2 minutes Read In product development, there are different types of pricing models to choose from. And today, we are going to understand what it is and why businesses use it.  What is a Fixed Cost Model?  The fixed cost pricing model is the model that guarantees a fixed budget for the project, irrespective of the time and expense incurred.  For small and medium-sized projects where requirements, specifications, and schedules can be precisely defined before the project development process begins, the fixed pricing (also known as project-based) model is ideal. Given the clear criteria and tried-and-true project management practices, the fixed pricing model […]

2 minutes Read There are situations and projects that call for flexibility from all stakeholders involved during the software development process. Budget and time restrictions may act as a catalyst for a more advantageous deal than a standard fixed-price approach. Time & Material (T&M) is one of the different engagement models that is becoming more and more popular because it gives you more control over the development process and cost rather than having to make educated guesses about future costs and a high likelihood of additional expensive changes. What is a Time and Material Model? If there is no comprehensive vision for the […]

2 minutes Read We are in the last leg of our journey of writing convincing business plans for investors. Previously, we have seen what the investors are expecting and what the contents of the business plan need to be. However, that is not the end of it. We need to see what documents we will need at hand too.  Even if investors never want a comprehensive business plan, your planning approach should result in a few important documents that they will want to review. You will need to keep the following documents at hand while preparing an investment pitch. The Cover Letter Most […]

2 minutes Read One of the biggest and foremost challenges for any business is finding investors and getting a business plan ready for them. In the previous part of the ‘How to Write a Convincing Business Plan for Investors’ series, we understood the expectations of the investors. Now, let us go ahead and see what to include in it.  The vision Investors want to know what your goal is, especially those who are funding early-stage firms. What directions do you anticipate your business taking in the future? What issues will you resolve for your customers and who will they be?  They want to […]

2 minutes Read The first challenge for many startups is to raise money. And in order to raise money, one needs investors. And now, coming to the bedrock of the question, how to get investors interested in your plan?  One of the key components that can steer investors in your favor is a slick business plan. So, it is crucial that you invest some time and get a professional business plan ready for them. Now, it is true that some investors may not ask for business plans. But, it is always better to have it and the investors not ask for it rather […]

2 minutes Read When launching a new business, entrepreneurs frequently wonder: “Does my business truly need a plan? Is spending my time creating a business strategy the best use of my time?” In almost all cases, “Yes” is the response to these queries. Starting a new business requires a solid business strategy. In actuality, writing a business plan can take a lot of time, necessitate having a tonne of data available, relying on forecasts, and can result in a long list of further tasks and research that need to be done. However, startuppers who complete a business plan are more likely to run […]

2 minutes Read If you are looking for tips to write a business plan, one can assume you are convinced about the importance of one. So, now it is time to write a business plan that will serve its purpose and bring the best outcome possible.  Here are some tips to write an effective business plan.  Keep it short Don’t use jargon, and speak in plain and simple terms. When business plans are overly wordy, stakeholders are more likely to forget about them or lose interest in them, which reduces their likelihood of being used as intended. Show that you care Show employees […]

2 minutes Read To fuel any startup idea, funds are extremely necessary. And even after many attempts, if you’re not funded, it gets difficult. So, here are some reasons why your startup might not be funded. You could look at these probable issues and work on them to strengthen your chances.  You’re not solving a problem If the product you are introducing to the market doesn’t address a problem, you will find it difficult to raise money. So, if you’re not addressing a pain point and only working on interesting solutions or just developing new intriguing technology, it is difficult to get investors […]

2 minutes Read Do not undermine the significance of your business plan. It serves as the skeleton and cornerstone upon which your business will be built. It will act as a road map for your entire firm and as the first impression for innumerable potential partners and investors. Writing a business plan can be simply because there aren’t any guidelines or standards for its length, structure, presentation, or even topic matter. But if you want to establish the groundwork for a stable firm and get enough attention from investors, you must find the appropriate answers to the right questions. What need are you […]

2 minutes Read All of us have read of million-dollar companies that began with a few ideas scribbled on a piece of paper or a bar napkin. But how many of those companies actually achieved sales of $1 million without at some time creating a business plan?  A business plan can assist you in determining the ideal business model, the direction the company will take going forward, and how it will accomplish its objectives. In addition, formal business plans fulfill a variety of functions. Helps in formulation You have a way of putting your entrepreneurial vision in writing with a business plan. It […]