MVP Modeling Solutions
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The document serves as a comprehensive guide for entrepreneurs on building a Minimum Viable Product (MVP), emphasizing the importance of initial user feedback in product development. It outlines key components of creating an MVP, including management structure, market analysis, product design, legal considerations, financial projections, and a SWOT analysis. Additionally, it provides detailed instructions for crafting a business plan and highlights essential steps for launching a successful business venture.
MVP Modeling Solutions
- 1. MVP Modeling Solutions © 2018 by Thomas Associates Global, LLC Guide to Building a Minimum Viable Product
- 2. Minimum Viable Product (MVP) "A development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users." Thomas Associates Global has over 10 years experience building viability models, with a Bachelor of Science in Entrepreneurial Management from the University of Minnesota, Carlson School of Management. This guide is intended for the entrepreneur planning their next venture, the business owner who needs a "pivot' to a more optimized model, and anyone with a passion for new businesses, products and services, and wants to put their ideas on paper. We hope this is an excellent educational resource for you and your business. Please go to TAG-BLOCK.COM for information and services to elevate your brand!
- 3. OUTLINE MVP 1 B U S I N E S S P L A N E X E C U T I V E S U M M A R Y 2 M A N A G E M E N T & O R G A N I Z A T I O N 3 I N D U S T R Y / M A R K E T A N A L Y S I S 4 P R O D U C T / S E R V I C E D E S I G N & O P E R A T I O N S P L A N 5 L E G A L S T A T U S , L E G A L A C T I O N S & L O C A T I O N I N F O R M A T I O N 6 S W O T A N A L Y S I S 7 T H E O F F E R : F I N A N C I A L S & F U N D I N G 8 R E L E V A N T A P P E N D I C E S
- 4. Business Plan Executive Summary Mission Quote Elevator Your Mission Statement should comprise in one sentence what the purpose of your company/organization/brand is. Avoid "buzzwords" and stick to the value that your organization delivers. It should be clear what you are delivering to your customer. It should also create emotional appeal and be memorable for the reader. This is your TAGLINE. Your moto. Your mantra. It should be even shorter than your mission statement. It should also reflect the main advantage your organization provides to your customer, over the competition. How are you benefiting your customer? What is your differentiator that sets you apart in your industry? Keep it simple and memorable. The "Elevator Speech" is your sales pitch. It is what will make the readers and inquirers of your minimum viable product turn the page and read on. This concept statement should be outlined in descriptive sentences something like: 1. Actual Product/Service 4. Value Proposition 2. Differentiation 5. Sales Channels/Distribution 3. Customer Definition
- 5. Management & Organization Management Organization Additional Staffing This section should detail who is in charge of your organization. Management personnel should be listed with titles and levels of authority. You should include any background information on management personnel that is relevant to your organization in your Appendices. Remember, you're selling your team and yourself, as well as your value proposition. This is your "type of founding". Are you a corporation? for or non-profit? limited liability company? Are you a 501(c)(3) non-profit or something else? Do you give out W2's or are your employees all 1099 Contractors? Get specific, and let potential investors know what type of profit structure you have. What additional personnel are necessary to get your MVP launched into a fully-funded operational plan? Do you need contractors to perform specific tasks? Will you be needing a staff of employees? What positions will you need to fill? Describe the additional fulfillment. Don't worry about writing what you're going to pay them. That will be handled in your "financials & funding" section.
- 6. Industry/Market Analysis The Market Target Market Competitive Analysis Your Industry/Market Analysis should be detailed. Do your homework, because your analysis will be crucial to defining your value proposition to investors and interested parties. It will also laser focus your place in your market. You need to detail your target market's demographics and key characteristics. Who is your customer? What do they buy? What do they want and need? "Analogs & Antilogs": organizations you want to be like & organizations who do poorly in your market Profile of Real Competitors: identify and sum up their industry profile Do your PEST Analysis: Political, Economic, Social, and Technological Factors Describe your community and area, community support, and your benefits to the community Why the current market is beneficial to your organization and your advantage in the market Describe your "5 Forces": Suppliers, Customers, Rivals, Substitutes, and Potential Entrants to your market Key Customers Target market sizing, market forecasts, trends and changes in market
- 7. Product/Service Design & Operations Plan Products/Services Marketing & Sales List any subsidiaries List products/services with descriptions of each What are the positions of products/services physically (where are they sold) and positioning in market? Competitive evaluation of products/services: how do they measure up among your competition? What is your main source of competition? What are your secondary sources of competition (general sense)? Will you have any future products/services? What's your Marketing Strategy? What are your Tactics? What are your available marketing resources? What's your Sales Strategy? What are your Tactics? What are your available sales resources? How are you advertising, producing publicity, reaching your target customers? Are you offering any promotions or incentives? Are you connecting to your community or participating in any charities?
- 8. Legal Status, Legal Actions & Location Information Legal Liability Issues and Concerns Location Information Formation steps to set up your company/organization legally Any contractual risks or financial investments/risks associated with setting up and operating business Describe your record keeping process and procedures. Also, outline who will handle it. Are there any licenses or registrations required for your business to be set up and operate? Does your business entity have or will it have any financial support? Are you being funded? Give a brief description of your local target area demographics, along with where your product/service will be physically located. Also list and describe any community support you have or will have.
- 9. SWOT Analysis W Strengths Weaknesses S What are your organization's strengths? List 10 things you do really well and show why you're a differentiated business. Why 10? 5 is too few and 15 is too many. The text needs to be easily skimmed. Be honest with yourself and your audience. In what areas does your organization need improvement? In what areas does your business model need improvement? Your honesty should be as extensive as your strengths (so list just as many, or 5-10). "None" is not an acceptable answer. O T Opportunities Threats What is your organization going after? Are there areas for the taking that are included in your company's goals? Any plans to expand, partner, or seize anything? Are there any opportunities in your market you would like to capture? List your competition (not extensively, a snapshot). List any threats in your market and industry. Are there any laws that make it more difficult for your MVP to succeed? What are your organization's fears?
- 10. The Offer: Financials & Funding Business and Revenue Models Good at crunching the numbers? (If not, you may want to hire a CPA for an hour or two) This is your chance to proof financially that the numbers add up, your bottom line is reachable and your business can become profitable. Focus on describing in detail the following: Cash Flows Main Driver(s) Profitability Differentiators (attraction to sale) Financial numbers data Timeline from MVP to Market & Profitability A spreadsheet with financial data is recommended in your "Appendices" Section. Make sure you reference that appendix in this section. Your spreadsheet should include: Revenue, Cashflows, Profit and Loss, Cash, and Profitability Projections (per month/quarter for at least one year). And finally, how much does your MVP need to go to market? Be honest and specific. "Our minimum viable product requires a total of $418,700 to go to market. We can expect return on investment (principle + interest) within 18 months." NOT... "We need about $500 grand to get started"
- 11. Relevant Appendices All additional reference information and materials related to your company/organization Legal Status References Cited Laws Pertaining to Your Company/Organization Founding Status Any Articles of Incorporation or Organizational Contracts Any Applications and Related Information for Licenses and Registrations Financials and Spreadsheet Data with Projections Team/Organizational Background Information (Resumes) & Partnership Information Any Blueprints, Brick & Mortar Plans, Website & Product Designs, and Location Information with Maps Organization-owned media such as published works, logos, trademarks, and original artistic designs Works Cited (Cite all background and educational information used to write your MVP) Include the following:
- 12. Thank You © 2018 by Thomas Associates Global, LLC and please log on to TAG-BLOCK.COM for any questions on how we can help you build your MVP