Software development is often a competitive business, but the biggest challenge they face isn’t creating it for most companies.
Many software developers are struggling with how to get their product known without any marketing budget, or worse yet, have no way of knowing just what kind of marketing or what approach is needed. Software developers are usually not known for their business acumen or flair.
The trouble with thinking that a great software sells itself is that being good at one thing doesn’t automatically transfer knowledge to another, unrelated skill set.
Software developers need to know how to sell and market their product just as much as they need to know what it does and how it works.
How you present your business plan is also extremely important since your main objective is getting investors interested enough in your product that they give you funding for it.
How to Make a Business Plan That Captures Investors’ Attention
Perhaps the best way to attract attention is by being concise and direct but not so short that critical points are glossed over or missing altogether. This can be incredibly challenging since software developers, by nature, tend to be very detail-oriented and verbose.
An excellent place to start is by summarizing the key points of your business plan in a single sentence or two – what you do, who it’s for, and how much funding you need. After that, you can flesh things out as needed with more detail.
It’s also important to remember not to try cramming everything in your plan into these opening sentences; they need to be concise and easy to digest.
If you do find yourself struggling with condensing your business plan in this way, try asking a friend for input in how they would describe what you are trying to accomplish with your software development business.
What To Include In Your Business Plan?
In your plan, you ought to include why you are the right person for this endeavor, how it will be successful, and what makes your company different from all the rest.
You do not necessarily have to divulge trade secrets or other sensitive information, but there has to be a compelling reason someone should invest in your product.
However, don’t overthink this either. Investors have many ideas to go through, so you want to make yours look clean and easy to understand from the start.
When deciding what is relevant to include in your plan, it is best to ask yourself, “What will convince someone that my software development company is worth investing in?”
The following items usually take priority, although there are several others to consider:
- A description of your product/service and how it works. Many companies tend to go into too much detail or not enough. You need to find a balance between thorough enough that the reader feels confident in what you are offering but still simple enough that they can understand it at a glance.
- What sets your business apart from the competition. How will you attract customers? What makes your product or service special?
- The target audience and how you plan to reach them (marketing). Who is buying your product or service? What channels do you plan to use for promotion? What strategies have been implemented or considered to promote your business effectively and bring in revenue?
In conclusion, you need to show investors that your company is the right one to back and why you are the person who can make it all happen.