EXAMPLE: Turning a 3-sentence plan into a 1-page business plan for a mobile app

Lesson Details:

Video Transcription: In this video we're going to extrapolate our three sentence business plan for the mobile app into a one-page plan so what you'll notice is we still have those three sections product marketing and monetization and I added a couple of other sections that are also important and we'll go over them in a second and that actually completes the one pager so there isn't a big stretch because the original three sentence business plan actually is already kind of like a 25% or 20% of the one page plan so we just have to extrapolate and add a little bit more so let's go over it in a little more detail so we expanded the product and for full disclosure the reason I'm giving this example is I actually know this business really well I created mobile apps for business planning in the past I'm not promoting this at all in fact I've kind of move on from that business but this example I do know well and so what ended up happening it was I created a series of apps for Android and iOS and it helped people create a business plan and aided them in starting a business and it differentiated in three ways it had tools for writing and saving the plan it had educational tutorials and it had live help on the app these days it does not have live help but it did then the marketing again you've seen this before I've just added a little bit more text mobile app store search that just means a s/o in publicity my website and social sharing from inside the app essentially people who are inviting business partners to collaborate on business plan writing inside the app and there's a note here you'll see since for most apps the bulk of the downloads comes from App Store search that's where the biggest focus is and that's really the most important thing is that you have to identify what's your number-one most effective marketing strategy. So that you can pursue that with your utmost focus that's a huge make-or-break moment during your execution and planning on the monetization and it still talks about will make money through selling educational and coaching upsells and in-app purchase so a lot of things are still the same now new sections the target customer generally young entrepreneurs because older people don't use apps for this kind of thing first-time entrepreneurs again these are generally younger people people who need help and guidance in planning a business sometimes when it's apps are so easy and accessible they're on the go so it's it's for ease you want to create an amazing business plan obviously you wouldn't write it on your phone or even tablet because the screen is a little too small it's hard to type on it but this is just for kind of an entry these apps are for an entry into business planning the size of the opportunity section the apps can reach around a million people per year and with monetization of about ten cents per user on average it equals to six hundred thousand dollars per year so for a one-person business this is actually a very reasonable salary not the founding team this is in this case it was just me and single founder business outsource the design and handle the development so that's good fun funding none very easy cost I just mentioned the $2,000 costs in development and little issues here and there for outsourcing and that's it you see this was one page.