Industry Overview. So, with that in mind, here are four sample business plans from the Startups community that we think really stand out from the crowd. Our technology provides homeowners with immediate, Founded December 1, 2013, Wallflower Labs is a Charleston, MA-based startup that designs an internet- connected smart plug that works with any freestanding plug-in electric stove. What do you include? Our state-of-the-art sensors detect a variety of potential threats to the kitchen — including sudden and unusual temperature fluctuations, poisonous gas and emissions, toxic smoke, and more. Start your own e-commerce start-up business plan. Read more. Many homeowners are simply unaware of the large amount of energy consumed by many small household kitchen appliances: Dishwasher: 133 watts ThinkLions Business Plan Sample. Not only do kitchens represent a primary source of the household energy consumption, but also a primary source of house fires. While a thorough business plan is essential in the financing process, it's helpful even if you don’t need outside financing. Explain the Organizational Structure. “Technology”, in this context, has come to mean electronics-based technology. Now, highlight the day-to-day operations, delivery method … The Amazon Echo retails for $99 for Amazon Prime members and $170 for everyone else. The last section of the template, “Refining Your Plan,” explains ways you may need to modify your plan for specific purposes, such as getting a bank loan, or for specific industries, such as retail or manufacturing. Our product will sell for $149 MSRP with approximately 40% profit margin. If you intend using this plan to present to lenders, include: Amount of loan 1.9 Management Our management is expected to use resources wisely, operate profitably, pay debts, and abide by laws and regulations. To make the process easier and more manageable, this template will guide you step-by-step through writing it. Headquarters: San Francisco, CA Evidence of the enormous impact home automation tech has had in the consumer space can be seen in the enormous adoption of products like Nest and Amazon Echo. Describe the overall nature of the industry, including sales and other … Now that we have the rules of writing a business plan out of the way, let’s dive into the elements that you’ll include in it.The rest of this article will delve into the specifics of what you should include in your business plan, what you should skip, the critical financial projections, and links to additional resources that can help jump-start your plan.Remember, your business plan is a tool to help you build a better business, not just a homework assignment. Any remaining funds will be allocated as operating capital. Insurance companies can also leverage our technology to adjust homeowners insurance policy pricing. Margaret Burns | CFO For a simple business plan example, imagine a woman making jewelry at home and selling it at a local flea market on the weekend. Businesses alone consume 12-20% of the total US energy supply on food production, processing, manufacturing, distribution, and preparation. Writing a business plan should force logic and discipline into a business. The App measures key usage metrics in real time, allowing users to get an instant dashboard view of energy consumption as it occurs. And for a startup business, this work plan can help to thoroughly think through every step of starting your business, guides you in creating critical decisions for your business, and guarantees your business to be a success. Get the Bplans newsletter: Expert business tips and advice delivered weekly. This is the most important section for many early-stage startups since … We are also exploring SEO and SEM. He has a successful entrepreneurial history, founding a prior tech-based startup which he grew to $100 million in revenue, followed by acquisition in 2010 and then IPO shortly after. Kent McClure and his team set out to make the kitchen a safer and more energy-efficient place for the family after a tragic fire struck his own kitchen in late 2012. We designed our Culina Smart Plugs to work in tandem with an intuitive, user-friendly mobile application — allowing users to gain a much-needed technological upgrade to the most popular room in the house. It can help convince investors or lenders to finance your business. Margaret earned her degree in Financial Management from NYU. These might be contracts, leases, purchase orders, intellectual property, key managers’ resumes, market research data or anything that supports assumptions or statements made in the plan. We develop proven and winning business plans for fundable apps. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. The 3rd generation Nest Thermostat prices at $249; Nest Indoor and Outdoor Cams are $199; and their Smoke & CO Alarm retails for $99. We are currently seeking a $15M Series B capital investment that will give us the financial flexibility to achieve these goals. Users can also only interact and communicate with Alexa in English and German. A traditional business plan isn't right for everyone. Compatible with all existing brands that plug into standard two or three-prong wall outlets, Culina creates an entire network of Wi-Fi-connected kitchen devices. The Culina App allows users to remotely monitor the status of and control all devices connected to our Smart Plugs. A US-based contract manufacturer has been secured and is ready to begin production with the capacity to produce around 50K units per month as we scale. Window Fan: 800 to 1,400 watts. A professional restaurant business plan is an important step towards launching a business in this challenging industry. Prior to joining Culina, Margaret spent seven years as CFO for a publicly-traded mobile tech company headquartered in Silicon Valley. He is responsible for Culina’s technical vision, heading up all aspects of our technological development, strategic direction, development, and future growth. It's fast and easy, with LivePlan. Outline your vision, the problems your startup solves, and other details. Give the main points in the executive summary and include all … A Sample IT Tech Startup Business Plan Template 1. This business plan template is designed with a startup business in mind and contains the essential elements needed to convey key product or service details to investors and stakeholders. In an effort to reduce CO2 emissions, some governments are offering incentives to business who can cut back on their carbon footprint. She currently manages Culina’s financial risks and handles all financial planning, record-keeping, and reporting. Writing a business plan for a startup can sometimes seem overwhelming. Founder: Kent McClure The evolution of the Internet of Things has enabled consumers to digitally connect and remotely control everything from their door locks to their thermostat to their garage opener and essentially everything else in between. We’ve also established a scalable business model and robust product pipeline that will prime us for widespread expansion in the days ahead. Commercial kitchens consume a huge amount of energy — roughly 2.5 times more per square foot than any other commercial space, according to the EPA. Coffee Maker: 900 to 1,200 watts Why Invest in Culina? November 10th, 2018   |    By: The Startups Team. This is another section which is an absolute must-have, even if you never develop … Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly. Below are example restaurant business plans created by Cayenne Consulting: Fast Casual Restaurant Business Plan & Pitch Deck Examples It can persuade partners or key employees to join your company. Because Wallflower Labs are still in the pre-launch phase, the company has not yet publicly released consumer pricing information. But, while it’s nice to be guided step-by-step, it can also really help to have concrete examples when you’re approaching creating something for the first time. In order to capture a larger market share and continue scaling the company exponentially, we are planning on rolling out a B2B model in the future. Powered by machine learning artificial intelligence, our Intelligent Culina Response System learns user habits every time someone uses an appliance connected to one of our Smart Plugs. ✓ 62% of house fires caused by ranges or cooktops Culina offers increased owner ROI, occupant satisfaction, significantly lower operational and maintenance costs. Many homeowners are simply unaware of the large amount of energy consumed by many small household kitchen appliances: Dishwasher: 133 watts Television: 1,2… Our technology is easy to use and doesn’t require any technical-savvy. Culina is perfectly positioned to capitalize on a major multi-billion dollar market opportunity to provide greater protection, actionable intelligence, lower energy consumption, and more cost savings to the millions of homes in the US. However, since it’s a startup business, your business plan might be different from other free business plans. This is particularly useful in the event that users forget to turn off the oven or stove to prevent potential house fires. Homeowners receive alerts whenever unusual activity is in progress such as a stovetop being left on for too long or during an unusual time of day. 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. Not only does remote operation over appliances provide convenience, it also serves to prevent kitchen-related hazards. Founded: 2013 Culina Smart Plugs work with standard two and three-pronged appliances and cooking devices. The number one cause of house fires and house fire injuries is the stove. Business Plan Template for a Startup Business A startup business plan serves several purposes. Executive Summary. Copyright © 2021 SCORE Association, www.score.org, Business Planning & Financial Statements Template Gallery, An Easier Way to Prepare Your Business Plan -The Business Model Canvas, Need more information? The majority of US households now spend roughly 35 percent of their energy consumption on appliances, electronics, and lighting. Target Audience: Homeowners; property managers; insurance providers. This can provide a cash flow boost and an incentive to invest in energy-saving equipment which normally carries a price premium compared to less efficient alternatives. Sample Business Plan for Acme Management Technology 1.0 Executive Summary By focusing on its strengths, its key customers , and the company's underlying core values, Acme Management Technology will increase sales to more than $10 million in three years, while also improving the gross margin on sales and cash management and working capital . The template includes easy-to-follow instructions for completing each section of the business plan, questions to help you think through each aspect, and corresponding fillable worksheet/s for key sections. Between our massive social network followings and email database contacts, we regularly communicate directly with over 100,000 consumers. Our immediate customer base growing by the day and we have successfully proven that this is a product that consumers want and are enthusiastic about. Our initial focus on the consumer space with our launch product is just the first step in our long term roadmap to growth. Check it out if you haven’t already. Then, contact your local SCORE mentor to review and refine your plan either online or in person. After Nest’s acquisition, the company has underperformed in sales and fallen below the expectations that Google set for them when it purchased the startup. With this round of funding, our objective is to ramp up hardware manufacturing, improve software UX and UI, expand our sales and marketing efforts, and fulfill pre-orders in time for the 2017 holiday season. Users simply say her name and then ask a question or give a command. EXECUTIVE SUMMARY [COMPANY NAME] c/o [NAME] [ADDRESS] [PHONE] [EMAIL] PandaTip: No matter the business you are running, the Executive Summary portion of your plan is the single most important part of the document. Legal Requirements to Start a Business. Culina has carefully developed a diverse marketing plan intended to keep our brand in the hearts and minds of our existing and prospective customers, enabling us to continue expanding our reach, and grow our business. We have pre-sold 10,000 units, representing approximately $1,890,000 in pre-launch revenue. Around 63% of these devices will be used by consumers, with the remainder deployed by businesses. The home automation market and Internet of Things (IoT) space is a thriving industry with growth expected to exceed $50 billion by 2020. But the kitchen is also where tragedy often strikes due to misuse of appliances. The Appendices include documents that supplement information in the body of the plan. What kind of wording should you use? Since 1915, Deluxe has recognized the vital role that small business plays in our communities, from job creation to business development. 8 Easy Steps for Starting Your Own Business More fires start in the kitchen than any other room in the home, and household cooking appliances frequently account for the billions of dollars in fire-related insurance claims every year. The startup has raised a total of $2.5 million from three rounds of equity funding to date, with the most recent funding reported at $1.5 million via convertible note on August 30, 2016. What does a tech startup business plan consist of? After you complete the 11 worksheets, you will have a working business plan for your startup to show your SCORE mentor. The company’s founder previously founded Yap — a speech recognition technology that was acquired by Amazon in 2011 to help develop Alexa. The problem you’re solving. Users can check metrics such as fridge and freezer temperature, cook time, and usage data as it is being gathered. Culina maintains a unique competitive advantage over other existing home automation and IoT products in several categories. Our management philosophy is based on team work, responsibility, and mutual respect.