The Best Business Plan
For a new business, you need the best business plan. A business plan gives lenders and investors the information they need to determine whether or not they should consider your company. A better business plan outline is the first step in organizing your thoughts. And, when you follow my live Business Plan example below, I ensure your investors and lenders to take action.
In the Business Plan example below, you will see ten (9) sections and twenty (20) sub-sections.
Part I – Executive Summary
Small businesses you may invest:
- Theme Forest Marketplace
I’m doing this business almost one year, so I am sure you will succeed.My management team have unique competencies; you can see it HERE.
I have direct ownership of ThemeForest; Please see it HERE. I’m not the first mover in this market. There has a huge, unmet market opportunity exist.
Expected revenues: Minimum $500-Maximam $10000 per month ( it will be starting after 3- 6 Months)
Expenses: $6000
Profits will be increasing day by day, InShaAllah.
Funding Needs: Per Month $1000 @ least
The key uses of these funds: Developing or buying PSD Theme & coding all of them in 6 versions (PSD Template, HTML, WordPress, Joomla, Muse, Landing Page)
Part II – Company Overview
About my company: ByteCode is a Digital Marketing, Web & Software Development Firm of Bangladesh. Our mission is developing a world-class Digital Marketing, Web & Software Development Firm & help the young generation to build up their career in the IT as well as a Freelance IT Service Provider.
It Was Formed on 5 May 2012 by Mahbub Piyal, Alamin Opu, Rubayet Hossain & Munna, but they leave it from the executive operation because of their personal business as well as a study. Their mental support still fully goes on it. 🙂 now it has new three shareholder members & 8 working members. Our new business will be a branch of it or can be individual.
Section III – Industry Analysis
Industry Analysis section has two sub-sections as follows:
3 – Market Overview
Over 4.5 million digital products created by a global community of designers, developers, photographers, illustrators & producers. Market Envato. ThemeForest General Overview. Get it on Wikipedia
4 – Relevant Market Size
What is the market size of the WordPress themes?
From my point of view the market size is at around $300 million USD a year right now, based on a rough calculation, just ThemeForest sells for $125 million per year.Regarding the growth, we should see a growth rate of at least 20% per year for the next 2-3 years.
The market for premium WordPress themes has exploded over the last two years. As the platform has matured and added new features, it’s not just businesses but also small to medium size design agencies realizing they can launch feature-rich client sites fast and with little fuss using premium themes. It isn’t going to change anytime soon.
WordPress completely dominates top 100 blogs
Those who had the foresight to move into the premium theme space early and back it up with good customer support are justifiably doing very well and will likely continue to do so. That traction means competing on generic style themes is only going to get harder, especially if you are launching a new theme store or competing with the many ThemeForest / Marketplace developers.
Like any market, a saturation point for the unremarkable is being reached. Yes, a few people have made excellent money on ThemeForest, but that inevitably inspires a wave of substandard copycat design that’s often poorly coded. If you are thinking of moving to premium themes, my thoughts would be:
- Avoid the generic business/portfolio theme area. It’s been done to death and perfected by a few who are both very good at it and have large, loyal followings at this point.
- Spend the time to find a profitable niche. With WordPress now powering a good chunk of the web, even narrow fields will have substantial amounts of people looking happy to pay for something more tailored / specific than generic themes can offer (not particularly in the design element, but on how the theme can make populating their website easier on the back-end)
- Get someone who knows what they are doing to build your themes. This will cut support time, which will be a huge drain on your resources in any case.
Section IV – Customer Analysis
5 – Target Customers
What are the target customers of Word Press theme shop such as Theme Forest, Elegant Themes? (web developers or website development agencies or web designers or personal or business owners etc.)
Practically speaking, business owners are the least targeted buyers as no business person would simply have time to buy a Word Press theme, set it up and work on his website. Startups would obviously build their websites but if only have someone relevant on board.
These marketplaces are best meant for freelancers and small design agencies, including developers. They enable these small agencies, designers or developers to deliver industry-standard and modern websites in less than normal time-frames and offer their services with a competitive edge.
For example, a design by Jonathan Atkinson, MDNW, kaptinlin, etc. costs 45-60 USD on Themeforest and would take around five days to set up and go live as a website. (Generally two days if the content is ready)
If a design studio starts building a theme from scratch, it will take 15-20 days to finalize, code and deploy a WordPress theme. The cost would also go up as they’d build it from scratch.
The freelancer or small agency would get the client choose one theme from the marketplace and get going in just a few days.
Here, I’m not focusing on the fact that Design Studios or Designers would create unique specific designs rather than publicly available themes that are sold 1000s of times and used on a lot of websites.
Coming back to the question, these marketplaces are targeted and mostly used by Freelancers, Designers, and Small agencies.
Note
I’m myself a web-designer, and I run a small one-man digital media agency. Most of the websites that I build are based on themes bought from a marketplace like ThemeForest.
The client is mostly a startup and is okay with a non-unique design for a cost that is, at least, ten times lesser than the big-shot design agency’s charges.
The ThemeForest Experiment: One Year Later
6 – Customer Needs
I have already discussed it before.
Section V – Competitive Analysis
7 – Direct Competitors
What are the main competitors of themeforest.net?
The main competitor for ThemeForest is MojoTheme/marketplace, but this is still way behind.
Of course, there are also independent theme companies like Creative Market, Studio Press, Theme Isle & Elegant Themes
Section VI – Marketing Plan
My Marketing Plan section has four sub-sections as follows:
8 – Products & Services
9 – Pricing
This is not in my hand now because TF set it, but we will set it when we control our marketplace. 🙂
10 – Promotions Plan
There are five things you should think about doing around the launch of your new theme
1. Preview
Preview Examples:
- Intimate – Graph Paper Press
- Band Theme – Elegant Themes
- Upcoming Products to be Excited About – WooThemes
2. Demo
Demo Examples:
3. Launch
Launch post examples:
4. Newsletter
5. Share it to top 15 social media.
11 – Distribution Plan
People can buy directly from our physical location or web address or Theme Forest.
Section VII – Operations Plan
My Operations Plan section has two sub-sections as follows:
12– Key Operational Processes
Firstly almost all the task We will complete by the freelance developer and designer, then we need a Customer Service department after 3 or four months.
13 – Milestones
My business plan,
- Develop 6 WP theme within six months and another product is a bonus.
- The future target is to be elite within two years maximum.
- Then we will think to develop our personal marketplace. InShaAllah 🙂
Section VIII – Management Team
My Management Team section has four sub-sections as follows:
14 – Management Team Members
- Overall management ( Mahbub Piyal)
- Development & Design Inhouse Sagir, Mashfiq Hira or Masrur & Outsource developer and designers.
- Idea finding and Search Engine Marketing (Al-Amin Kabir Bhai)
- Social Media Marketing (Oliul Alam)
15 – Management Team Gaps
I want to start with those members. We can change it anytime if necessary.
16 – Board Members
Board of Advisors & Directors:
Mahbub Piyal (overall action)
Alamin Kabir Bhai (Marketing)
Oliul Alam (SMM)
Sagir (Front-end Design)
Mashfiq Back-End Design
Section IX – Financial Plan
My Financial Plan section has four sub-sections as follows:
17 – Revenue Model
We will gain revenue by selling products. Firstly we are starting by themes, after one or 2 years we will think about a plugin, mobile app, the game as well as software.
18 – Financial Highlights
- Revenues: Minimum $500 Maximum $10000 per month up to 2 years.
- Key expenses: Product was developing, Maintenence & Marketing.
- Projected net income for the next two years: $10000- $20000
19 – Funding Requirements/Use of Funds
$5000 within six months, per month $1000 Only.
Minimum 1 WP Theme, 1 HTML Theme,1 PSD Theme, 1 Muse Theme, 1 Joomla, one landing page (Per Month)
in 6 months we will get 6*6= 36 products, InShaAllah.
20 – Exit Strategy
- Anytime anyone can exit from the company keeping his/her investment and in exit time, we will calculate the value of his product and lifetime he/she will get it revenue.
- Anybody can sell his/her investment, but existence company owners will get priority to buy the investment & director board will take the decision to take new people.
Learn more about this business:
The first year as a ThemeForest author
Record Breaking Earnings – Over $100,000 a Month with ONE theme!
An 8-Step Checklist for Publishing a WordPress Theme on ThemeForest: Part 1
An 8-Step Checklist for Publishing a WordPress Theme on ThemeForest: Part 2
7 Golden Tips For You To Promote Your WordPress Products Through Referral Marketing
Still, have questions in mind? Or want to get a call from us?
Just fill-up the contact form or call us at +88 01716 988 953 or +88 01927 711 980 to get a free consultancy from our expert or you can directly email us at info@bytecodeit.com We would be happy to answer you.
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