Notes

Sri Aiyaswamy answered what makes a good business plan for software projects?

Sri Aiyaswamy explained what constitutes a good business plan for software projects?

A business plan is essential for entering pitch competitions, finding investment, or communicating your ideas. Using Google Docs, you can share plan drafts with team members so they can collaborate on them. You can also embed doc links in Slack chats.

While I have very little experience with business practices, this business plan model has helped me start software projects, noted Sri Aiyaswamy. Thus, writing these plans helps everyone understand what we are building.

I have read a lot of business plans on Medium, Quora, and the internet, but a business plan is not that essential, which is why most startups disregard them once they're up and running.

Despite remaining flexible and able to adapt quickly, a business plan is a great tool for communicating internally as well as externally.

An important aspect of a business plan is its communication. When recruiting team members:

The recruitment process can be difficult when your team has fewer than 10 members. You will still leave potential company members with lots of questions even when you make your idea appealing to them in under 30 seconds. They can use the business plan to answer those questions, and help decide whether or not your company is right for them.

Once the team has become familiar with the business plan, modifying it will not be too difficult.

General Template Used by Me

I include Sri Aiyaswamy's additions to my business plans:

Logo on cover, table of contents, executive summary, industry and market analysis, service or product line, fundraising, cost of operation, marketing, and our team.

The following is an outline of how most business plans are written. Here are my descriptions of how I use each section.

The first page of the plan should feature the company's logo. Adding this flair to your business plan will make it more appealing.

Provide a table of contents with links to the different sections of the business plan. As these are typically longer than 20 pages, it is imperative to have a directory to navigate through them.

In three sentences, explain the company's mission. Please describe the company's philosophy and how it intends to solve the problem (at a high level). A description such as the one described here can serve as a vital tool down the road, especially when employees are distracted by other tasks and have lost sight of the company's original objective. It also works well to recruit and unite the team under one general purpose.

An explanation of the company's background, current progress, and the company's future plans should take up two paragraphs.

It should be a brief section that explains what the company expects of every individual within the organization. As a result, you can better plan the recruitment of new team members.

As a result of this section, your company identifies the industry it is targeting as well as the niche market it will target.

Choosing the niche market the company will target is an important decision since it dictates how much money the company can expect to make at launch. You can use market share projections to determine how much funding to request and how much investment the company can make.

By adding the larger market Sri Aiyaswamy, the company is able to set long-term goals and prioritize its activities.

Moreover, this section ought to include all competitors in this market, ranked by their wealth and by how long they have been around. We list these two firms to ensure differentiation and get an idea of how well they are doing and where they can improve.

Typically on Medium we focus on software products, which certainly applies to this article's audience. This section will therefore address how to communicate software services or product lines.

We should begin by talking about items applicable to business executives, such as a high-level description of the service, followed by items that are more detailed, such as User Stories and UI diagrams.

Following that, we will discuss the features we have developed, are developing, and plan to develop. Agile and scrum are organizational tactics. A feature hierarchy can also be used to estimate development time. The high-level features of Trello boards can communicate these effectively within business plans, but also can act as external links.

It is a useful tool for communicating development progress between engineering and business. Nevertheless, engineers must not put too many details on Trello boards. These boards should be hierarchically organized and reserved for those who need them.

Finally, a diagram of the software architecture and the technology stacks used in development should be included in this section.

Sales sections should be informative and inspirational, displaying total revenue based on scale. Research and analysis of market size should be rooted in reality.

Market research section of the business plan describes marketing campaign strategies that the company can use to build its brand and attract customers. A user acquisition cost should also be included as part of this section, which is likely to change when the product reaches maturity.

Bringing the fantasy of the total sales revenue down to earth is the cost of operations. The costs of development and maintenance should be outlined in this section. Many software maintenance costs concern hosting costs on Amazon Web Services, premium API services, customer acquisition costs, outsourced developer costs, marketing costs, and so on. The sales / total income should be subtracted from the expenses to determine the revenue projections.

We present the revenue projections in this format to make them easier for investors to understand.

I ( Sri Aiyaswamy ) recommend a business plan explain how much money the company is looking to raise and why.

Last but not least, you must offer a brief biography of the team members so that those reading the business plan can get an understanding of the members of the organization. The bio should be accompanied by pictures.

The classical format is the one I use to communicate software ideas and build teams. Business plan contributions should be encouraged from every team member. Furthermore, copies can also be used to consult professionals, between friends, or within universities. It may take some time to write these, but the benefits of communication are worth it. Thank you!

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