MAN303: Business Plan – Report Writing
You are required to write a 1500 word report presenting a business plan for an imaginary software app venture, described in the scenario below:
Scenario: Forget-me-not app
After being locked out of your Kaplan account too many times for forgetting your password, you decide to develop a phone app that will securely store and remember all passwords. Developing this business will include market research, software development and marketing. You have to develop a plan, including a revenue strategy to turn your idea into a profitable business.
In this individual assessment, students will be given the opportunity to construct a comprehensive business plan for potential investors, demonstrating an understanding of business metrics, and effectively promoting investment potential.
A business plan is a written document containing the goals for the business and the methods for attaining those goals, including the business model, resourcing, operations, and marketing. A business plan can help you obtain financing, gain support from staff, suppliers and other stakeholders, and provide direction, discipline and motivation to all business activities
Your task is to develop a business plan in report format for the ‘Forget-me-not’ scenario above, using the headings and content as below:
Venture idea, including:
Value proposition, target customers and justification
The vision and goals for the business
Industry and competitor analysis (how are you different from any alternatives?)
Business model, referring to the lean canvas framework
Venture financials including cost estimates, revenue justifications (price x quantity), whether need external finance, and how you would seek this.
Conclusion: a re-statement of the key points in your report and a justification of why your venture idea is worthy of investment.
The word count will not include the executive summary, reference list or any words in tables.
You are required to use at least 3 sources of information and use the Kaplan Harvard Referencing Style. These may include course content, websites, government publications, industry reports, journal and newspaper articles. These references should be included as in-text citations and a reference list at the end of your business plan.
In today’s digital age, remembering passwords is becoming increasingly difficult. In response to this challenge, this report presents a business plan for an imaginary software app venture named ‘Forget-me-not,’ which aims to securely store and remember all passwords. This venture will involve market research, software development, and marketing to make the app profitable.
Value Proposition: ‘Forget-me-not’ app is an innovative solution that securely stores and remembers passwords. The app will provide a single place for users to save all their passwords, ensuring they never forget or lose them again.
Target Customers: Our target customers are individuals who are tech-savvy, use multiple devices, and have difficulty remembering their passwords. Additionally, our target customers are concerned about the security of their personal information and seek a reliable solution to protect their sensitive data.
Justification: Password security is a significant concern for individuals and organizations worldwide. Hackers can easily access personal information by breaching weak passwords, leading to financial loss, identity theft, and other security breaches. According to a survey by LastPass, an average person has over 70 accounts requiring passwords. With ‘Forget-me-not,’ users can conveniently store all their passwords securely in one place.
Vision and Goals for the Business
Vision: To be the leading password management app that helps users stay safe online.
Achieve 1 million downloads within the first year of launch.
Expand the business to other countries within three years.
Increase revenue by 30% year on year by the end of the third year.
Industry and Competitor Analysis
The password management market is rapidly growing, with numerous players entering the market to provide innovative solutions. Some of the notable competitors in the market include LastPass, Dashlane, Keeper Security, and 1Password.
However, Forget-me-not is different from its competitors in several ways. Firstly, the app provides an easy-to-use interface with advanced features such as password sharing, auto-fill, and secure notes. Secondly, it offers a secure, end-to-end encrypted password syncing system, providing additional security for users’ sensitive information. Lastly, Forget-me-not offers competitive pricing, making it affordable for users with varying budgets.
The Lean Canvas framework will guide the business model development. Our key partners include hosting providers, app stores, and payment gateways. The key activities include developing the app, updating and maintaining the software, and providing customer support. Our revenue streams include subscription fees and in-app purchases.
Cost Estimates: The cost of developing the app will be approximately $100,000. This will cover the cost of app development, software updates, customer support, and marketing.
Revenue Justifications: The subscription fee for the app will be $4.99 per month or $49.99 per year. The app’s potential revenue can be calculated by multiplying the price by the number of users. Assuming we have 100,000 users in the first year, our potential revenue will be $4,990,000 per year.
External Finance: External finance will not be required for the initial development of the app. However, we may consider external financing in the future to expand the business to other countries.
The ‘Forget-me-not’ app provides a reliable solution to the challenge of remembering passwords, with its innovative features and competitive pricing. Our venture aims to achieve significant milestones such as achieving 1 million downloads within the first year of launch, expanding the business to other countries within three years, and increasing revenue by 30% year on year by the end of the third year. The potential revenue of the app is $4,990,000 per year, making it a worthy investment opportunity for investors.