it’s time to see how it’s done. By including the seven elements below, you’ll have a plan that gives your company a much stronger footing.

1. Executive Summary

The executive summary is, without a doubt, the most critical element of your tech startup business plan. Despite this, a lot of plans fail here because the summary doesn’t captivate readers. If you can’t hook prospective investors, partners, or employees with your executive summary, they may never read the rest of your business plan.

Source: The Balance

This section should be compelling yet concise, giving people enough to understand what makes your startup unique, and how it will be able to offer solutions in an existing, competitive market.

While you want to keep it brief, there is a lot to pack into this opening section of your business plan. Here are the crucial components of an executive summary:

• Business Model – What is your product or service? How will you make money?
• Target Market – Who will benefit from this product or service?
• Business Opportunity – Why do consumers need your product or service?
• Marketing Strategy – How will these consumers learn more about your product or service?
• Competition – What other companies are competing for market share?
• Goals – How will your startup transform the marketplace with this product or service?

As the executive summary is such a vital aspect, it’s a smart move to write it last. By waiting until you have finished the rest of the business plan, you can draw from the other sections to craft an excellent executive summary.

2. Company Summary

The company summary essentially boils down to a single sentence, otherwise known as a headline statement.  When it’s done right, this summary can be the perfect elevator pitch to capture the imagination of would-be financial backers or partners, and it will serve as a natural lead-in to your more detailed business plan.

Source: Gusto (credit: LivePlan)

The company summary or headline statement should do the following:

• Give people a brief overview of what your company does.
• Communicate the value you offer.
• Highlight the opportunity in the market.

Here is a good template to create your company summary:

<Your company> is a <type of business> who sells <product or service> to <target customer> , who needs <solution> , but doesn’t get it from <competition> .

Don’t worry if you can’t create the perfect summary now. When you develop your business plan, you will get a better understanding of what this headline statement should be, and then you can refine it to reflect your vision and value proposition.

We’re sure you have a great idea, but that’s no guarantee that everyone is going to love it as much as you do. No matter how good you think your startup may be, you still need to conduct proper market research to learn more about your ideal customers and competitors.

Identify your Target Market

Without a viable market for your product or service, your business is doomed.

Many startups have failed quickly because the owners were so obsessed with their own product that they were effectively blind to the fact that nobody else cared about it.

Source: CB Insights Image: Cleveroad

Initially, you can adopt a broad scope to get a sense of your total addressable market (TAM), which is the potential revenue opportunity your new product or service could generate. Of course, with the competition, and changing consumer interests, it’s unlikely you will dominate the entire TAM.

Once you have this broad idea, you can hone your sights to go more niche. While this presents a smaller audience, it is more effective. By narrowing your targeting, you can market to a more engaged audience that will be more receptive and likely to purchase your product or service.

Consider the following factors when segmenting your audience:

• Demographic – What age group? What gender?
• Geographic – In what country or city do your prospects live?
• Behavior – What websites/blogs/news sources do they use? What are their purchasing habits? What retail sites or brands do they buy from?

With in-depth data analysis and evaluation of your prospective customers, you can create detailed buyer personas that help you refine your marketing strategies.

Perform Competitor Analysis

During the market research stage of your tech startup business plan, you should also carry out a thorough competitor analysis.

This will help you determine the key differentiators between your company and the competition.

Ask yourself these questions:

• Why should people choose my product or service?
• How can I improve on the existing solutions in the market?
• Why do people not already buy the products in the market?

By thinking about current trends or flaws in existing products, you can identify opportunities for innovation so that your business can connect with customers on a deeper level.

Knowing your audience is crucial, and therefore, your business plan must demonstrate a deep understanding of your target market, and your competitors.

3. Description of Products and/or Services

Here, you must highlight the link between what you are offering, and what people need, so you can prove that people are ready and willing to pay for your product or service.

Research Problems in Market

It helps to conduct some face-to-face research, asking potential customers about the problems they have. Don’t try to usher the conversation in any direction or shoehorn their answers to fit your product – instead, look to learn from their honest responses about the solutions they need.

You should do this research before creating the product. After all, it makes more sense to create a product for an existing problem, instead of trying to find a problem for your product.

Source: ProductTribe

Tailor Product to Problems

After doing your research on the existing problems in the market, trim your list to focus on a few of the most important issues. Describe how your product or service will be the ultimate solution to these problems.

For instance, if people believe the existing solutions are too expensive, you can offer a product with a more attractive price point.

By matching up consumer problems with specific solutions, you can develop a product or service that has a more significant value proposition.

4. Management & Operational Structure

The next stage of the traditional technology startup business plan template delves into the people that make up your company. You must highlight the strengths and experience of your existing team, as new partners effectively invest their money in the team as much as the business idea.

Ideally, your team will consist of several experts whose respective skill-sets complement one another. For example, your tech startup may have a coder, a graphic designer, an inbound marketing expert, and a sales professional. Discuss the merits of each team member to convey the value they add to the business.

You can also speculate about prospective new hires and the key attributes you will seek in future team members. If you haven’t already got a chief financial officer (CFO), it’s a smart move to mention adding one soon. This will add backbone to your business plan by reassuring people that you have good financial sense.

Organizational Chart

Here, your plan should clearly define the organizational structure of your startup. For now, it may just be you and a couple of business partners.

However, by including a graphic that visualizes the structure you intend to build, people will get a clear understanding of the distribution of power and chain of command.

For example, it may look something like this:

Having a hierarchy prepared before starting helps prevent any debates about who is in charge of each department, and makes it easier to understand who reports to who.

5. Marketing and Sales plan

No tech startup business plan would be complete without mentioning the marketing and sales strategies you intend to use.

Sales channels

To clarify the difference, marketing channels are used to promote your business, and its products or services, whereas sales channels are the mediums that enable people to purchase those products or services.

You may only have one direct sales channel to begin with, such as an online e-commerce store. Make sure you explain it in your business plan.

Marketing activities

In this section, you must detail how you will acquire leads and customers.

At the base level, you should do the following:

• Launch a company website
• Develop strategy to get organic traffic (i.e. visitors from search engines like Google)
• Develop a PPC strategy to get immediate online exposure for your most important product/service keywords
• Develop channel partnerships
• Build an email subscriber list

Over time, you can use marketing to nurture stronger customer relationships, which in turn, help you build an audience of loyal followers that will, hopefully, become customers.

The marketing section of your business plan will need to account for several factors, including your goals, risks in the market, and your budget. Which brings us to the final aspect of your tech startup business plan.

6. Financial Plan

Lastly, any good business plan must include pertinent details about your company budget and sales goals.

This can be daunting for many new entrepreneurs and is all the more challenging when you have no balance sheets, cash flow reports, or even any stable income on which to base your projections.

That being said, it’s still possible to make educated projections – so long as you have done solid market research.

When it comes to financial matters, your business plan should include details about:

• Revenue streams – how will the company generate income?
• Major expenses – What high costs do you anticipate in the year ahead?
• Salary demands – Are you still bootstrapping or are you and the partners taking a salary? If so, how much?
• Financial milestones – Detail your expansion strategy by considering future hires or store openings that will impact the books.

Many startups aren’t profitable in the first year. Your financial projections should maintain a long-term view for success, keeping ambitions realistic and honest. That way, you’ll be able to produce a more accurate break-even analysis .

With these long-term projections, you must consider the financial impact of expanding. You may be making more money in Year 3, but opening a new store will set you back.

Keep everything in perspective and make sure you don’t set yourself or your investors up for any nasty shocks down the road.

5 Tech Startup Business Plan Templates

When you have all the elements above in place, your business plan will be in good shape. However, presentation matters. If you want to make the best first impression, getting creative with your technology startup business plan template can make a big difference.

Not only will your research and expertise shine through, but you will have a visually stunning presentation that catches the eye of investors.

Here are five tech business plan examples to inspire you.

Business Plan Infographic PowerPoint

This plan allows you to present in-depth market analysis, statistics, and projections in a professional visual infographic. With several hundred editable slide options, it’s well worth the $16 fee for the license.

Source: Medium

Emaze Business Planning With Analytics

This is more than the average technology startup business plan template. Emaze has a diverse array of creative collaboration tools, making it easy and enjoyable for teams to create unique plans together from any of the built-in templates. Furthermore, you can incorporate analytics, which is perfect for impressing investors. That said, $19 per month for the premium version may seem a little steep for some small businesses.

Source: Emaze

Lean Canvas 1-Page Business Plan

A tech startup business plan doesn’t need to take weeks to create. In fact, with this template, you can have a basic – yet brilliant – business plan all together on a single page in just 20 minutes.

Source: Lean Stack

StartUp Pitch

For $15, you can access the full array of colorful slides in this presentation, which are all customizable to your needs. This template includes many ready-made aspects of the typical business plan, such as SWOT analysis, competitor analysis, and project timelines.

Source: Envato

This is another user-friendly tool for creating short business plans. You enter the information, and then LivePlan will generate a one-page plan in an infographic style.

Source: LivePlan

Make Your Tech Startup Business Plan a Priority

It’s not enough to have a great startup idea.

If you want to stand out from the pack, secure investment, and build a successful company that can earn real profits, growth, and customer loyalty, then you absolutely must have a solid tech startup business plan.

It’s time to create yours.

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Free Startup Business Plan Templates and Examples

By Joe Weller | May 6, 2020

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In this article, we’ve rounded up a variety of the top, professionally designed startup business plan templates, all of which are free to download in PDF, Word, and Excel formats.

Included on this page, you’ll find a one-page startup business plan template , a business plan outline template for startups , a startup business planning template with a timeline , and a sample startup business plan .

Startup Business Plan Template

Download Startup Business Plan Template - Word

Word | Smartsheet

This startup business plan template contains the essential components you need to convey your business idea and strategy to investors and stakeholders, but you can customize this template to fit your needs. The template provides room to include an executive summary, a financial overview, a marketing strategy, details on product or service offerings, and more.

One-Page Startup Business Plan Template

Download One-Page Startup Business Plan Template

Excel | Word | PDF

This one-page business plan is ideal for startup companies that want to document and organize key business concepts. The template offers an easy-to-scan layout that’s ideal for investors and stakeholders. Use this plan to create a high-level view of your business idea and as a reference as you flesh out a more detailed roadmap for your business.

For additional resources, visit " Free One-Page Business Plan Templates with a Quick How-To Guide ."

Simple Fill-In-the-Blank Business Plan Template for Startups

Download Simple Fill-in-the-Blank Business Plan Template for Startups

This comprehensive fill-in-the-blank business plan template is designed to guide entrepreneurs through the process of building a startup business plan. This template comes with a customizable cover page and table of contents, and each section includes sample content that you can modify to fit the needs of your business. For more fill-in business templates, read our  "Free Fill-In-the-Blank Business Plan Templates"  article.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

This Lean business plan template takes a traditional business plan outline and extracts the most essential elements. Use this template to outline your company and industry overview, convey the problem you are solving, identify customer segments, highlight key performance metrics, and list a timeline of key activities.

Business Plan Outline Template for Startups

Download Business Plan Outline Template for Startups

You can use this business plan outline as a basis to create your own business plan. This template contains all the elements of a traditional business plan, including a title page, a table of contents, and information on what to include in each section. Simplify or expand this outline based on the size and needs of your startup business.

Startup Business Planning Template with Timeline

Download Startup Business Planning Template with Timeline

Excel | Smartsheet

As you create your business plan, this business planning template doubles as a schedule and timeline to track the progress of key activities. This template enables you to break down your plan into phases and provides space to include key tasks and dates for each task. For a visual timeline, shade in the cells according to each task’s start and end dates. The timeline ensures that your plan stays on track.

Business Plan Rubric Template for Startups

Download Business Plan Rubric Template for Startups

Excel | Word | PDF | Smartsheet

If you’re starting a business and want to keep all your ducks in a row, use this rubric to evaluate and score each aspect of your startup business plan. You can tailor this template to the needs of your specific business, and can also highlight areas of your plan that require improvement or expansion. Use this template as a tool to make sure your plan is clear, articulate, and organized. A sharp, insightful, well thought-out plan will definitely get the attention of potential investors and partners.

For additional resources to help support your business planning efforts, check out “Free Startup Plan, Budget, and Cost Templates.”

What’s the Best Business Plan Template for Startups?

The template you choose for your startup business depends on a number of factors, including the size and specific needs of your company. Moreover, as your business grows and your objectives change, you will need to adjust your plan (and possibly your choice of template) accordingly. 

Some entrepreneurs find it useful to use a Lean business plan template design in order to jot down a business concept and see if it’s feasible before pursuing it further. Typically one to three pages, a Lean business plan template encourages you to highlight core ideas and strategic activities and remain focused on key points.

Other entrepreneurs prefer a template with a more traditional business plan design, which allows you to go into greater detail and ensure you include every detail. A traditional plan can range from 10 to 100 pages and cover both the high-level and granular particulars of your overall concept, objectives, and strategy.

There is no one-size-fits-all solution, but the following section outlines the minimum that your business plan template should include in order to gain buy-in from potential investors.

What to Include in a Startup Business Plan

Whether you choose to use a template to develop your startup business plan or decide to write one from scratch, you need to include the following elements:

• An overview of your company and the industry in which it operates
• The problem you are solving and the proposed solution
• A description of your product or service offerings, including key features
• The existing alternatives that customers use and your competitive advantage
• The target customer segments and the channels you will use to reach them
• The cost structure and revenue streams associated with your business
• A financial plan, including sales and revenue projections (ideally 3-5 years)
• If applicable, the financial requirements to get your business running, including how you will source and allocate funds

Each of the following sections provides an example of a business plan that you can use for reference as you develop your own.

One-Page Lean Business Plan Example

This Lean business plan example displays a visually appealing and scannable one-page illustration of a business plan. It conveys the key strategies you need to meet your main objectives. Each element of this concise plan provides stakeholders and potential investors with links to resources that support and expand upon the plan’s details, and it can also serve as an investor pitch deck.

Startup Business Plan Sample

This business plan sample contains all the aspects of a standard business plan. Using a fictional food truck business as the basis for a startup business plan, this sample will give you all the ideas you need to make your plan outstanding.

Download Startup Business Plan Sample - PDF

When the time comes that you need more space to lay out your goals and strategies, choose from our variety of  free simple business plan templates . You can learn how to write a successful simple business plan  here . 

Visit this  free non-profit business plan template roundup  or of you are looking for a business plan template by file type, visit our pages dedicated specifically to  Microsoft Excel ,  Microsoft Word , and  Adobe PDF  business plan templates. Read our articles offering  free 30-60-90-day business plan templates  to find more tailored options.

Top 10 Tips to Create a Startup Business Plan

Putting together a business plan can be overwhelming and time consuming, especially if you aren’t sure where to begin. Below, we share tips you can use to help simplify the process of developing a startup business plan of your own. 

• Use a business plan template, or begin with a business plan outline that provides all the elements of a standard plan to get your ideas down on paper in a structured manner. (You can choose from the selection of templates above.)  
• Remove sections from your outline that aren’t relevant or that aren’t necessary to launch and operate your business.
• Compile the data you have gathered on your business and industry, including research on your target market and product or service offerings, details on the competitive landscape, and a financial plan that anticipates the next three to five years. Use that information to fill in the sections of your plan outline. 
• Get input and feedback from team members (e.g., finance, marketing, sales) and subject matter experts to ensure that the information you’ve included in the plan is accurate.
• Make certain that the objectives of your plan align with marketing, sales, and financial goals to ensure that all team members are moving in the same direction.
• Although this section of the plan comes first, write the executive summary last to provide an overview of the key points in your business plan.
• Prepare a pitch deck for potential clients, partners, or investors with whom you plan to meet in order to share vital information about your business, including what sets you apart and the direction you are headed. 
• Who are the founders and management executives, and what relevant experience do they bring to the table?
• What is the problem you are solving, and how is your solution better than what currently exists? 
• What’s the size of the market, and how much market share do you plan to capture?
• What are the trends in your market, and how are you applying them to your business?
• Who are your direct competitors, and what is your competitive advantage?
• What are the key features of your product or service that set it apart from alternative offerings, and what features do you plan to add in the future?
• What are the potential risks associated with your business, and how do you plan to address them?
• How much money do you need to get your business running, and how do you plan to source it?
• With the money you source, how do you plan to use it to scale your business?
• What are the key performance metrics associated with your business, and how will you know when you’re successful?
• Revisit and modify your plan on a regular basis as your goals and strategies evolve.
• Use a work collaboration tool that keeps key information across teams in one place, allows you to track plan progress, and captures updates in real time.

Successfully Implement Your Startup Business Plan with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

How to Write a Tech Startup Business Plan to Win Investors

You have a great business idea. Now you’re doing the hard part: raising capital.

With a failure rate of 63% in the tech startup industry, you need to have a highly compelling business idea and go-to-market strategy to win over investors.

We’re going to make writing a startup business plan really simple by providing you with a step-by-step guide along with a business plan template you can use to build startup business plan that wins investors.

What is a tech startup business plan?

Why do you need a technology startup business plan.

• 1. Executive summary
• 2. Market opportunity
• 3. Product or service overview
• 4. Marketing and sales strategy
• 5. Team and management structure
• 6. Key milestones
• 7. Financial plan

Sample tech startup business plan [template]

A technology startup business plan is a document that is used to outline the goals, strategies, and objectives of a new tech startup business. This document is often used to secure funding from investors and to help the business leaders form a unified sense of identity and purpose.

The business plan should include information on the products or services offered by the startup, the market opportunity, the business model, the team, the financial projections, and the risks and challenges associated with the business. A tech startup’s business plan should generally address three major areas of the business:

As a startup moves through various stages of growth, the business plan should be updated with new information and forward-looking goals. In this way it can serve as a “source of truth” for all of the startup’s stakeholders.

A business plan is an essential tool for any tech startup. It provides a road map for your business, helping you to define and communicate the company’s vision, goals, and strategies. Having a singular document that acts as a single source of truth for the business will help to keep the startup’s core leadership team unified and provides guidance on how to navigate the often-complex world of starting and growing a business.

You can utilize your startup business plan to secure funding and partnerships. A well-crafted business plan can also help you attract and retain top talent.

In summary, you need a technology startup business plan to:

• Unify the startup’s leadership team
• Secure funding and partnerships
• Attract top talent
• Act as a guide for navigating starting a business

This article will act as a guide for writing a business plan for tech startup founders.

7 key components of tech startup business plan

You know you need a business plan for your tech startup. You know generally what should be included. But, now you need to actually get to writing. We’re going to try to make this as easy as possible by outlining the 7 key components your technology startup business plan should have.

If you’re looking for a real shortcut, make sure you download our easy tech startup business plan template. Included in it you’ll find a sample business plan and an outline of what we’ll cover below.

Stick with me if you’re looking for a more detailed explanation of each of the 7 components.

• Executive summary

First up is an executive summary. This brief section should provide some context to readers as they begin to read your business plan. It’s your opportunity to share, at a high level, your business idea.

At a minimum, this section should outline what your business is, the general market you target or industry you are in, and what your products or services are. Optionally, you can include some information about your business’s history, bios of key members of your leadership team, competitive advantages, key customer benefits, and your company’s goals. How detailed you get with this section is up to you. Use this as an opportunity to provide an overview before you get into more detail in the other sections of your business plan.

• Market opportunity

This is where you will start to go into more detail about your business. Starting with the market opportunity allows you to paint the picture of the why _behind your tech startup before you go into the _what . Ultimately, you can only sell the feasibility of your business by backing it up data on who your potential customers will be. This section will help to inform the marketing strategy and sales plan later in the startup business plan document.

Take the time in this section to walk through the research you have done on your audience. To start, you should have data points on the following:

• Demographic data for your target market (age, gender, income, occupation, location)
• Main pain points of your target market
• Values and interests of your target market
• Needs and wants of your target market

It can also be compelling to provide some information on how your products or services will stand out from the competition. Consider answering the following questions in this section:

• Who are your main competitors?
• How will your products or services meet the market’s needs better than the competitors?
• Will your products or services be able to reach a currently unreached audience?
• How will you differentiate yourself from the competition within your target market?

All of this data should back up what the real market opportunity is for your business. Make sure this market opportunity is realistic and achievable. This should lead well into our next section which will cover in more detail the products or services your tech startup will offer to the market.

• Product or service overview

After you have outlined the market opportunity your business will take advantage of, it’s time to provide more details on the exact products or services that you will offer to your market.

Each product or service you include in this section should have a corresponding functional and technical description. The functional description should aim to outline to a layperson what the product or service is, what it does, and how it will be used. The technical description should outline the technologies each product or service utilizes or what technology has been developed specifically for the new business. It’s appropriate to go into detail here to give potential investors more confidence in your product or service.

It’s also important to include information on how the products or services will ultimately benefit customers and what problem they will solve for customers. If you have more than one product or service, make sure to outline this information for each one.

• Marketing and sales strategy

The marketing and sales strategy section of a technology startup business plan should include a description of the target market, the company's marketing and sales objectives, the strategies and tactics that will be used to reach these objectives, the key marketing and sales metrics that will be used to measure progress, and the budget for marketing and sales activities. In short, it should outline your business’s marketing and sales plan.

Starting with the objectives, you should outline specifically what you are trying to achieve with your marketing and sales efforts both in the short term (likely for launch) and long term. Each of your objectives should align with your overarching business goals and make sense for the market you outlined earlier in your business plan. Be realistic here. It’s better to estimate low and over deliver than to overestimate your success.

As you outline the strategies and tactics you will use to achieve your objectives, consider both the what _and the who_:

• (What) What tactics will you employ to achieve your goals?
• (What) What marketing tools do you need to achieve your goals?
• (What) What marketing channels will you use?
• (Who) Will the marketing work be done internally?
• (Who) Will you hire freelancers or a CMO to help implement the work at hand?
• (Who) Will you need a sales team right away?
• (Who) How will marketing and sales work together to achieve your goals?

Your marketing and sales strategy should be backed up by the market opportunity information you provided earlier. The strategies and tactics should be aiming to reach your target market.

Next, outline the metrics that will be used to measure marketing and sales progress. You should include specifically when these metrics will be measured and who will be held accountable for them.

Finally, include a marketing and sales budget in this section. The budget should be broken down by channel and tactic, so that dollars can be accurately tracked and attributed to results.

• Team and management structure

Up next is the team and management structure part of the business plan. To start, provide an overview of the startup’s organizational and management structure. Providing a graphical representation of the reporting structure can be helpful.

This can then lead into an overview of who owns or manages each of the key sectors of the business (CEO, CTO, CMO, etc.). It’s a good practice to provide a bio of each of the members of the leadership team, including their education, work history, and relevant expertise. Along with their bio, provide a description of their role and responsibilities within the organization.

After you have covered the leadership team, outline the other team members along with their roles and responsibilities. Following this, include some commentary on the team’s strengths and weaknesses as well as what gaps remain within the organization. If additional staffing is required, provide a hiring plan that includes a description of the role, salary, and strategy for recruitment.

End this section with an overview of the organization’s values. Paint a picture of what it’s really like to work for your company and how you build a sense of ownership and responsibility within the team. Highlight how you intend for the team to work together to accomplish the company’s goals.

• Key milestones

At this point in the business plan you have outlined the target market, products and services you will offer as well as the members of your team that will bring the company’s vision to life. In this section you’ll provide a timeline of the past and future milestones for your business. This will help to illustrate your startup’s growth path and how you intend to move forward.

Some key milestones to consider when writing this section:

• When business was founded.
• When the business was/will be launched publicly.
• When the business was/will be profitable.
• When the business reached/will reach funding milestones.
• When development project milestones were/will be reached.
• When marketing milestones were/will be reached.
• When key staff were/will be hired.
• Future product release dates.

You might consider showcasing this information in the form of a graphic like this:

In addition to a company timeline, we recommend you include additional data in this section such as:

• Current number of employees and the number of employees projected in the future.
• The amount of revenue generated in the past and projected for the future
• Key clients or contracts that have been signed or that are in the works.

This section should clearly demonstrate your startup’s ability to grow from an idea into a business. Providing concrete dates and real data in this section will provide some validity to your startup and showcase what you’re able to accomplish.

• Financial plan

The final section of your technology startup business plan should be a financial plan. This is the section of the business plan that outlines how the business has been funded to date and how it will be financed moving forward.

There is no one way to write the financial plan section of a business plan, as the amount and type of information that needs to be included will vary depending on the business and the specific financial goals of the plan.

However, there are some basic elements that should be included in most financial plans. These include a pro forma income statement, balance sheet, sales forecast, and cash flow statement. The pro forma financial statements should be based on historical financial data, if available, and should include assumptions about future revenue and expenses. The financial plan should also include a discussion of the company's capital structure, including its debt and equity financing.

If you’re at a very early stage with your startup and seeking a modest amount of funding, it’s probably sufficient to air on the side of brevity. If you’re seeking series A, B, or C funding, you’ll likely need a very comprehensive financial summary along with a detailed plan on how the funding will be utilized to grow the business. Seek counsel from a business accountant if you’re unsure of how to provide adequate financial documentation.

We have walked through the 7 key elements of any tech startup business plan. Now we’re going to share a sample business plan template to help you get started with writing your own!

Innovation is critical to success in the software industry. The executive team of this startup believes they have the next big thing. They have developed a new software application that helps businesses manage their social media accounts more effectively. The software provides insights on when to post, what to post, and how to engage with customers. The software also allows businesses to track their social media analytics and see the return on investment for their social media campaigns.

The executive team has extensive experience in the software industry and believes this new product has the potential to be a game-changer for businesses. The team is seeking $1 million in seed funding to help with product development, marketing, and sales. The company plans to generate revenue through monthly subscription fees and by selling data analytics services to businesses.

The social media management software market is expected to grow from $9.3 billion in 2020 to $17.4 billion by 2025, at a compound annual growth rate (CAGR) of 13.2%. This growth is being driven by the increasing use of social media by businesses of all sizes and the need to effectively manage social media accounts to drive brand awareness and customer engagement.

The software application developed by the startup helps businesses manage their social media accounts more effectively. The software provides insights on when to post, what to post, and how to engage with customers. The software also allows businesses to track their social media analytics and see the return on investment for their social media campaigns.

The software is available on a monthly subscription basis and businesses can also purchase data analytics services to help them further understand their social media campaigns.

The company plans to generate awareness for the software through online and offline marketing campaigns. The team will target small businesses and medium businesses that are active on social media but do not have the resources to effectively manage their accounts.

The company will use a mix of paid and organic marketing to reach its target audience. For paid marketing, the company will use Google AdWords and Facebook Ads. For organic marketing, the company will use content marketing and social media outreach.

The company plans to sell the software on a monthly subscription basis. The team will offer a free trial to businesses to get them started with the software. Once the free trial expires, businesses will be charged a monthly subscription fee.

The executive team of the startup consists of experienced software professionals. The team has a proven track record of developing and marketing successful software products.

The company plans to hire a sales and marketing team to help generate awareness and drive sales of the software. The team will be based in the United States and will consist of sales and marketing professionals with experience in the software industry.

The company plans to achieve the following milestones over the next 12 months:

• Launch the software application
• Generate 500 paying customers
• Achieve $1 million in annual revenue

The company is seeking $1 million in seed funding to help with product development, marketing, and sales. The company plans to generate revenue through monthly subscription fees and by selling data analytics services to businesses.

The company projects the following financials for the next 12 months:

• Revenue: $1 million
• Expenses: $500,000
• Profit: $500,000

As a startup founder you know that having a software startup business plan on hand is critical to win over investors and get your business funded. However, no one wants to spend days writing a complicated it startup business plan. It’s much more important to focus on the day-to-day operation associated with building your tech startup.

To help save you time (but still create a winning startup business plan), we’ve outlined the 7 key components of any tech startup business plan:

As you tackle writing your own, make sure you refer back to this guide along with our template to ensure you’re writing a compelling business plan that is sure to win over investors!

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• Entrepreneurship
• Business Plan for a Technology Startup

Writing a Business Plan for a Technology Startup and the Benefits for Your Company

• 13633 views
• Jul 17, 2020

Business Analyst

Anastasiia S.

• Tech Navigator

Have a business idea but don’t know where to start? Consider creating a business plan first! An extensive and informative business plan allows you to understand your goals, opportunities, and threats, assess the market situation, and get a lot of insights to successfully launch your startup. Moreover, it can help you interest your investors.

Read our article to find out what a business plan is, what its benefits are, and how to create one. Let’s start with a definition.

What’s a business plan?

A business plan presents a detailed vision of your business idea. This document usually consists of 30 to 35 pages and several sections that cover vital topics for your business development such as goals, management, marketing, and funding.

A business plan is usually created before setting up a new business. It projects up to five years into the future to ensure you know where you’re headed at the beginning of your entrepreneurial journey. It’s advisable to revise this plan every month or two to check whether you’re sticking to your goals.

Benefits of creating a business plan

Although creating a business plan requires a lot of time and research, it’s sensible to make one before launching your startup. A business plan helps you realistically assess your opportunities and provides more benefits that we’ll describe below.

Detect weaknesses in your startup idea

When preparing a business plan, you should carry out a SWOT analysis to understand your chances of success.

To perform a SWOT analysis, you need to determine your business’s s trengths, weaknesses, opportunities, and threat s. Take into account that strengths and weaknesses are internal characteristics of your company that you can control, while opportunities and threats are external factors out of your control.

Once you’ve completed SWOT analysis, pay close attention to your weaknesses. By being aware of your soft spots, you can transform them into workable solutions to make your business successful.

• Set goals and milestones

Setting goals is one of the core ideas behind creating a business plan, since by knowing your short- and long-term goals you can clearly understand where your business is heading.

Milestones allow you to track progress toward achieving your goals. Setting milestones is a strategic step that allows you to stick to your plan and not get distracted on your way.

Once you’ve listed your goals, you need to choose the path to achieve them. There are several options to choose from. For instance, you can map a long but predictable path with minimum risks and a short path full of challenges.

Let’s consider different options for launching your MVP as an example. You can choose a soft launch: a careful step-by-step presentation of your product to your target audience. When you use a soft launch approach, you reveal your product to a limited number of users, gather feedback from them, and fix bugs quickly. Thus, we can define a soft launch as a long yet predictable way to reach your goals.

A hard launch, on the other hand, is a short and risky path, since it means presenting a new product to a large number of people at once. It can bring you immediate revenue, but at the same time it can cause a lot of problems if your product isn’t perfect.

Once you’ve distinguished two different paths to reach your goals, which one to choose is up to you.

• Make data-driven decisions

Preparing a business plan entails carrying out a lot of research. To make a realistic business plan, you should dive deep into marketing, finance, and management. You should also perform a comprehensive analysis of your direct and indirect competitors to get a full picture of the market situation.

By gathering information about other market players, you can learn about their strengths and weaknesses along with your own. This gives you a chance to better determine your company’s unique value proposition (UVP) and stand out from the competition.

With this information, your business plan is not merely a suggestion but a realistic view of your startup, the challenges you might face, and the ways you can overcome them.

• Obtain an effective management tool

With a business plan in hand, it’s easier to manage your progress. Since a business plan includes a map with milestones, you can use it to keep track of how well you stick to and achieve your goals.

A business plan also helps you check whether you’re keeping within your budget and how profitable your business is. Plus, it allows you to monitor other financial aspects such as your employees’ incomes, pay raises, and your bonus system.

• Get more information than with a Lean Canvas

Creating a Lean Canvas is a fast way to assess business opportunities. A Lean Canvas is a one-page document with 10 to 12 fields that gives a general overview of the current state of your business, your opportunities, and your goals. Although it’s a nice option for a quick assessment, a Lean Canvas is not very informative.

Here’s an example of how a Lean Canvas looks and what information it can present:

A business plan, in turn, is an extensive document that covers a long period of time (usually up to five years). Consequently, it requires a more comprehensive approach to business analysis than a Lean Canvas does and includes more detailed information about your business idea.

Use your plan as a pitch deck

Once you create your business plan, you can use it as the basis for your pitch deck. Just select the most important information and you’ll have a ready presentation for your investors, business partners, or whoever you want to interest in your business idea.

An informative pitch deck based on your business plan can lead investors to consider your business worth supporting.

How to create a technology startup business plan

Once you understand the benefits a business plan can give you, it’s time to move to developing one. Here are the must-have sections for your business plan.

#1 Executive summary

An executive summary presents your overall business plan. Its aim is to capture your readers’ attention and make them interested in reading through all the details.

This summary should be written in clear language and be understandable even for people who don’t have specific knowledge of your business area.

Do your best to outline the maximum relevant information within a five- to ten-minute read.

To make your executive summary informative and captivating, it’s best to write this section after you’ve finished all the other sections. Also, you should answer all these questions briefly in the summary since you’ll cover them in detail in the following sections.

#2 Business idea

This section is a detailed presentation of your product or service. You should include the following information:

• Product/service description. Cover all the characteristics of your product, its uniqueness in the market, patent issues and compliance requirements (e.g. PCI DSS for payment systems, HIPAA for healthcare, or GDPR compliance), and a description of the development process.
• Benefits for customers. Explain why your product is outstanding, how it reflects the needs of your target audience, and how it will solve your customers’ problems.
• Pricing. Calculate how much it will cost to create your product and decide what monetization approach to choose (for instance, a subscription-based model or one-time payments). Make sure your revenue will cover your expenses.

#3 Business sector and market analyses

In this section, you’ll present the results of your research that show how successfully you can penetrate the desired market.

First of all, analyze your preferred business sector. Pay attention to the current situation in the sector, predicted trends, sources of profit, and entry barriers.

Then, carry out market analysis including geographical, socio-demographic, socio-economic, and behavior-oriented segmentation of your potential customers. These criteria will help you better understand your target audience and attract more customers in the short term.

Finally, perform competition and location analyses. Competition analysis will help you determine your and your competitors’ strengths and weaknesses while location analysis will help you decide on the location for your company.

#4 Marketing strategy

This section demonstrates how you will build your marketing campaign. You already know your target audience, your competitors’ weaknesses, and the strengths of your product, so it’s time to sell it. At this stage, it’s important to decide if your marketing campaign will be extensive or targeted, what steps it will include, how many customers you need to attract to make your campaign successful, etc.

#5 Management 

In this section, you should provide information about the key roles inside your company and your legal situation.

When introducing your team, it’s important to mention roles and responsibilities and the qualities that make each person a valuable team member.

By legal situation, we mean the legal structure of your company and the legal framework that determines how your startup operates. You should state whether your business is a one-person startup or a partnership, for instance.

#6 Opportunities and threats

This section describes external opportunities and challenges you can face when starting and expanding your business. To present this information as accurately as possible, you should create both positive and negative forecasts based on detailed research concerning your business sector, the current market situation, upcoming trends, your competitors, etc. Use the results of your SWOT analysis to provide information in this section.

#7 Financial plan

You should prepare a financial plan for the first five years of your business activity. It should include:

• Staff costs. This is the money you’ll spend on human resources at the beginning of your business and as it grows.
• Investment and depreciation information. In this section of the financial plan, you should enumerate any kinds of material investments you plan to make (vehicles, furniture, PCs, etc.) and their predicted service life.
• A profitability plan that includes your revenue and expenses. Make sure that planned revenue exceeds your expenses. There’s no point in starting a business that isn’t profitable.

#8 Funding opportunities

This section should list sources of investment and include the amount of money you need to start your business. You should also list investment options that you’re going to use. You can choose among local banks, venture capitalists, public funding schemes, business angels, and other options.

Once you decide how you’ll fund your business ‒ take out a loan or find investors ‒ include a repayment plan or mention the conditions of cooperation with your financiers.

#9 Map for the future with milestones

In this section, you should describe the step-by-step implementation of your plan. It’s important to set priorities, divide the whole plan into small scopes of tasks, and set realistic deadlines. By doing this, you’ll get milestones that lead to your business success.

It can be a sensible idea to present milestones graphically so it’s easier for your readers to perceive the information and track your progress. 

Final thoughts

With an elaborate business plan, you’ll have a clear understanding of your business opportunities and a chance to get into the desired market. Once you’ve created a comprehensive business plan, it’s time to create an MVP to attract your first customers.

What benefits does a business plan provide?

Writing a business plan is an important step before launching a startup. With a detailed business plan, you can:

• Detect weaknesses in your startup
• Have a starting point for creating a pitch deck

What sections should I include in a business plan?

There are nine main sections you should include in a business plan:

• Executive summary
• Business idea
• Business sector and market analyses
• Marketing strategy
• Opportunities and threats
• Financial plan
• Funding opportunities
• Map for the future with milestones

Is it necessary to create a business plan for my technology startup?

Writing a business plan isn’t obligatory, but you might want to do it since having a plan gives a lot of benefits. A business plan can help you understand your opportunities and threats, analyze the current market situation, learn more about your competitors, attract investors, and more. 

If you already have a business plan and need help creating your MVP, contact us for professional assistance .

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7 Elements to Successfully Write a Tech Startup Business Plan

Vy Le | 18/05/2023

When it comes to starting a tech business, having a well-crafted tech business plan is crucial to attract investors and succeed in the competitive market landscape. A business plan outlines your company’s vision, strategy, and financial plan over time, giving potential investors insight into your business model and growth potential.

However, writing a tech startup business plan can be a daunting task, especially for new entrepreneurs that lack experience in the tech industry. In this article, we’ll provide you with a comprehensive guide on writing a tech startup business plan that will impress investors and help you succeed in the fast-paced tech startup world.

What is a Tech Startup Business Plan?

A tech startup business plan is a comprehensive document that outlines the goals, objectives, and strategies of a technology-based startup company. It is a crucial tool that helps entrepreneurs in the tech industry to define and organize their ideas, demonstrate the feasibility of their business concept, and present a clear plan for how they intend to build and grow their company.

Generally, most business plans typically include a summary of the company history, the problem it is solving, the target audience, competitive analysis, the marketing and sales strategy, the development strategy, and the financial plan. Also, such a document may include details about the management team, operations, and product development roadmap.

Particularly for the technology sector, the tech startup business plan also includes more specialized elements. Specifically, it is important to focus on the e-commerce technology trends being developed and how it addresses a gap or problem in the market while building such a document. This includes details such as the software or hardware being constructed, the technology stack being used, its technical architecture, and how it will improve or disrupt existing technology solutions.

Overall, a well-crafted business plan can help secure funding from potential investors or lenders, attract top talent, and ultimately guide the company toward success.

10 Core Questions to Answer When Conducting a Tech Startup Business Plan

For a tech startup business to build a good business plan, keep in your mind these questions and find the answers for yourself along the way. Answering these questions will help your startup team formulate a clear and compelling business plan/business idea, which can be used to guide the tech startup founder toward success.

1. Which product or service does your tech startup offer?

2. What is the team structure, and who are the key members?

3. Who is your target audience for the product or service?

4. Who are the competitors?

5. What are your competitive advantages?

6. What is your marketing strategy, and how do you leverage marketing channels?

7. What is your sales plan, and how do you leverage sales channels?

8. What is your financial plan, including projections for revenue, expenses, and funding needed?

9. What are the risks and challenges the business may face?

10. What is your timeline for product development, launch, and growth?

3 Reasons Why You Need a Technology Startup Business Plan

But why do businesses compose a tech startup business plan at the beginning of the software development process? There must be reasons. Check them out now!

Providing a Blueprint for Success

According to a Harvard Business Review study , startups that write a detailed business plan have a 16% chance to achieve viability than businesses that don’t. This metric proves the usefulness of this action.

By systematizing the business idea into a complete tech startup business plan, you give the business itself and each team member a clear picture of the company’s goals, vision, and strategies. While people are a prerequisite for an organization’s success, understanding the product’s direction will help each individual in the development team structure closely link together throughout the software development process and shorten product completion time.

Raising Capital from Investors

In the tech industry, startups often require significant amounts of capital to fund product development, hire staff, and invest in marketing and sales efforts. Raising such funds from investors is often necessary for startups’ future growth and success.

However, among the hundreds of thousands of startups out there, what sets your business apart from all of them? It is a specific technology startup business plan that is well-written to demonstrate.

Prospective investors and venture capitalists do not spend their money arbitrarily on poorly invested projects because, ultimately, they care about the return on investment (ROI). Investors are usually drawn to companies that understand their market and have a plan to tackle the market gap, and a well-curated business plan can make a tech startup stand out from the crowd.

Attract Top Talent

Suppose you don’t intend to use outsourced software development services to quickly build a development team of professionals and want to recruit developers for your startup yourself . A tech startup business plan can help in this situation.

A technology startup business plan can showcase the unique features of the business and its competitive advantage in a crowded market. Therefore, it can become a valuable tool for convincing top talent to join the team, especially if the company’s plans align with professionals’ aspirations and career goals.

7 Essential Elements to Write a Business Plan for Your Tech Startup

Your business idea can be good. But to easily realize it and stick to the outlined roadmap, you must present them in a systematic document. To do this, don’t skip the seven key elements to conduct a tech startup business plan below.

Executive Summary

The executive summary is the most critical component of a tech startup business plan as it gives the reader a first-hand look at your product/service. An executive summary is a brief overview of your entire tech startup business plan, providing context for the reader and summarizing all the key points. It is usually the first section of the business plan and is customized to reflect the company’s goals, values, and unique selling points in a way that inspires the reader’s confidence in the startup.

An excellent executive summary in a software startup business plan typically includes the general situation of the target market or related industry based on conducted market research and an overview of the software solution you offer. Other information, such as unique value proposition (UVP), competitors in the same segment, and the company’s goal, can also be included in the executive summary as an optional option.

The advice is not to write the executive summary too long and vague, lacking focus on the main ideas. It is recommended to keep it within two pages to optimize visual efficiency and avoid boring the reader. Use the executive summary as an opportunity to showcase your tech startup’s strengths before diving into the details later on.

Company Description

If the executive summary is the section that presents all the overview data about your product or service, the company description in a technology startup business plan is the part that gives the reader a clearer view of your entire tech startup, or what we call a company overview.

This section should provide a clear understanding of the business to potential partners or customers and inspire confidence in the startup . There are many primary elements that make up a complete company description. So, it will be hard if tech startup founders don’t start small. Draft fundamental ideas and gradually develop them into complete content until they meet all the needs of a business plan.

Here are some main elements to consider when writing a company description: tech company’s name, company history, business model, vision, mission, legal structure (whether it is a sole proprietorship, partnership, LLC, or corporation.), management team structure (each role and responsibilities) and competitive advantage.

Target Market Research

By doing target market research, a tech startup is able to figure out three key elements for a tech startup’s business plan. These are the total addressable market (TAM), technology market trends, target customer groups, and competitor analysis.

• The total addressable market (TAM) is the target market’s total size that helps assess potential future revenue streams and justify the business case.
• Market trends help tech startups stay up to date with market demand, ever-changing information technology, and changes in perspective customers’ behavior.
• Target audience gives tech startups a better understanding of their potential customers by gathering demographic, geographic, and behavior factors.
• The competitor analysis section of your business plan helps tech company in identifying their direct competitors and understand their own strengths and weaknesses to promote competitive advantage better.

Target market research not only benefits the startup company but also shows your investment and determination in the product or service.

Product/Service Line

It’s time to be more descriptive of the product or service your company offers rather than just general, like in the executive summary. Because the purpose of a startup business plan is generally still to introduce products to potential customers, this section should be written carefully and go into detail to demonstrate the product’s uniqueness and promising growth potentials.

Some elements to consider when writing a business plan include:

• Product or service explanation: This includes key features and benefits, how it works, and how it is different from other solutions in the market.
• Value proposition: Clearly stating how your product fulfills a customer need and backing it up with evidence.
• Product development: Providing a product development roadmap by outlining your timeline and steps to achieve further development goals.

Team Structure

The team structure is an essential part of a tech startup business plan. It gives investors and stakeholders insight into the management team’s ability to execute the business plan and the team’s capacity to bring the idea to fruition.

In this part of the business plan, it is vital to highlight the leadership team and their roles. Start by introducing your founders and executive team and describe their previous experience and expertise with a proven track record that makes them qualified to lead the company. For investors to easily visualize the development team of your startup business, using a graphic, such as an organizational chart, can help.

Next, outline the roles and responsibilities of each member of your team , including any advisors or board members. Remember to describe carefully how each team member will contribute and cooperate to the successful company and how their respective skill sets complement, and experience are relevant to the tech industry.

Goals and plans for the future of the leadership team and development team members can also be written in the business plan as a supplement. For example, you expect to expand your team within one year by hiring additional staff or bringing on new partners or investors. All must be written in a clear, concise, and focused manner.

Marketing and Sales Plan

A product or service with good quality is only part of it when marketing and sales plans are exactly the activities that bring users and profits to the company. The marketing and sales plan section of a tech startup business plan will serve as a critical component that outlines how your company plans to acquire and retain customers, generate revenue, and achieve sustainable growth.

Regarding the marketing strategy, since you have already defined the target audience in the target market research section of the business plan, you only need to briefly repeat this section to once again help investors develop a comprehensive understanding of your ideal customer and their buying behavior. Next, don’t forget to differentiate your product or service from competitors and effectively manage your marketing plan by describing your unique value proposition. Consider using social media advertising, SEO, content marketing, email marketing, and public relations as tactics to reach your audience and successfully execute a marketing plan.

After your marketing efforts, it’s time to build your business plan and a suitable sales strategy. The basic elements of sales strategies adopted by many startups include sales approach, pricing strategy, sales channels, and sales team structure, which provides a clear path for converting leads into paying customers.

To measure the success of your marketing and sales efforts, track progress, and make data-driven decisions, you should identify key performance indicators (KPIs) such as website traffic, conversion rates, customer acquisition cost, and revenue generated.

Financial Projections

Running out of cash is one of the primary reasons why many businesses fail. Building a financial plan right from the start will make it easier to manage expenses and manage risks for your software solution. There is no fixed financial plan of the business plan as each startup has different business orientations and goals.

However, one of the most vital aspects of this section is the sales forecast, which details how your company plans to generate revenue, including the sales channels you will use, your pricing strategy, and your projected customer acquisition rate.

The cash flow statement and the balance sheet are also important elements in a basic financial plan. The balance sheet provides a snapshot of the company’s financial health and helps you make informed decisions about your operations and growth strategies. The cash flow statement identifies how much money you expect to have on hand each month, taking into account both revenue and expense forecasts.

Final Thought

As for business plans, there is no single startup business plan template that is a perfect fit for your project since there is no startup like any other in the technology market. Each startup has different characteristics and different product businesses. Some companies set up a business plan to raise capital for a banking product . Meanwhile, there are companies that are working on human resources software.

So, start a business plan from small things. Take note of all your ideas on paper and discuss them in turn with the development team is Orient Software ’s advice.

With years of experience in the field of information technology, Orient is confident of having the ability to advise you on all problematic aspects of the industry. Contact us for more details !

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Tech Startup Business Plan Template

What is a Tech Startup Business Plan?

A tech startup business plan outlines a company's strategy and objectives. It serves as a roadmap for how to start and grow a business, and covers all the important aspects of a business including marketing, operations, and finances. The plan also gives details on how to organize the company's resources to achieve the desired results. It also provides information on the goals and strategies for the company, and how to measure the success of the business.

What's included in this Tech Startup Business Plan template?

• 3 focus areas
• 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Tech Startup Business Plan template for?

This Tech Startup Business Plan template is designed for tech startup founders, investors, and teams who are looking to launch a new tech venture. The template helps you to plan and organize all the important aspects of your business and provides a comprehensive overview of your strategy, goals, and objectives. With this template, you can easily set measurable targets and create actionable projects to reach those targets.

1. Define clear examples of your focus areas

A focus area refers to the key areas of your business that you want to focus on in order to achieve your goals and objectives. Examples of focus areas could include developing a business model, designing and developing software, or marketing and selling. Each focus area requires its own set of objectives, actions, and measurable targets (KPIs).

2. Think about the objectives that could fall under that focus area

Objectives are specific goals that you want to achieve within each focus area. For example, if your focus area is developing a business model, your objectives could be to establish a sustainable business model, or to implement and refine the model. Objectives should be specific and achievable.

3. Set measurable targets (KPIs) to tackle the objective

Measurable targets (KPIs) provide a way to measure whether or not an objective has been achieved. For example, if your objective is to increase customer base, a KPI could be to increase customer feedback. KPIs should be quantifiable and measurable in order to track progress and measure success.

4. Implement related projects to achieve the KPIs

Projects (actions) are the steps you need to take in order to achieve a KPI. For example, if your KPI is to increase customer base, an action could be to execute the business model. Projects should be concrete and achievable, and should be designed to help you reach your KPIs.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

The Cascade Strategy Execution Platform is a powerful tool to help you quickly and easily track your progress and measure your success. With Cascade, you can easily set measurable targets, create actionable projects, and track your progress. With Cascade, you can ensure that you reach your goals faster and with greater efficiency.

How to Develop a Successful Tech Startup Business Plan?

Table of Contents

What is the technology startup business plan, do you need a business plan for your tech startup, things to consider before drafting a business plan.

• How to Create a Technology Startup Business Plan?
• Find the best Startup Business Plan Template

A tech startup business plan is a stepping stone that turns your ideas into a successful business. Unfortunately, many entrepreneurs and startups overlook the significance of business plans. If you are looking to start a technology startup with high earning potential, then creating a business plan is the way to go.

A well-written business plan enables you to look beyond boundaries, layout goals, track the progress (as you begin to grow) and gather all required resources from funding to equipment. And, when you choose to go without preparation and proper business plan, then you are paving the way to disappointment.

Technology startups business plan is a well-written document that describes your business and its objectives, strategies, and goal. The business plan also contains a target market with the roadmap showcasing how a company will achieve its million-dollar company goal.

Your business plan helps you work smarter, stay prepared for roadblocks, and stay motivated.

In short, a tech startup business plan lets your investors and bankers know what you want to do and how you plan to do it.

Our simple and straightforward answer is “YES.” But, let us add some different perspectives.

We write business plans to;

• Authenticate ideas and articulate the vision for the business
• Roadmap and solutions to solve the key challenges
• Prepare a compelling pitch deck for investors

Now, if you can do without the above two of the three points, we think that you may not need to prepare a business plan —just a one-page business plan can be enough to put through your perspective. You can start with an investor pitch deck along with your business prototype. However, if you are not prepared with the first two points, you need a business plan.

Going without a business plan can put your entire business idea in jeopardy. In fact, the top five reasons why startups fail are;

• No market need
• Cash crunch
• Outcompeted
• Cost issues

The data is based on a survey conducted by CB Insights. The survey stated that 70% of tech startup companies fail, citing the top 20 reasons behind the failure. Let’s take a look at the image below;

However, another survey published on Entrepreneur stated that the key reasons why startups fail are;

• Redirection of focus/Lack of focus
• Loss of passion, commitment, and motivation
• Overconfidence, resulting in an unwillingness to listen
• Surrounded by the wrong company (people)
• Mentorship issues
• Lack of knowledge (in relevant field)
• Sudden rise (Earning too much money too soon)

Professor Shikhar Ghosh, a senior lecturer at Harvard Business School, said, “failure is the norm.” He said very few companies, especially startups, successfully achieve what they project.

According to Ghosh, the prime reason why startups fail is that investors and startups do not heed to “look before they leap.” Even if they have a plan, they just move ahead without realizing that the project’s base assumption could be wrong. He firmly believes that startups should create the future with their customers, not predict the future.

Know more: I Have an Idea for an App, What’s Next?

Are you all set to create a technology startup business plan? Wait. You have something crucial to do before you move to the planning part. Let’s ask some of the fundamental questions yourself. Such as;

• What do you want to do?
• How will you do it?
• When will you do it?
• Who will do it?

These questions will help you get some ideas to create an effective business plan for your technology startup and turn your ideas into executable action. At the same time, when you plan your business, it will help you narrow down the gap between where you are and where you want to reach —your ultimate goal.

How to Create a Tech Startup Business Plan? – [9 Steps]

Now that you understand what a technology startup business plan is and why we need to create it, it is time to know how a business plan is created and its principal elements.

Step 1 – Executive Summary

An executive summary is the most critical element of a startup business plan. The summary creates the first impression, and if it is not captivating, then your entire business plan is a waste of time and resources.

It must let readers (readers can be your investors, partners, bankers, and employees) know what you want. In the executive summary, state what you are asking. Keep your statement precise, businesslike, and comprehensive with a clear goal. It should not be more than half a page.

But, do not make it a rule.

It (the executive summary) could be longer if it involves complex use of funds; it should still not be more than one page. Provide a synopsis of your tech startups business within the space. The key elements of the executive summary should be;

• Concept of your business
• Highlight financial features
• State financial requirements
• Provide relevant information
• Include achievements

Step 2 – Company Summary

Company summary begins with the short but precise detail of the industry, which lets investors and other key partners know the current outlook and future possibilities. The company summary is seen as an elevator pitch that captures the imagination of investors and bankers.

It should be a detailed description of your company with a captivating title. For example, the title must include the summary of your company, and that should consist of;

“….IS A….WHO SELLS…. TO….WHO NEED….BUT DON’T GET IT FROM…. .”

For example;

“Your company name” is a “mention the type of business” who sells “name products/services/solutions” to “customer type & location” who need “name the problems that you wish to solve” but don’t get it from “your competitors.”

When you keep this example in mind, you can correctly create a summary of your business that narrates what your company is about and what problems your company will solve. Write your strengths that will enable you to serve your customers and clinch business success. Mention if you have an expert in your team, or is there something else that will drive success?

Step 3 – Market Strategies/Market Analysis

Having a great business idea and running a successful business are two different stories. Your idea may be dear to you but may not be apparent to others. It may not grab the attention of others as much as it holds yours.

But how would you know whether your idea is good or not? The answer is “through market research and analysis.” Even if you know the industry, you need to know all aspects of it. Being an entrepreneur or startup, you need to know your target market; it’s essential.

Research your market: Know your audience, explore competitors, and know what makes them successful. Market research will help you create your market strategies for your technology startup. When your target market is defined, you can position your company, set pricing, and know potential growth hack. Competitor analysis is an important task that lets you know your competitors’ strengths and weaknesses within your market niche.

Show product research: There’s a need to precisely describe how you conducted your research. You can include face-to-face conversations with potential customers, asking problems they have. Make sure the answers are not ushered; they must be honest responses and how they want solutions.

The more you know, the better prepared you are: When you know your competitors’ strengths and weaknesses, you get distinct advantages. For example, you will come up with well-defined strategies, like develop a barrier to prevent competition and exploit weaknesses within the product development cycle.

Step 4 – Description of Products/Services

Describe what you offer and how it will serve the needs of your target market. Begin with what people need and how your product will serve that need. It will be easy for you to prove that people will pay for your product.

Describe the products’ lifecycle and how it will persuade customers to buy it for money. If your business is about service, then describe why your target market will subscribe to your services. Jot down the plans for your intellectual property, be it copyright, patent files, or anything alike. Showcase research and development if you are doing anything, such as building any website, exploring any business software’s potentials, or making any web or mobile app business plan.

Step 5 – Management & Operational Structure

No doubt, the business idea you have is solely yours, but you need people to make it a successful business. Who are those people with what role? That you have to mention in your tech startup business plan, showcasing your team’s strength and experiences in the particular field. It will help investors and bankers decide if your business idea is achievable or not.

A team usually consists of several experts with different skill sets, having an excellent inter-connection. For example, if you have a development team, it will include developers, designers, testers, project managers, etc. Describe each one of your team member’s merits and how they will add value to your proposed business plan.

Precisely show the organizational structure of your venture. Initially, you can showcase your key partners and staff (if you have) in the chart. It will be better to showcase your organizational structure using graphics to help investors and bankers understand the distribution of power and command chain.

Take a look at an example of an organizational structure graph. You can create something like that;

Showcasing the hierarchy will end the debate on whether who will do what and with what accountability.

Step 6 – Marketing and Sales plan

Unless you come up with well-researched marketing strategies and sales plan, you cannot assure your investors and bankers of your tech startup success. What are your marketing strategies? Answer this question precisely. Clearly state your marketing plan in this section. The strategy should clearly show how you plan to attract and retain customers.

Mention the marketing channels you plan to promote your product and woo customers. What are your strategies for specific marketing channels, and how will it benefit your technology startup?

Avoid showing one-way to approach a marketing strategy as there is no such way. Evolving marketing strategies will fit into the rising needs of your target market. Your marketing strategies should also have key points regarding conversion strategies.

Step 7 – Funding Request

Take time while writing this section, as this section is going to be very important. Spell out the investment required for the particular business over the next five years.

How much funding you need to run your tech startup business. In one para, you can also state how you will use those funding.

You can also specify if you need debt funding or equity for your technology startup, though you need to mention your plan on how you pay off the debts.

Step 8 – Financial Projections

Financial projection refers to the estimate of future economic outcomes for your tech startup. It is the most critical part to convince your angel investors and lenders. And hence, it should be convincing enough to show the stability of your business. It will help investors understand if the money they invest will be paid off.

If your technology startup business is already functional, then attach balance sheets, income statements, cash flow statements, or anything in this regard. These documents will help you convince the lenders.

Besides, you can attach business forecasts, the data which you have gathered during market research. Show future financial outlook in monthly and quarterly financial projections. With the help of graphs and charts, make the financial projections easy and comprehensive.

Step 9 – Appendix

Last but not the least, this section of your tech startup business plan should include all additional documents that you want to add to support your idea. The records and documents you add here will give a feel for your products, services, marketing, and more.

The documents like credit histories, CVs (of your staff/employees), business documents, research reports (Market analysis, strategies, etc.), products’ photos, permits, licenses, and others can increase the integrity of your business plan.

These top elements can add to make a perfect business plan, though more components can be added based on your business requirement.

Find the best Techn Startup Business Plan Template

Creating a business plan for a technology startup from scratch is not easy; you need to go through some examples, templates, and samples to make it easy. You can find these resources from many websites to build the best plan for your business. We rounded up some of the top websites to get business plan ideas from while also explaining the one which we found it resourceful. Let’s explore;

Business Plan Template by Score

Even though you can download plenty of business plan templates from various free and paid resources, finding the right one will help you save your time and finish your plan in time. Most of the business plans for the startup we went through were outstanding but paid, however, we found a template by Score which is free and effective. it appears to be good for most tech startup business plans.

Score is an American based nonprofit website which is dedicated to support startups and entrepreneurs kickstart their businesses and achieve success. The template by score is available in PDF and Word doc format. You will find a whopping 150 generic questions to customize for most types of businesses, be it a plan for your tech startup or others. You can choose plenty of others from the resources given below.

Website Name

• Bussinessplanpro.com
• Mynewoffice.com
• kaufmanschedule.com
• businessplanexamples.net
• business-plan-examples.com
• ovucscanexel.tk
• Wheretogetanessay.club
• allusionexamples.com
• financemart.net
• hoodcleaningschool.com

Final Thoughts

We understand that creating a business plan is not easy. It is going to be a complex and arduous task to do. But, when you begin by breaking it down into steps, it will be easy for you to make the best tech startup business plan. If you still find it difficult to draft, we can help you keep the hassle out.

Our team of experts will guide you the best way to draft your business plan. At the same time, we are also a tech savvy company, offering a wide range of web and mobile applications for startups and entrepreneurs around the world. We also offer mobile app development services for startups, which we can deliver in the next 48 hours. Our products can help you streamline your business and start earning as early as possible. Let’s connect for further details.

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In this blog...

How to Write A Tech Startup Business Plan

Whether you’re just starting out or have been in business for a while, creating a tech startup business plan is valuable. It will help you clarify your idea, assess its feasibility, and determine what resources you need to make it a reality. Here are some tips on how to write a tech startup business plan to will help you get started.

What is a business plan, and why do you need one for your tech startup?

A business plan is a written document describing in detail how a business will achieve its goals. This document lays out a written plan from a marketing, financial, and operational standpoint. 

Sometimes, business plans are prepared for investors or as a requirement for a small business loan . But even if you don’t need outside funding, preparing a business plan is still a good exercise to ensure your ducks are all in one row. 

If you’re considering starting a tech startup, having a business plan helps you to stay on track. When you have an idea for a new tech product or service, it’s easy to get caught up in the excitement and overlook the importance of creating a solid foundation for your business. A solid business plan will allow you to take a step back and think critically about your concept. At the same time, you’ll perceive how your concept will be received by the marketplace. 

Furthermore, a good business plan keeps you focused on your goals and helps you track your progress as your tech startup grows. As your business evolves, you can refer back to your original business plan and adjust it accordingly. This document should be living and breathing, just like your tech startup. 

Elements of a good business plan

The contents of your tech startup business plan will vary depending on your company’s specific needs , but certain elements should always be present. Here are the five key elements that every good business plan includes.

1. Executive Summary

The executive summary is a brief overview of your business plan. It should include your company’s mission statement, a brief description of your products or services, an overview of your target market, a summary of your financial projections , and your goals for the next three to five years. 

Even though the executive summary should be the first section of your business plan document, it would be a good idea to write it last. This is because you’ll find all the important information from the other sections to complete the executive summary.

2. Company Description

The company description section of your business plan should provide an overview of your company’s history, mission statement, and core values. This section should also describe your company’s structure and how it will operate going forward. If you have any patents or proprietary technology, this is the place to mention it. 

3. Market Analysis

The market analysis section of your business plan should research and describe your industry and the specific market segment you’re targeting. This information will be useful in developing your sales and marketing strategy later on in the business plan. Include information about your target customer’s needs, buying habits, and demographics. 

4. Competitive Analysis

In the competitive analysis section of your business plan, you’ll need to identify and research your competitors—both direct and indirect. This portion is where you indicate their strengths and weaknesses relative to yours. Knowing what your competition is up to will help you develop strategies to stay ahead in the marketplace. 

5. Sales and Marketing Plan

Your sales and marketing plan will detail how you plan to reach and sell to your target market segment. This part of the business plan should include information about your pricing strategy, promotional activities, distribution channels, and sales methods. You’ll also need to provide realistic financial projections for sales revenue over the next three to five years. 

Tips for making your business plan stand out from the competition

Business plans are a dime a dozen. You need to go above and beyond the basics to make yours stand out from competitors. Here are a few tips on how to make your business plan shine:

1. Do your research

This may seem like a no-brainer, but you would be surprised how many people try to wing it when it comes to their business plan. Before you even start writing, take some time to research the industry, your competition, and your target market. This will give you a solid foundation to work from and will help you make your plan as comprehensive and impressive as possible.

2. Keep it concise

Nobody wants to read a 50-page business plan. Get to the point and be as concise as possible. This doesn’t mean that you should skimp on the details, but rather that you should focus on including only the most important information. The executive summary is a great place to start when it comes to being concise; make sure that you include everything!

3. Make it visually appealing

Remember, first impressions matter. Even if your business plan is top-notch, potential investors or partners will likely gloss over it if it’s boring or difficult to read. Use infographics, charts, and other visuals to break up the text and make your plan more enjoyable (and memorable) to read.

4. Proofread the document many times!

Last but not least, be sure to proofread your business plan before sending it off into the world. Nothing screams “unprofessional” louder than a poorly written document. So, take the time to edit and revise until your plan is error-free. Better yet, have someone else look at it for you. Sometimes, it’s easier for someone else to catch errors we overlook.

Final Thoughts: Writing A Tech Startup Business Plan

You now have a basic understanding of the components that make up a tech startup business plan. This is just a starting point, and your specific business will require more detail. But following these guidelines should give you a good foundation on which to build.

Besides a well-written business plan, you will also need the right team to help execute all the necessary actions to solidify your business strategy. When it comes to the tech talent side, Full Scale is the right match for any tech startup or even scale-up.

Full Scale houses the best and brightest software engineers, developers, and QA testers that you can find. You can forego the tedious process of finding, recruiting, and hiring developers for your tech team. We do all that for you and enjoy watching our client partners achieve great results.

Find out what Full Scale can do for you and your tech company!

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Tech Startup Business Plan: Your Blueprint for Success

Many aspiring entrepreneurs fail because they invest their time and money without having a good business plan first. And as the French writer Antoine de Saint-Exupéry said, “A goal without a plan is just a wish.” So rather than wishing, why don’t you turn your idea into a successful tech startup by doing your due diligence and writing a good business plan?

In this article:

What is a tech startup business plan?

7 questions to answer before you begin writing your tech startup business plan (according to peter thiel).

• Executive summary
• Company description
• Market analysis
• Marketing and sales strategy
• Team structure
• Financial projections and future goals

A tech startup business plan is a document that presents the idea behind a tech startup, lays out its strategy, and sets its future goals. It provides direction and guidance throughout all phases of launching, operating, and expanding a technology business.

According to CB Insights , the three most common reasons new startups fail are running out of money, being unable to raise new capital, and lacking demand for their product in the market. Those mistakes can be easily avoided if you make sure to begin with a sound and well-researched business plan.

Although selling your idea in a thirty-second elevator pitch makes for a great story, the reality is that serious investors look for a sound business plan backed by meticulous research and in-depth analysis.

Professionally presenting your startup idea will increase your chances of acquiring investors.

They will see that you thoroughly prepared your business strategy, analyzed market needs and niches, and that you know how your startup should evolve going forward.

So how do you write a good business plan for a tech startup? Although there is no one-size-fits-all solution since every idea and startup is unique and requires its own approach, there are some universal cornerstones that every business plan for a tech startup should include.

Crafting a tech startup business plan is not just about filling out a template with generic information. It is also about demonstrating the ability to execute a vision and adapt to changes in the market. We always advise entrepreneurs to take their time to research, analyze, and iterate their business plan until it accurately reflects their vision and goals. Paul Jackowski CEO, ASPER BROTHERS Let's Talk

In his book Zero to One, acclaimed PayPal founder and inaugural outside investor to Facebook Peter Thiel posed seven fundamental questions that any startup founder should be able to answer.

Thiel argues that most failed tech startup founders had difficulty answering at least one of these. To quote the author:

“Whatever your industry, any great business plan must address every one of [these questions]. If you don’t have good answers to [them], you’ll run into lots of ‘bad luck,’ and your business will fail. If you nail all seven, you’ll master fortune and succeed.”

The 7 questions include:

• The Engineering Question . Is your product just an incremental improvement or an actual technology breakthrough?
• The Timing Question . Is it the right time to start your business?
• The Monopoly Question . How much competition will you have? Will you start with a significant share of the market?
• The People Question . Are your employees the right people for the task?
• The Distribution Question . Can you not only produce but also deliver your product?
• The Durability Question . Is your business viable in the next 10 or 20 years?
• The Secret Question . Have you identified why your technology startup is unique? Will you offer what others do not?

6 sections every business plan should have

There are six important sections that every professional tech startup business plan should have. They are critical to ensuring that your business plan is comprehensive, well-organized, and effective in conveying your startup’s potential to venture capitalists and partners.

Making sure that you include all those sections will help you not only to navigate the competitive waters of the tech industry but also to catch the eye of potential future investors.

#1 Executive summary

The executive summary is the most crucial part of your business plan. The opening pages of your business plan should provide a thorough yet succinct overview of all core aspects of your future company. Most investors will not bother themselves with reading fifty or so pages of your business plan if you fail to capture their attention with your executive summary.

A good executive summary should highlight what makes your startup unique and worth investing in. If you present your strategy and back it with a comprehensive target market analysis, you will show prospective investors that your startup is worth their time and money.

A good executive summary should present your product or service and provide the reader with several key insights into your strategy. We have grouped them into the following sections:

• Description of your product . While this section should not be too detailed, it must capture your readers’ attention. Explain what you’re offering and show why your product or service will stand out from the crowd.
• Your target market . Identifying your target audience is the key to any successful endeavor. Even the best product will fail if no one is willing to buy it.
• Marketing strategy and sales . Once you identify your customer base, show how you plan to access it.
• Competition . Innovation is the name of the game, but chances are that other companies are working on products similar to yours. Identifying your competitors and their offer is crucial to showcasing that your idea is both viable and competitive. Conducting a benchmarking analysis might be a good idea.
• Team structure . How will your startup be organized? You must have a general idea on how you want to structure your startup. Beyond that, think about scalability. Managing just a few people is easy, but you must also know how your organization should be structured when it grows.
• Funding . This is one of the most crucial parts of your business plan and executive summary. Positive cash flow and multiple ideas for acquiring new funds differentiate a successful startup from a failed one.
• Future goals . Having a clear direction and a realistic goal will help convince investors that your startup is viable in the long term beyond its initial launch. Besides, showing that you have your head straight will go a long way.

Do not worry if the executive summary seems overwhelming right now. While it is the first part of your business plan, it is advisable to write it last. Each point listed above should summarize other sections of your document.

Key takeaways: Write it last — after all, it is a summary. Keep it concise but highly informative. Try to present it in a visually appealing way. You can make your first impression only once.

#2 Company description

This section of your business plan is pretty straightforward. Company description is, simply put, a detailed description of your tech startup. It can be as detailed as you want, but there are some key points that investors will expect to see in your description:

• (Optional) The headline statement. As an experienced pitchman, you should open your company description with a headline statement. This can be your “elevator pitch” or a single sentence that will capture the spirit of your company and your product or service.
• The founder and the team . Let people know who you and your employees are. Here you can share any previous achievements and successful ventures you had, as well as your team’s credentials.
• Core values and mission. People like to know that the brand behind the products and services they buy stands for something. Describe the core values and mission of your startup. What impact will your product have on the market? How will it change the landscape? Go big.

#3 Market analysis

Understandably, most tech startup founders are incredibly passionate about their ideas. However, this can also be a double-edged sword. While such passion can fuel your work and help motivate others around you, it can also leave you oblivious to what people might actually want or need. Even the best product can fail if there is no market need for it.

Market analysis is where you determine whether there is demand for your product, research your future competition, and establish which slice of the market you should target with your marketing campaign.

The specifics of market research you should do before launching your company depend heavily on the type of products and services you will offer. Nonetheless, there are some key market areas that every company should consider before forming their strategy.

Identifying your prospective buyers by their demographic, location, and purchasing behaviors will give you valuable insight into what you can expect when launching your startup. To do so, draft a profile of your future client, pinpoint early adopters, as well as customer bases you can reach after you scale up.

Once you have identified your potential customer, focus on researching their needs and habits. Not only will it help you tailor your products to suit the market, but it will also allow you to prepare a well-targeted marketing campaign. While you conduct your research, be on the lookout for potential market gaps. Any such niches could potentially provide valuable insight for developing your product further.

The last section of market analysis should be the competition. If the market is oversaturated, your tech startup will struggle, especially in the beginning. Look for companies and startups that offer products and services similar to yours. Focus on areas your competition excels at and try to spot their shortcomings. Maybe their products are perfect, but they miss the mark when it comes to the needs of the demographic you identified during your market analysis? These are the gaps that your technology startup should fill in order to rise to the top.

#4 Marketing and sales strategy

Once you have a deeper understanding of the market and your target demographic, it is time to craft a marketing strategy and a sales plan. First, you need to focus on marketing and sales channels. While the former is how people will learn about your tech startup, the latter is how they will actually be able to buy your product.

Your marketing efforts should be aimed at reaching your target audience. There are multiple ways of getting your message across; tech startups often use digital marketing strategies such as targeted ad campaigns.

Because the tech industry is fast-paced and competitive, you need a strong brand identity that will get through to your base. You have to win people over with your core values and show them the ways in which your brand is better than that of your competitors.

Use social media to create brand awareness and help people get familiar with your product.

Lastly, it is a good practice to set key performance indicators (KPIs). They will allow you to quickly verify the efficiency of your marketing campaign and adjust it accordingly.

Sales strategy, on the other hand, focuses on pricing and distribution channels. Having done your market analysis, you should be able to establish the price of your product. Keep in mind that your pricing should be set by taking into account both your financial projections and the amount of money your future clients will be willing to pay for it.

The second key aspect of a sales strategy involves identifying distribution channels. To maximize your profits, you should analyze the habits of your target demographic and determine how to reach them most effectively. While it may be easier for younger people to find your products online, for example, if you target an older demographic, consider other distribution channels.

#5 Team structure

This business plan section should explain how you want to structure your tech startup. After all, it is said that investors put their trust in people, not just ideas.

As a founder, you need employees who can help you bring your idea to life. Think about your future team and its essential components. How many software engineers, marketing specialists, and other employees do you need to get your startup up and running and help it gain momentum? As always, it is good to plan ahead, so you should think long-term and account for the future growth of your team based on financial projections and goals.

If you show that you have a strong software development team with considerable experience, you will catch the attention of investors. Start by presenting your board members and their previous projects; experienced founders will boost your startup’s credibility.

Then, focus on the management team: if you already know who will manage your company’s day-to-day operations, include this information in your business plan. Emphasize their experience in the tech industry and show their achievements.

Lastly, present the profiles of experts and specialists who will be directly involved in developing your product or service. How many designers, coders, and marketing specialists do you want to employ?

#6 Financial projections and future goals

Financial projections are among the most essential parts of your business plan. Prospective investors will want to know the return on investment they can expect from your company.

Try dividing your timeline into short increments – two or three months long. Consider how many units of your products you wish to sell in each increment. How much money do you need to maintain a positive cash flow? By crafting a well-researched sales forecast, you will have a solid benchmark. This tool will help you verify whether you meet your financial goals. Conducting a break-even point analysis is also a good idea.

Future goals are the long-term milestones you want to achieve. The longer the horizon, the more unreliable financial projections become, and they are insufficient to show that you have a realistic vision. This is why setting future goals and showing that you can steer your company in the right direction is vital. Having a bigger picture in mind will help you overcome any temporary setbacks you might experience.

Composing a business plan can be a daunting task, particularly if you’re new to the process. The thought of outlining your business goals, strategies, and financial projections can be overwhelming. But it’s crucial to understand that a well-written business plan can determine the success or failure of your startup.

In the rapidly evolving technology industry, competition is intense, and startups must be prepared to adapt to changes quickly. A sound business plan that considers market trends, customer needs, and potential roadblocks is vital to thriving in this fast-paced environment.

Startups that fail, often do so because they lack a clear plan or have not done their due diligence. On the other hand, successful ones tend to rely on a well-crafted business plan that can later serve as a tech startup guide . By taking the time to write a solid business plan, you’re setting yourself up for success and positioning yourself to stand out among your competitors.

Aleksander Furgal

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How to Write a Software Startup Business Plan in 2024 [With Templates]

Updated 28 Aug 2023

16359 Views

Business analyst

Every company is rooted in a unique business concept. However, having ideas isn’t enough for a company's prosperity and success. Many startups fail due to faulty training in their first year. An IT startup business plan is the first thing that can be corrected by organizing your thoughts and even finding the right people to work with, turning your idea into a prosperous project.

We'll cover how to write a startup business plan, thoroughly covering each part, give some advice, section templates, and more.

Why Does Your Startup Need a Business Plan

Before we go into precise statistics and data, let’s have a closer look at the notion of a business plan. It will assist you in better navigating the subject. The tech startup business plan is a document that summarizes strategies and ideas for the new company launch, support, and even an exit.

Now, we’ll look at stats to understand why a business plan is required. Startups fall due to a bunch of reasons: among the most widespread ones, CBInsights mentions running out of funds (for 38% of startups), absence of market need (for 35%), etc. A business plan can raise startup success chances.

Such a document serves companies for different purposes. The most common of them are:

• Attracting investments
• Building a development strategy
• Predicting your upcoming financial expenses and needs

How can the IT startup business plan assist business owners in implementing these purposes into life? It’s possible due to the following benefits such a document brings:

A technology business plan benefits

Remember that to gain these benefits, you must adhere to a specific structure when drafting your startup business plan. It must contain the following parts:

• Executive summary
• Company description
• Marketing plan
• Financial projections
• Team structure

“How to write a startup business plan” is a common question, and many entrepreneurs are looking for an answer. We’ll discuss it in detail, looking closely at each section.

Executive Summary of Technology Company Business Plan

This section serves as an introduction to the entire document. A well-written executive summary grabs readers' attention and instantly illustrates what your technology business plan is all about.

It typically includes the following parts:

Business overview

Introduce your startup to readers, tell them about your plans and offers. This section should be short - about 1-3 sentences.

Target market

Define the target market for your startup company. To make the section more useful and demonstrate your future startup value, provide a detailed market overview and client issues you would solve with your product.

Competition

Portray your possible competitors as well as the attributes that will set your company apart. Describe how you will compete in pricing, quality, or service structure in this part of the executive summary in your software startup business plan.

Emphasize your company's goals and particular milestones, illustrating the said with charts (including profit, sales, and ROI) for greater clarity of prospective investors. Think about financial estimates for different periods.

Briefly describe your team composition or tell about the lack of particular specialists and your possible ways to find them. Portray the existing staff members along with their experience, and don’t forget to mention software development partnership .

The final section tells potential investors how much money you'll need to bring your idea to life. Tell this aspect to stakeholders beforehand, including the appropriate data to the executive summary.

Sometimes even the perfect technology company business plan is not enough for the stakeholders to pay attention to your project. They’ve reviewed piles of such documents, so one more, looking like the previous, may not interest them a lot. But you can change the situation by preparing a presentation of your business plan, where you can mark the vital concepts you’d like to share (e.g., company overview, problems you’d like to solve, startup team composition, etc.).

6 Tips to Create an A+ Executive Summary

We've compiled a list of recommendations to help you create an excellent executive summary of the whole technology startup business plan.

Tip #1. Write it last

Executive summaries should be written last as they summarize the entire business plan. That's why you should complete your research for all areas of your startup business plan and then write the executive summary.

Tip #2. Capture readers’ attention

An executive summary's main objective is to emphasize critical information about the tech company business plan. But, it's vital not to overload the summary with unnecessary details regarding the concept. It should grab people's interest and make them want to learn more.

Tip #3. Keep it structured

A well-defined structure of summary will convey your ideas. Consider including an introduction, main body, and conclusion that are short but informative. The important takeaways from your tech business plan would be provided by this structure.

Tip #4. Mention exit strategy

An exit strategy is an essential part for stakeholders. It can be an acquisition by another company after running technical due diligence , share selling, or employee buyout.

Tip #5. Use facts

Your primary goal is to persuade people to invest in your company. If your startup's goals, experience, and market perspectives are based on facts, they will have more impact. For instance, you may give information about market valuation and your expected market share.

Tip #6. Avoid cliches

There are a few hazards to avoid if you want your executive summary to succeed. For example, don’t mention the team’s passion and enthusiasm. Investors already know it. They’ve seen hundreds of passionate startups before. Instead, provide decision-makers with facts and let them say that for you.

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Company Description

The company description section of a technical business plan exposes its history, aims, team structure, etc. However, it is frequently the shortest part of the business plan.

Company history

This part is based on your company's current stage. If you're an established organization looking for money for a new project, it's a good idea to provide investors with some company background. In case you are a startup business without a rich history, you may tell who is behind the company and how the founders came up with the idea.

Give a brief description of your company's location, including a physical address, or inform investors about your prospective location coordinates. Whether you'll buy or rent an office, as well as how long you'll be using it as a company location. If you have a home office, also indicate this aspect.

Type of business

This section provides information about your industry. It should be brief but not excessively so. Don't write something like, "We're going to sell things." Indicate your domain: travel, healthcare industry, etc. Finish this section off with a domain description.

Management and employees

This is a chance for investors to get acquainted with your team. Mention all staff members and management personnel, defining their duties, abilities, experience, and accomplishments. Also, don't forget to include information about yourself as an opening. Describe any gaps in the team (if you have ones) and explain how you plan to fill them.

Legal structure and ownership

This data is critical for investors because taxation varies based on the legal structure. Specify if you're an LLC, a C-Corp, an S-Corp, a Sole proprietor, or in a partnership. Specify who runs the enterprise and what technical co-founder equity they have.

Company’s mission and principles

Write this part in a creative manner. Come up with one or two lines that precisely define the aims and ideals of your business.

Critical parts of Company description

You can also include the following parts in this section of a tech business plan:

Business scaling strategies

Scaling a business equates to laying the groundwork for your company's future development. So, writing this section of the business plan for technology company, think about appropriate systems, personnel, procedures, technology, or funding — everything you need to scale.

Business opportunities

Prospective investors want to understand why your company’s considered to be profitable. Tell them about your business opportunities, offering information about factors of your future success, specialists you’ve consulted about your business, and their thoughts about it, reasons for selling the certain articles/services, and profit they may bring, etc.

Marketing Plan

It outlines the company's competitive advantage as well as its marketing objectives. This part of the business plan for startup also aids in the particular domain identification and the development of a viable business strategy.

Moreover, you can define and put down such important data as a qualitative concept description and strategies for attracting clients to show stakeholders how to differentiate your startup activity from your competitors’ and ways you may engage the users to cooperate.

This part of the business plan for a tech startup is typically divided into three sections:

Marketing plan components in a nutshell

Target Audience Analysis

Customers are vital to every company. So, you must determine to whom you will offer your services. Begin with easy tasks and work your way up to more complicated ones.

Let's say your firm is an online car parts store that you want to open on the West Coast of the USA. Your potential core audience may look like this after brainstorming:

• Gender (Males)
• Age (16 - 60)
• Location (Los Angeles, CA)
• Education (Secondary)
• Income ($60,000 - $75,000)
• Ethnicity (drivers, service stations workers)

After determining general characteristics, it is time to dive deeper into the analysis. It can be done in a variety of ways in every sample business plan for tech startup.

Conduct surveys

According to your audience assumptions, you may collect focus groups and conduct surveys. It is possible to complete them both online and personally for technology business plans. Surveys can help you learn more about your consumers to provide better service.

Analyze competitor’s audience

Competitors already meet consumers’ needs, and your task is to identify their audience and understand what makes them use their product or service.

Examine your rivals' marketing channels to see how they do it. Visit their websites, follow them on social media, and sign up for their newsletter. These procedures will assist you in identifying the pain areas of your clients.

Create a buyer persona

The final stage in the target audience study is to create a buyer persona based on the research findings from prior steps of every tech business plan example. Let's take a closer look at it.

A buyer persona is an ideal consumer description, including how they use their leisure time, the obstacles they face, and their decisions. Such a description may be created using various methods. For example, HubSpot's Make My Persona product works perfectly for it.

Learn more about how to define target audience in our article!

Competitor Analysis

Competitor research is critical to the company's success. It allows you to have a deeper understanding of your target market, as well as identify competitors, their tactics, and offerings, among other things.

You should follow three phases while conducting a competitive analysis for a business plan for tech startup.

Step #1. Find competitors

Start by searching for basic requests in Google. Make a list of your rivals in the same business as you and have similar ideas. After that, do some in-depth research, analyzing their social media posts, news reports, or consumer reviews.

Step #2. Examine them

It’s time to dig deeper. But keep in mind that you may need special tools like Ahrefs or SimilarWeb. Carefully examine the following criteria essential for every tech business plan sample:

Pricing. Analyze the charges for their services. It will assist you in determining the pricing boundaries for your goods. However, bear in mind that you are not obligated to value your product lower than your competitors in order to win the competition.

Organic traffic. Determine how many visits they receive due to a Google search. These metrics will display the popularity of your competitors. To handle them, you can use tools like Ahrefs, SimilarWeb, and Alexa.

Social media mentions. It's another way to look into your opponents' activities and see what consumers say about them. With tools like Followerwonk, Social Searcher, and Sprout Social, you can monitor engagement rates, keywords chosen, or social shares and mark them in your business plan.

Time on the market. You must determine the time on the market to see if you will compete with a major company or a start-up. The WHOis.net service may be used to examine the domain name registration date, server stats, and contact information.

Step #3. Categorize them

Even having learnt everything about your competition, you still need to watch your rivals and follow their movements. The next step would be to split competitors into three categories based on their “danger level”:

Primary competitors

These are the main ones oriented to the same core audience as you.

Secondary competitors

They can provide high or low-level versions of your services to a different target audience than yours.

Tertiary competitors

They are indirectly related to your company.

SWOT Analysis

It’s the final step of the section in every tech startup business plan example.

SWOT is an abbreviation of Strengths, Weaknesses, Opportunities, and Threats:

• Strengths contain your strengths, killing features, and those able to help stand out from the competition.
• Weaknesses mean your weak sides and flaws that may slow you down in a competitive race.
• Opportunities are the levers that’ll help you in business development.
• Threats are external threats that may impact your startup yet don’t depend on your decisions.

The SWOT matrix is a tool used by businesses to compile all their data into one page. To simplify this process, we recommend using the below technology business plan template (namely, one for SWOT analysis).

SWOT analysis template

Financial Plan

A financial plan is a projection of future income and costs for your business. It's an important aspect of strategic planning that can turn vague objectives into concrete milestones.

Complete the following parts in your business plan tech startup example or create them yourself:

Balance sheet

This part illustrates your present financial situation. A balance sheet is a wonderful method to forecast your future financial condition and design your growth objectives if you're searching for finances.

Expense projections

You must plan your future expenses classified into fixed and recurring costs to make your concept clearer to stakeholders. In general, estimate how much money will be spent on your idea implementation and how frequent these expenses would be.

Income projections

This part of the business plan tech startup needs summarizes the project's future earnings and sales. To begin with, you must predict your product's sales. After that, forecast the possible revenue for your startup using the sales projection.

Cash flow projections

The cash flow estimates are the last element of the financial plan. In a nutshell, it's a summary of all the money going in and out of the company. It shows your company's financial health at all stages of development, including the company's income and expenses. Depending on it, the remaining cash balance is calculated for a given time.

Monetization strategies

A company establishment and a beginning of the product development flow are only half of the way to market launch, impossible without a proper monetization strategy — a method of future profit gaining. For example, if your upcoming product is a fitness mobile application, you can implement advertisements, in-app purchases, freemium strategy, and others.

For successfully hitting your aims, you should know your destination, as well as the tools and methods you need to achieve established objectives. All this information can be included in your sales plan.

Though it’s considered to be a separate document looking like the business plan, the essential difference is that the business plan contains your objectives, and the sales plan mentions how to achieve them.

You can also include a sales plan as a section in a startup business plan, containing your situation assessment, financial forecasting, resources, revenue targets, etc. Document templates (for example, one from 150 Startups below) will help you understand which direction to choose.

Financial plan section

Tips to Make a Financial Plan

Preparing a financial strategy for a starting firm might be difficult, but it is essential for any business plan. To make the process easier, we've compiled four helpful hints answering how to write a business plan for a tech startup, namely this section.

Keep your financial plan in line with the business plan

The statistics in your financial predictions should back up all of your verbal goals outlined in earlier parts. For example, if you want to launch your product in the third quarter of 2022, you'll need to budget for marketing, shipping, and other expenses during that time.

Your financial assumptions must be clear

Even if the precision in figures of a financial plan is critical, most investors care about your projections comprehension. Demonstrate your understanding to them, providing enough material to back up your financial assumptions: annual financial statements, market/competitor analysis data, etc.

Be optimistic yet realistic

Even a significant financial plan requires a healthy dose of optimism. But don't go too far with it, or you'll come out as a dreamer to the investors. It's critical to balance the accuracy of the facts and the need to show a financially viable project to stakeholders.

Use templates

Many business owners have no clue where to start when creating a financial strategy or how to present it. If so, use pre-made templates with all of the essential sheets and columns.

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Team Structure

This is the final section of the business plan, informing investors about your startup's organizational structure. It may contain the following parts:

Management Team

Team composition is essential for a proper startup functioning, as well as for its future growth. If you’re going to launch a software development company, at the beginning of the startup’s existence, your project team formed may include:

• Chief Executive Officer (CEO) — an expert responsible for company management, supervising, human resources running, communication with CTO, etc.
• Chief Technology Officer (CTO) — a team member competent in development and technology areas, UI/UX design, back-end, or QA team supervising
• Chief Marketing Officer (CMO) — a specialist responsible for the clients’ perception of your service or product offered
• Chief Sales Officer (CSO) — an expert running all activities connected with business development

The software development team composition should contain the following specialists as UI/UX designers, front-end and back-end developers, QA engineers, and others essential for the product’s appropriate development.

How to build a software development team — revealed! Check our recent guide to know more!

So, list and briefly characterize each key management person in your business. Try to tie their expertise to your company's current responsibilities, using the business plan template tech startup requires, or write this part on your own.

For instance, if your VP of Sales has previously worked for an organization that increased sales from $5 million to $10 million, it would be a wonderful addition to demonstrate their knowledge and value on the team. You'll also demonstrate to investors that you've assembled a strong team they can trust with their funds.

Management Team Gaps

This is common when a company lacks some management team members while developing a business plan. If it's your case, you should make a list of any absent personnel and the particular skills for future candidates, such as experience in the needed sector, duties, etc.

For example, if you want to find a CTO for a startup , you can say that the perfect candidate must have 10+ years of experience, top-class knowledge of modern technologies, and extensive skills to effectively manage the team and develop the product.

Board Members

The Board of Directors is a hired group of individuals that assist you in running your business properly. Even if a Board of Directors is uncommon for startups, you may spot one in the team structure and care about these gaps to be filled.

Supplementary Sections For Your Business Plan

If you need to provide stakeholders and other readers of your business plan with additional information about your startup company, you may give it in a supplementary appendix section to your business plan example tech startup needs (or one created by yourself). It isn’t essential; however, your possible investors may need some more data about you and your business (a credit history, for instance).

So, the appendix should be prepared beforehand to save time in the future. You can include in it:

• Charts, tables, and other illustrations absent in the central parts
• Trademark/patent documentation
• Market researches in details
• Credit history
• Supportive papers (contracts, agreements, etc.)

You may also add here:

A production plan: it is your helper during production activity setting tasks that should be completed for aims achievement, every employee function in such a completion, and so on.

An operations plan: it may identify your startup’s primary business needs, such as equipment, requirements to inventory, office building, or location.

Preparing an appendix, care about its simplicity in reading and comfort in use. If it’s too long or contains too many documents to read, make a supplementary table of contents for more straightforward navigation of your plan readers. Disclosing confidential data, please monitor users having access to it and remind them about the necessity of maintaining confidentiality.

On top of that, the readers can skip the supplementary section as it’s the last part of your business plan; your prepared plan should be understandable and self-reliant. Otherwise, it will need reworking.

The Famous Startups Succeeded Due to Planning

A way to success and prosperity isn’t a bed of roses. World-famous companies began their way from startups one day, thoroughly planning every step on the road to fame. For you to inspire, we’ve prepared a shortlist of such startups’ success stories.

Samples of startups successful due to accurate planning

In the beginning, Pinterest was an invitation-only service. To go further on their development path, the company planned every business step, thinking about a proper UX for their product: Ben Silbermann even gave users his personal phone number to contact him about the site at any time of day or night. This perseverance paid off. Now Pinterest is a unique platform with $633 million revenue.

Canva is one of the leading graphic design platforms designers love to use for everything. This successful Australian business has raised over $US 1 billion of revenue. Due to proper scheduling policy and belief in workforce empowering, Canva CEO Melanie Perkins could make her company successful, having an audience of more than 10 million customers.

The well-known messenger allowing people to communicate worldwide was invented in a gym. When Jan Koum and his co-founder Brian Acton were annoyed with missing calls while at the gym, they created WhatsApp, which allows users to update their "status" to indicate when they are ready to accept calls. They only wanted to make a good product for customers, which approximately turned into more than $5.5 billion of revenue.

Netflix, which started its way as a rent-by-mail DVD service that required users to pay for each rental, is now worth more than $30 billion. It's a brilliant illustration of how pivoting a business model can significantly affect a company's direction. Netflix was able to further establish itself as the go-to media company by pivoting from DVD by mail to developing award-winning programming and gaining revenue of more than $US 7.5 billion .

Creating Your Own Business Plan

Strict planning of business steps was one of the essential things all the above companies had in common to grow and become more successful. We can personally propose a tech startup business plan template from Shopify that most nearly meets the points discussed above.

Shopify tech company business plan template

But remember that such a document will properly work if its critical blocks are created with the help of qualified experts. Cleveroad, a skilled IT consulting company and software solution provider from Ukraine, Eastern Europe, is ready to help you with initial project development phases and further ones. Since 2011, we've been assisting startups and organizations of all kinds in acquiring cutting-edge technologies.

During the collaboration with us, you’ll obtain a wide range of services, containing (but not limited to):

• Proven in-depth software development experience in a variety of sectors
• Working with high-qualified, certified, and agile-oriented Business Analysts, Solution Architects, and other tech specialists able to help you solve business issues
• Consultations from our Business Analysts and tech experts about your project
• Initial project estimates from our Sales Managers for free, with no hidden costs
• Honesty with our clients and partners as a critical component of developing outstanding products

You can also apply to us if you have problems with business plan creation. We’ll help you solve them quickly and efficiently build a software product for your business.

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Wrapping Up

Developing an information technology startup business plan is a complicated and time-consuming process that practically every company should undertake. You can adapt pre-made templates, but no one-size-fits-all template will work for every company. That’s why you may make your job easier, applying to specialists competent in software development.

A business plan can help you organize your thoughts, ideas, and even find the right people to work with. Even though making a business plan (or completing a technology startup business plan example) is a long and complex process, almost every startup should go through it.

Your startup business must have these sections:

• Executive summary. This section sums up the entire business plan and works as an introduction.
• Company description. This part reveals history, goals, team structure, and other details about your company.
• Marketing plan. A marketing plan is a representation of the startup’s competitive advantage and marketing goals.
• Financial projections. In plain language, it’s a forecast of the future revenue and expenses of your startup.
• Team structure. This section serves to familiarize investors with the hierarchy of your startup team.
• Step 1. First of all find a flexible template to jot down your business plan.
• Step 2. Write company description.
• Step 3. Define your goals, make a market research and jot down it's results in marketing plan.
• Step 4. Write financial plan.
• Step 5. Write your management team structure.
• Step 6. Sum previous section in executive summary.

Evgeniy Altynpara is a CTO and member of the Forbes Councils’ community of tech professionals. He is an expert in software development and technological entrepreneurship and has 10+years of experience in digital transformation consulting in Healthcare, FinTech, Supply Chain and Logistics

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Very useful article.

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Thanks for the article! I'm an entrepreneur, and I've been stuck in this business plan stage. It's hard for newcomers to gather all their thoughts in one plan. But you've explained it perfectly!

Great job, very useful!

Good article. Found it interesting.

Nice piece of information. You've nailed its explanation. Besides, these templates that you've attached are really great. I think that they will suit perfectly for new startups.

Jul 26, 2024

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Oct 05, 2023

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Tech Startup Business Plan

Many of us have this wild dream of becoming a hot-shot CEO with a cup of overpriced coffee on one hand and the latest smartphone on the other, but to get there, you still need to start fresh. You may also see  business plan outline with examples .

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Technology Startup Business Plan Template

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Tech Startup Business Plan Example Template

With the many opportunities and promising business ideas to choose from, business owners are starting to recognize what technology can offer them not just for personal use, but as a corporate investment as well.

Amidst the likes of Apple, Samsung, and Sony comes the wide variety of tech startups emerging in the marketplace at rapid speed. So in this article, we discuss what it takes to become a successful tech startup with the help of a simple business plan .

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Educational Tech Startup Business Plan Example

What Is a Tech Startup?

With the wide use of technology being more prominent now than ever, many tech startups are making the attempt to make a breakthrough in the competitive market with their innovative (and sometimes peculiar) product and service offers for consumers to enjoy. You may also like  business plan guidelines examples . A tech startup is a company whose purpose is to bring various forms of technology-based products and services to the market. These companies are set to deliver a wide range of new or existing technology products or services in a variety of ways.

They come in the form of a company, a partnership, or a temporary organization that is designed to search for a repeatable and scalable business model to launch. With technology being an essential factor of our day-to-day lives, startups aim to bring innovativeness, scalability, and growth through their creations. Though it might be a while until robots and artificial intelligence completely replace manual labor, we can expect a lot from these promising tech startup ideas, especially those with an exceptional business plan in place. You may also see  business operational plan examples .

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10 Essential Elements of a Tech Startup Business Plan

Every tech startup is different, with each company specializing in one thing that’s fairly different from the other. But if there’s one principle that every startup company needs, then it’s the universal wisdom of experience. You may also like to learn  how to create a business plan . Truth is, many companies have attempted to try new things but failed while at it. Others have pivoted and re-branded hoping to get another shot with investors and clients, only to come out empty-handed.

Transforming your big idea into a revenue-generating reality can be a daunting experience of disappointments and rejections. But then again, in order to succeed in business (and life in general), you need to learn from these experiences to come out a million times better. The following items explain what makes a tech startup successful and the factors that you need to keep in mind when constructing your business plan :

1. Think Highly of Yourself.

This may sound like an egoistic move, but don’t take it the wrong way.

As a startup business, it wouldn’t hurt to pretend you’re a lot bigger than you actually are. They say that this can attract the type of energy you hope to achieve. Acting like a bigger company will also allow you to grow into the efficiencies it gives you. It also requires you to work just as hard as the big dogs do. Not to say you’re prohibited from having a fun work environment, as you do want to keep employees happy for them to stick around long enough for the company to prosper, but insisting on a disciplined execution will definitely keep the business afloat. This will make it easier to partner or collaborate with other successful brands who might just offer you your big break. You may also check out  market analysis business plan examples .

2. Choose the Right Partners.

As a startup founder, choosing the right partners to complement your skill set and realize your vision is crucial to corporate success. Partnerships can be a tricky business, especially when it has become so easy for offshore or outsourcing companies to squeeze the money out of a vulnerable (and rather gullible) startup. It’s best to do your research on existing companies and startup founders, preferably those who have been a part of a successful company in the past, before you engage in a potential deal. You may also see  network marketing business plan examples .

3. Create a Software-as-a-Service (SaaS) Plan.

You know how TV shows come out with pilot episodes first before they can release an entire season of the show? With the same concept in mind, experts believe that it’s always best to start selling parts of your product before completing a full platform. Getting market validation early on in your startup’s growth stage will give an idea of what your target customers are looking for in a product or service. This will also help you start building revenue as you continue to understand how the entire process works. You may also like  how to make a business plan .

They also believe that while a good business idea is important, so is the way it is presented to investors and clients. Allowing your prospects to see your capabilities will work wonders for your startup along the way. You may also check out  importance of business plan .

4. Go for the Standout Pitch.

It’s always hard to make a pitch with a potential investor. With the dozens of business ideas that come their way, standing out from the “good” and the “pretty good” is crucial to getting noticed. Your pitch with a prospect will only end with one of two ways: you either get accepted or declined. Naturally, getting accepted is the only thing that matters most. You might be interested in  free business plan examples .

Since it may be difficult to identify the things that you should do and should not do for your pitch, it’s a good idea to speak with entrepreneurs with businesses that did not make it. It’s easy to focus on the successes, but not many seem to recognize the value of failures as well. This provides you with enough insight regarding how and why a company or an idea did not make the cut. You may also see  bookkeeping business plan examples .

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5. Prepare to Be Rejected.

You’ve probably heard this a thousands times before, and it couldn’t be emphasized enough. Rejection will always be a possibility, but just because a couple of investors have said “no” to you before, don’t use this as a reason to give up.

Getting the first check is the hardest, which is why many successful business owners suggest to spend the time building VC (Venture Capital) relationships before funding, and to continue networking until you have secured the necessary funds. The rejection will definitely take a toll in your spirit and drive to move forward, but you need to learn to get back up and rise above the negativity for a better and brighter future. You may also see  hotel business plan examples .

6. Keep It Innovative.

There should never be a reason to stop building. You can always turn a “good” idea into something “great.” And even if it feels like you’ve reached the peak of greatness, there will always be room for more improvement.

Take tech giant Apple as an example. Even when people thought that the Touch ID of the iPhone 5S was a phenomenal feature, Apple released a facial recognition feature through Face ID which was specially designed for the iPhone X. The system was designed just a few years after the Touch ID, which proves just how the company continues to uphold the value of innovation through their products. You may also check out  advertising and marketing business plan examples .

7. Aim for a Deliverable Product.

Startup founders tend to be optimistic and idea-driven, yet, they can’t seem to confine to the status quo. Though adapting to market demands is also important, picking a single area of innovation and focusing on a product that’s better than anyone else’s is key. You need to make sure you’re moving toward the right direction by understanding the exact things that your target market wants. You may also like  business plan examples .

However, you need to work quickly. Trends fade and people get bored too easily. If you want to prosper, start delivering products as soon as you can and stay focused on making them a hit.

8. Put Pen on Paper.

Even after an investor has made a vow to work with you, you still need to put it in writing. Contract documents  are a real thing, and you need to be responsible for them. This goes both ways in your professional relationship, as you’d want to make your counterpart feel comfortable to work with you, and you need to be able to trust that these prospects would stick to their word.

Though creating these formal documents may be pricey, it’s definitely worth the spend to guarantee long-term business relationships.

9. Be Careful with Cryptocurrency.

You might have heard about various prediction market platforms and forecasting tools that have allowed users to foresee the outcomes of real-world events, as well as buying and selling shares through smart contracts. You might be interested in  simple business plan examples .

While building on blockchain or relying on cryptocurrency may seem like a promising venture, you’d still want to sketch out a full architecture of your plan, challenge it, and then build it.

10. Plan for the Long-Term.

Even with the potential risks and challenges that may cause your business to fail along the way, you still need to be optimistic enough to plan for the long-term. Investing in strong talent and developing a culture for your business to thrive on will help build a solid foundation for your startup. This will also pave the way for many opportunities, leading your business to the right direction. You may also see  bar business plan examples .

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How to Write a Business Plan for Your Startup

Anyone can have a great idea; in fact, you can ask a 12-year-old for a business idea and they’d probably give you something more imaginative than what any other 30-year-old could offer. But transforming this idea into a viable business is a different ballgame you wouldn’t want to mess up. You may also see  e-commerce marketing plan examples .

So if you’re hoping to launch a tech startup anytime soon, here are a few tips on how you can create an effective business plan:

1. Have a clear objective.

Set a clear objective that’s anything but ambiguous. You need to be specific about what you hope to achieve. Since starting a business requires you to offer a solution in order to address a problem, your business plan should identify who you are and what you aim to do. You must also state the kind of products and services you’ll be offering and in what industry for a more specific approach. You may also see  convenience store business plan .

2. Identify your target audience.

Although your products and services will be made available for the general public, it isn’t exactly designed for everyone. Some tech startups create products for other businesses, while others cater to buying customers of a specified demographic. Knowing who your target consumers are will help you determine every detail of the product, its ideal market price, the right distribution channels, as well as your promotional strategies. You may also see  business checklist examples .

3. Study your competition.

Another important factor to include in your research is your competition. You need to remember that as a startup, no one knows about you, let alone care that you exist. With so many direct competitors in the marketplace, standing out is a definite must. Figure out what makes you different from other existing companies, and you can go from there. A SWOT analysis may also be used for proper assessment.

4. Budget properly.

Running out of cash is one of the primary reasons why many businesses fail. You might start out with a million dollars in capital, but be down to your last thousands after a year or two. When this happens, your business is at risk of closing and filing for bankruptcy. This is why it’s important to take the time to budget accordingly to help minimize the risk. You may also check out marketing strategy business plan examples .

5. Define your power structure.

Running a tech startup can never be a one-man show. You need to have a reliable team of staff members to manage each department of the company, including your accounting, marketing, operations, and HR sectors. This doesn’t have to be too complex, as new businesses usually start small before they begin expanding. You may also see  digital marketing plan examples .

Launching a startup company can be an exciting experience for any ambitious entrepreneur. However, it’s easy to rush into things and wind up regretting your wrongful decisions. So before anything else, always remember to write a good business plan to launch your company on the right foot. You may also like  business plan examples in PDF .

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10 Must-Have Elements of a Tech Startup Business Plan

We spoke to 10 startups across artificial intelligence, blockchain, cannabis tech, drones, health and human resources, and more for advice on what makes a successful tech startup.

Every technology startup is different, but the recipe for what makes a successful startup business plan is the same: it comes down to the universal wisdom of experience. Successful startups have tried things and failed. They have pivoted and re-branded. Startup founders have walked into dozens of investor and customer meetings and came out empty-handed. It can be daunting to transform your big idea into a revenue-generating reality. But PCMag has interviewed and profiled many innovative startups that have done just that.

We reached out to 10 successful startups and picked their founders' brains about what they've learned while building their companies. The following tips explain what makes a successful tech startup and the factors you should keep in mind when putting together a business plan. They offer wisdom for everything from dealing with venture capital (VC) firms and investors to building viable products. These startups fall all along the emerging tech spectrum—from artificial intelligence (AI), blockchain, and drones to healthcare, mobile commerce, security, and even legal cannabis tech. But the tech wisdom and business plan tips they offer could make the difference between an ambitious swing-and-a-miss or the next big startup unicorn.

1. Pretend You're Bigger than You Are

2. pick the right partners, 3. craft a smart saas business plan, 4. hit the pitch out of the park, 5. be prepared to hear 'no', 6. build, build, build, 7. focus on a deliverable product, 8. put it in writing, 9. tread carefully with cryptocurrency, 10. plan for the long-term, get our best stories.

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About Rob Marvin

Associate features editor.

Rob Marvin is PCMag's Associate Features Editor. He writes features, news, and trend stories on all manner of emerging technologies. Beats include: startups, business and venture capital, blockchain and cryptocurrencies, AI, augmented and virtual reality, IoT and automation, legal cannabis tech, social media, streaming, security, mobile commerce, M&A, and entertainment. Rob was previously Assistant Editor and Associate Editor in PCMag's Business section. Prior to that, he served as an editor at SD Times. He graduated from Syracuse University's S.I. Newhouse School of Public Communications. You can also find his business and tech coverage on Entrepreneur and Fox Business. Rob is also an unabashed nerd who does occasional entertainment writing for Geek.com on movies, TV, and culture. Once a year you can find him on a couch with friends marathoning The Lord of the Rings trilogy--extended editions. Follow Rob on Twitter at @rjmarvin1.

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5+ tech startup business plan templates – pdf, word.

Making a business in the digital age ties up with technology. It is a big part of how the business is built from scratch. We really can’t deny how much of these technology is influencing our lives. When combined with business, it can yield to greater results. With this, tech startups have become a common trend as a business. You may also see Plan Templates .

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1. start with the cover page, 2. give background and overview of the business, 3. state the products and its goals in the market, 4. attach additional documents, startup business plan.

Building A Tech Startup Business

1. see where you fit in, 2. contact potential customers, 3. validate the business idea, 4. look for a technical co-founder, 5. build the product, 6. sell the product beforehand, 7. getting the talent you need, 8. marketing effort, more in plan templates.

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Organizational difficulties have always existed in the business world, particularly when attempting to turn a profit. Maintaining complete control over every aspect of one’s business on one’s own and ensuring that everything is taken into consideration is every business owner’s worst nightmare. As a result, the ability to create a comprehensive business plan can be life-changing for entrepreneurs and business owners alike. This is true regardless of the size, scale, or nature of the business. Furthermore, a layout keeps everyone involved in the business, especially branch managers and operations supervisors , up to date on everything the company may encounter while doing business. Good business practice dictates that you plan the scope of your venture ahead of time, as this will save your management time and resources on ventures that may fail soon after they are launched.

Technology Startup Business Plan

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A business plan is one of the most important documents that a company needs to be successful and make money. It’s basically a set of rules or steps that they can follow in order to reach any goal they have set for them. A business venture that doesn’t have a business plan is seen as a bad idea because it implies that you don’t have a plan in place for when things go wrong. The truth is that you’re setting yourself up for failure. This is especially true if you are trying to start a business in an area where there is a lot of competition and things that could stop you from succeeding.

A well-written and well-thought-out business plan can have many other benefits for your company, as well as make sure that your venture can last for a long time. Check out the business plan samples below to get ready for the writing process, then start writing. This will help you learn more about how the document looks and how it works. To help you write your own business plan, you can use these examples as guides or even as a starting point.

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So, what is a business plan? If you write down what your company wants to do and the steps you’re willing to take to get there, you’ll have a business plan. A business plan can be a guide for the whole management team to follow, with rules set by different departments like marketing, finance, and operations. People who write business plans can use them to get money and partners even before the company is fully up and running. It’s a great way to get more money and resources when your business is still growing. The document can be very useful for new businesses and companies, but it is usually recommended that every business, even if it is not a start-up, be able to write their own business plan. The reason is that it will give management a document they can check on a regular basis to see if they are meeting their goals, as well as to see how the circumstances in which they are working have changed over time. A well-written business plan is one that can show how much the project will cost and how it will work out, as well as show the risks that management must think about before making a decision. However, even though the business plan is used a lot in the business and corporate worlds, it isn’t very common to find business plans that are exactly the same. Due to the fact that each company has a unique way of dealing with and resolving internal and outside problems.

The length of a business plan is very much determined by the nature and scope of the business it is about. There is a good chance that all of the information will fit on 15 to 20 pages. Though two business plans are no longer the same, most of them still use almost all of the same things. In the next section, we’ll list and talk about these parts in more detail.

• Executive summary If you write a business plan, you should start with a short paragraph that explains what the company is and what its mission-vision values are, who the company leaders are, how the business is run, and where it will be set up. If you’re writing a “executive summary,” you should just say who the company is and what it stands for. This is also known as the “headline.”
• Products and services Finally, the document should show off the products and services of the company. Including the price of the product, how long it lasts, how long it lasts for service, how long it lasts for service, and other things like manufacturing and production processes, as well as patents and proprietary technology.
• Analysis of the market A company should be able to figure out who their customers are and what kind of people they are. It’s important for you to know what your customers want and how your business can help meet them. Proper market analysis will also help you learn about your competition, both in your area and around the world, and how to stay on top of the market.
• Marketing strategy After you’ve done a good job of studying the market, it’s time to figure out which strategies you’ll use to get and keep customers. In this way, show how your company will do this, including marketing and advertising campaigns, as well as the ways these campaigns will be spread.
• Budgeting The last parts of the business plan should be about the company’s finances and budget. Investors will also be interested in a well-thought-out financial plan, especially those who want to invest in businesses that can make a good profit. Financial statements, balance sheets, and other documents about your money are called “financial documents.”

Business plans can be divided roughly into 4 distinct types;

• Very short plans
• Presentation plans
• Working plans
• What-if plans

Business plans are one of many things that can help you get a loan. Most financial institutions require it, and even the ones that don’t require it usually expect it to be there. Even the ones that don’t require it usually expect it to be there.

• Situation analysis
• Market definition
• Product and services position
• Objective setting

Writing a business plan isn’t the only thing to remember. It’s important to think of it as a “living document.” That means the document should be able to change and adapt over time. The writing process doesn’t end when all of the parts are on paper. It goes on. It doesn’t stop writing as long as the business plan and business are still running.

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Top 4 Business Plan Examples

The Startups Team

Founders have to learn so many new skills when they're launching a startup, and writing a business plan is a big one. When you're writing your  business plan  for the first time, things can get…  intimidating.

What do you include? What kind of wording should you use? What do you make sure not to include? Is a mid size business plan different than an enterprise plan or a scalable startup? Do I need to include financials like cash flow statements? What do investors want to see?

It's enough to make even a stalwart startup founder and management team throw in the towel before they've even begun.

Lucky for you — we've created a  complete guide to writing your business plan . Check it out if you haven't already. (And if a link from there brought you here, just keep reading!) We'll share some business plan samples so you can get started writing your own professional business plan.

But, while it's nice to be guided step-by-step, it can also really help to have concrete examples when you're approaching creating something for the first time.

So, with that in mind, here are four sample business plans from the Startups community that we think really stand out from the crowd. We hope that these will serve as a startup business plan template and make it easier to write your own. At a minimum, these will provide some great business plan ideas whether you are writing traditional business plans for an established business or biz plans for an innovative new startup. While we would of course suggest you use our business plan creator, Bizplan.com, you can use these examples with any number of business plan apps or business plan software.

Click on the below links to see fully formatted versions or continue reading for the text-only version of Culina's.

LiveShopBuy

CULINA Executive Summary

Fast facts:.

Founded:  2013  Headquarters:  San Francisco, CA  Founder:  Kent McClure  Market Size:  $12.5 billion  Target Audience:  Homeowners; property managers; insurance providers.

Quick Description:

Culina is a San Francisco-based IoT and home automation company. We design an advanced smart hub technology that enables users to interconnect and remotely monitor all of their cooking devices and kitchen appliances through a single user-friendly platform.

Our Mission:

To make homes smarter, more connected, and safer for families while helping them save money and conserve energy through the power of affordable, automated technology.

Our Vision:

To become the leading provider of IoT technology for kitchen appliances on a global scale with applications across both residential and commercial properties.

Company Synopsis:

Culina Tech is the next leading name in home automation and IoT. We're committed to leading the charge in creating the ultimate smart kitchen for homeowners all around the world. Our revolutionary Smart Plugs enable users to make any kitchen appliance or cooking device intelligent. Compatible with all existing brands that plug into standard two or three-prong wall outlets, Culina creates an entire network of Wi-Fi-connected kitchen devices. The Culina App allows users to remotely monitor the status of and control all devices connected to our Smart Plugs. Whether it's remotely turning on the coffee pot after getting out of bed, turning off the stove if it was accidentally left on via smartphone, or switching on the crockpot before getting home from work, Culina is purpose-built to deliver unrivaled convenience and peace of mind.

With the ability to set energy usage caps on a daily, weekly, or monthly basis, Culina helps homeowners stay within their monthly utility budget and save energy in the kitchen through more efficient use of the dishwasher, refrigerator, freezer, stove, and other common appliances.

When a device reaches its energy limit, Culina alerts users through their smartphone and is built with the ability to power down the device automatically if the user chooses. The App measures key usage metrics in real-time, allowing users to get an instant dashboard view of energy consumption as it occurs.

Our team has already finished the product development and design phase, with 3 prototype iterations completed, and we are now ready to begin mass manufacturing. We've also gained major traction among consumers and investors alike, with 10,000 pre-ordered units sold and $5 million in capital secured to date.

With this round of funding, our objective is to ramp up hardware manufacturing, improve software UX and UI, expand our sales and marketing efforts, and fulfill pre-orders in time for the 2017 holiday season. We are currently seeking a $15M Series B capital investment that will give us the financial flexibility to achieve these goals. On behalf of the entire Culina Tech team, we'd like to thank you for your time and interest in our company and this investment opportunity.

Funding Allocation:

⇾  30% Manufacturing  ⇾  25% Sales & Marketing  ⇾  25% Key Hires  ⇾  20% Operational

Team Overview:

The kitchen is the heart of the home. It's a quintessential gathering place where families and friends come together to break bread, be merry, and make memories. But the kitchen is also where tragedy often strikes due to misuse of appliances. Kent McClure and his team set out to make the kitchen a safer and more energy-efficient place for the family after a tragic fire struck his own kitchen in late 2012. Thankfully, no lives were lost and everyone in his family made it out safe and sound, but Kent couldn't help but wonder  “what if.”

With decades in the industrial design space, Kent knew he had the knowledge and the industry contacts to set out to improve upon home automation devices for the kitchen with a solution that not only made homes safer but also cut down on energy consumption and associated costs. In early 2013, Culina was born. Since that time, Kent and the Culina team have made it their mission to completely revolutionize the home automation and IoT space with innovative, AI-powered technology.

Kent McClure | Founder & CEO  Kent is a Carnegie Mellon graduate with over 10 years of executive leadership experience in industrial design and engineering. He has a successful entrepreneurial history, founding a prior tech-based startup which he grew to $100 million in revenue, followed by an acquisition in 2010 and then IPO shortly after.

Sherri Carlson | COO  Sherri earned her MBA from Harvard Business School. She oversees all of Culina's ongoing operations and procedures and is responsible for driving Culina to achieve and surpass sales, profitability, cash flow, and business goals and objectives.

Martin Frink | CTO  Martin is a Stanford University alumnus with extensive technical expertise and over a decade of experience at venture-backed tech companies. He is responsible for Culina's technical vision, heading up all aspects of our technological development, strategic direction, development, and future growth.

Margaret Burns | CFO  Margaret earned her degree in Financial Management from NYU. Prior to joining Culina, Margaret spent seven years as CFO for a publicly-traded mobile tech company headquartered in Silicon Valley. She currently manages Culina's financial risks and handles all financial planning, record-keeping, and reporting.

COMPANY OVERVIEW

Market opportunity.

An enormous need exists for dramatic reductions in energy consumption. Businesses alone consume 12-20% of the total US energy supply on food production, processing, manufacturing, distribution, and preparation.

On the residential side, the Energy Information Administration estimates that the average US household uses 11,280 kWh per year. Many homeowners are simply unaware of the large amount of energy consumed by many small household kitchen appliances:

Dishwasher:  133 watts  Television:  1,200 to 2,400 watts  Coffee Maker:  900 to 1,200 watts  Washing Machine:  350 to 500 watts  Toaster:  55 to 250 watts  Window Fan:  800 to 1,400 watts

The majority of US households now spend roughly 35 percent of their energy consumption on appliances, electronics, and lighting.

Most homeowners don't think about the little details that can help save them money on their energy bill. The vast majority of people keep the refrigerator or freezer too cold, fail to make sure refrigerator door seals are airtight, neglect to regularly defrost fridges and freezers, overload their dishwashers, and keep dishwasher water temperature too hot. As a result, energy consumption remains high, and energy bills remain high.

Not only do kitchens represent a primary source of household energy consumption, but also a primary source of house fires. More fires start in the kitchen than in any other room in the home, and household cooking appliances frequently account for billions of dollars in fire-related insurance claims every year. The number one cause of house fires and house fire injuries is the stove.

✓  46% of house fires caused by cooking equipment  ✓  62% of house fires caused by ranges or cooktops  ✓  $4,000 average fire and smoke damage repair costs

Culina is actively solving both of these common challenges caused by cooking equipment simultaneously. Our technology provides homeowners with immediate, real-time insight into their energy consumption by aggregating data for all kitchen appliances connected to our Smart Plugs while also delivering the preventative intelligence necessary to reduce kitchen-related disasters.

Key Features and Benefits:

We designed our Culina Smart Plugs to work in tandem with an intuitive, user-friendly mobile application — allowing users to gain a much-needed technological upgrade to the most popular room in the house.

Easy Setup:

Culina Smart Plugs work with standard two and three-pronged appliances and cooking devices. Simply attach the Culina Smart Plug to the appliance's electrical, plug it into the wall, download the Culina app, connect, and configure.

Constantly Learning:

Powered by machine learning artificial intelligence, our Intelligent Culina Response System learns user habits every time someone uses an appliance connected to one of our Smart Plugs.

Multi-Threat Sensors:

Our state-of-the-art sensors detect a variety of potential threats to the kitchen — including sudden and unusual temperature fluctuations, poisonous gas and emissions, toxic smoke, and more. Homeowners receive alerts whenever unusual activity is in progress such as a stovetop being left on for too long or during an unusual time of day.

Remote Monitoring:

Users can monitor all information directly from an easy-to-navigate dashboard in real-time using the Culina App for iOS and Android. Users can check metrics such as fridge and freezer temperature, cook time, and usage data as it is being gathered.

Remote Appliance Control:

With the Culina App, users can control all connected appliances and devices. If our Smart Plug is attached to a crockpot, for example, a user can add the ingredients before they head to work, activate the crockpot remotely, and come home to a readymade meal waiting for them the moment they step through the front door.

Remote Shut-Off:

Not only does remote operation over appliances provide convenience, it also serves to prevent kitchen-related hazards. The Culina App includes auto shut-off capabilities allowing users to turn off appliances using their smartphone even when they're not at home. This is particularly useful in the event that users forget to turn off the oven or stove to prevent potential house fires.

Advanced Notifications:

In addition to notifying users if an appliance is left on by accident or if it detects a potential hazard, Culina also reminds users anytime regular maintenance is required.

Energy Consumption Data:

Users can also monitor energy consumption on a weekly basis right from the Culina App. By providing at-a-glance insight into whether energy use has gone up or down, users gain the ability to adjust their usage accordingly in order to conserve energy and ultimately save money in utility bills the long term.

Inter-operability:

Our cloud-based technology integrates with other popular platforms including Google's Nest and Lowe's Iris.

Cost-Saving Benefits:

Not only can users conserve money in energy consumption bills with Culina, but new insurance guidelines also provide significant discounts for homeowners who deploy smart technologies in their homes.

Pricing and revenue

Culina will initially monetize from hardware sales.

Our product will sell for $149 MSRP with approximately 40% profit margin. We will initially sell our product through popular e-commerce platforms and through our website — followed by brick-and-mortar outlets including Lowe's, Best Buy, Home Depot, and other major big box retailers.

Company Milestones:

With much of the heavy lifting already completed, Culina has laid the groundwork for rapid expansion going forward. Here's an overview of our accomplishments since first founding the company in 2013.

Consumer Validated:

Our first-generation product is market-ready and primed for commercial manufacturing. We have pre-sold 10,000 units, representing approximately $1,890,000 in pre-launch revenue. Our immediate customer base growing by the day and we have successfully proven that this is a product that consumers want and are enthusiastic about.

Investor-Backed:

We have secured a total of $5 million in funding from angel investors, founder capital, friends and family, and VCs.

Proprietary Technology:

We have applied for and have been granted a provisional patent for our Smart Plug technology.

Strategic Partnerships:

We are in the process of building relationships with notable industry leaders, influencers, and development teams in the home automation sector. We are also in advanced-stage partnership discussions with a number of major name insurance providers.

Press Mentions:

Culina has received coverage in many of today's most renowned tech and entrepreneurial publications, including The Wall Street Journal, The Huffington Post, TechCrunch, The Verge, WIRED, and Engadget, among others.

Manufacturing:

A US-based contract manufacturer has been secured and is ready to begin production with the capacity to produce around 50K units per month as we scale.

Future Development

Our initial focus on the consumer space with our launch product is just the first step in our long-term roadmap to growth. In order to capture a larger market share and continue scaling the company exponentially, we are planning on rolling out a B2B model in the future. This will provide Culina with new revenue streams and will offer a valuable, tech-driven solution for businesses.

Commercial Kitchens:

Commercial kitchens consume a huge amount of energy — roughly 2.5 times more per square foot than any other commercial space, according to the EPA.

The Foodservice Consultants Society International (FCSI) estimates commercial kitchen equipment is often only 50% efficient. The challenge with reducing energy consumption in commercial kitchens is that it's neither practical nor affordable to replace all kitchen equipment or redesign entire workspaces.

In an effort to reduce CO2 emissions, some governments are offering incentives to businesses that can cut back on their carbon footprint. In the UK, Enhanced Capital Allowances allow businesses to benefit from 100% tax relief on their qualifying capital expenditure on energy-saving equipment. This can provide a cash flow boost and an incentive to invest in energy-saving equipment which normally carries a price premium compared to less efficient alternatives.

Our 2nd generation product will represent a revenue-generating and energy-saving solution for commercial kitchens where equipment is frequently selected based on low capital cost with little regard to whole life-cycle cost and the resulting negative energy consumption.

Built on cloud computing, machine-to-machine communication, and information-gathering sensors, the Internet of Things market is rapidly making more and more commonplace devices “smarter.” Factor in the increasing prevalence of smartphones and tablets, and home automation and IoT products are now becoming much easier to use and significantly more affordable than they have ever been before.

What was once only reserved for the wealthy and tech-savvy, everyday consumers now have direct access to and can take advantage of a growing number of home automation devices. The evolution of the Internet of Things has enabled consumers to digitally connect and remotely control everything from their door locks to their thermostat to their garage opener and essentially everything else in between. Evidence of the enormous impact home automation tech has had in the consumer space can be seen in the enormous adoption of products like Nest and Amazon Echo.

The home automation market and Internet of Things (IoT) space is a thriving industry with growth expected to exceed $50 billion by 2020. This represents an estimated 300% increase from today's market of $12.5 billion. Around 8.4 billion connected devices will be installed globally by the end of 2017, representing a +31% increase in just one year. Around 63% of these devices will be used by consumers, with the remainder deployed by businesses.

Culina is perfectly positioned to capitalize on a major multi-billion dollar market opportunity to provide greater protection, actionable intelligence, lower energy consumption, and more cost savings to the millions of homes in the US.

Target Audience

We are directly targeting three specific target populations for our product:

Homeowners:

Homeowners are our end users and will benefit the most from our product. For homeowners, Culina represents safety, peace of mind, increased convenience, and an economically-wise investment that pays for itself over time.

Residential Property Managers:

Including apartment complexes and student housing owners. Culina offers increased owner ROI, occupant satisfaction, and significantly lower operational and maintenance costs.

Insurance Companies:

By reducing home fires caused by unattended cooking and the resulting billions of dollars in related insurance claims filed every year. Insurance companies can also leverage our technology to adjust homeowners insurance policy pricing.

Marketing Strategy

Culina has carefully developed a diverse marketing plan intended to keep our brand in the hearts and minds of our existing and prospective customers, enabling us to continue expanding our reach and grow our business. Between our massive social network followings and email database contacts, we regularly communicate directly with over 100,000 consumers.

SEO & Social:

We will drive traffic and conversions to our website using social media marketing via Facebook, LinkedIn, Twitter, Instagram, Snapchat, YouTube, and others. We are also exploring SEO and SEM.

Content Marketing:

We consistently release marketing content through our blog that aims to educate our audience about the value that our product provides. Our content marketing efforts aim to influence and persuade readers without having to rely solely on conventional direct selling tactics.

Influencer Marketing:

We will launch an initiative to guest blog articles and features in IoT, home automation, and startup tech publications like TechCrunch, Wired, VentureBeat, and other outlets in our industry.

Competitive Landscape

Primary competitors for Culina include other companies that are currently operating in the home automation and Internet of Things space, such as Nest Labs, Amazon Echo, and Wallflower Labs.

Leading home automation company Nest introduced its first product, Nest Learning Thermostat, in 2011. The company was founded in 2010 by former Apple engineers Tony Fadell and Matt Rogers and is headquartered in Palo Alto, California. Nest was acquired by Google on January 14, 2014, by Google for $3.2 billion and still operates under its own brand identity.

Nest Labs designs programmable, self-learning, sensor-driven, Wi-Fi-enabled thermostats, smoke detectors, and other security systems.

The 3rd generation Nest Thermostat prices at $249; Nest Indoor and Outdoor Cams are $199; and their Smoke & CO Alarm retails for $99.

Key Weaknesses:

After Nest's acquisition, the company has underperformed in sales and fallen below the expectations that Google set for them when it purchased the startup.

Amazon Echo

Amazon Echo, also known as Alexa, is a voice command device powered by artificial intelligence and designed by mega online retailer Amazon.com. The smart home hub was initially released in November 2014.

Alexa is a voice-activated virtual assistant housed within the Echo smart speaker. Users simply say her name and then ask a question or give a command.

The Amazon Echo retails for $99 for Amazon Prime members and $170 for everyone else.

However, some users have noted the uneven sound quality and limited “skills” capabilities. Users can also only interact and communicate with Alexa in English and German.

Founded December 1, 2013, Wallflower Labs is a Charleston, MA-based startup that designs an internet-connected smart plug that works with any freestanding plug-in electric stove. The company's founder previously founded Yap — a speech recognition technology that was acquired by Amazon in 2011 to help develop Alexa. The startup has raised a total of $2.5 million from three rounds of equity funding to date, with the most recent funding reported at $1.5 million via a convertible note on August 30, 2016.

The smart plug sounds an alarm and alerts homeowners via smartphone when the stove is turned on, someone forgets to turn it off, when a cooking time expires, or the smoke alarm activates.

Because Wallflower Labs are still in the pre-launch phase, the company has not yet publicly released consumer pricing information.

Unlike Culina, which connects with all smart appliances and cooking devices in the kitchen, Wallflower Labs is solely focused on monitoring stove usage.

How Culina Measures Up:

Differentiating Factors

Culina maintains a unique competitive advantage over other existing home automation and IoT products in several categories. Our biggest differentiators include:

Diverse Product Capabilities

Culina makes it possible to gain an across-the-board view from an entire network of interconnected devices. Whether they're connected to the refrigerator, gas or electric-powered stove, microwave, or dishwasher, our Smart Plugs can deliver insight into everything from smoke and gas detection, to temperature changes, and usage metrics — regardless of the brand and through a single, user-friendly app.

User-Friendly

Our technology is easy to use and doesn't require any technical-savvy. Setup and configuration are simple, users are able to be up and running out of the box in approximately 10 minutes, and software updates are deployed over the air.

Affordability

Culina is priced below our competitors' products while delivering superior functionality and value. This will be an essential factor in helping us continue to gain market share nationally.

Team Strength Our team is comprised of industry veterans who bring decades of experience to the table across industrial design, mobile tech, cloud-based technology, artificial intelligence, and more.

Our leadership team has a history of starting and leading companies to successful exits and has established valuable relationships with industry leaders along the way that will help us strategically position Culina as a market innovator in the days ahead.

Investment Opportunity

Culina is currently seeking a total of $15M in  Series B equity financing  to fuel the next stage of company growth — including manufacturing, pre-order fulfillment, ongoing development of our platform, and marketing efforts in order to continue expanding the Culina brand. Any remaining funds will be allocated as operating capital.

Why Invest in Culina? With Culina, investors have the opportunity to get in on the ground floor with a company that's positioned to grow into a leading innovator in the home automation and IoT space.

With Culina, we've tapped into something truly extraordinary that's being celebrated by both early adopters and investors alike. With 10,000 units pre-sold and $1.89M in pre-launch revenue , we've already successfully demonstrated validation in the consumer space. With over $5 million in funding secured across several financing rounds, we've already proven that investors believe in our company, our mission, and our ability to succeed.

We've also established a scalable business model and robust product pipeline that will prime us for widespread expansion in the days ahead. We're now seeking investors who share our passion and commitment to pushing the boundaries of what home automation can be and do through nextgen technology.

We're looking forward to working with you in accelerating Culina's growth to become a dominant player in the booming global home automation and IoT industry.

In Conclusion

We hope these  business plan  examples will get you started on the right path in getting your business idea into a full-on company. Keep in mind that these startup business plan examples are not a uniform guide for every business, and some information may vary. You may need a 5-year business plan template, or perhaps just some business plan examples for students. Make sure to remember this as you start writing your business plan, and comment below to let us know if these examples of business plans for startups were helpful in your startup journey.

For more helpful founder information: check out our podcast! The No BS version of startup life you've been looking for:  Startup Therapy .

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Fintech Startup Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Financial Services

Are you about starting a fintech startup? If YES, here is a detailed sample fintech startup business plan template & FREE feasibility report.

It is no longer news that the advent of the internet has paved way for unlimited business opportunities that one can easily start and run from a location and have clients in different countries of the world. One of the businesses that can easily be started by leveraging on internet technology and financial expertise is a fintech startup business.

You might ask ‘what is Fintech?’

Simply put, fintech, which is also known as financial technology, is a technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.

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The use of smartphones for mobile banking, investing services and cryptocurrency are examples of technologies aiming to make financial services more accessible to the public.

Starting a fintech startup business can be rewarding but you would have to compete with other well – established fintech companies on the Web. The fact that you will be competing with people from all over the globe is enough reason for you to be result oriented and at the same time be creative with your fintech business.

If you are interested in starting a fintech company, then you should be ready to conduct thorough feasibility studies and market survey before committing your money and other resources to it.

Asides from feasibility studies and market survey, one of the important documents that will aid the success of the business is a good and workable business plan. Below is a sample fintech startup business plan template that can help you write your own business plan with little or no stress.

A Sample Fintech Startup Business Plan Template

1. industry overview.

Players in the Financial Technology (FinTech) industry consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

Basically, they integrate finance and technology in ways that provide a variety of new services to businesses and consumers. Most of the services offered by FinTech companies had hitherto been delivered by traditional financial institutions such as banks.

If you are a close observer of happening in the FinTech industry, you will agree that the industry is highly fragmented and expanding quickly. Areas such as peer-to-peer lending, money transfer, and digital banks have performed especially strongly over the past five years.

The industry heavily relies on third-party financing. Improving economic conditions over the past five years have supported funding from both private and public sources.

Fintech companies in the united states raised .4 billion in 2018, a 43 percent increase over 2017 figures. Global investment in financial technology increased more than 2,200 percent from $930 million in 2008 to more than $22 billion in 2015.

The nascent financial technology industry in London has seen rapid growth over the last few years, according to the office of the Mayor of London. Forty percent of the City of London’s workforce is employed in financial and technology services.

In Europe, $1.5 billion was invested in financial technology companies in 2014, with London-based companies receiving $539 million, Amsterdam-based companies $306 million, and Stockholm-based companies receiving $266 million in investment. After London, Stockholm is the second highest funded city in Europe in the past 10 years.

Europe’s fintech deals reached a five-quarter high, rising from 37 in Q4 2015 to 47 in Q1 2016. Lithuania is starting to become a northern European hub for financial technology companies since the news in 2016 about the possible exit of Britain from the European Union. Lithuania has issued 51 fintech licenses since 2016, 32 of those in 2017.

For example, a report published by IBISWorld shows that in uk, the Financial Technology (FinTech) industry has grown strongly over the past five years, with revenue forecast to increase at a compound annual rate of 9.9 percent over the five years through 2018-19.

The industry has been supported by an accommodative regulatory environment, in addition to good access to skilled employees and external finance. However, UK FinTech companies face some headwinds, including strong competition with firms in other countries such as Singapore, New York and California.

In addition, the industry has had to contend with an increasingly volatile economic environment since the EU referendum, while comparatively high office rental costs have affected operators. Nonetheless, revenue is expected to increase by 10.5 percent during 2018-19 to reach £9.2 billion.

Despite the fact that financial technology (FinTech) business is still much of a Green business, the business will continue to blossom because more and more users will embrace the use of the services offered by financial technology (FinTech) companies in the nearest future.

So, if you have an entrepreneurial mentality and you wish to join a massive technological revolution, you can start your own financial technology business.

Some of the factors that encourage entrepreneurs to start their own financial technology (FinTech) business could be that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own financial technology (FinTech) business from any part of the world.

All you need to do is to have the right network with financial institutions like banks et al and be ready to abide by the clearing rules. You don’t necessarily need to see the people you are doing business with since you can transact business with clients from any part of the world.

Lastly, starting a financial technology (FinTech) business requires professionalism, advance mathematics skills and good grasp of how cryptocurrency and a digital payment system works on a global platform. Financial services are among the most heavily regulated sectors in the world.

Besides, you would need to get the required certifications and license and also meet the required standard for such business before you can be allowed to start a financial technology (FinTech) business in the United States.

2. Executive Summary

Pay Net® FinTech, Inc. is a registered and licensed financial technology (FinTech) and a digital payment system company incorporated under the law of the United States of America. The business will be based in Silicon Valley – California and we are able to secure a well – positioned and standard office facility.

We are aware that to run a standard financial technology (FinTech) startup company can be demanding which is why we are well trained, certified and equipped to perform excellently in our chosen line of business.

Pay Net® FinTech, Inc. is a client – focused and result driven financial technology (FinTech) and a digital payment system company that provides tested, trusted and broad – based financial technology services at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer standard and professional financial technology (FinTech) services to all to our clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations.

At Pay Net® FinTech, Inc., our client’s best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hire professionals from any part of the world who are experienced in financial technology.

Pay Net® FinTech, Inc. will at all – time demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Our plan is to position the business to become one of the leading brands in the financial technology (FinTech) industry in the whole of Silicon Valley – California, and also to be amongst the top 10 financial technology (FinTech) companies in the United States of America within the first 10 years of operation.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Silicon Valley is the right place to launch our financial technology business.

Pay Net® FinTech, Inc. is founded by Larry Willis and Justin Bob, his business partner for many years. The organization will be managed by both of them since they have adequate working experience to manage such business. Larry Willis has over 5 years’ experience working at various capacities within the financial technology (FinTech) and digital payment system  industry in the United States of America.

Larry Willis graduated from both University of California – Berkley with a Degree in Information Technology, and University of Harvard (MBA). He is also a Certified Bitcoin Professional (CBP) and Justin Bob has Blockcerts Certification, Cryptocurrency certification, Ethereum certification, and Blockchain professional certification.

3. Our Products and Services

Pay Net® FinTech, Inc. is going to offer varieties of services within the scope of the financial technology (FinTech) and digital payment industry in the United States of America. Our intention of starting our financial technology company is to offer nothing but the best of services.

We are prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals. Our business offerings are listed below;

• Operating peer-to-peer lending platforms
• Digital banking
• Payment services
• Investment platforms and management
• Credit and lending
• Distributed ledger technology
• Operating investment platforms
• Investment management services
• Unbanked/underbanked, services that seek to serve disadvantaged or low-income individuals who are ignored or underserved by traditional banks or mainstream financial services companies.

4. Our Mission and Vision Statement

• Our vision is to disrupt incumbents in the finance industry by expanding financial inclusion and using technology to cut down on operational costs.
• Our mission is to offer services that will integrate finance with technology in order to provide new or improved services to businesses and consumers in the United States and from all across the globe.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard financial technology company in Silicon Valley – California, we have perfected plans to get it right from the beginning which is why we will ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.

The kind of financial technology business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Silicon Valley – California. Below is the business structure that we will build Pay Net® FinTech, Inc. on;

• Chief Executive Officer

FinTech Operations Specialist

• Programmers and Software Developers

Admin and HR Manager

Digital Marketers (Marketing and Sales Executive)

• Customer Care Executive / Front Desk Officer

Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Monitor and reconcile accounts
• Assist in reconciling FED subaccounts
• Act as liaison between various bank departments to facilitate account maintenance, resolve issues and escalate inquiries
• Maintain proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, OFAC, Regulation E, Truth In Savings Act and Unfair, Deceptive or Abusive Acts or Practices (UDAAP)
• Participate in weekly status calls
• Assist in maintaining policies, procedures and risk assessments
• Compliance with all regulatory requirements

Software Developer/Programmer

• Responsible for designing, installing, testing and maintenance of software systems for the organization
• Reviewing current systems
• Presenting ideas for system improvements, including cost proposals
• Working closely with analysts, designers and staff
• Producing detailed specifications and writing the programme codes
• Testing the product in controlled, real situations before going live
• Maintaining the systems once they are up and running
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversee the smooth running of the daily office activities
• Identify, prioritize, and reach out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts
• Writing winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Document all customer contact and information
• Represent the company in strategic meetings
• Help increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions as recorded
• Prepare the income statement and balance sheet using the trial balance and ledgers
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Associate Fraud Specialist- Call Center/Merchant Disputes Specialist / Help Desk Officer

• Reviews and responds to suspected fraudulent service requests, queues, and transaction records to identify potentially fraudulent transactions or accounts.
• Identifies problems by performing relevant research using the appropriate tools
• Utilizes custom and standard software programs and applications as well as manual review to analyze transactional and customer record for fraud.
• Maintains control of inbound calls
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Performs and understands systems such as Enhanced Chargebacks and debit network rules.
• Explains decisions and outcomes to internal and external customers, clients and cardholders.
• Exhibits specialized knowledge in regulatory rule requirements based upon review of non-standard, cardholder-provided documentation.

6. SWOT Analysis

Pay Net® FinTech, Inc. engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured financial technology company that can favorably compete in the highly competitive financial technology industry.

Part of what the business consultant did was to work with the management of our organization in conducting a SWOT analysis for Pay Net® FinTech, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Pay Net® FinTech, Inc.;

We can boast of a team that has analytical and critical thinking skills that can help them find creative solutions for our clients. Aside from the synergy that exists in our carefully selected workforce, we have a very strong online presence and we are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

One of the weaknesses that are obvious to us is the lack of capacity and inability to compete with big players in the industry especially as it relates to partnering with major players in the banking and finance industry. Most of them like partnering with businesses that have been in existence for a while.

• Opportunities:

The opportunities in the financial technology (FinTech) and digital payment system industry is massive considering the number of online trading companies and people that make online transactions all over the world. As a standard financial technology (FinTech) startup company, we are ready to take advantage of any opportunity that comes our way.

Businesses in the financial technology (FinTech) industry, particularly start-ups, face a host of technological, legal and regulatory challenges and unexpected events. For example, automation of processes and digitization of data makes fintech systems vulnerable to attacks from hackers.

Recent instances of hacks at credit card companies and banks are illustrations of the ease with which bad actors can gain access to systems and cause irreparable damage.

7. MARKET ANALYSIS

• Market Trends

In this age and time when transactions worth multiple thousands of Dollars are conducted online, you can be rest assured that financial technology (FinTech) startups are in for good times. You will agree that there is hardly any serious player in the cyberspace who is not transacting with cryptocurrency and hosting digital payment system on their platform.

This goes to show that sooner than later, cryptocurrency and digital payment system will become the most used payment system in the globe. Trends toward mobile banking, increased information, data, and more accurate analytics and decentralization of access will create opportunities for all four groups to interact in unprecedented ways.

In recent time, financial services institutions offered a variety of services under a single umbrella. The scope of these services encompassed a broad range from traditional banking activities to mortgage and trading services. In its most basic form, Fintech unbundle these services into individual offerings.

The combination of streamlined offerings with technology enables fintech companies to be more efficient and cut down on costs associated with each transaction. Another notable trend shows that financial technology (FinTech) is also being leveraged to fight fraud by leveraging information about payment history to flag transactions that are outside the norm.

Lastly, operators in this industry ensure that they get all the testimonials they can and publish them on their website and promotional materials. This usually goes a long way to give them credibility and also to attract more clients to them.

8. Our Target Market

Pay Net® FinTech, Inc. will initially serve small to medium sized business, but that does not in any way stop us from growing to compete with the leading financial technology (FinTech) companies in the United States and from across the globe.

As a standard and licensed financial technology (FinTech) startup company, Pay Net® FinTech, Inc. offers a wide range of cryptocurrency and digital payment services hence we are well trained and equipped to service a wide range of clientele base such as;

• B2B for banks
• Banks business clients
• B2C for small businesses
• Consumers (everyday individual clients)

Our competitive advantage

It is indeed a growing competition in the industry hence a host of tech-savvy industry watchers warn that keeping apace of fintech-inspired innovations requires more than just ramped up tech spend. Rather, competing with lighter-on-their-feet startups requires a significant change in thinking, processes, decision-making, and even overall corporate structure.

Part of our competitive edge is that we can deploy new technologies, like machine learning / artificial intelligence, predictive behavioral analytics, and data-driven marketing, automated customer service technology, utilizing chatbots and AI interfaces to assist customers.

We also have access to highly skilled workforce, ready access to investment funding and the capacity to comply with government regulations.

9. SALES AND MARKETING STRATEGY

We are mindful of the fact that there is fast – growing competition amongst players in the financial technology industry in the United States of America and around the globe; hence we have been able to hire some of the best business developers cum digital marketers to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the marketplace. Pay Net® FinTech, Inc. is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to all the bitcoin exchange and trading companies, programmers, investors, and internet – business oriented people and organizations within and outside the United States
• Promptness in bidding for online payment platform contracts from bitcoin exchange and trading companies cum bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States
• Advertise our business in relevant programming magazines, radio and TV stations
• Attend international financial technology (FinTech) related seminars and business fairs et al
• Create different packages for different category of clients in order to work with their budgets
• Leverage on the internet to promote our business
• Join related associations around us with the aim of networking and marketing our services; we are likely going to get referrals from such networks.

Sources of Income

Pay Net® FinTech, Inc. is established with the aim of maximizing profits in the financial technology (FinTech) and digital payment industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Pay Net® FinTech, Inc. will generate income by offering the following services and products

• Unbanked/underbanked, services that seek to serve disadvantaged or low-income individuals who are ignored or underserved by traditional banks or mainstream financial services.

10. Sales Forecast

One thing is certain, there would always be bitcoin exchange and trading companies, people and organizations that make online transactions that would need the services of financial technology (FinTech) companies.

We are well positioned to take on the available market in Silicon Valley – California and in the cyberspace and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base beyond Silicon Valley to other cities in the United States of America and in the cyberspace.

We have been able to examine the financial technology (FinTech) market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Silicon Valley – California.

Below are the sales projections for Pay Net® FinTech, Inc., it is based on the location of our business and the services and products that we will be offering;

• First Fiscal Year:  $250,000
• Second Fiscal Year:  $450,000
• Third Fiscal Year:  $950,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and internet shutdown within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to take the financial technology (FinTech) and digital payment system industry by storm which is why we have made provisions for effective publicity and advertisement of our financial technology (FinTech) startup company. Below are the platforms we intend to leverage on to promote and advertise Pay Net® FinTech, Inc.;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events/programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
• Install our Billboards in strategic locations all around Silicon Valley
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

At Pay Net® FinTech, Inc. we will keep our fees a little bit below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to startups, nonprofits, cooperatives, and small social enterprises who want to transact with cryptocurrency and other digital payment platforms.

• Payment Options

The payment policy adopted by Pay Net® FinTech, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that Pay Net® FinTech, Inc. will make available to her clients;

• Payment via bank transfer
• Payment via online bank transfer
• Payment via mobile money
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients.

13. Startup Expenditure (Budget)

These are the areas we are looking towards spending our startup capital on;

• The total fee for incorporating the Business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400.
• The amount needed to acquire a suitable Office facility in a business district for 6 months (Re – Construction of the facility inclusive) – $40,000.
• Marketing promotion expenses for the grand opening of Pay Net® FinTech, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The total cost for hiring Business Consultant – $2,500
• The cost for equipping the office (computers, software apps and hardware such as Application-specific integrated circuit (ASIC) machines and other cryptocurrency and digital payment system related software apps, internet server, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $45,000
• The cost of launching our official Website – $2,000
• Budget for paying at least two employees for 3 months and utility bills – $45,000
• Additional expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous – $1,000

Going by the report from the research and feasibility studies, we will need about Two Hundred and Fifty Thousand US Dollars ($250,000) to set up a small scale but standard financial technology company in the United States of America.

Generating Funds/Startup Capital for Pay Net® FinTech, Inc.

Pay Net® FinTech, Inc. will be owned and managed by Larry Willis and his business partner Justin Bob. They are the financiers of the company, but may likely welcome partners later which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.

One of our major goals of starting Pay Net® FinTech, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our financial technology services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Pay Net® FinTech, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check : Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Leasing a standard and well positioned office facility in the heart of Silicon Valley – California: Completed
• Generating part of the startup capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed software applications, internet server, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

More From Forbes

Bootstrapping a tech startup 20 expert tips for finding success.

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Starting any business can be a challenging endeavor, but in the competitive world of tech, bootstrapping a business on your own, without the help of investors, can be a big mountain to climb. The reward of being your own boss and having full control over the future of your company, however, can be a major incentive for those aspiring entrepreneurs willing to put in the work.

But before you jump in, consider the following 20 tips from the business experts of Forbes Business Council . From building a strong foundation to embracing persistence, they share key insights into building a business the right way from the start.

1. Start With Your Customer

Always start with a customer—not with building a product. Only take product feedback and advice from customers. Ignore everyone else. - Amir Tarighat , Agency

2. Try Not To Rush It

You can't rush it. Too many become impatient and make foundation-sacrificing decisions to reach a certain milestone quickly. This can be detrimental in the long run. The most successful long-term businesses are those built around a core mission with clear values and a strong foundation that doesn't waver. - Matthew Halpert , Immunocine Cancer Center

3. Build A Strong Operating System And Foundation

Start with a strong operating system that holds your team accountable, and put genuine care and concern into building a strong foundation. This is the key to tech startup growth. When an entrepreneur is bootstrapping, they must make sure there are processes in place, with the right people in the right seats, and measure key metrics so the business can operate efficiently. - Kelly Knight , EOS Worldwide, LLC

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Identify your ideal customers, talk to them and understand their primary problem, its urgency and why they have it. Assess if they are willing to pay for a solution. Brainstorm a low-fidelity solution, then minimize development time using free software. Launch the MVP, talk to customers and iterate. - Mostofa Shakib , Variant Technologies

5. Work In The Business So You Can Work On The Business

Work in the business initially, but always remember that you will soon be delegating this to someone else so you can work on the business. Usually, a service-based business that morphs into a solution- rather than a product-based business has more chances of surviving when bootstrapped. - Sach Chaudhari , Paradiso Software

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6. Understand Your Customer, Their Needs And The Market

Know your customer, what they need, what they will pay for and how big the market is. Leveraging open-source tools is a great way to build community, scale, gain flexibility and develop a great product. However, confirm enough people are willing to pay for the service you offer, and evolve your offerings as you go. This has worked for Percona for the last 18 years! - Ann Schlemmer , Percona

7. Find A Team That Can Support Your Weaknesses

Identify your strengths and weaknesses early and then find the right people to support you. For example, you may be the “brains” behind the product or service but not have interest in managing the financials. In this case, find a strong fractional or full-time CFO to focus on cash flow and financial matters. - Matthew Gantner , Altum Strategy Group LLC

8. Channel Your Energy Into Early Revenue

Monetize quickly to validate your product and fuel growth. Seek non-dilutive capital through grants or competitions, as free money is the best money. Surround yourself with a council of seasoned advisors. Pay them in gratitude and future equity but only after hitting significant milestones. Protect your equity like your life depends on it—because it does. - Maxim Atanassov , IUVO Consulting Corp.

9. Solve A Problem For A Niche Market

Solving a real problem for a specific niche market helps you create a product that truly meets users' needs, ensuring initial traction and customer loyalty. By deeply understanding your target audience, you can allocate resources efficiently, iterate quickly based on feedback and build a sustainable business even with limited funds. - Nilesh Parmar , NP Collective

10. Get Comfortable Being Uncomfortable

First off, dream. Your mind is the canvas, and you are the artist and the creator of your own life. I'd advise you to step into the unknown and get more comfortable with being uncomfortable. Prioritize learning and focus on building a product that helps others succeed. The by-product of that will be success. - Noman Siddiq , Cloudlead, Inc.

11. Make Cash Flow Management A Priority

Make cash flow management a priority as soon as you have working capital. This starts with establishing consistency in customer payments. If this slips, the result is poor cash flow that can kill growth. To grow, entrepreneurs must stand their ground, tighten and enforce credit terms, negotiate longer payment terms with suppliers, and maintain strict budget control. Liquidity is your goal. - Marius Silvasan , eCapital

12. Focus On 'Reach,' 'Packaging' And Then 'Substance'

After a stable launch—when the product is reasonably free of bugs and tech issues—put most of your personal time on “reach” (market visibility) followed by “packaging” (USP and market perception) followed by “substance” (your actual product and tech). An approximate ratio would be around 70:20:10. - Nitin Gupta , QRCodeChimp

13. Take Advantage Of Free Or Low-Cost Tools

Leverage free or low-cost tools and resources to minimize expenses. Utilize open-source software, online learning platforms and community forums to build and improve your product. This approach helps you manage costs effectively while still gaining the necessary skills and support to grow your startup, allowing you to stretch your limited budget further. - Archer Chiang , Giftpack

14. Focus On Revenue And Growth Drivers

Move from interest to commitment. You have limited resources, so don't waste time on "nice-to-haves." Focus only on what directly drives revenue and growth. Every decision should pass the litmus test: Does this action bring us closer to profitability? If not, scrap it. This laser focus will ensure you don't spread yourself too thin and can pivot quickly when needed. - Greg Clement , Realeflow

15. Remember The Other Aspects Of Business

Don't forget about the big picture. Many entrepreneurs are focused on their technical solutions and forget that the road to customer success includes stops in marketing, sales, operations and support. - Brandon Carlson , Lean TECHniques, Inc.

16. Seek Outside Perspective And Advice

Create an advisory board that can provide you with outside perspective and advice and is made up of leaders who have wide-ranging, relevant experience to share. This will create a cadence of accountability for sharing business metrics, successes and obstacles, providing you with a feedback loop and opportunity to reflect on your progress and future plans, absent reporting to a formal board. - Leeatt Rothschild , Packed with Purpose

17. Keep Talking To Customers as You Grow

Don't stop talking to customers. Many startups nail this early on but lose touch as they scale. Big mistake. Keep having conversations with current and potential customers. You'll uncover game-changing insights that surveys miss. Use this market validation to guide your expansion. Your customers are your best market researchers—but you have to ask them. - Ron Carson , Thirdside

18. Embrace Persistence

For entrepreneurs looking to bootstrap their tech startup, it's essential to have a strong vision and the patience to see it through. Embrace persistence, and be prepared to reinvest your funds to continually improve the business. Seek advice from seasoned entrepreneurs who have successfully navigated this path to avoid common pitfalls and leverage their experiences for your success. - Jonathan Treble , WithMe, Inc.

19. Believe In Your Ability To Achieve

Always believe in what you want and can achieve. Success is a journey of passion and self-motivation. If you think you achieved something already, then aim at achieving excellence. - Areff Salauroo , La Sentinelle Group

20. Trust The Process And Stick To The Plan

As you work to build your business, you may face financial challenges early on that tempt you to take outside investments, especially in the tech space. My advice to entrepreneurs is to trust the process during these ambitious times and stick to your plan. Despite the hardships, I never regretted bootstrapping UWorld because it provided me the freedom to build the business how I envisioned it. - Chandra Pemmasani , UWorld

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Reporting by Nilutpal Timsina in Bengaluru, editing by Deepa Babington

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