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7 steps to create a technology startup business plan.

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

7-step-startup-business-plan

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.

1-businessplan

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.

2-fill-blanks

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.

3-top-reasons

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.

4-market-research

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:

5-team-map

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

6-market-activities

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 .

7-break-even

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.

8-bp-infographic

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.

9-emaze-bp-crop

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.

10-lean-stack-crop

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.

11-envato-crop

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.

12-liveplan-crop

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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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.:

Technology Business Plan Template Financial Highlights

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

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7 Elements to Successfully Write a Tech Startup Business Plan

Vy Le

Vy Le | 18/05/2023

7 Elements to Successfully Write a Tech Startup Business Plan

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?

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!

3 Reasons Why You Need a Technology Startup Business Plan

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.

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

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

Tech Startup Business Plan

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

Updated 28 Aug 2023

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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:

tech business plan benefits of use

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.

Business plan company description parts

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 business plan

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 example

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

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

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

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.

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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.

Author avatar...

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.

Thank you for helping

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.

Oct 05, 2023

Sep 29, 2023

Aug 31, 2023

Full Scale

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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How to Write a Tech Startup Business Plan to Win Investors

Tomasz Bąk

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:

What Is A Tech Startup Business Plan

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.

How To Write A Tech Startup Business Plan

  • 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

Target Audience

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.

Marketing And Sales Strategy

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.

Team And Management Structure

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:

Key Milestones

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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12+ Tech Startup Business Plan Examples – PDF, Word, Apple Pages

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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 .

  • Business Plan Outline with Examples
  • How to Create a Business Plan?

Having a good business idea is one thing, but turning this vision into a reality is another matter that many individuals refuse to invest on when the struggles they need to go through become known.

Technology Startup Business Plan Template

technology startup business plan template

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Size: A4, US

Tech Startup Business Plan Example Template

tech startup business plan

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 .

Tech Startup Business Plan Template

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Business Plan for Startup Example

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Educational Tech Startup Business Plan Example

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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 .

IT Startup Business Plan Example

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Mobile Tech Startup Business Plan Example

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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 .

Professional Tech Startup Business Plan Example

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Tech Startup Business Plan for Students Example

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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 .

Tech Startup Business Plan Guidelines Example

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Tech Startup Business Plan Sample

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tech startup business plan

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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Start your plan off on the right foot by browsing these sample business plans for computer repair, computer consulting, data recovery, computer support, I.T., computer engineering, and a number of other potential businesses.

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25 Tech Business Ideas for 2022

Robert Beaupre

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you’re looking to start a business with high earning potential, you’ve probably looked into some tech business ideas.

And why wouldn’t you? In 2019, the estimated economic output of the technology industry was $1.8 trillion, comprising over 10% of the national economy, according to CompTIA. What’s more, the average successful startup exit (via either acquisition or IPO) has sat at $242.9 million since 2007.

However, for every successful startup exit, there are hundreds if not thousands of startups that have failed. So if you’re an entrepreneur hoping to hit it big in the technology sector, you need to start with a strong tech business idea.

In an industry defined by innovation and disruption, what constitutes a “good” tech business idea is constantly changing. That’s why we’ve compiled a list of tech business ideas that are poised for extreme growth in the coming years.

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What is a tech business?

Tech businesses provide products and services that have applications across multiple industries — but at their core, they pertain to the research, development and distribution of technology-based goods. This includes businesses that manufacture electronics (like Apple), create software (like Salesforce), provide services relating to information technology (like Google) and more.

The best part about our technology business ideas is that they don’t require a lot of overhead—you can start small and grow over time. However, you will need some level of technical knowledge to be able to successfully start a business in the industry. If you don’t have any tech experience, consider starting with a coding bootcamp.

Here are some of the top tech business ideas, including some recommendations from tech entrepreneurs themselves.

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1. Food tech

Our first recommendation comes from Phil Strazzulla, founder of HR software company SelectSoftware. Strazzulla sees the food tech sector as a major growth industry in the coming years:

“Companies like Beyond Meat are just the beginning of businesses engineering eco-friendly and healthy food that is as delicious as our current diet. The science is now there, and the market for next-generation food is literally in the trillions of dollars, and it grows just as quickly as the world's population.”

2. Web design

One tech business idea that will never go out of style is website design. That’s because pretty much every business needs a professional-looking website in order to appear reputable and build their brand.

Web design encompasses a range of different services, including graphic design, interface design, copywriting, UX design, and SEO. According to IBISWorld , the web design business has grown at a rate of 6.6% over the last five years, and generated $38 billion in revenue in 2019, meaning you can rely on there being a market for this tech business idea for years to come.

3. Extended reality

Extended reality technology encompasses both augmented reality, or AR, and virtual reality, or VR, technologies. Kenny Trinh, editor of tech review publication Net Books News, sees extended reality technology proliferating in the coming years.

"In 2020, we’ll see more and more businesses applying extended reality to their brands to stand out from the competition and deliver a better customer experience,” says Trinh. “In fact, some businesses have been doing that already.”

Trinh points to the eco-friendly water packaging project W-in-a-Box, which uses AR to further explain the benefits of their product.

4. Robotics

Robotics is a bit of a catch-all term that encompasses mechanical engineering, electronic engineering, information engineering, computer science and other related disciplines. The goal of robotics is to create machines that can move and react to sensory input. According to Statista , this industry is expected to grow from $80 billion in annual revenue in 2019 to over $200 billion in annual revenue by 2025.

5. Customer experience management, or CXM

Ian Kelly, VP of operations for a CBD oil company called NuLeaf, believes customer experience management platforms like ZenDesk will soon make customer relationship management platforms, or CRMs, obsolete.

"While a CRM can help you manage customer details, a CXM unifies all sales, marketing and customer service conversations into a single silo so that your customers are treated like the loyal fan-base they are,” says Kelly. “No more hitting your customer over the head with repeat promos, selling them on services/products they already have or letting them slip through the cracks when they've bought and never been properly onboarded.”

6. Influencer marketing

Influencer marketing is an industry enabled by social media platforms like Instagram involving endorsements and product placements from individuals or organizations who possess a certain level of expertise or social influence in their respective fields. While not just anyone can be an influencer, if you possess some level of unique knowledge or a lot of charisma, you can launch a business by gathering a social media following and hiring an influencer marketing agency to connect you with brands.

On the flip side, you can also launch a business focused on connecting brands with the right influencers for their products and mission.

7. Content automation

With content and social media becoming an ever-growing part of many businesses’ marketing plans, Gleb Myrko, an analyst at the market research firm Freedonia Group, believes content automation software presents a great opportunity for tech entrepreneurs.

"Businesses today have accounts on all different social media channels like Instagram, Facebook, TikTok, etc. All of these channels require different approaches to content planning, content production and account management and analytics,” says Myrko. “There’s still not a widely applied tool for omnichannel management, promotion and analytics for the most popular social media. We need an all-in-one hub where marketers can analyze data/performance, as well as manage and promote their accounts on different social media channels in a more centralized, convenient and effective manner.”

8. Artificial intelligence

The term “artificial intelligence" is used to describe technologies pertaining to machine learning, computer vision, natural language processing and more. Although artificial intelligence is a technology that has been around for quite some time, as it becomes increasingly sophisticated, its market potential is growing as well.

Statista reports that the industry grew by 154% in 2019 alone—making it a great tech sector to build a business around.

9. Podcasting

If you’ve been paying attention to innovations in content over the past few years, you’re probably aware of the exploding popularity of podcasts. Today, 51% of the U.S. population has listened to a podcast, and podcaster Dre Baldwin sees podcasting’s prospects only increasing in the coming years.

“Entrepreneurs need to start building their podcast content library ASAP,” Baldwin says. “More and more people are consuming media on the go; audiobooks and podcasts are at the forefront of this. Any entrepreneur or business entity that wants the attention of consumers needs to be in their ears, literally.”

10. Streaming service

Services like Netflix and Disney+ get most of the attention when it comes to streaming services, but there is plenty of opportunity to start a streaming service for more niche content. For example, you can create a streaming service where users can upload instructional videos or a streaming service designed specifically for children’s content. You could also develop a platform for live streaming (like Twitch) or streaming music (like Spotify).

The global outlook on the streaming service industry is overwhelmingly positive. In 2019, streaming services generated $25 billion in revenue. By 2025, that number is expected to rise to $30 billion, according to Statista.

11. 3D printing

One of the more exciting technologies developed during the 2010s is 3D printing, which allows users to build a three-dimensional object from a computer-aided design model. Shayne Sherman, CEO of TechLoris, believes 3D printing will have increased importance in the next decade as the technology continues to become more sophisticated.

"There will always be the need for production companies, but just as the advent of the assembly line changed production, so too has 3D printing,” Sherman says. “The ability to manufacture whole components in single pieces has created a serious demand, especially in the medical fields. This demand means that 3D printing companies are set to grow exponentially, and if you can get into the business, it's a solid choice for the coming years.”

12. E-commerce

E-commerce is another technology that has been around for a while, but still has growth potential. Over the last year, Statista reports that e-commerce sales grew from $500 billion to nearly $550 billion.

If you have a unique idea for an e-commerce store, you can launch your own e-commerce business from the comfort of your home. No product in mind? Not to worry; dropshipping allows you to start an e-commerce business with products you are not responsible for warehousing or shipping.

If you want to grab a bigger share of the market, you could also take the time to develop your own e-commerce platform or marketplace. Just keep in mind that the e-commerce platform space is already dominated by giants like Shopify and Amazon. Therefore, if you want to start your own e-commerce platform, we suggest focusing on a niche market.

13. Portable charging devices

Mobile devices go with us everywhere nowadays, but having your phone battery die on you while you’re out is still a far too common problem. That’s what’s driving the growth of the portable phone charging industry.

According to data published by BCC Research, the portable charging device market is expected to grow by 6.6% year over year from 2017 to 2022. Growth is driven by the fact that many newer phone models have lower battery capacity.

"Growing urbanization, rising disposable income and increasing mobile phone penetration will boost the mobile charger market around the globe,” according to the report’s author Mohammed Javed. “Increasing penetration of high-specification electronic gadgets/devices that drain batteries at faster rates will further boost the mobile charger market in the near future.”

14. Publishing e-books

An e-book is a book made available in digital form. If you’re a writer, there is a growing market for books published online. Businesses are creating e-books as a way to market their brand, and aspiring authors of fiction and nonfiction publish e-books as a way to reach more customers and grow their readership.

In 2019 alone, revenue generated from e-books topped $1.3 billion, and that number will rise to $1.6 billion by 2024, Statista reports.

15. Fitness tech

Technology has applications in nearly every industry — including the fitness industry. We’ve already seen new technologies like FitBit, Peloton and Strava change how people exercise, and more innovation is on the horizon. That’s the belief of Jared Weitz, founder of United Capital Source Inc.

"Fitness technology is an area of continued growth. Whether it is creating products like fitness trackers, wireless earbuds or smartwatches that have multiple functions, the market is constantly seeking new gear and technology,” Weitz says. “This niche is expanding from tangible fitness products to the apps and data that marry the physical and digital together. Combine a high-tech device with an app related to exercise or diet and you will be setting yourself up for success in 2020 and beyond.”

16. Online teaching

Do you know a foreign language? Can you build a treehouse? Do you cook really good soup? Then you can make money sharing your knowledge and expertise online. Thanks to services like Teachable and Udemy, teachers can now build their own online classes, sell them to students and teach the entire class online. If you’re a good teacher and know how to market your class, you can earn a livable wage by teaching your skills to others through the internet.

17. Mobile application development

Every business needs a website. And the way the market is trending, soon every business will also need their own mobile app. This presents an exciting opportunity for individuals skilled in app development. Successful companies like Braze and Leanplum have built their entire business around developing apps for others.

There is really an endless supply of app ideas. There were 194 billion app downloads in 2018 alone, and that number is only expected to climb. So strike while the iron is hot.

18. Search engine optimization consultant

Google is still an essential part of many business’s marketing strategies. They need to be able to appear as a top result in Google Search for keywords related to their business. That means they need someone who is skilled in search engine optimization, or SEO, to help them. Some businesses hire people to perform SEO in-house, but many organizations also work with freelancers or third-party agencies to implement an SEO strategy. If you can train yourself in SEO and keep up with its ever-changing trends, you can start a business providing SEO services to other organizations.

19. Social media consultant

If you’re not into SEO, but are good on social media, you can work with businesses to help them generate likes, shares, retweets, followers, comments, clicks and more as a social media marketer . In this role, you’ll consult with companies and help them manage their social profiles, spread content across the web and build their brand.

What’s more, the startup cost to be a social media marketer is minimal and can be done from your own home. Just be sure to buff up your social media skills and keep up with the latest trends and platforms.

20. Drone videography

If you own a drone and know how to use a camera, there’s a market for your services. Commercial and residential real estate agents are increasingly using aerial shots as a way to market their buildings and property. You can find real estate agents in your area using platforms like Zillow. Then reach out and offer up your services. Other industries, such as agriculture, events and more have uses for drones, as well.

21. Cybersecurity or IT consulting

Businesses today are increasingly threatened by cyberattacks, making the need for IT consultants greater than ever. As an IT consultant, you can help businesses evaluate their security systems, run tests and offer advice on how they can better protect themselves from cyberhackers.

More generally, an IT consultant can help businesses set up their computers and troubleshoot any general issues.

22. Venture capitalist

A vast majority of tech startups are backed by venture funding. If you have an interest in the tech space, but don’t have any technical knowledge yourself, you can try raising some money and becoming a venture capitalist or angel investor.

Similar to being an influencer, a venture capitalist isn’t something you can simply become overnight. That’s because being a venture capitalist requires allowing others to trust you with their money.

You need to start small and make some solid investments in order to make a name for yourself. Many independent investors join a VC fund for a while before striking off and starting their own fund.

23. Startup incubator

Another way to get involved in the tech world without having a lot of technical experience is to create your own startup incubator. The job of an incubator is to help startups plan and launch their business successfully. Services provided may include management training, office space and mentorship opportunities.

Of course, you’ll need some background in business to be able to successfully launch an incubator. The cost of creating your own incubator and attracting founders may also be difficult to muster. Many incubators start small and grow over time once they have successfully helped multiple startups enter the market.

24. Antivirus developer

An antivirus developer is a highly specific sort of tech business idea that pertains to the creation of antivirus software that can help businesses protect critical data. Antivirus software can be created using a variety of different programming languages. The overall goal of an antivirus is to detect and remove malware before it impacts a computer’s systems. Start networking with local businesses in your area to find out if there's a need for this service.

25. Domain name broker

Being a domain name broker is similar to being a stockbroker, except instead of stocks, you sell domain names. To get started you need a little capital to buy some domain names. You’ll then need to educate yourself so that you’ll be able to predict domain name requirements in the future.

So like most of the businesses on this list, it will take some work to get started. But everyone needs a domain name, so there will always be a market for this service.

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The bottom line

We hope our list has helped you figure out which tech business idea is the right fit for your skills and interests. Regardless of the route you choose to take, you’ll need to write a business plan, create a business entity and maybe take out a business loan to get your startup off the ground.

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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.

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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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Tech Startup Business Plan Sample

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Tech Startup Business Plan Sample Format

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Writing The Tech Startup Business Plan

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.

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, tech fax cover sheet template, tech startup instagram story template, tech startup whatsapp post template, tech startup twitter post template, tech startup tumblr post template, tech startup pinterest pin template, tech startup linkedin post template, tech startup instagram post template, tech startup facebook post template, tech startup feedback form template.

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

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business plan technology startup

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.

how to write a tech startup business plan

  • 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:

RubyGarage Lean Canvas

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.

executive summary questions for technology startup

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.

business idea questions for tech startup

#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.

sector and market questions for tech startup

#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.

marketing strategy questions for tech startup

#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.

management section questions for tech startup business plan

#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.

opportunities and threats questions for tech startup

#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.

financial plan questions for tech startup

#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.

funding questions in tech startup business plan

#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. 

map for the future questions

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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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

business plan technology startup

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

One Page Business Plan For Start Up 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

Simple Fill In The Blank Business Plan Template

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

Lean Business Plan Templates 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

Simple Business Plan Outline Template

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

Simple 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

business plan technology startup

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.

One Page Business Plan Example

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.

Basic Business Plan Sample

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.

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Home » Sample Business Plans » Technology

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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IT Services Business Plan Template

Written by Dave Lavinsky

information technology business plan

IT Services Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their IT companies.

If you’re unfamiliar with creating an IT business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write an IT business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

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

Why You Need a Business Plan

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

Sources of Funding for IT Businesses

With regards to funding, the main sources of funding for an IT business are personal savings, credit cards, bank loans, and angel investors. When it comes 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 ensure 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 IT companies.

Finish Your Business Plan Today!

How to write a business plan for an it services business.

If you want to start an IT business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your IT business plan.

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 kind of IT business you are running and the status. For example, are you a startup, do you have an IT business that you would like to grow, or are you operating a chain of IT businesses?

Next, provide an overview of each of the subsequent sections of your plan.

  • Give a brief overview of the IT industry.
  • Discuss the type of IT business you are operating.
  • Detail your direct competitors. Give an overview of your target customers.
  • Provide a snapshot of your marketing strategy. Identify the key members of your team.
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of IT business you are operating.

For example, you might specialize in one of the following types of IT businesses:

  • Computer repair: This type of IT business provides computer maintenance and repair services.
  • Computer training: This type of IT professional specializes in teaching others how to use computers as well as various software and computer programs.
  • IT support: This type of IT professional provides services for businesses such as setting up a network, backing up data, and systems management.
  • Cloud computing: This type of IT specialist helps individuals and businesses establish cloud platforms and tools, or may help to migrate their information to the cloud.

In addition to explaining the type of IT business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

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

Industry Analysis

In your industry or market analysis, you need to provide an overview of the IT industry.

While this may seem unnecessary, it serves multiple purposes.

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

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

The third reason 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 IT business plan:

  • How big is the IT 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 target market for your IT 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 IT business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

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

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

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize 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 IT businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of IT consultants, in-house IT support, or do-it-yourself IT tutorials. You need to mention such competition as well.

For each such competitor, provide an overview of their business 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 customers do they serve?
  • What type of IT business 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:

  • Will you make it easier for clients to acquire your product or service?
  • Will you offer products or services that your competition doesn’t?
  • 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 an IT business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of IT company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide cloud computing, data center management, or network setup 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 plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your IT company. Document where your company is situated and mention how the site will impact your success. For example, is your IT business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your IT marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Reach out to websites
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

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 IT business, including answering calls, meeting with new clients, billing and collecting payments from clients, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your IT business to a new city.

Management Team

To demonstrate your IT business’ potential 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 IT businesses. 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 as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an IT business or successfully running a small IT consulting service.

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 revenue 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 charge your clients an hourly rate of $250 per hour, and will you work 5 hours per day? 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 IT 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 lender 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 ensure 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.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing an IT business:

  • Cost of equipment and office supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

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 office location lease or a list of your IT credentials.

Writing a business plan for your IT business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert on IT business planning. You will understand the IT industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful IT business.

IT Business Plan FAQs

What is the easiest way to complete my it services business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your IT services business plan.

How Do You Start an IT Services Business?

Starting an IT business is easy with these 14 steps:

  • Choose the Name for Your IT Business
  • Create Your IT Business Plan
  • Choose the Legal Structure for Your IT Business
  • Secure Startup Funding for Your IT Business (If Needed)
  • Secure a Location for Your Business
  • Register Your [Sector] Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your IT Business
  • Buy or Lease the Right IT Business Equipment
  • Develop Your IT Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your IT Business
  • Open for Business

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Other Helpful Business Plan Articles & Templates

Business Plan Template For Small Businesses & Entrepreneurs

Business Plan Template for Technology

Business Plan Template for Technology

Starting a technology startup can be an exhilarating journey filled with endless possibilities. But without a solid business plan, those possibilities can quickly become overwhelming. That's where ClickUp's Business Plan Template for Technology comes in to save the day!

This template is specifically designed for tech startups, helping you outline your vision, set clear objectives, analyze your target market, assess the competition, project your finances, and strategize your funding approach. With this template, you'll have all the tools you need to effectively communicate your business model and secure the investments you need to thrive.

So, why wait? Get started on your tech startup journey with ClickUp's Business Plan Template for Technology today!

Business Plan Template for Technology Benefits

  • Streamline the process of creating a comprehensive business plan, saving time and effort
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  • Conduct a thorough competitive analysis to understand your market position and identify opportunities
  • Develop accurate financial projections to demonstrate the potential profitability and growth of your startup
  • Present a well-structured plan to potential investors, increasing your chances of securing funding
  • Continuously update and refine your business plan as your startup evolves and new opportunities arise

Main Elements of Technology Business Plan Template

ClickUp's Business Plan Template for Technology provides all the essential elements to help startup companies in the technology industry effectively communicate their business model and secure investments:

  • Custom Statuses: Track the progress of different sections of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
  • Custom Fields: Use custom fields like Reference, Approved, and Section to add important details and categorize different parts of your business plan.
  • Custom Views: Access different views like Topics, Status, Timeline, Business Plan, and Getting Started Guide to organize and visualize your business plan from different angles.
  • Collaboration Tools: Utilize ClickUp's collaboration features such as comments, notifications, and task assignments to work together with your team members and stakeholders.
  • Integrations: Seamlessly integrate with other tools like Google Drive, Microsoft Office, and more to easily import and export your business plan documents.

How To Use Business Plan Template for Technology

If you're starting a technology business and need a solid business plan, ClickUp's Business Plan Template for Technology can help guide you through the process. Follow these 6 steps to create a comprehensive and effective business plan:

1. Executive Summary

Start by writing an executive summary that provides an overview of your technology business. Include key information such as your company mission, target market, unique selling proposition, and financial goals. This section should be concise and capture the attention of potential investors or partners.

Use the Docs feature in ClickUp to create a professional and well-structured executive summary.

2. Market Analysis

Conduct a thorough analysis of the market for your technology product or service. Identify your target audience, competitors, and industry trends. Evaluate market size, growth potential, and any barriers to entry. This information will help you understand your competitive advantage and position your business for success.

Use the Table view in ClickUp to organize and analyze market research data, including market size, competitor analysis, and industry trends.

3. Product or Service Description

Provide a detailed description of your technology product or service. Explain how it works, its features and benefits, and how it solves a problem for your target audience. Highlight any unique selling points or proprietary technology that sets your offering apart from competitors.

Use custom fields in ClickUp to outline key product or service details, such as features, benefits, and competitive advantages.

4. Marketing and Sales Strategy

Outline your marketing and sales strategy for reaching and acquiring customers. Identify your target audience and develop a plan for reaching them through various marketing channels, such as social media, content marketing, or partnerships. Detail your pricing strategy, sales process, and distribution channels.

Use the Gantt chart view in ClickUp to create a timeline for your marketing and sales activities, ensuring that tasks are assigned and deadlines are met.

5. Financial Projections

Create financial projections that demonstrate the potential profitability and sustainability of your technology business. Include a sales forecast, expense budget, and cash flow statement. Evaluate your break-even point and projected return on investment. This section should provide a clear picture of your financial viability.

Use the Goals feature in ClickUp to set financial targets and track your progress towards meeting them.

6. Implementation Plan

Develop an implementation plan that outlines the steps and milestones necessary to launch and grow your technology business. This should include a timeline, resource allocation, and responsibilities for each task. Consider any potential risks or challenges and develop contingency plans.

Use the Dashboards feature in ClickUp to monitor the progress of your implementation plan and track key milestones.

By following these 6 steps and using ClickUp's Business Plan Template for Technology, you can create a comprehensive and compelling business plan that will impress potential investors and guide your technology business towards success.

Get Started with ClickUp’s Business Plan Template for Technology

Startup companies in the technology industry can use the ClickUp Business Plan Template for Technology to effectively communicate their business model and secure investments.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

  • Use the Topics View to organize your business plan into different sections, such as vision, objectives, target market, competitive analysis, financial projections, and strategies for obtaining funding
  • The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do
  • The Timeline View will give you a visual representation of your business plan's timeline, allowing you to set deadlines and milestones
  • The Business Plan View will provide a holistic overview of your entire business plan, allowing you to see how all the sections fit together
  • The Getting Started Guide View will provide step-by-step instructions on how to use the template and create a successful business plan
  • Utilize the custom fields, such as Reference, Approved, and Section, to add additional information and categorize your business plan
  • Collaborate with team members to brainstorm ideas, gather data, and refine your business plan
  • Regularly review and update your business plan to ensure it remains relevant and aligned with your company's goals
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Plans to Expand U.S. Chip Manufacturing Are Running Into Obstacles

Delays in finishing new factories are emerging, just as the Biden administration begins handing out money to stoke domestic production.

Construction machinery and a lone figure standing on pavement in front of an industrial building. A “Made in America” banner hangs between a U.S. flag and an Arizona state flags down the side of the building.

By Don Clark and Ana Swanson

Don Clark reports on the chip industry from San Francisco. Ana Swanson reports on trade from Washington.

In December 2022, Taiwan Semiconductor Manufacturing Company, the key maker of the world’s most cutting-edge chips, said it planned to spend $40 billion in Arizona on its first major U.S. hub for semiconductor production.

The much ballyhooed project in Phoenix — with two new factories, including one with more advanced technology — became a symbol of President Biden’s quest to spur more domestic production of chips, the slices of silicon that help all manner of devices make calculations and store data.

Then last summer, TSMC pushed back initial manufacturing at its first Arizona factory to 2025 from this year, saying local workers lacked expertise in installing some sophisticated equipment. Last month, the company said the second plant wouldn’t produce chips until 2027 or 2028, rather than 2026, citing uncertainty about tech choices and federal funding.

Progress at the Arizona site partly depends on “how much incentives that the U.S. government can provide,” Mark Liu , TSMC’s chairman, said in an investor call.

TSMC is just one of several chip makers running into obstacles with their U.S. expansion plans. Intel, Microchip Technology and others have also adjusted their production schedules, as a sales slump in many kinds of chips pressures the companies to manage their spending on new infrastructure. New chip factories are hugely complex, involving thousands of construction workers, long construction timelines and billions of dollars of machinery.

The delays come as the Biden administration begins dispensing the first major awards from a $39 billion pot of money aimed at building up the U.S. semiconductor industry and reducing the nation’s dependence on technology manufactured in East Asia. On Monday, the administration said it would award $1.5 billion in grants to the chipmaker GlobalFoundries to upgrade and expand facilities in New York and Vermont that make chips for automakers and the defense industry.

But the issues that companies like TSMC face with their projects could undercut this fanfare, raising questions about the prospects of success for President Biden’s industrial policy program. The investments are expected to figure heavily in Mr. Biden's re-election campaign over the next few months.

“Nothing has failed yet,” said Emily Kilcrease, a senior fellow and the director of the energy, economics and security program at the Center for a New American Security, a Washington think tank. “But we’re going to have to see some progress and those factories actually coming online in the next few years for the program to be considered a success.”

The Commerce Department is responsible for handing out federal money from the 2022 CHIPS Act to spur domestic chip production. In addition to the grant to GlobalFoundries, the department has issued two small production grants so far. It is expected to give much larger awards in the billions of dollars to chipmakers like TSMC, Intel, Samsung and Micron in the coming weeks and months.

The government is locked in complex negotiations with these major chipmakers over the amount and timing of the awards. Companies are also still waiting for guidance from the Treasury Department about which investments will qualify for a new tax credit aimed at advanced manufacturing, which had been expected before the end of 2023.

Any delays in the process could hurt the United States as it races to reduce global dependence on chip factories in Taiwan, South Korea and China, analysts said. Rival countries are offering their own incentives to court chip manufacturers. TSMC, for example, plans to add production in Japan and Germany as well as in the United States.

The longer the U.S. government waits to distribute benefits, “the more other geographies are going to snap up these investments, and more leading-edge investments will be made in East Asia,” said Jimmy Goodrich, a senior adviser for technology analysis to the RAND Corporation. “So the clock is ticking.”

A Commerce Department official disputed suggestions that it had been slow in handing out incentives. He said the department was taking time to protect taxpayer interests and push companies to do more to bolster the domestic chip supply chain.

A White House official said the chip companies’ schedule changes were minor adjustments that were common at complex projects like the new production sites. He added that forecasts suggested there would be overwhelming demand for these chips when the facilities started making them.

A Treasury Department spokeswoman said that officials there had provided clarity on tax credits to companies planning investments and were working to issue additional guidance as quickly as possible.

The CHIPS Act authorized grants and other incentives to boost U.S. chip production, plus tax credits for investments in factories and manufacturing equipment. More than 600 companies and organizations had submitted statements of interest in the grants, the Commerce Department said, while it estimates pledges of private investment so far at $235 billion .

But most expansion plans were set when chips were scarce several years ago, after a pandemic-fueled burst of consumer spending on electronic products. That demand dried up, leaving chip makers stuck with big inventories of unsold components and little immediate need for new factories.

“Companies are rethinking how and what and when investments will occur,” said Thomas Sonderman, the chief executive of SkyWater Technology, a Minnesota chip manufacturer that has won Defense Department subsidies and is aiming for CHIPS Act funding.

One chip maker feeling the pinch is Microchip, an Arizona company. Two years ago, Microchip was swamped with orders. It applied for CHIPS Act funding to stoke production and stands to receive $162 million . Yet as sales have slumped, it recently announced two separate two-week factory shutdowns.

Microchip still plans to upgrade its factories in Oregon and Colorado that are set to receive CHIPS Act grants, said Ganesh Moorthy, its chief executive. But ordering machines to increase production capacity will have to wait until business conditions improve.

“We’ve paused on expansion,” Mr. Moorthy said.

Intel, which is expanding production, has also adjusted purchases of costly factory tools. The company recently said it didn’t expect to start manufacturing in Ohio, where it is spending $20 billion on two new factories , in 2025 as it originally expected. The change was reported earlier by The Wall Street Journal.

Still, Intel said neither construction on that site, nor plans to expand in the United States and three other countries, had slowed.

“The strategy is not changing from quarter to quarter,” said Keyvan Esfarjani, the executive vice president who oversees Intel’s manufacturing operations. “We’re staying on course.”

Some chip makers, such as Texas Instruments and Micron Technology, are plowing forward with expanding chip production for competitive reasons. New factories can help make higher-quality chips, more of them and for cheaper.

Micron is pushing ahead with building a $15 billion factory in Boise, Idaho, its hometown, and plans an even bigger manufacturing complex near Syracuse, N.Y., despite a downturn in the market for its memory chips, which store data in devices like smartphones and computers.

Scott Gatzemeier, a Micron vice president overseeing the expansion, said construction projects that took several years should be based on future chip demand rather than current conditions. Renting massive cranes and other equipment and securing construction workers, he added, are big expenses that might need to be repeated if a project is halted.

“Once you start, you don’t want to stop,” he said.

Other chip makers are unwilling to start construction without government money. Mr. Sonderman of SkyWater, for example, said his company’s plans for a $1.8 billion facility in Indiana are contingent on obtaining funds through a portion of the CHIPS Act targeting research.

At TSMC’s Arizona site, unforeseen problems have piled up over the past year.

Last summer, construction unions in the state raised issues about workplace safety and objected to TSMC’s bringing workers from Taiwan to help install sophisticated equipment in the first factory. Delays in installing machines led to an announcement in July about the production delay.

In December, TSMC and the Arizona Building and Construction Trades Council agreed on ground rules at the site for safety, workplace training, site staffing and other issues. In an emailed statement, Mr. Liu, who recently announced plans to retire, sounded hopeful that worker tensions were over.

He acknowledged “challenges” in building the first Phoenix factory, but said TSMC was still “the fastest player” among its peers in completing such projects. While he told analysts in January that the company would delay the start of production at the second factory, also known as a fab, worker skills aren’t likely to be among the reasons.

“We believe the construction of our second fab will be much smoother,” Mr. Liu said. “The workers in Arizona learn things quickly.”

An earlier version of this article referred incorrectly to the location of the Taiwan Semiconductor Manufacturing Company’s U.S. project. It will be in Phoenix, not outside of Phoenix.

How we handle corrections

Ana Swanson covers trade and international economics for The Times and is based in Washington. She has been a journalist for more than a decade. More about Ana Swanson

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Google’s Gemini is now in everything. Here’s how you can try it out.

Gmail, Docs, and more will now come with Gemini baked in. But Europeans will have to wait before they can download the app.

  • Will Douglas Heaven archive page

In the biggest mass-market AI launch yet, Google is rolling out Gemini , its family of large language models, across almost all its products, from Android to the iOS Google app to Gmail to Docs and more. You can also now get your hands on Gemini Ultra, the most powerful version of the model, for the first time.  

With this launch, Google is sunsetting Bard , the company's answer to ChatGPT. Bard, which has been powered by a version of Gemini since December, will now be known as Gemini too.  

ChatGPT , released by Microsoft-backed OpenAI just 14 months ago, changed people’s expectations of what computers could do. Google, which has been racing to catch up ever since, unveiled its Gemini family of models in December. They are multimodal large language models that can interact with you via voice, image, and text. Google claimed that its own benchmarking showed that Gemini could outperform OpenAI's multimodal model, GPT-4, on a range of standard tests. But the margins were slim. 

By baking Gemini into its ubiquitous products, Google is hoping to make up lost ground. “Every launch is big, but this one is the biggest yet,” Sissie Hsiao, Google vice president and general manager of Google Assistant and Bard (now Gemini), said in a press conference yesterday. “We think this is one of the most profound ways that we’re going to advance our company’s mission.”

But some will have to wait longer than others to play with Google’s new toys. The company has announced rollouts in the US and East Asia but said nothing about when the Android and iOS apps will come to the UK or the rest of Europe. This may be because the company is waiting for the EU’s new AI Act to be set in stone, says Dragoș Tudorache, a Romanian politician and member of the European Parliament, who was a key negotiator on the law.

“We’re working with local regulators to make sure that we’re abiding by local regime requirements before we can expand,” Hsiao said. “Rest assured, we are absolutely working on it and I hope we’ll be able to announce expansion very, very soon.”

How can you get it? Gemini Pro, Google’s middle-tier model that has been available via Bard since December, will continue to be available for free on the web at gemini.google.com (rather than bard.google.com). But now there is a mobile app as well.

If you have an Android device, you can either download the Gemini app or opt in to an upgrade in Google Assistant. This will let you call up Gemini in the same way that you use Google Assistant: by pressing the power button, swiping from the corner of the screen, or saying “Hey, Google!” iOS users can download the Google app, which will now include Gemini.

Gemini will pop up as an overlay on your screen, where you can ask it questions or give it instructions about whatever’s on your phone at the time, such as summarizing an article or generating a caption for a photo.  

Finally, Google is launching a paid-for service called Gemini Advanced. This comes bundled in a subscription costing $19.99 a month that the company is calling the Google One Premium AI Plan. It combines the perks of the existing Google One Premium Plan, such as 2TB of extra storage, with access to Google's most powerful model, Gemini Ultra, for the first time. This will compete with OpenAI’s paid-for service, ChatGPT Plus, which buys you access to the more powerful GPT-4 (rather than the default GPT-3.5) for $20 a month.

At some point soon (Google didn't say exactly when) this subscription will also unlock Gemini across Google’s Workspace apps like Docs, Sheets, and Slides, where it works as a smart assistant similar to the GPT-4-powered Copilot that Microsoft is trialing in Office 365.

When can you get it? The free Gemini app (powered by Gemini Pro) is available from today in English in the US. Starting next week, you’ll be able to access it across the Asia Pacific region in English and in Japanese and Korean. But there is no word on when the app will come to the UK, countries in the EU, or Switzerland.

Gemini Advanced (the paid-for service that gives access to Gemini Ultra) is available in English in more than 150 countries, including the UK and EU (but not France). Google says it is analyzing local requirements and fine-tuning Gemini for cultural nuance in different countries. But the company promises that more languages and regions are coming.

What can you do with it? Google says it has developed its Gemini products with the help of more than 100 testers and power users. At the press conference yesterday, Google execs outlined a handful of use cases, such as getting Gemini to help write a cover letter for a job application. “This can help you come across as more professional and increase your relevance to recruiters,” said Google’s vice president for product management, Kristina Behr.

Or you could take a picture of your flat tire and ask Gemini how to fix it. A more elaborate example involved Gemini managing a snack rota for the parents of kids on a soccer team. Gemini would come up with a schedule for who should bring snacks and when, help you email other parents, and then field their replies. In future versions, Gemini will be able to draw on data in your Google Drive that could help manage carpooling around game schedules, Behr said.   

But we should expect people to come up with a lot more uses themselves. “I’m really excited to see how people around the world are going to push the envelope on this AI,” Hsaio said.

Is it safe? Google has been working hard to make sure its products are safe to use. But no amount of testing can anticipate all the ways that tech will get used and misused once it is released. In the last few months, Meta saw people use its image-making app to produce pictures of Mickey Mouse with guns and SpongeBob SquarePants flying a jet into two towers. Others used Microsoft’s image-making software to create fake pornographic images of Taylor Swift .

The AI Act aims to mitigate some—but not all—of these problems. For example, it requires the makers of powerful AI like Gemini to build in safeguards, such as watermarking for generated images and steps to avoid reproducing copyrighted material. Google says that all images generated by its products will include its SynthID watermarks. 

Like most companies, Google was knocked onto the back foot when ChatGPT arrived. Microsoft’s partnership with OpenAI has given it a boost over its old rival. But with Gemini, Google has come back strong: this is the slickest packaging of this generation’s tech yet. 

Artificial intelligence

Ai for everything: 10 breakthrough technologies 2024.

Generative AI tools like ChatGPT reached mass adoption in record time, and reset the course of an entire industry.

What’s next for AI in 2024

Our writers look at the four hot trends to watch out for this year

  • Melissa Heikkilä archive page

OpenAI teases an amazing new generative video model called Sora

The firm is sharing Sora with a small group of safety testers but the rest of us will have to wait to learn more.

Deploying high-performance, energy-efficient AI

Investments into downsized infrastructure can help enterprises reap the benefits of AI while mitigating energy consumption, says corporate VP and GM of data center platform engineering and architecture at Intel, Zane Ball.

  • MIT Technology Review Insights archive page

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Singapore's AI ambitions get a boost with $740 million investment plan

  • Singapore will pump more than 1 billion Singapore dollars (about $743 million) over the next five years to further boost AI capabilities, said Deputy Prime Minister Lawrence Wong in his Budget speech on Friday.
  • "The SG$1 billion allocation towards AI which also includes secure implementation of the National AI Strategy 2.0 demonstrates the government's commitment towards fostering a trusted and responsible AI ecosystem," said Sujith Abraham, senior vice president and general manager of ASEAN at Salesforce.

SINGAPORE — Singapore's plan to invest more than $743 million into artificial intelligence over the next five years could strengthen its position as a global business and innovation hub, tech executives said.

In his Budget speech on Friday, Deputy Prime Minister Lawrence Wong said Singapore will invest more than 1 billion Singapore dollars over the next five years to further boost the country's AI capabilities.

"Surprisingly, nearly three-quarters of business leaders globally are ill-equipped for AI transformation, believing their preparations are limited by time, people, and money," said Nithin Chandra, managing partner of Southeast Asia at Kearney, a global management consulting firm.

"This initiative will help ensure that businesses can capitalize on the opportunities afforded by technological advancements and capture new opportunities," said Chandra.

As part of the investment, Singapore will work to ensure it can secure access to the advanced chips "that are so crucial to AI development and deployment," Wong said.

Singapore will also work with leading companies here and around the world to set up AI centers of excellence to spur innovation, he added.

"This will incentivize companies to adopt AI solutions, prioritize AI skills to keep their workforce competitive, and encourage strategic partnerships and knowledge sharing across the industry, thus spurring overall innovation," said Jonathon Dixon, vice president and managing director of APAC at Cloudflare , a global cloud services provider.

Singapore workers are already the world's fastest when it comes to adopting AI skills, according to LinkedIn's Future of Work report released in August.

"The increased focus and investment in AI capabilities, talent, and industry development is also exciting and important for Singapore to strengthen its position as a business and innovation hub," said Mao Gen Foo, head of Southeast Asia at American experience management company Qualtrics.

AI could increase growth by 1.5% over the next 10 years, Goldman Sachs says

Singapore was among the first countries to publish an AI plan in 2019. In December, the Southeast Asian nation launched the  National AI Strategy 2.0  — an updated version of its AI initiatives, outlining ways to prepare the economy to harness and utilize AI to empower workers and businesses.

"Sustaining focus on AI and [machine learning] will ensure Singapore's prominence in technological advancements, strengthening its position as an attractive hub for businesses and talent in an increasingly digitalized global landscape," said Pannie Sia, general manager of ASEAN at Workday , an American finance and human resources software vendor.

Singapore has "very high" potential as a global AI hub because of an environment that spurs innovation, Google Cloud executive Caroline Yap told CNBC in an earlier interview .

AI governance

To promote the responsible use of AI, Singapore rolled out AI Verify in May 2022  – the world's first AI governance testing framework and software toolkit for companies. The tool allows users to conduct technical tests on their AI models and record process checks.

Google ,  Meta and  Microsoft  are among companies that have already tested the AI Verify tool or provided feedback.

As AI adoption grows, consumers must be reassured that their data is safe, and that technology is being used for good. Sujith Abraham senior vice president and GM of ASEAN, Salesforce

"The SG$1 billion allocation towards AI which also includes secure implementation of the National AI Strategy 2.0 demonstrates the government's commitment towards fostering a trusted and responsible AI eecosystem," said Sujith Abraham, senior vice president and general manager of ASEAN at Salesforce .

"As AI adoption grows, consumers must be reassured that their data is safe, and that technology is being used for good," said Abraham.

comscore

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