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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.

More on Technology

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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

IT Company Business Plan: Everything You Need to Know

An IT company business plan is a detailed plan for running and developing an information technology company. 3 min read updated on February 01, 2023

An IT company business plan is a detailed plan for running and developing an information technology company. It should describe all aspects of the business, including the company's description, product description, marketing strategy, and financial analysis, in a clear and precise manner.

Tips for Writing a Great Business Plan

A business plan should set out a clear roadmap for developing and expanding your business. Keep the following points in mind while writing a business plan:

  • Test your idea. Avoid the temptation of jumping into a business merely on the basis of the success stories of others. Discuss your idea with prospective customers, vendors, and other people in the industry.
  • Study the market to get an idea of industry trends, underlying challenges, and scope of future growth.
  • Share your business plan with your employees. It is not something to be kept confidential.
  • Write it in a clear and concise manner. Be specific, and cover all areas of the business.
  • Put the plan to use; simply filing it away will not serve any purpose. Refer to it whenever possible.
  • Revisit and revise your plan as your business grows.

Sections of a Business Plan

A typical business plan includes the following sections:

  • Executive summary.
  • Description of the company.
  • Market research.
  • Product or service description.
  • Management structure.
  • Sales and marketing strategy.
  • Financial Analysis.

Benefits of Writing a Business Plan

Writing down your business plan offers the following benefits, among others:

  • You get to understand your business better.
  • It increases the chances of your business's success.
  • It makes it easier to raise capital for a startup.
  • Businesses with a written plan grow at a higher rate than those without any written plan.

Steps to Writing a Startup Business Plan

1. Have a Clear Objective

  • Make sure that the company description is not ambiguous. The company description can also include your business's mission statement.
  • State the reason for choosing that specific business. For example, you might be prompted to open a restaurant because no other restaurants in your area serve the cuisine your restaurant specializes in.
  • Discuss the vision and growth prospects of your business in brief.

The summary should be concise and should not exceed four paragraphs.

2. Identify Your Target Market

Narrow down your target market based on geography, demography, psychology, and behavior. Your final target market may look like the following:

  • Ages 20 to 35
  • Living in the New York area
  • With an annual income of $50,000-$60,000
  • Who are interested in recycling and sustainable living

3. Analyze the Competition

Perform a competition analysis and differentiate your product accordingly. Price and quality can be two important differentiating factors. You should analyze the competition while simultaneously identifying your target market since both these steps are a part of the market research section of your business plan.

4. Prepare a Budget

Estimate the amount of funds you will need to start and operate the business. Many startups fail due to lack of funds. Preparing a budget beforehand will reduce this risk. When calculating your budget, consider all possible expenses, including the following:

  • Cost of equipment.
  • Money required for buying or leasing property.
  • Legal fees.
  • Employees' salaries.
  • Insurance premiums.
  • Inventory cost.

5. Make Financial Projections

Prepare financial projections based on the size of your target market and your expected market share. Include the expansion strategy in your projections. Keep your projections reasonable and make sure you cover three to five years of operations.

6. Define Your Business Structure

Define the organizational structure of your business. Having a clear hierarchy of power removes unnecessary doubt and debates over jobs and reporting positions. However, avoid adding too many layers in your business structure since that may create confusion and make the communication inefficient.

7. Prepare a Marketing Plan

A well-balanced marketing plan should include a strategy for customer acquisition in line with your target market, budget, and financial projections.

Some of the basic ideas for a marketing plan include the following:

  • Launching a website.
  • Being active on social media.
  • Building a subscribers' list.
  • Setting up loyalty programs.

8. Keep It Short and Simple

Although your business plan should be detailed and thorough, make it a point to keep it short and simple. Write it professionally and avoid using jargon. Proofread the plan for grammar, readability, and confusion.

If you need help with IT company business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

Hire the top business lawyers and save up to 60% on legal fees

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Your Technology Business plan is important for keeping you with the times and for planning ahead. There is some deviance from a simple business plan model, however, some of the basics are the same. So where are the important deviations?

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Technology Business Plan Template

AUG.16, 2016

Technology Business Plan Template

Technology business plan for starting your own business

If there is one field that cannot go out of business within the foreseeable future, that is the technology business. This business has been growing vastly since the start of this century. There are more technology businesses out there than you can count, yet there is a capacity for new entrants in this field. We have made this business plan for technology company to tell you in sheer detail how to start a information technology company.

This business plan is based on the real-life example of MacArthur Tech Services. Let’s see how this business plan for investors can help you make money.

Executive Summary

2.1 the business.

MacArthur Tech Services will be a licensed and register tech services provider in Detroit. It will be owned by Maximilien MacArthur who is a former executive from Silicon Valley and has worked for many tech startups. This business plan for tech startup will help you learn from MacArthur’s experience.

2.2 Management of Technology Company

While explaining how to start a business solutions company, the first important thing to learn is the management of the company. You need to know the managemental hierarchy of the company for technology business setting up. This can also be used as a business plan for bank to get debt financing for your startup.

The management of MacArthur Tech Services will mainly be handled by MacArthur himself. He will hire experts of the field to help him with the operations.

2.3 Customers of Technology Company

As a semiconductor business plan is a vast field, we need to determine what customers would we be dealing. This includes the following:

  • Domestic Customers

These customers will include the people who:

  • Want to get their personal computers fixed.
  • Want home-based tech and connectivity solutions.
  • Want consultancy for domestic tech setups.
  • Business Clients

These will be slightly bigger than the domestic customers and will include:

  • Businesses looking for automation.
  • Small businesses looking for digital bookkeeping and inventory management.
  • Businesses looking for better connectivity solutions.

These customers will need:

  • Campus management solutions.
  • Labs and Library computer setups.
  • Corporate Clients

These will be the biggest clients needing corporate-grade computing and tech solutions.

2.4 Business Target

The target will be to become the leading provider of tech services in all of North America.

Technology Business Plan - 3 Years Profit Forecast

Company Summary

3.1 company owner.

The owner of MacArthur Tech Services, Maximilien MacArthur is an expert of the field. He started his career with a repair shop and that makes and excellent computer repair business plan today. He then moved to the Silicon Valley where he made a information technology business plan example by starting a number of companies and making them successful.

3.2 Why the Technology Company is being started

MacArthur has an extensive knowledge of the field and has set many information technology business continuity plan example. He has helped a number of tech companies successful and is now planning to make a company of his own. He is passionate about it and knows where there is a gap in this business and how he can make a name in this field.

3.3 How the Technology Company will be started

Step1: Planning

The next thing we need to cover in this technology business plan sample is the planning to start the business. No business plan for tech company can be complete without that.

We need to plan everything from the number of employees and starting costs for the business to the perspective customers.

Step2: Branding

People trust the companies that have established brand names. In order to make it successful, our tech company will also establish a strong brand name. An impressive brand logo, moto, and color scheme will be chosen to make this happen.

Step3: Establish Your Office

MacArthur Tech Services will have an office in downtown Detroit from where all the services of the company will be extended to the customers.

Step4: Establish a Web Presence

No successful technology business plan can be complete without web presence. An extensive website will be launched for customers to interact with MacArthur Tech services.

Step5: Promote and Market

All possible ways of communication will be used to make sure that MacArthur Tech Services is known in all of Detroit and Michigan.

Technology Business Plan - Startup Cost

The next thing we need to address in this technology business plan template are the services we will be providing. As Technology is a vast field and no single company can reasonably cover all aspects of the industry, we’ll offer limited services in this information technology startup business plan and will try to be the best at them.

The main services provided by MacArthur Tech Services will include:

  • Connectivity Solutions

This area of the services provided by MacArthur will include:

  • Connectivity solutions for domestic clients.
  • Connectivity solutions for offices and businesses.
  • Connectivity solutions for corporate clients.
  • Tech Equipment Supply

This segment of MacArthur’s services will include the supply of:

  • Projectors.
  • Tech Support Services

MacArthur Tech Services will offer support services for clients. These will include support for:

  • Any major fault in tech setups.
  • Break down of network or mainframes in offices.
  • Personal and domestic tech support.

MacArthur Tech Services will maintain a 247 support helpline to provide support to people facing any tech problems.

  • Tech Consultancy

For the clients that do not know where to start with tech, we’ll be giving tech consultancy services.

Marketing Analysis of Technology Business

Excellent work.

excellent work, competent advice. Alex is very friendly, great communication. 100% I recommend CGS capital. Thank you so much for your hard work!

If you want to know how to write a business plan for a tech startup, the most important thing for that is the marketing analysis of the technical business plan sample. We are performing the marketing analysis of thebusiness plan technology description to make things easier for you. It is paramount to have an extensive knowledge of thetechnology business solutions if we want the business to be successful.

5.1 Market Trends

The tech market is one of the most fast-growing ones all over the globe. Most of the top companies and richest people in the world right now are associated with this field. We have seen a lot of tech companies come forth and be successful in this field.

The field is a bit saturated but there is always place for companies that come with the intention of providing exalted services in this industry.

5.2 Marketing Segmentation

The customers of our Tech business will be divided in the following market segments. Each segment will need its own specialized set of services.

Technology Business Plan - Marketing Segmentation

5.2.1 Domestic Individual Customers

These will be the lowest paying customers but with the largest values. Anyone who needs an advice on what laptop to buy to anyone looking for someone to setup their workstation will fall into this category. We will provide all the services from the installation of Windows to replacing broken displays. Our focus will be to make repeat customers here.

5.2.2 Small Large Businesses

The businesses needing services for their tech setup will also be our customers. We will provide them with the services including automation, bookkeeping, inventory management, connectivity, and all other services that they might need.

5.2.3 Corporate Clients

This will be the market segment for us that will make the bulk of our income. They will be in a lesser number but will pay the premium prices. We will offer all the services from cloud computing to blockchain services and all other tech-related services a corporation might need.

5.2.4 Nonprofits

Lastly, we will offer discounted services to the nonprofit segment of the business to play our role in community development.

5.3 Business Target

  • To become the leader in tech services in all of North America within 5 years.
  • To provide impeccable tech services to our clients.
  • To expand to at least 3 more states by the end of year 1.
  • To start making an annual $368,000 in profit by the end of year 3.

5.4 Product Pricing

We will keep the product prices lower than the market average at the start. This will be done to attract the customers and once we have enough of them, we will move on to increase the prices.

Marketing Strategy

Now that we know the market we are going to enter, the next thing we need is a business plan in marketing to make sure we get our business objectives. As the Tech market is a saturated one, marketing is one of the decisive factors that can make any information technology business proposal template a success.

We need to be objective here and use any competitive leverage that we have in order for us to be successful and we’ll spare no expense in making sure that our technology startup company is successful.

6.1 Competitive Analysis

  • The thing that will give us an edge on the competitors will be the extensive experience of the owner Mr. MacArthur.
  • We will provide top-notch service and only the best of the best equipment to earn permanent recurring clients.
  • We will provide a 247 support helpline, something that can make a huge difference and something not much of the competitors have.

6.2 Sales Strategy

  • We’ll target the domestic, business, and corporate market at once to ensure that we get the best sales margin.
  • We’ll provide a one-year warranty on all our products and services to make people rely on us and buy from us.
  • Like all the best biotech business plans , we will offer huge discounts for the first two months.

6.3 Sales Monthly

Technology Business Plan - Sales Monthly

6.4 Sales Yearly

Technology Business Plan - Sales Yearly

6.5 Sales Forecast

Technology Business Plan - Unit Sales

Personnel plan

The next thing needed for writing a business plan for a tech startup is the planning of the staff needed to efficiently run the company. This business plan for a web hosting and other tech services needs a number of skilled people to help it run properly. As the main focus of this business is to provide technical support and services, these employees will be the most valuable asset of the business.

7.1 Company Staff

  • Maximilien MacArthur will be the owner and the CEO.
  • 1 General Manager.
  • 1 Operations Manager.
  • 1 Liaison Manager.
  • 5 Technicians.
  • 2 Engineers.
  • 5 Support Agents.
  • 2 Drivers for the support Team.
  • 2 Office Boys.
  • 1 Receptionist.
  • 1 Accountant.

7.2 Average Salary of Employees

Financial plan.

This last part of this business plan information technology company is the financial planning of the business. The recipe for a successful business is to decrease the expenses and increase the income of the setup. To make this happen, we have to have a clear idea of the expenses for starting and running the business. Let’s see a tentative budget planning for a technology business.

Here is a list of the expenditure for starting the business and running it until it starts generating enough revenue to fund itself and return profit.

  • The cost of setting up the office.
  • The cost of setting up an online presence.
  • The cost of advertisement of the business.
  • The salaries of the staff for the starting year.
  • The cost of overheads included in running the business.

8.1 Important Assumptions

8.2 break-even analysis.

Technology Business Plan - Break-even Analysis

8.3 Projected Profit and Loss

8.3.1 profit monthly.

Technology Business Plan - Profit Monthly

8.3.2 Profit Yearly

Technology Business Plan - Profit Yearly

8.3.3 Gross Margin Monthly

Technology Business Plan - Gross Margin Monthly

8.3.4 Gross Margin Yearly

Technology Business Plan - Profit Yearly

8.4 Projected Cash Flow

Technology Business Plan - Projected Cash Flow

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Business Plan for an IT Company

Project report, 2001, 50 pages, grade: a+ = 1,0, andreas sachs et al. (author), table of content.

1. Executive Summary 1.1 Vision 1.2 Company 1.3 Management 1.4 Products 1.5 Market Analysis and Marketing 1.6 Operations 1.7 Financials 1.8 Growth and Exit Strategy

2. Company 2.1 Problem 2.2 Solution 2.3 DTCS Provides Solutions 2.3.1 Benefit and Risks 2.3.2 Technology Requirements 2.3.2 Network Diagrams 2.4 Scope of Start-Up 2.5 Growth Possibilities 2.5.1 Domestic Growth 2.5.2 Going Global 2.5.3 Source of Investment Budget 2.5.4 Standardized versus Customized Plans 2.5.5 Product Modification 2.5.6 Product standardization 2.5.7 Competitive Condition 2.5.8 Company Consideration 2.5.9 Product/ Market Adaptation Strategies 2.5.10 Where to Manufacture 2.6 Legal Issues 2.6.1 Business Form 2.6.2 Location 2.6.3 Tax Concerns 2.6.4 Technology Security/ Intellectual Property Rights

3. Management 3.1 Key Managers 3.2 Ownership and Compensation

4. Products 4.1 Consulting 4.2 Electronic Shelf Label 4.3 IT Infrastructure 4.4 Software 4.5 Maintenance

5. Market Analysis 5.1 Market Research 5.2 Competition 5.3 Target Customers 5.4 Market Size, Trends and Estimated Sales

6. Marketing Strategy 6.1 Overall Marketing Strategy 6.1 Product Positioning 6.2 Pricing 6.4 Place 6.5 Promotion 6.5.1 Objective 6.5.2 Advertising 6.5.3 Sales Promotion

7. Operations Strategy 7.1 Location 7.2 Research and Development 7.3 Production 7.3.1 Demand Management 7.3.2 Manufacturing Management 7.3.3 Transportation Management 7.3.4 Fulfillment Management 7.4 Personnel 7.4.1 Start-Up Situation 7.4.2 Personnel Projections

8. Financial Plan 8.1 Key Assumptions 8.2 Income Statement 8.3 Balance Sheet 8.4 Cash Flow Analysis 8.5 Ratios 8.6 Sources and Use of Funds

9. Exit Strategies

10. Critical Risks and Challenges

11. Appendixes

1. Executive Summary

“Empowering Your Prices”

The vision of the Business is to establish a differentiated product with capabilities that will reduce the cost of ownership with a higher return on investment. Offering a product with enhanced features and greater capabilities that is unmatched in this emerging industry will further position DTCS as company of great strength with superior brand and product through technological innovation will increase the possibilities of capturing a significant market share to establish DTCS brand identity and products within the industry. DTCS is positioned to distribute Electronic Labeling Systems (“ELS”) to all major retailers and grocery stores. DTCS product creates value for its customers through increasing efficiency in operations and labor cost savings for any retailers that carry large number of store shelve items. The “ELS” system will provide a digital price for an item on the shelf as well as software to run the wireless price tags. The draw of a system such as ELS will allow a retailer such as Dominick’s to change the price of a product from one central computer rather than changing them by hand on the shelf which requires a night crew and is very labor intensive. Due to the potential competitive advantages and the convenience “ELS” afford its users, we expect this device to become popular to be found on every on every store shelves of large discount chain stores like Wal-Mart and Target. Our intention during the first two years of DTCS operations is to develop a significant customer base that will enable DTCS to develop additional products that expand into other retail segments while integrating our consulting services to generate additional revenues for the long term.

1.2 Company

DTCS Inc. (Digital Technology Capability System) is a privately-held Delaware C corp. operating in the state of Chicago, Illinois since May, 2001, founded by Seth Berk, Neil Cikurel, Wichay Kanchanaprapas, Onal Kucuk, Murtaza Poonawala, Donald Raphael, Andreas Sachs and Vick Vadalkar to commercialise the Electronic Price tags ELSÔ. It is equipped with funds of USD $42,000,000, risen by its founders, banks, Venture Capitalists and strategic alliances. DTCS aims to be the leading niche developer of electronic labelling systems to major retailers and supermarkets within one year. DTCS will provide high added value to these markets with the ability to change prices of items in a matter of seconds, promotions and consulting services in order to implement the system.

1.3 Management

DTCS Inc. was founded by eight graduate students from Stuart Business School, Illinois Institute of Technology leading by Murtaza Poonawala as Chief Executive Officer and Chief Financial Officer. Neil Cikurel. Onal Kucuk and Andreas Sachs are responsible for the marketing department. Andreas, Chief Marketing Officer credentials consist of an MBA specializing in marketing area. Venkatesh Vadalkar is the Chief Operation Officer and also possesses an MBA degree in Marketing and has an expertise in supply chain. Donald Raphael who is the Chief Information Officer of the company. He will be responsible for R&D and new emerging technologies and infrastructure. Wichaya Kanchanaprapas heads the International Business department and will be responsible for foreign business contracts with the manufacturers. She has also an MBA degree in Marketing. Lastly, Seth Berk who manages the legal services department was a LLM student.

1.4 Products

“The Integrated Solution”

Electronic Labeling System

ELS's lock into place and report when they are moved, they can also display real time data at the shelf edge, helping to manage plan-o-gram compliance and product mix profitability. The system offers many other advantages; such as using your ELS as a promotional tool to draw attention to products and improve capture rates. Promotions and Internet specials can be coordinated. Drive traffic from your store to your Web site or from your Web site to your shelf edge. The ELS system can even help employees quickly find the correct location to stock new products or provide valuable information that aids in-aisle decision making, such as item movement or profit margin.

Our product is a complete electronic digital display system solution that will enable a retailer to control pricing of merchandises and special promotions from a centrally located computer system. The system consists of two main components, a receiver and a transmitter. The display hardware piece will consist of the following characteristics: one is a high-resolution dynamic graphical capability; in addition the system will use an infrared signal to communicate using a wireless system. In terms of manufacturing, the individual display system will be outsourced while the computer hardware system will be sourced through an alliance partner computer manufacturer such as Compaq.

Consulting Services

Consulting services will be offered to potential clients and existing customers on a contractual basis during the gathering phase analysis and integration to provide recommendation on systems and implementation procedure prior to deployment and post deployment support. This service offering is expected to be a significant contributing factor to revenue growth as part of the overall one stop shop solutions strategy.

1.5 Market Analysis and Marketing

The anticipated market for ELS can be simply described as being “ huge ”. Retailers are looking for an alternative for their paper price tags, which are time, labour and money consuming, but until recently the tags prices were perceived as too expensive low return on investment and therefore the cost of ownerships did not equate the value proposition.

DTSC’S main goal is to create value for its customers and increase their overall operational effectiveness by enabling them to reduce their operating costs and providing an additional revenue channel to their customers in enabling them to offer advertising services on the price tags devices to their suppliers.

We have decided to target large corporate retail chains like Wal-Mart, K-Mart, Target, etc. Our most valued potential customer is Wal-Mart, a market leader in its industry segment and as a first customer would afford credibility to our products, because of its size, market position and reputation.

Wal-Mart has approximately a total of 4,500 stores in the US – 500 are so called “Super Stores”. Exactly these Super Stores have been chosen to be our target, because it would DTCS to achieve economies of scale in our prices, which will be tremendous in increasing the entry barrier in this market. But DTCS doesn’t want to be dependent from only one customer. Other clients we are targeting are K-Mart and Target because of their sizes and their large number of stores. In combining the number of stores of these three companies, DTCS has the potential to supply an estimated 10,000 stores with its technology.

In order for DTCS to reach its long term goal, a classic niche marketing strategy should be develop at the initial launch phase of the product, this can be accomplish by providing a differentiated product from its existing competitors. DTCS goal is to be the one-stop-shop solution for its customers, supporting their business through value-adding products and services. To achieve this objective, brand awareness has to be build in a razor-thin-profit-margins-marketplace.

Although our sales estimate may not be accurate and steer us in the wrong direction; however, we are moving forward with the following assumptions. Conservative sales forecast is estimated to be $12.000.000 including 20 stores in hand and this number will increase to 125 stores and $90.000.000. To be realistic we believe we can have 75 stores and $45.000.000 in the first year and 300 stores and $180.000.000 at the end of the third year. The best-case scenarios is that we could sell our system to 150 stores and generate $90.000.000 in revenue for that period, at the end of year 3 we expect to have 600 stores with $360.000.000.

1.6 Operations

DTCS’s Head office is based in Chicago, Illinois. The company has strategically based its four distribution centers and sales offices in the United States. One in the state of New York where we receive our products that have been shipped form China, and one in Chicago which serves as a central distribution center for the mid west and the southern states. The other two distribution centers are based in the states of California and Washington. These will distribute to the west coast and also to the neighboring Midwest states. Inventory managers will control all the distribution centers. The manufacturing of the product is outsourced and the manufacturing plant is located in China. Our development and testing lab will be based in where there is a large pool of labor is available

The products are shipped form China in batches. Our inventory managers will manage the incoming shipments. All products will be tested before they are sent out to the customers. Testing procedures are of the following sequence; each batch is tested by a technical team in loading the software into the tags and tests them for functionality using an in-house installed system. Once a batch is approved, then the batch of tags will be sent to one of the distribution centers depending on where the order originated and has to be fulfilled. Our company distributes the product to the customer’s corporate office and products will be distributed leveraging the customer’s distribution network. Once a product is distributed from the corporate headquarters, a consultant will then be dispatched to perform the installation along the chain’s night crew. Individual store installation can be accomplished within two weeks. Customers will be trained on site on learning how to resolved basic issues and running the ELS. We will also provide yearly maintenance support contract as part of the initial purchase agreement. Orders from the customer is always taken in advance for efficient delivery.

1.7 Financials

illustration not visible in this excerpt

1.8 Growth and Exit Strategy

Growth Strategy

In this paper, growth possibilities are divided into domestic and international growth possibilities. For the domestic growth, DTCS will initially target large discount stores such as Kmart, Wal-Mart and Target in Chicago and then the firm plans to expand to major cities. DTCS also see opportunities in attracting local supermarket as well as selective upscale department stores. In targeting the global market, DTCS plans to enter the European markets because the a lower end version of the product has been in existence for almost 1 year and has faced stiff resistance from potential customers because of a low value proposition. Turkey and Germany will be the first two countries targeted and later expand the business to the rest of the European market. This section also explains how it will be possible. DTCS includes following issues in this section: source of investment budget, standardized versus customized plans, competitive condition, company consideration, product/market adaptation strategies, and where to manufacture.

Exit strategy

DTSC expects a steady growth over the next five years as it continues to introduce modified software/hardware for different purposes. As the company grows, investors will make a return on their investment when DTSC goes public. The exit strategy of DTSC includes, IPO, Private sale, Merger and Management buy out.

2.1 Problem

“Time and money consuming price tag changes”

The grocery business is moving into a very complex and competitive market in effort to meet with different customer needs, delivery models, value propositions, and customer relationships. While supermarkets and others have the resources and knowledge capital to compete in this environment, they also need to fine-tune their processes and organizational structures model that is efficient and cost effective. They are increasingly operating on razor thin profit margins, and fierce competition from traditional brick & mortar and recent new comers in the e-Market delivery companies such as Peapod will force many to seek alternative methods and devices to improve operations in meeting bottom line profitability.

While investigating into the viability of Electronic Labelling Systems, several members noticed that typical supermarkets have to change their items’ price tags daily to reflect a change in the price of that product. There are several employees of these firms that will run around changing the prices on the shelf as well as placing advertisements on the shelf for items that go on sale. This repetitive task is very time consuming because an average supermarket contains more than 20,000 items. This is also quite expensive because of the manpower needed to perform this task as well as the cost of printing for the current system used in those businesses.

2.2 Solution

Some supermarkets change prices on over 4000 items a week, a process that eats up a lot of man-hours. ELS's are automatically updated when the price master file is changed, allowing employees to take care of customers instead of managing paper labels. Promotions and pricing can now be time and event driven; responding instantly to competitive pricing, or taking advantage of supplier cost reductions and passing along savings to customers.

DTCS represents an integrated set of databases, software and mobile devices that will deliver specialized capabilities to store shelves instantly without any major efforts on store personnel through a robust technical infrastructure supporting any firm’s business strategy. This ELS system will provide relief from these remedial tasks of changing the price tags on a store shelf. The ability to update any price changes immediately from one central computer will provide great benefits to any firm that utilizes the new technology of ELS. Furthermore, ELS will be able to display when an item is on sale. This will be an eye catcher to the average shopper and will make them stop and look and see what the item is and the price for that item.

2.3 DTCS Provides Solutions

DTCS ELS’s system is an elegantly simple design. Our technology doesn't require a connection between shelf labels and the shelf rail. Advanced tag management software allows you to move tags throughout the store with the same portability as RF or infrared tags. All power and two-way communication are supplied inductively. This power and communication infrastructure is extremely reliable and protects your investment from obsolescence. In addition, unlimited promotional graphical messages and data can be communicated to the tags and to your customers with no power concerns. You never need to replace or dispose of batteries. ELS tags can be placed anywhere in the store, including peg hooks, refrigerated areas and even freezers. Two tag sizes are available: our standard tag, as shown, and our small tag; ideal for spices and HBA items.

Another key enhancement in DTCS ELS products is that displays are much larger with graphic capabilities than the existing products in the market place, our display has full graphical motion, 256 color that is compatible to any laptop display, this capability in turn will allow our customers to offer advertising spaces as an option to their suppliers. It represents an additional revenue channel if they choose to exercise it as mean of reducing their cost of ownership of our system.

2.3.1 Benefit and Risks

There are various benefits to ELS. Primarily it will cut the cost of reproducing price tags and placing them on the shelf below the item that they are intended for. The ELS will be a uniform price tag that can be placed under any item and programmed to contain that items on its (LCD) liquid crystal display. This system will also provide a source informative data, which will be compatible with the register system that is presently in place so as to provide an idea of when customers buy an item and what the cost of that item was at the time of purchase. In the future ELS will be able to identify when a shelf will need to be restocked by using an Infrared scanner that notices when an item is removed from the shelf.

On the other hand, there are several risks for DTCS and ELS. Failure to fully realize the benefits of the new device may potentially scare future venture capitalist. Damage to credibility of all involved and future employment possibilities. Higher than necessary costs to bring device to market can be a serious strain on the financial well being of a new venture, such as DTCS.

2.3.2 Technology Requirements

In order to run a system such as ELS, there is certain technological items that are need to be in place in order to achieve maximum optimization of the product. These items consist of computer hardware, servers, mobile display devices, infrared receivers & transmitter.

Miscellaneous requirements:

- FCC Regulations: Securing operational frequency for devices - Establish sourcing options for hardware/ software - Determine bandwidth operational metrics for capacity planning. - Network infrastructure - Programming Skill sets

2.3.2 Network Diagrams

2.4 scope of start-up.

Our company will have the head office located in Chicago, Illinois. Our company is called DTCS (Digital Technology Capability System). We manufacture wireless price tags for department stores and giant grocery stores. We are outsourcing the manufacturing of the price tags. The manufacturing will be done in China. The computers, which will be used as an interface and will be supplied by our alliance stores in the United States. The development of the software will be done at our lab in Chicago.

We plan to place distribution centres around the west coast and the east coast so as to serve the American Market. The founders, Venture Capitalist, will generate the capital cost of approximately 42 million in loans from the bank and strategic alliances with selected main customers. We plan to expand into international market once we are well established in the domestic Market. Licensing of DTCS technologies will fund essentially all the capital cost of expansion beyond the United States.

2.5 Growth Possibilities

2.5.1 domestic growth.

DTCS starts to target chain stores such as K-Mart, Wal-Mart and Target in Chicago area at the beginning and then goes further to the major cities such as New York City. The management team expects that one of these stores will be attracted to DTCS products because of its characteristics and its advantages in both short run and long run. As the management team forecasts high growth possibility, the company will raise the entry barrier to the market place using economies of scale to reduce the cost and capture a significant share of the market. If the project is successful in implementing the first step, our management plan is to expand the business to local supermarkets such as Dominick’s and Jewel as well as department stores such as Marshall Field. All other details will be discussed throughout this document.

2.5.2 Going Global

Entering the global market is the latest step that DTCS prepares to penetrate the market in order to expand and sell more products. In the field of international business, DTCS management team is concern about its international activities in the area of foreign regulations, competitive practices, and labor regulations. Market research in these countries will be a key component in their development. In the initial phase, DTCS expects to expand and capture a significant share of the European market because a low-end version of the ELS system already exists.

DTCS has more basic knowledge of how to do the business in these two countries according to our team managers’ background. From our research, the management found that ELS has already existed in the corporate stores and wholesale stores in Germany and large stores in Turkey. Consequently, this is just the next plan, which the company continuously invest more time into this step in order to immediately implement after the product is successfully introduce to the home market.

2.5.3 Source of Investment Budget

Since DTCS is expected to generate substantial amount of profits in the U.S. market, the management team has decided the next phase will be to expand the business in the global market. The company, thus, would need a huge investment to run business internationally regarding to high technology product offering. In addition, the DTCS management team decides to enter stock exchange market in order to increase financial resource for this foreign investment. DTCS would reserve 55% ownership and 45% for alliance with the local partner.

2.5.4 Standardized versus Customized Plans

DTCS management determines the most effective status for products in international markets. As mentioned above, the company will first penetrate German and Turkish markets after success in the next few years. Some features of product and service offerings would have to be slightly adapted to the nature and needs of these two markets whereas some would probably remain standardized.

2.5.5 Product Modification

Language difference – The language used for ELS’s display and manuals should be described in both English and local language such as Turkish and German.

Durability and quality - In Germany, customers concern about the quality of product rather than price. Therefore, DTCS plans to have a high control and careful product testing before delivering to customers.

2.5.6 Product standardization

Characteristics – All characteristics are standardized such as size, display screen, etc. Some characteristics can be customized as requested. The price will vary according to expenses.

2.5.7 Competitive Condition

DTCS has enhanced product to be active device, which differentiate itself from existing product that stores are using in most European markets. Besides, it creates a niche for itself in international market comparing competitors.

2.5.8 Company Consideration

DTCS mandate $US10 million for the first-year ROI and $US 10 million for the second-year ROI that an entry strategy must achieve, which can lead to product adaptation strategies to bring first-year costs in line with this profit objective.

2.5.9 Product/ Market Adaptation Strategies

DTCS decides to apply product adaptation, communication extension strategy, which means. Differing local language-spoken and condition mandates changes in the product while the communication strategy remain essentially unchanged. As ELS will be placed in stores, users would probably prefer local language as well as English manuals and display to only English.

As mentioned above that DTCS is interested in entering the European markets, the management team considers that many European countries are turning to use both euro currency as well as national currency in the future. This shows that ELS will probably benefit the customers according to price easily changed.

2.5.10 Where to Manufacture

The management does not yet decide in which country they will locate its factory when they launch business internationally. However, they will locate its activities either to gain access to cheap labor, capital, materials and other inputs, or to sell close to its customers and avoid transportation and tariff costs. As well, the firm would decide to invest where its activities will be able to learn and innovate most effectively.

2.6 Legal Issues

2.6.1 business form.

In forming a new venture one must consider several different forms available. For instance there are limited liability companies, general partnerships, sole proprietorships to name just a few. In organizing DTCS, the entity will be a C corporation for various reasons.

First, a corporation limits the liability for the organizers as well as the future shareholders. This may be an over exaggeration because most lenders will not provide capital to a small corporation without a personal guarantor, If owning valuable assets we might want to pursue forming a separate company to own these assets and lease them to DTCS as another way of limiting liability to the company.

Secondly, the corporate form offers the advantage of centralized management, but in a small closely held corporation all owners will often be involved in management. This is advantageous to DTCS so that we may maintain control over the day-to-day operations. However, having to maintain the three-tiered structure of shareholders, officers and directors may be somewhat costly and cumbersome.

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Title: Business Plan for an IT Company

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IT Consulting Business Plan Template

Written by Dave Lavinsky

it consulting business plan

IT Consulting 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 consulting firms. 

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

Sources of Funding for an IT Consulting Businesses

With regards to funding, the main sources of funding for an IT consulting 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 consulting companies.

Finish Your Business Plan Today!

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

If you want to start an IT consulting 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 consulting 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 consulting business you are running and the status. For example, are you a startup, do you have an IT consulting business that you would like to grow, or are you operating an established IT consulting business that you would like to sell?

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

  • Give a brief overv iew of the IT consulting industry. 
  • Discuss the type of IT consulting 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 consulting business you are operating.

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

  • Strategic planning : offers IT consulting services to help clients assess their IT needs and formulate plans for system implementation.
  • Architecture planning: offers IT consulting services to create a system and supporting infrastructure.
  • Operational assessment: offers IT consulting services to assess the IT operating efficiency. 
  • Implementation planning: offers IT consulting services to help clients rollout and test new IT solutions.

In addition to explaining the type of IT consulting 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 clients served, the number of consultations with positive outcomes, reaching $X amount of revenue. 
  • Your legal business structure. 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 consulting industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the IT consulting 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 consulting business plan:

  • How big is the IT consulting 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 consulting 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 consulting 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 consulting 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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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r IT consulting 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 specialists, business consultants, and internal IT staff. 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 consulting 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 new customers to obtain your services?
  • 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 a IT consulting business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f IT consulting company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide consulting services for cloud applications, cybersecurity and compliance, IT solutions management, or network operations?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the services you offer and their prices.

Place : Place refers to the site of your IT consulting company. Document where your company is situated and mention how the site will impact your success. For example, is your IT consulting 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 consulting 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 consulting business, including answering calls, scheduling meetings with clients, billing and collecting payments, 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 consulting business to a new city.  

Management Team

To demonstrate your IT consulting 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 consulting 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 consulting business.  

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 s heet, 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 meet with 5 clients per day, and offer discounts for referrals ? 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 consulting 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 a IT consulting 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 diagram of an IT system you’ve implemented. 

Writing a business plan for your IT consulting business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the IT consulting 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 consulting business.  

IT Consulting Business Plan Template FAQs

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

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

Where Can I Download an IT Consulting Business Plan PDF?

You can download our IT Consulting business plan PDF here. This is a business plan template you can use in PDF format.

How Do You Start an IT Consulting Business?

Starting an IT consulting business is easy with these 14 steps:

  • Choose the Name for Your IT Consulting Business
  • Create Your IT Consulting Business Plan
  • Choose the Legal Structure for Your IT Consulting Business
  • Secure Startup Funding for Your IT Consulting Business (If Needed)
  • Secure a Location for Your Business
  • Register Your IT Consulting 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 Consulting Business
  • Buy or Lease the Right IT Consulting Business Equipment
  • Develop Your IT Consulting Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your IT Consulting Business
  • Open for Business

Don’t you wish there was a faster, easier way to finish your IT Consulting business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan writers can create your business plan for you.

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Trump Media & Technology Group completed a deal to merge with Digital World Acquisition Corp., a cash-rich shell company. The merger increases the former president’s net worth by roughly $3 billion.

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Matthew Goldstein covers Wall Street and white-collar crime and housing issues. More about Matthew Goldstein

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Phoenix  Housing Crunch:  A swelling population coupled with development restrictions have contributed to  a dire shortage of affordable housing in the biggest city in Arizona , one of the six states likely to determine the U.S. presidential election.

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Cancel Smartphones: The N.Y.U. professor Jonathan Haidt became a favorite in Silicon Valley for his work on what he called the “coddling” of young people. Now, he has an idea for fixing Gen Z .

Landline Pride: Traditional phones may seem like relics in the iPhone era, but a recent AT&T cellular service outage  had some landline lovers extolling their virtues.

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Nelson Peltz Wants Respect: The longtime corporate agitator feels misunderstood . Maybe his fight with Disney could change that.

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