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9 Elements of the Tech Support Business Plan Lenders Love

technology services business plan

In Heart, Smarts, Guts and Luck, released by Harvard Review Press, author Anthony Tjan explains the commonalities among the hundreds of successful entrepreneurs he and his team interviewed over a two year period.

Surprisingly, 70 percent of this fortunate cohort did not start with a business plan. Instead, they dove in feet first, working hard doing the business rather than writing about it.

Did they need one when they got to the point of expansion?

You bet. Lenders don’t even look at a borrower without a business plan. A robustly written document chronicling the business’s history to this point indicates how seriously entrepreneurs take the whole borrowing experience. It also indicates the respect a business affords those willing to lend them money.

Careful attention to each of the ten elements of the technical support business plan increases the odds that you’ll win money from those looking to earn a healthy return.

  1. Business Description

Keep your description concise and straightforward, but include exactly what your company does and where it earns profits. It should also answer:

 

  • why your business was formed? Feel free to include your passion as many lenders will be looking for it. The most successful entrepreneurs have an abundance of heart and drive. They work around the clock because honestly, working their business is their hobby, their fun, their stimulation and achievement. Don’t be afraid to let that show.

 

  • the business’ mission and model: how does your business seek to solve problems of consumers, other businesses or government entities? Be clear on why you started the business: what gaps did you see in the market that desperately needed to be filled.

 

  • products (software) or services (technical or computer support: describe exactly what you sell and the price point of each item, package or service. Remember to cover both features and benefits.
  • people involved: lenders will want to know what each key player brings to the table. They will consider themselves owners of the business to some extent, and as owners want to be able to depend on talented, hard-working people.
  • relationships to be leveraged. When a company principle knows a key player in their market, lenders know they have a shortcut to profits. List all relationships your business can leverage to get to the end user as soon as possible.
  1. When the company was formed and the major hurdles it’s crossed.

This is a follow-up of the previous section, where you discuss more about the history of the company and its achievement so far. It is important not to skip this part because you can trace the business’ development by tracking what it has done since the beginning. Emphasizing that your started small and conservative and then scaled quickly will win points. Jot down when the company reached each of these milestones and the result

  • Initial capital contributions
  • Product/service launch
  • First client
  • First business loan
  • Additional product/service launches
  • Marketing plan roll out
  • Month company made a profit
  • Quarter company made a profit
  • Legal filing (S-Corp, partnership, LLC, etc.)
  • Internet launch
  • Overseas launch
  1. Target Market and Market Analysis

Describe the ideal consumer of your products (software) or services (tech support). The size of the market and how it will grow should also be couched to entice lenders.  That consumer can be other businesses, individuals, non-profits or government entities. Explain their needs and pain points and how your company solves them. Include target demographics like income, gender, family situation, social status, buying habits and more. Include trends and research to indicate your target market will only demand more of your products or services in the years to come.

  1. Competitors and Unique Selling Proposition

No company is without competition. It’s the carefully chosen niche or unique selling proposition that ensures the easiest profits won.

First, list your top competitors, their target markets and unique selling propositions (a.k.a. differentiators). Then discuss what products and services they’ve missed supplying in the market. You can also discuss a niche market they’ve failed to target effectively.

Finally, go back to your milestones and fill in how your unique selling propositions played a part in the achievements the company has won. This step will help deliver a complete picture to the lenders you approach.

 

  1. Business Model

How you make money exactly can be more important than endless Excel spreadsheets depicting every revenue stream and expense. Early estimations don’t carry much weight with lenders as these can be just too hard to predict.

Instead, carefully explain whether your business makes money via subscriptions, transactions or advertising.  Each model has a very different way of bringing in sales. Principles must start from the beginning monetizing the business in the most appropriate and effective way. Have your business model down cold. 

 

business plan checklist

  1. Marketing Strategy

After you have done a market analysis, lenders want to see how you plan to reach out to your ideal audience. After all, “A business with no marketing is just a hobby. A business without a solid product is just snake oil.”

Here, you can either explain your most effective marketing tactics and the agencies or consultants you’ve used so far. If your business is a start-up, explain how you plan to reach your ideal audience via both digital and traditional channels. Demonstrate that you’ve researched just where your ideal audience hangs out these days and whether they respond best to email, television commercials or search engine optimization. This section could require an outside marketing agency or at least a marketing consultant. 

  1. Sales Strategy

Your sales strategy should be as robust as your marketing strategy. More, each element should reference the other. How do you plan to divide your technical support services? Do you have packages in mind for different sized businesses? In this section, you should also include pricing policy. What costs of labor and overhead goes into your pricing policy? Finally, don’t forget to include the sales promotions you plan to include, especially those designed to win new customers.

  1. Funding Sources/Requirements/Projections

In this section, detail the funds your business requires. After writing the fund requirements, describe fund projections. These are forward-looking projections like cash flow statements, balance sheet and profit-loss-statements.

Business plans are indeed very essential in your business. Those who start with a plan can roll out their businesses in an informed way. Also, the business plan helps you keep track of whether you’re meeting your goals or not. Those looking for business loans, merchant services or merchant advances can trust A+ rated First Financial to review their applications and provide an answer with 48 hours.  Operating 100% online, First Financial’s automation and lower marketing costs keep interest rates affordable for all small businesses. Apply today!

 

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