business plan information technology

Technology Business Plan Template

Written by Dave Lavinsky

Technology Business Plan

You’ve come to the right place to create your own Technology business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Technology businesses.

Technology Business Plan Example & Template

Below is a Technology business plan template and sample to help you create each section of your own business plan.

Executive Summary

Business overview.

Kearney Tech Inc., located in Houston, Texas is a tech startup that focuses on developing and commercializing new artificial intelligence (AI) technology applications designed for small-to-medium sized businesses. The company has created proprietary technology that helps businesses improve their profitability by using AI to increase customer engagement. We offer multiple products, including AI hardware, marketing AI software, and CRM AI software. Many of our most basic services are free, but the rest can be accessed by paying a subscription fee. By providing flexible and affordable subscription options for our clients, Kearney Tech Inc. aims to be the next big technology company in the AI space for small and medium-sized businesses.

Kearney Tech Inc. was founded and is led by Abigail Kearney. Abigail has been a senior software engineer for nearly 10 years and has extensive experience in artificial intelligence and machine learning. In addition to her experience, she has a bachelor’s degree in computer science and an MBA. Her education and experience are sure to lead Kearney Tech Inc. to success.

Product Offering

Kearney Tech Inc. will showcase a variety of different applications for its AI technology that companies can utilize to increase their customer engagement from day one. Businesses can choose the platform package that works for them, based on a freemium subscription pricing structure.

The following are the services that Kearney Tech Inc. will provide:

• AI Hardware
• Marketing AI Software
• Customer Relationship Management AI Software
• Customer Support AI Software
• Technology Training: Training sessions on how to use our AI solutions and integrate them into their businesses

Customer Focus

Kearney Tech Inc. will serve small to medium-sized businesses within a 30-mile radius of Houston, Texas. Many of the businesses in our target demographic are startups looking to expand their reach and thus would benefit from technology that can increase their customer base.

Management Team

Kearney Tech Inc. will also employ an experienced assistant to work as a business analyst and help with various administrative duties around the office. She will also hire several developers, salesmen, and other administrative staff to assist her.

Success Factors

Kearney Tech Inc. will be able to achieve success by offering the following competitive advantages:

• Management: Abigail Kearney has been extremely successful working in the technology industry and will be able to use her previous experience to provide the best service experience. Her unique qualifications will serve customers in a much more sophisticated manner than Kearney Tech Inc.’s competitors.
• Relationships: Abigail Kearney knows many of the local leaders, business managers, and other influencers within Houston, Texas. With her 10 years of experience and good relationships with business leaders in the area, she will be able to develop an initial client base.
• Proprietary technology : The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.
• Client-oriented service: Kearney Tech Inc. will have full-time customer service and sales managers to keep in contact with clients and answer their everyday questions.

Financial Highlights

Kearney Tech Inc. is seeking a total funding of $400,000 of debt capital to open its office. The funding will be dedicated to office design, software development, marketing, and working capital. Specifically, these funds will be used as follows:

• Office design/build: $50,000
• Software development: $150,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $25,000
• Working capital: $25,000

The following graph below outlines the pro forma financial projections for Kearney Tech Inc.:

Company Overview

Who is kearney tech inc..

Abigail began researching what it would take to create her own technology company and did a thorough analysis of the costs, market, demographics, and competition. Abigail has compiled enough information to develop her business plan in order to approach investors.

Kearney Tech Inc.’s History

Once her market analysis was complete, Abigail Kearney began surveying the local vacant office space and located an ideal location to house the technology company. Abigail Kearney incorporated Kearney Tech Inc. as a Limited Liability Corporation in April 2023.

Since incorporation, the company has achieved the following milestones:

• Located available office space for rent
• Developed the company’s name, logo, and website
• Determined equipment and necessary supplies
• Began recruiting key employees

Kearney Tech Inc. Services

Industry analysis.

As of 2021, the global technology industry was valued at approximately $5.2T. Of all countries worldwide, the United States currently has the largest technology market, with 32% of the market share at $1.7T. The technology industry in the U.S. accounts for a large part of the nation’s economy.

The Information Technology market can be segmented by categories such as software, devices, infrastructure IT and business services, emerging technology, and telecom services. In the United States, IT and business services hold the greatest market share (30%), followed by software (20%) and telecom services (20%).

Market drivers include the economy, employment rates, and the digital transformation of daily life for a growing number of people and businesses worldwide. Corporations and organizations are seeking IT service providers that can help improve their software, cybersecurity, data, and infrastructure. Technology companies that can provide products and services that cater to these issues can be competitive in the constantly evolving market.

Technology is an integral part of society. Developments in AI and machine learning are essential to keep society moving forward and make businesses more efficient. Therefore, businesses will always be in need of AI solutions to bring in more customers and streamline their services and products. According to Market Watch, the Technology industry is set to grow at a CAGR of 25.73% from now until 2027. Very few industries see this growth, which shows how much demand there is for technological solutions. Therefore, we expect Kearney Tech Inc. to see great success in our local market.

Customer Analysis

Demographic profile of target market.

Kearney Tech Inc. will serve the small and medium-sized businesses of Houston, Texas, and the surrounding areas.

Many small businesses in the community are startups or established enterprises looking to expand their reach and thus would benefit from technology that can increase their customer engagement.

Customer Segmentation

Kearney Tech Inc. will primarily target the following customer profiles:

• Small businesses
• Medium-sized businesses

Competitive Analysis

Direct and indirect competitors.

Kearney Tech Inc. will face competition from other companies with similar business profiles. A description of each competitor company is below.  

Tekuserv has been a reliable technology company in Houston, Texas for more than fifteen years. The company is known for its wide range of technology solutions that serve many small-to-medium-sized businesses. With its large number of experts focused on delivering customer satisfaction, the organization maintains its high standard of developing quality products and providing exceptional customer service. Tekuserv provides business software on a freemium subscription basis. It develops enterprise technology solutions with a focus on customer relationship management.  

Prime AI Business Solutions

Prime AI Business Solutions is a technology development company in Houston, Texas. In business for several years, the company has developed highly-rated AI solutions used by many well-known businesses in a variety of industries. Prime AI Business Solutions now offers a range of AI hardware and software products geared toward helping businesses of all sizes increase their customer base. The company has also introduced a “pay-as-you-grow” pricing model that scales to provide users with more support as they scale up.  

AICE Developments

AICE stands for Artificial Intelligence for Customer Engagement. AICE Developments is also a local technology company that manufactures and distributes a variety of technology products. AICE Developments was established in 2009 in Houston, Texas, providing integrated AI applications and platform services. Its products include applications and infrastructure offerings delivered through various IT deployment models, including on-premise deployments, cloud-based deployments, and hybrid deployments. The company serves automotive, financial services, healthcare, hospitality, retail, utilities, construction, etc. It provides AI solutions for enterprise marketing and customer engagement.

Competitive Advantage

Kearney Tech Inc. will be able to offer the following advantages over the competition:

• Proprietary technology: The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.

Marketing Plan

Brand & value proposition.

Kearney Tech Inc. will offer a unique value proposition to its clientele:

• Service built on long-term relationships
• Big-firm expertise in a small-firm environment
• Thorough knowledge of the clients and their varying needs
• Proprietary technology developed by skilled software engineers

Promotions Strategy

The promotions strategy for Kearney Tech Inc. is as follows:

Kearney Tech Inc. understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Kearney Tech Inc. will invest heavily in a social media advertising campaign. The brand manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Kearney Tech Inc. will invest heavily in developing a professional website that displays all of the features and benefits of the technology company. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Direct Mail

Kearney Tech Inc. will blanket businesses with direct mail pieces. These pieces will provide general information on Kearney Tech Inc., offer discounts, and/or provide other incentives for companies to use the AI platform.

Kearney Tech Inc.’s pricing will be on par with competitors so clients feel they receive great value when purchasing the technology.

Operations Plan

The following will be the operations plan for Kearney Tech Inc.:

Operation Functions:

• Abigail Kearney will be the Owner and CEO of the company. She will oversee all the operations and executive functions of the company. In the beginning, she will also provide customer support and market/sell AI products to potential clients.
• Abigail will employ an experienced assistant to work as a business analyst and help with various administrative duties around the office.
• Abigail will also hire several developers to maintain and develop AI products and services.
• Abigail will also hire a solid sales team to sell our products to potential clients. As the company grows, she will also hire a team that is solely dedicated to customer service.

Milestones:

Kearney Tech Inc. will have the following milestones completed in the next six months.

5/2023 – Finalize lease agreement

6/2023 – Design and build out Kearney Tech Inc.

7/2023 – Hire and train initial staff

8/2023 – Kickoff of promotional campaign

9/2023 – Launch Kearney Tech Inc.

10/2023 – Reach break-even

Financial Plan

Key revenue & costs.

Kearney Tech Inc.’s revenues will come primarily from its technology solution subscription sales. The company will use a freemium subscription model, in which basic functions can be used by any company for free. Additional solutions and support will be available in a tiered package model based on the enterprises’ size and the number of users.

The office lease, equipment, supplies, and labor expenses will be the key cost drivers of Kearney Tech Inc. Ongoing marketing expenditures are also notable cost drivers for Kearney Tech Inc.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Average number of clients per month
• Annual rent: $20,000

Financial Projections

Income statement, balance sheet, cash flow statement, technology business plan faqs, what is a technology business plan.

A technology business plan is a plan to start and/or grow your technology business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Technology business plan using our Technology Business Plan Template here .

What are the Main Types of Technology Businesses?

There are a number of different kinds of technology businesses, some examples include: Network technology, Software technology, and Customer relationship technology.

How Do You Get Funding for Your Technology Business Plan?

Technology businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Technology Business?

Starting a technology business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Technology Business Plan - The first step in starting a business is to create a detailed technology business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your technology business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your technology business is in compliance with local laws.

3. Register Your Technology Business - Once you have chosen a legal structure, the next step is to register your technology business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your technology business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Technology Equipment & Supplies - In order to start your technology business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your technology business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful Technology business: How to Start a Tech Company

IT Company Business Plan: Everything You Need to Know

An IT company business plan is a detailed plan for running and developing an information technology company. 3 min read updated on February 01, 2023

An IT company business plan is a detailed plan for running and developing an information technology company. It should describe all aspects of the business, including the company's description, product description, marketing strategy, and financial analysis, in a clear and precise manner.

Tips for Writing a Great Business Plan

A business plan should set out a clear roadmap for developing and expanding your business. Keep the following points in mind while writing a business plan:

• Test your idea. Avoid the temptation of jumping into a business merely on the basis of the success stories of others. Discuss your idea with prospective customers, vendors, and other people in the industry.
• Study the market to get an idea of industry trends, underlying challenges, and scope of future growth.
• Share your business plan with your employees. It is not something to be kept confidential.
• Write it in a clear and concise manner. Be specific, and cover all areas of the business.
• Put the plan to use; simply filing it away will not serve any purpose. Refer to it whenever possible.
• Revisit and revise your plan as your business grows.

Sections of a Business Plan

A typical business plan includes the following sections:

• Executive summary.
• Description of the company.
• Market research.
• Product or service description.
• Management structure.
• Sales and marketing strategy.
• Financial Analysis.

Benefits of Writing a Business Plan

Writing down your business plan offers the following benefits, among others:

• You get to understand your business better.
• It increases the chances of your business's success.
• It makes it easier to raise capital for a startup.
• Businesses with a written plan grow at a higher rate than those without any written plan.

Steps to Writing a Startup Business Plan

1. Have a Clear Objective

• Make sure that the company description is not ambiguous. The company description can also include your business's mission statement.
• State the reason for choosing that specific business. For example, you might be prompted to open a restaurant because no other restaurants in your area serve the cuisine your restaurant specializes in.
• Discuss the vision and growth prospects of your business in brief.

The summary should be concise and should not exceed four paragraphs.

2. Identify Your Target Market

Narrow down your target market based on geography, demography, psychology, and behavior. Your final target market may look like the following:

• Ages 20 to 35
• Living in the New York area
• With an annual income of $50,000-$60,000
• Who are interested in recycling and sustainable living

3. Analyze the Competition

Perform a competition analysis and differentiate your product accordingly. Price and quality can be two important differentiating factors. You should analyze the competition while simultaneously identifying your target market since both these steps are a part of the market research section of your business plan.

4. Prepare a Budget

Estimate the amount of funds you will need to start and operate the business. Many startups fail due to lack of funds. Preparing a budget beforehand will reduce this risk. When calculating your budget, consider all possible expenses, including the following:

• Cost of equipment.
• Money required for buying or leasing property.
• Legal fees.
• Employees' salaries.
• Insurance premiums.
• Inventory cost.

5. Make Financial Projections

Prepare financial projections based on the size of your target market and your expected market share. Include the expansion strategy in your projections. Keep your projections reasonable and make sure you cover three to five years of operations.

6. Define Your Business Structure

Define the organizational structure of your business. Having a clear hierarchy of power removes unnecessary doubt and debates over jobs and reporting positions. However, avoid adding too many layers in your business structure since that may create confusion and make the communication inefficient.

7. Prepare a Marketing Plan

A well-balanced marketing plan should include a strategy for customer acquisition in line with your target market, budget, and financial projections.

Some of the basic ideas for a marketing plan include the following:

• Launching a website.
• Being active on social media.
• Building a subscribers' list.
• Setting up loyalty programs.

8. Keep It Short and Simple

Although your business plan should be detailed and thorough, make it a point to keep it short and simple. Write it professionally and avoid using jargon. Proofread the plan for grammar, readability, and confusion.

If you need help with IT company business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

Hire the top business lawyers and save up to 60% on legal fees

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• Service Business Plan
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• Do I Need a Business Plan
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Automate Your Consultancy

How to write an it consulting business plan in 8 steps.

The COVID-19 pandemic has rapidly transformed the world of IT consulting. Economic uncertainty, paired with an increased amount of freelance and small specialized consultancies, has resulted in a highly competitive environment. The good news for IT consultants is that their specific services are still in high demand. However, in an increasingly competitive landscape, it’s essential that IT consultants consolidate an in-depth business plan before launching. A well-structured plan must include growth, pay rates, expenses, marketing, equipment costs, training and qualifications, and technology. Like all businesses, you need to get started on the right foot. Here’s how!

Automation Benefits for Consultants

How to Write an IT Consulting Business Plan

Typically, business plans need to be written with banks and investors at top-of-mind, and small businesses generally need start-up funding to get up and running. When writing a business plan for your consultancy, you want to land on something in the middle.

Although consultants setting up their own business might not need much funding, it’s still essential to include in-depth financial components in your business plan – not only to clarify your business’s finances but also to help you understand your business’s potential risks and rewards.

A good business plan will combine elements of both finance and strategy. You may not necessarily need funding for capital equipment expenses or office rent, but you might need a loan to tide you over for the first few months until you have a regular cash flow. You may also decide that you want to make more of an impression by hiring office space, perhaps in a shared office environment. Or you might require funds to spend on marketing and advertising – which is particularly important in the highly competitive IT space. Whether you intend to apply for a bank loan, look for grants, or crowdfunding, it’s important your chosen method includes a solid estimation of what you need to grow strategically.

1. Identify the target market and sector analysis for your consulting businsess

A target market is the pool of customers to whom you want to sell your services, and it’s only made up of the people who are a good fit for your business. Basically, you want to figure out which fish in the ocean you will focus on catching. Establishing a target market will help you realize that you can’t market to everyone, and you shouldn’t waste your time, money, or resources trying to do so. There’s a famous marketing quote by Seth Godin, “When you speak to everyone, you speak to no one”. Make sure you are speaking to the right people.

​​Take time to assess your new target market analysis while deciding on your consultancy pricing ranges. You could use the market data to adjust your consultancy price points to suit your potential customers better. You will also need to distinguish who your customers are and where to find them – in the form of target market segmentation. Once you’ve gathered all the relevant information you can about your customers, you can then make a plan to market to them.

2. Define your consulting business objectives and USP (unique selling proposition)

A USP (unique selling proposition) summarizes what makes your business unique and valuable to your target market. It answers the question: How do your business services benefit your clients better than anyone else can? A USP can provide a great deal of clarity to your business plan, defining your most important business goals in one powerful sentence. Also, be sure to outline your business objectives – specific steps you need to take to fulfill your goals.

3. Estimate and plan startup expenses and assets, including equipment

Like your business plan, estimating your startup costs is part of building a roadmap for your business . Having even a rough estimate can help you avoid unnecessary risks and stay on track during more volatile months. Consider your start-up expenses and assets. Depending on whether you are setting up a remote or in-person consulting business, you will need to take into account the expense.

Expense considerations when starting a Consulting Business

• FF & E (Furniture Fixtures and Equipment)
• Leasehold Improvements
• Initial Marketing Plan/launch
• Legal / Consulting
• Miscellaneous

4. Forecast overheads and fixed costs

Fixed costs are fairly predictable and fixed overhead costs are necessary to keep a company operating smoothly. Profit margins should reflect the costs of fixed overhead, which can include:

• Office rental
• Licenses for software and technology

5. Develop a marketing strategy and budget

Establishing a cohesive marketing strategy is an important component of launching your consulting business. This includes establishing your brand, determining your target audience, creating a professional website, investing in social media marketing, search marketing, and developing a strong professional network. Many businesses make basic mistakes when budgeting for marketing that lead to wasted money and missed opportunities, so it’s important to strategically determine your marketing spend , funding requirements, loan collateral and cost of interest.

Lenders want to understand the roadmap you have in place for your business. You’ll need to be ready to answer questions about your business model, sources of revenue, growth forecasts, and initial startup costs. They need to see that your business is viable and that you’ve thoroughly explored what it will take to start, operate and grow.

Having realistic startup costs laid out is a necessity in this case. And being able to show how you believe expenses will change or remain similar over time will give them a better idea of how you intend to manage your business.

6. Include pay rates, revenue and cash flow projections

Ignoring the books makes you susceptible to cash deficits. To prevent this from occurring, pay attention to your balance sheet , which lets you know how much you own and what you owe. On the assets side are your short-term or “current” assets  plus long-term or “fixed” assets. Also be sure to pay attention to your shareholders’ equity which represents the amount of money shareholders have invested into the business through investments and the cumulative profits you have reinvested in your business via retained earnings. Cash flow projections are another important area of finances that you will need to pay attention to. They are a great way of predicting future cash flows (and cash stagnations). With projections, you can plan ahead to avoid any future stunts in cash flow, and help you time your spending decisions.

7. Forecast sales in monthly intervals

Sales forecasts in monthly intervals will help you understand the future needs of your business – and allow you to fine-tune predictions accordingly. Monthly forecasts may come in the form of production forecasts, profit forecasts, balance sheet forecasts or sales forecasts for a 30-day period, in which you predict performance data for your business for the next month, or any future months. Services businesses can be particularly susceptible to revenue swings. The more predictable you can make your revenue the better.

8. Include growth projections and strategy

A concrete growth strategy is crucial to the future success of your consulting business. Without one, you are susceptible to the perils of a constantly changing consumer base and unpredictable market fluctuations. Execute on the following to determine your strategy:

• Choose your targeted area of growth
• Invest in, or conduct market and industry research
• Set growth goals, plan your course of action
• Determine your growth tools and requirements
• Execute on your plan

Set your consulting business up for success with a great USP, the right technology and a bulletproof business plan

With the increased acceleration of digital disruption in 2021, your IT consulting business plan should show that you are up-to-date with technological developments and digitalization. With virtually every consulting firm incorporating a digital layer in its offering , it’s essential that you weave your digital offerings into both your objectives and USP. Providing digital offerings will also bolster your chance of receiving adequate funding. Alongside a killer business plan, it’s essential that consultants also include the best digital transformation tools in their arsenal – to ensure future success. Technology like Olive, can be a vital differentiator in an often crowded market. To remain competitive, consultants must develop coping skills to deal with and adapt to the fast-evolving digital and technology market. Today’s business strategy is technology-enabled, consultants need to leverage technology to inform strategy instead of the reverse. When technology is used correctly, it can help consultants achieve their business goals and plan for future success.

For consultants, leveraging the benefits of digital transformation requires creating a strategy, getting the input of stakeholders, and deeply understanding business needs. Consultants with the right tools will deliver more with less effort and will see their clients reap the benefits. Olive aims to help consultants digitize their process and release time to build a successful business.

A tool created to help consultants manage and automate the software selection process, Olive allows IT, consultants, to streamline the technology evaluation process and facilitates agile collaboration with key stakeholders. Olive gives consultants an easy way to collect data and requirements from stakeholders. By offering end-to-end digital transformation services with Olive, you can take on more clients and capitalize on digital transformation trends.

Writing – and successfully executing a consulting business plan – is no easy feat. However, with planning, strategy, and foresight – you will have a clear advantage over less-prepared competitors. Utilizing the right automation technology alongside a strategic business plan offers a guaranteed avenue to success – and a better likelihood of building a business ready for a post-pandemic world.

Scale and Grow Your IT Consulting Business

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MassChallenge

Innovation Blog

7 steps to create a technology startup business plan.

• Published on: April 26, 2022
• Author: masschallenge

Many entrepreneurs still overlook the importance of a technology startup business plan. In a space as competitive as the tech industry, a lack of preparation will surely pave the way to disappointment.

Instead of diving in without any concrete strategy, a plan provides a foundation for sustainable business growth.

In this article, we’ll explore the essential elements of a tech startup business plan, and provide the insights you need to create a plan for success.

What Is A Business Plan?

A tech startup business plan is a document that details the premise of your technology business, summarizing vital financial objectives and operational goals, as well as details on how you will accomplish these goals.

Put simply:

It’s a road map that describes what you intend to do, and how you intend to do it.

A typical business plan will comprise the following seven elements:

• Executive Summary
• Company Description

Market Research

• Description of Products and/or Services
• Management & Operational Structure
• Marketing Plan
• Financial Plan

3 Reasons You Need a Business Plan

Before we dive into the individual aspects of a startup business plan, let’s first consider why you need one.

Just what are the benefits of a business plan?

1. It Offers Greater Clarity

Having a business plan will give you a much better understanding of your business and the objectives you are trying to achieve. Even the most basic technology startup business plan example will seek to define your goals in more objective terms.

For example, you can set specific targets for website traffic, sales volumes, or profit margins. This makes it easier to track and measure success and aligns your decision-making with sales and marketing initiatives.

2. It Increases the Chances of Success

A report from the Harvard Business Review found that companies with a business plan are 16% more likely to succeed.

Furthermore, companies that have a business plan also enjoy higher growth rates than companies without a plan.

3. You Are More Likely to Get Investment

Angel investors and venture capitalists aren’t in the habit of making bad bets. When they part with large sums of money, it’s a carefully considered decision they base on the likelihood of earning a positive return on investment (ROI). When you have a business plan, you give your startup strategic focus, which helps you create an identity that is built to succeed. This makes for a more attractive prospect in the eyes of investors, so it’s easier to raise capital for your startup when you have a plan.

How to Write a Business Plan for Your Tech Startup (7-Steps)

So, now that you understand the motivation behind creating a tech startup business plan, it’s time to see how it’s done. By including the seven elements below, you’ll have a plan that gives your company a much stronger footing.

1. Executive Summary

The executive summary is, without a doubt, the most critical element of your tech startup business plan. Despite this, a lot of plans fail here because the summary doesn’t captivate readers. If you can’t hook prospective investors, partners, or employees with your executive summary, they may never read the rest of your business plan.

Source: The Balance

This section should be compelling yet concise, giving people enough to understand what makes your startup unique, and how it will be able to offer solutions in an existing, competitive market.

While you want to keep it brief, there is a lot to pack into this opening section of your business plan. Here are the crucial components of an executive summary:

• Business Model – What is your product or service? How will you make money?
• Target Market – Who will benefit from this product or service?
• Business Opportunity – Why do consumers need your product or service?
• Marketing Strategy – How will these consumers learn more about your product or service?
• Competition – What other companies are competing for market share?
• Goals – How will your startup transform the marketplace with this product or service?

As the executive summary is such a vital aspect, it’s a smart move to write it last. By waiting until you have finished the rest of the business plan, you can draw from the other sections to craft an excellent executive summary.

2. Company Summary

The company summary essentially boils down to a single sentence, otherwise known as a headline statement.  When it’s done right, this summary can be the perfect elevator pitch to capture the imagination of would-be financial backers or partners, and it will serve as a natural lead-in to your more detailed business plan.

Source: Gusto (credit: LivePlan)

The company summary or headline statement should do the following:

• Give people a brief overview of what your company does.
• Communicate the value you offer.
• Highlight the opportunity in the market.

Here is a good template to create your company summary:

<Your company> is a <type of business> who sells <product or service> to <target customer> , who needs <solution> , but doesn’t get it from <competition> .

Don’t worry if you can’t create the perfect summary now. When you develop your business plan, you will get a better understanding of what this headline statement should be, and then you can refine it to reflect your vision and value proposition.

We’re sure you have a great idea, but that’s no guarantee that everyone is going to love it as much as you do. No matter how good you think your startup may be, you still need to conduct proper market research to learn more about your ideal customers and competitors.

Identify your Target Market

Without a viable market for your product or service, your business is doomed.

Many startups have failed quickly because the owners were so obsessed with their own product that they were effectively blind to the fact that nobody else cared about it.

Source: CB Insights Image: Cleveroad

Initially, you can adopt a broad scope to get a sense of your total addressable market (TAM), which is the potential revenue opportunity your new product or service could generate. Of course, with the competition, and changing consumer interests, it’s unlikely you will dominate the entire TAM.

Once you have this broad idea, you can hone your sights to go more niche. While this presents a smaller audience, it is more effective. By narrowing your targeting, you can market to a more engaged audience that will be more receptive and likely to purchase your product or service.

Consider the following factors when segmenting your audience:

• Demographic – What age group? What gender?
• Geographic – In what country or city do your prospects live?
• Behavior – What websites/blogs/news sources do they use? What are their purchasing habits? What retail sites or brands do they buy from?

With in-depth data analysis and evaluation of your prospective customers, you can create detailed buyer personas that help you refine your marketing strategies.

Perform Competitor Analysis

During the market research stage of your tech startup business plan, you should also carry out a thorough competitor analysis.

This will help you determine the key differentiators between your company and the competition.

Ask yourself these questions:

• Why should people choose my product or service?
• How can I improve on the existing solutions in the market?
• Why do people not already buy the products in the market?

By thinking about current trends or flaws in existing products, you can identify opportunities for innovation so that your business can connect with customers on a deeper level.

Knowing your audience is crucial, and therefore, your business plan must demonstrate a deep understanding of your target market, and your competitors.

3. Description of Products and/or Services

Here, you must highlight the link between what you are offering, and what people need, so you can prove that people are ready and willing to pay for your product or service.

Research Problems in Market

It helps to conduct some face-to-face research, asking potential customers about the problems they have. Don’t try to usher the conversation in any direction or shoehorn their answers to fit your product – instead, look to learn from their honest responses about the solutions they need.

You should do this research before creating the product. After all, it makes more sense to create a product for an existing problem, instead of trying to find a problem for your product.

Source: ProductTribe

Tailor Product to Problems

After doing your research on the existing problems in the market, trim your list to focus on a few of the most important issues. Describe how your product or service will be the ultimate solution to these problems.

For instance, if people believe the existing solutions are too expensive, you can offer a product with a more attractive price point.

By matching up consumer problems with specific solutions, you can develop a product or service that has a more significant value proposition.

4. Management & Operational Structure

The next stage of the traditional technology startup business plan template delves into the people that make up your company. You must highlight the strengths and experience of your existing team, as new partners effectively invest their money in the team as much as the business idea.

Ideally, your team will consist of several experts whose respective skill-sets complement one another. For example, your tech startup may have a coder, a graphic designer, an inbound marketing expert, and a sales professional. Discuss the merits of each team member to convey the value they add to the business.

You can also speculate about prospective new hires and the key attributes you will seek in future team members. If you haven’t already got a chief financial officer (CFO), it’s a smart move to mention adding one soon. This will add backbone to your business plan by reassuring people that you have good financial sense.

Organizational Chart

Here, your plan should clearly define the organizational structure of your startup. For now, it may just be you and a couple of business partners.

However, by including a graphic that visualizes the structure you intend to build, people will get a clear understanding of the distribution of power and chain of command.

For example, it may look something like this:

Having a hierarchy prepared before starting helps prevent any debates about who is in charge of each department, and makes it easier to understand who reports to who.

5. Marketing and Sales plan

No tech startup business plan would be complete without mentioning the marketing and sales strategies you intend to use.

Sales channels

To clarify the difference, marketing channels are used to promote your business, and its products or services, whereas sales channels are the mediums that enable people to purchase those products or services.

You may only have one direct sales channel to begin with, such as an online e-commerce store. Make sure you explain it in your business plan.

Marketing activities

In this section, you must detail how you will acquire leads and customers.

At the base level, you should do the following:

• Launch a company website
• Develop strategy to get organic traffic (i.e. visitors from search engines like Google)
• Develop a PPC strategy to get immediate online exposure for your most important product/service keywords
• Develop channel partnerships
• Build an email subscriber list

Over time, you can use marketing to nurture stronger customer relationships, which in turn, help you build an audience of loyal followers that will, hopefully, become customers.

The marketing section of your business plan will need to account for several factors, including your goals, risks in the market, and your budget. Which brings us to the final aspect of your tech startup business plan.

6. Financial Plan

Lastly, any good business plan must include pertinent details about your company budget and sales goals.

This can be daunting for many new entrepreneurs and is all the more challenging when you have no balance sheets, cash flow reports, or even any stable income on which to base your projections.

That being said, it’s still possible to make educated projections – so long as you have done solid market research.

When it comes to financial matters, your business plan should include details about:

• Revenue streams – how will the company generate income?
• Major expenses – What high costs do you anticipate in the year ahead?
• Salary demands – Are you still bootstrapping or are you and the partners taking a salary? If so, how much?
• Financial milestones – Detail your expansion strategy by considering future hires or store openings that will impact the books.

Many startups aren’t profitable in the first year. Your financial projections should maintain a long-term view for success, keeping ambitions realistic and honest. That way, you’ll be able to produce a more accurate break-even analysis .

With these long-term projections, you must consider the financial impact of expanding. You may be making more money in Year 3, but opening a new store will set you back.

Keep everything in perspective and make sure you don’t set yourself or your investors up for any nasty shocks down the road.

5 Tech Startup Business Plan Templates

When you have all the elements above in place, your business plan will be in good shape. However, presentation matters. If you want to make the best first impression, getting creative with your technology startup business plan template can make a big difference.

Not only will your research and expertise shine through, but you will have a visually stunning presentation that catches the eye of investors.

Here are five tech business plan examples to inspire you.

Business Plan Infographic PowerPoint

This plan allows you to present in-depth market analysis, statistics, and projections in a professional visual infographic. With several hundred editable slide options, it’s well worth the $16 fee for the license.

Source: Medium

Emaze Business Planning With Analytics

This is more than the average technology startup business plan template. Emaze has a diverse array of creative collaboration tools, making it easy and enjoyable for teams to create unique plans together from any of the built-in templates. Furthermore, you can incorporate analytics, which is perfect for impressing investors. That said, $19 per month for the premium version may seem a little steep for some small businesses.

Source: Emaze

Lean Canvas 1-Page Business Plan

A tech startup business plan doesn’t need to take weeks to create. In fact, with this template, you can have a basic – yet brilliant – business plan all together on a single page in just 20 minutes.

Source: Lean Stack

StartUp Pitch

For $15, you can access the full array of colorful slides in this presentation, which are all customizable to your needs. This template includes many ready-made aspects of the typical business plan, such as SWOT analysis, competitor analysis, and project timelines.

Source: Envato

This is another user-friendly tool for creating short business plans. You enter the information, and then LivePlan will generate a one-page plan in an infographic style.

Source: LivePlan

Make Your Tech Startup Business Plan a Priority

It’s not enough to have a great startup idea.

If you want to stand out from the pack, secure investment, and build a successful company that can earn real profits, growth, and customer loyalty, then you absolutely must have a solid tech startup business plan.

It’s time to create yours.

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Information Technology Business Plan Sample

This Information Technology business plan sample is focused on the growing IT sector in Houston, Texas .  We hope this sample provides you with a brief foundation for starting your own IT company.  Our Information Technology business plan writers crafted this sample for your review.

Executive Summary

JKY IT International Corp. (herein also referred to as “JKY IT International America” and “the company”) was incorporated in the State of Texas on January 5, 2022 by Founder and Director, Mr. Patrick Olevin. The company aims to offer Digital Transformation Services, including Digital Network Architecture, Software Development, and Hardware Sales.

JKY IT International America will be based in the City of Houston, and increase the competitiveness of the State of Texas in the Information Technology (IT) sector.  With twenty years of international managerial and operational experience in the IT space, Mr. Olevin plans to create high-earning American jobs, increase American tech exports, and grow the competitiveness of the information technology industry within the state.

Texas is ideally suited to meet the needs of the IT industry across North America due to its affordable cost of living, central time zone, excellent Internet accessibility, and highly skilled talent pool. This is why many companies across North America are looking to Texas to manage their data centers and information technology systems. Also, the Government of Texas has recently announced several changes to accelerate the growth of the technology and research sectors in the State through ‘Innovation Texas’ , hence the decision by Mr. Olevin to set up operations in Texas. 

Founder, Mr. Olevin is a strong candidate for the Texas Immigration Nominee Program. Mr. Olevin has been a technology entrepreneur since 2010, with a strong background in the IT services industry as an innovative Digital Transformation services provider. “JKY IT International Co., Ltd.” the existing company in Germany, which Mr. Olevin owns and operates, has provided him ample experience in managing large teams, as well as providing managerial oversight for sales, operations, finance and budgeting to ensure profitability. Mr. Olevin is now looking to take his successful insight into the IT landscape to launch JKY IT International America in the State of Texas by entering the American market, and stimulating the local economy with jobs, investment, and community involvement.

Business Overview

JKY IT International Corp. is a new Information and Communication technology (IT) services company based in Texas, founded by Mr. Olevin, a highly experienced business owner and entrepreneur. With a strong background in the IT services industry, Mr. Olevin will lead JKY IT International America to provide the following services: 

• Digital Network Transformation

Software Development

• Network Hardware Sales 

Through the Texas Immigration Nominee Program, Mr. Olevin will bring with him an extensive set of industry knowledge, entrepreneurial experience and business acumen, to launch and grow JKY IT International America in the State of Texas, a region with a flourishing information technology (IT) and Telecommunication (Telecom) industry. The company will provide highly innovative solutions to various corporate entities, government bodies and small businesses, to transform their digital network infrastructure at an affordable price.

JKY IT International America will also be involved in the sales of Network Architecture and Cybersecurity Hardware, as well as providing various customisable software packages such as ERP tools, Fullstack technologies and Mobile Application development.

Mr. Olevin will initially invest up to $500,000 into the Texas economy through leasehold purchases, software and equipment installation, as well as create a number of full-time jobs.

Mission Statement

Our mission is to transform the unique IT demand of clients across multiple industries for the digital age.

Today, organizations face complex IT challenges because of critical business needs and obsoletion of legacy technologies. We promise to deliver customized business solutions that tackle their unique challenges.

Vision Statement 

Our vision is an IT ecosystem where organizations are equipped with the latest network infrastructure and cybersecurity systems.

Core Values

All business activities and decisions are guided by the following core values:

• Support the local economy and community.
• Challenge the status quo in the IT industry.
• Innovate and develop unique IT solutions.
• Build an innate culture of success and high performance.
• Consistently deliver a high quality customer experience.
• Advance the digital network ecosystem of Texas.

Goals and Objectives

JKY IT International 

Mr. Olevin’s existing business is named “JKY IT International Co., Ltd.” This section will review recent financial performance, the business address, personnel summary and existing clientele:

Personnel Summary

Market Analysis

JKY IT International America will operate in the Telecom and IT services industries, as a top-notch provider of Digital Transformation services, offering customisable solutions to solve unique business challenges of organizations. When combined, the IT industry and the Telecom industry currently employ over 717,600 Americans. The IT industry contributed US$ 32.8BN, while the Telecom industry contributed US$ 74.9BN to the American economy during 2021, and are together responsible for 5.3 % of America’s GDP. 

America encompasses a vast territory with a low population density, so by force of geography is a networked nation. Americans have been early adopters of all forms of modern communication and have always been at, or near the top globally in the use of advanced broadband networks. The network infrastructure sector that serves America – citizens, businesses, governments – is a significant part of the nation’s economy, but of broader importance is its role in underpinning the IT industry as a whole as the key driver of productivity in a modern economy.

America’s network infrastructure companies work hard to ensure that Americans are provided with the world-leading networks they need and demand. The scale of their investment is astounding: in total, US$ 10BN annually of capital expenditures, and another US$ 1BN in Research and Development expenditures annually.

Government Regulations

There are numerous regulatory authorities at the federal and State level relevant to businesses in America. Some of the major federal regulatory authorities are listed below.

Also, with the Federal and State governments in America each having their own, and sometimes competing set of regulations, the risk of non-compliance for businesses is a possibility. This is further complicated by the differing regulatory requirements that occur by industry, product, service offering, and even the type of legal entity under which a business operates.

Hence, the key to compliance will be expert planning. The reality is that business requirements and regulations in America are not abating, but are rather becoming increasingly prescriptive and complex.  This goes on to create a significant challenge for businesses which are earnestly attempting to comply. The following compliances will be adhered to while JKY IT International America is set up in Texas, America:

• Employment and Labor Laws
• Environmental Laws
• Data and Privacy Laws
• Health and Safety Laws

Federal Laws and Guidelines

Organizations covered by PIPEDA must generally obtain an individual’s consent when they collect, use or disclose that individual’s personal information. People have the right to access their personal information held by an organization. They also have the right to challenge its accuracy. Personal information can only be used for the purposes for which it was collected. If an organization is going to use it for another purpose, they must obtain consent again. Personal information must be protected by appropriate safeguards.

PIPEDA applies to private-sector organizations across America that collect, use or disclose personal information in the course of a commercial activity. The law defines a commercial activity as any particular transaction, act, or conduct, or any regular course of conduct that is of a commercial character. All businesses that operate in America and handle personal information that crosses State or national borders in the course of commercial activities are subject to PIPEDA, regardless of the State or territory in which they are based.

State Laws and Regulations

In Texas, public sector organizations are subject to specific privacy statutes administered by a State independent body of the Legislative Assembly of Texas (‘the Legislative Assembly’). In addition, private-sector organizations engaging in commercial activities are subject to federal privacy legislation administered by an independent federal body. Below is an overview of Texas’s data protection landscape including the applicable laws, their scope, existing regulatory authority, key definitions, available legal basis, principles, obligations on organizations, rights of individuals, and penalties for non-compliance.

The Office of the Texas Information and Privacy Commissioner oversees three Texas privacy statutes, including:

• the Freedom of Information and Protection of Privacy Act, SS 1990-91, c F-22.01 (‘FOIP’) and its associated regulations regulate and govern personal information held by government institutions;
• the Local Authority Freedom of Information and Protection of Privacy Act, SS 1990-91, c. L-27.1 (‘LAFOIP’) and its associated regulations regulate and govern personal information held by local authorities; and 
• the Health Information Protection Act, SS 1999, c H-0.021 (‘HIPA’) and its associated regulations regulate and govern personal health information in the custody and control of trustees.

The Office of the Privacy Commissioner of America  administers the two federal privacy statutes applicable in Texas:

• the Privacy Act, RSC 1985, c P-21 (‘the Federal Privacy Act’) and
• the Personal Information Protection and Electronic Documents Act, SC 2000, c 5 (‘PIPEDA’).

The Federal Privacy Act and its associated regulations apply to a person’s right to access and correct personal information held by the Government of America.

In Texas, since there is no substantially similar private-sector privacy legislation, PIPEDA applies to personal information held by private-sector organizations and federally-regulated organizations (banks, airlines, telecommunications, etc.). PIPEDA also applies to employee personal information held by federally-regulated organizations. While PIPEDA does not apply to employee personal information held by other private-sector organizations, the Texas Office of the Information and Privacy Commissioner has recommended that private-sector organizations adhere to PIPEDA when it comes to employee personal information on a best practices basis.

The following section will review current market trends in the IT and IT services industries:

In a recent report commissioned by the American Wireless Telecommunications Association (CWTA), PricewaterhouseCoopers estimates America’s telecommunications sector contributed US$74.9B to the national GDP in 2021, and supported over 650,000 American jobs, helping spur growth in other economic sectors as Americans adjusted to new social and economic norms amidst the ongoing global pandemic.

America’s telecom sector also invested more than US$21B in capital investment and spectrum licenses in 2021, the report says, including US$12.3B to expand and enhance network infrastructure and US$8.9B to acquire new spectrum licenses needed to support the country’s 5G networks. American operators’ continued investments in network technologies have played a key role in the expansion of the country’s digital economy, the report adds, and have the potential to contribute up to US$97B to America’s GDP by 2035 while supporting the delivery of a wide range of social and environmental benefits.

The global IT market in America was valued at US$70.2B in 2021, and will grow at a compounded annual growth rate (CAGR) of 7.8% to reach a value of US$102.25B by 2026. The cumulative revenue generation opportunities for the IT market in America is estimated at US$440 .43B between 2022 to 2026. The Insurance sector is the major contributor to the growth of the IT market in America.

IT Services Market

The IT Services industry in America provides various services to client companies such as coding, testing and supporting custom software; planning and designing integrated hardware, software and communication infrastructure; as well as on-site management of computers and data processing facilities. The market is divided into four segments: IT Consulting & Implementation, Business Process Outsourcing, IT Outsourcing, and Other IT Services. The IT services in this market are created for an exclusively professional environment and the market focuses on IT-related revenues.

Accelerated by the COVID-19 pandemic, many organizations have recognized the need for digital adoption in their business activities (e.g., remote work support, software support, and cyber security). In order to embrace new technological solutions in a fast, modern, and innovative way, more companies are likely to use external support. There has been a steady increase in demand for IT services that ensure business continuity and strengthen business resilience to weather future disruption. This is the reason why the growth rate of IT services has been on a growth trajectory since 2021. 

Revenue in the IT Services market is projected to reach US$ 27.9B in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 7.22%, resulting in a potential market volume of up to US$ 36.8B by 2027.

Key Competitors

The top four competitors that JKY IT International America will compete with, are as follows:

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Products and Services

JKY IT International America will focus on providing three foundational services: Digital Transformation, Software Development and Hardware Reselling:

Digital Transformation

JKY IT International America will analyze a company’s tech and network infrastructure, processes, and structures to both strengthen the organization’s short-term performance and maintain sustainable long-term improvement in terms of cybersecurity and digital networks. Under this category, JKY IT International America will provide the following services:

• Networking infrastructure design
• Building Network infrastructure
• Network infrastructure maintenance
• Troubleshooting and diagnostics
• Quality analysis and reporting

JKY IT International America will provide design, development, maintenance, implementation, support, testing, and documentation services, as well as other services as may be required by a client organization to create, enhance, improve, modify, update, or upgrade their software applications used for business operations. Under this category, JKY IT International America will provide the following services:

• Software architecture design according to business need
• UI/UX design and Development based on technology stack
• Data repository design and Development based on SQL and NoSQL
• Integration design and Development with 3rd party systems
• API design and Development to provide interoperate channels
• AI Ops, Big Data Analytics, and Cloud Application Development

Hardware Reselling

JKY IT International America will also be involved in Reselling of Digital Network Hardware, acting as a channel partner and intermediary for hardware manufacturing companies. This will add a consistent stream of income for JKY IT International America during the initial 2-3 years of operations, when they are trying to gain a significant market share in the IT industry. Under this category, JKY IT International America will provide the following (but not limited to) products, along with after-sales repair and maintenance services :

• Cybersecurity devices, such as Firewall, Intrusion Prevention System (IPS), Zero-day protection solutions.  Network Access Control system, Network Management system.  
•  Routers, Carrier grade high performance backbone routers, Edge routers,  
• Switches, 1G/2.5G/5G/10G/25G/40G/100G campus and Data Center Ethernet switches,  8G/16G/32G/64G SAN FC switches.  
• DWDM Transmission system, Long distance 10G/100G/200G/400G transmission equipment. 
• Access Networks, Gigabit Passive Optical Network (GPON) and 10 Gigabit Passive Optical Network (10GPON), Optical Line Terminals (OLT), Optical Network Network Unit (ONU) for business user and home user high speed internet access products.  
• Enterprise WiFi, Indoor and Outdoor latest WiFi-6 products.  
• Servers and storages,  high performance computing server and data storage products.  
• Network Management Systems.

Pricing Model

The following table outlines JKY IT International America’s products and services, along with their relevant prices.

Competitive Advantage

JKY IT International America will operate with four primary competitive advantages:

Founder’s Specialized Knowledge: Mr. Patrick Olevin has operated an IT business for over 12 years in Europe. He has successfully managed and operated JKY IT International Company Limited in Germany and is now ready to enter the American market, bringing with him experience in managing the new company’s business development, marketing, staffing, finance and operations. 

Diversity of Service Offerings: As Mr. Patrick Olevin’s existing company JKY IT International is involved in 5 different industry verticals, they have a very diverse set of service offerings, thus fulfilling many gaps in the existing Digital Network ecosystem. This diversity of services portfolio will help JKY IT International America in entering multiple markets, and simultaneously ensuring that there are multiple streams of revenue.

Hiring of Top Industry Talent: Mr. Olevin is an astute leader of professionals, and is highly experienced in identifying top talent, who are eager to serve customers and offer high-value in terms of return on investment on Human Capital. This could prove to be a winning characteristic for JKY IT International America, as they will hire the best available employee, while also generating employment for Americans in Texas.

International Experience: The fact that Mr. Olevin brings competitive international experience to the State is a competitive advantage in itself, having worked with clientele spread across Europe. 

Key Success Factors

The following key success factors will be imperative to receiving wide scale adoption throughout Texas’ business community for JKY IT International America:

Experienced Leadership: Mr. Olevin is an experienced IT business owner with over twelve years of experience managing and scaling JKY IT International Company in Germany. Now, through the TINP program, Mr. Olevin will transfer his successful business acumen to this new opportunity, delivering high quality Digital Transformation services in a welcoming and booming industry.

Booming IT sector in America: In FY-2021, America’s IT sector generated revenues worth  $400B, registering an increase of 5% compared to the revenues recorded in FY-2020. This industry has shown tremendous resilience and growth despite the onslaught of the ongoing Covid-19 pandemic. America’s IT sector outperformed the overall American economy in not only output, but also employment and innovation growth.

Innovative and Affordable IT Solutions: In today’s highly competitive business climate, organizations are facing complex IT challenges because of unique business needs and obsoletion of technologies, software applications, and hardware equipment. JKY IT International America will possess the expertise, experience and technological know-how to deliver tailor-made business solutions that tackle their unique challenges, while being cost-effective in nature.

Rise in adoption of Digital Transformation: As the world becomes increasingly digital, small businesses are feeling the pressure to adopt new technologies. The COVID-19 pandemic has also had a large influence on the digitalization trends of SMEs. With the growing demand for digitalized businesses, the American government recently launched the America Digital Adoption Program, thus investing $7 billion in plans to help companies boost their digital capabilities.

Sales and Marketing Plan

To facilitate the success of JKY IT International America, the following sales and marketing plan has been developed. High-value and focused marketing activities will drive sales and generate long-term profitability. JKY IT International America has carefully identified its target customers and channels to ensure sustained business success. The company has also established key performance indicators (KPIs) to measure success, which will guide Mr. Olevin and his team in achieving the company’s goals.

Target Customers and Channels

JKY IT International America has identified the following target customers, and their relevant channels:

Small and Medium Business Enterprises

In America, small and medium-sized enterprises (SMEs) account for the largest proportion of the labour force. Statistics America considers a small enterprise as one with fewer than 100 employees, including those that do not report any employment, while medium-sized enterprises have 100 to 499 employees. Small and medium sized businesses made up nearly all (98.1%) businesses in America in 2021.

The highest proportion of SMEs in one industry was in construction (16.3%), followed by professional, scientific and technical services (14.6%), retail trade (11%), accommodation and food services (7.8%), and transportation and warehousing (7.1%). Over one-fifth (20.6%) of SMEs were in a broader category of multiple industries such as real estate, waste management and remediation services, health care and social assistance, and arts, entertainment and recreation. A lower share of SMEs (6.8 %) were among service industries for repair and maintenance, personal and laundry, religious, grant-making, civic and other services. Another 5.8% of SMEs were in the agriculture, forestry, fishing and hunting, and mining and oil and gas extraction industry. Meanwhile, 5.3% of SMEs were in manufacturing, 4.8% of SMEs were in wholesale trade.

In addition, small businesses employed 10.3 million individuals in America – almost two-thirds (63.8%) of the total labour force. By comparison, medium-sized businesses employed 3.4 million individuals (21.1% of the labour force). As such, small and medium businesses play an important role in employing Americans and are a significant driver towards economic recovery.

Factories and Manufacturing Units

Manufacturing is a cornerstone of America’s economy. Accounting for approximately $174B of America’s GDP, manufacturing represents more than 10% of America’s total GDP. America’s manufacturing industry has huge potential for America’s economic future. The world is changing, and new technologies are not just opening new markets for American goods, they are changing the ways these goods are produced. For manufacturing in America to remain a vibrant, innovative and competitive contributor to our economy, business and government will need to work together. A vibrant manufacturing community encourages industrial clusters that develop skills, knowledge and technology.

Also, manufacturing continues to remain an important industrial sector for economic growth and diversification in Texas. The manufacturing sector contributed $5.1B to Texas’s total 2021 real GDP of $77.4B. This represents about 6.6% of Texas’s GDP and 2.7% of total American manufacturing GDP ($174B). Texas had at least 1,892 manufacturing units in  2021 and most (94.1%) of them were small businesses (0-49 employees). The fabricated metal products sector had the highest number of manufacturing establishments (341), followed by food (287), and machinery (229).

Universities and Educational Institutions

Around the world, innovative digital technologies are transforming organizations. Digital innovations present boundless opportunities, helping organizations improve upon their effectiveness, efficiency, creativity and service delivery. Higher education is profoundly affected by these transformations and America’s universities are actively exploring the powerful possibilities of our shared digital future. Complacency in the digital era will be dangerous for companies and universities alike. The companies that survive today are either buying up disruptors or developing their own innovations. But digital innovation is not limited to the private sector, it has been recently highlighted by key innovators in the American higher education space.

The current digital research infrastructure ecosystem in America is complex and fragmented. During Budget 2015, new goals were set out to develop a Digital Research Infrastructure Strategy that included new policies on research data management and storage and a coordinated long-term approach to the funding and provision of networking, high performance computing, and software tools. The federal government started carrying out consultations to develop a new DRI strategy and Universities America began providing input in this process. 

Emerging trends in digital research and scholarship:

• Every field of scholarship is being transformed by analytics and open access, which is making data and research results more widely available.
• The world’s most pressing problems are now being addressed through very large online collaborations involving researchers, students and other professionals from America and around the world. 
• Large companies like Google and Microsoft are carrying out research with resources on a scale not available at universities. They are recruiting some of the best talent and collaborating with university researchers.
• 40% of American universities have a specific strategy to guide the institutional adoption of digital technologies while another 40% are in the process of developing a digital strategy.

Opportunities abound and American university leaders recognize that they must adapt in order to stay relevant in the digital era. Many universities aim to be leaders in distance learning or data management, for example, and are ahead of other institutions, funders and policy makers in these areas. These leaders will continue to leverage technologies to foster innovations and institutional change, some of which will be disruptive and some incremental. 

Given these trends and the creative ways in which digital technologies can be used to support universities’ teaching and learning, research enterprise and administration, American universities are presented with a range of opportunities and ways to innovate. Universities will continue to incorporate digital technologies to attract more students, support their success, engage students in new ways, cater to their learning styles and needs, and better prepare them for their future careers. They will also use digital technologies to support a robust research environment involving online collaboration and access to increasingly large data sets and high-performance computing networks. And they will use technologies to offer a more secure, effective and efficient administrative environment, including improved student services.

International Businesses

Based on his twenty years of experience in the IT services industry, and having managed a business which caters to the requirements of an international clientele, Mr. Olevin has developed a wide network of industry professionals, who make purchase decisions regarding upgradation of IT systems in their organizations. JKY IT International America already has access to a large pool of private businesses, manufacturing companies, government bodies, and educational institutions across Europe, which we plan to tap into, in order to expand the American business, while scaling up our operations.

At the moment when it comes to the mentioned region, the digital transformation of Europe is opening a range of opportunities for its organizations, especially for startups and SMEs. Many European countries are even in the lead globally in certain sectors of digitalization. For example, Russia and United Kingdom have become the top two countries in e-commerce retail growth, increasing by 25% and 23% per year, respectively.

Digitalising the agriculture sector is a prominent opportunity across Europe. In Germany, for example, where 33% of the population is employed in agriculture, only 21% of farmers have ever used any ICT-based solutions in their business. Besides agriculture, the digitalisation of SMEs in the other sectors such as retail will play an important role in achieving inclusive digital transformation. 

Another important sector that should be targeted by government and private sector solution providers is tourism, a key contributor to the GDP in several European countries. In the region, the level of digitalisation of accommodation for small businesses (1-15 people), which make over 80% of total tourism businesses, is low. Challenges related to affordability of digital products and services and digital skills prevent these MSMEs from deploying even basic tools like online travel agents (OTAs) and CRM systems.

Key Performance Indicators

SWOT Analysis

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Operational plan.

JKY IT International America’s operational plan outlines the company’s hours of operation, criteria for establishing the business, personnel acquisition plan, and risk mitigation strategy.

Hours of Operation

Criteria for Establishing the Business

The following steps will be required to launch JKY IT International America in the State of Texas, in addition to all other information outlined in this business plan:

• Business Number Registration
• Corporate income tax
• Import/export account

Business License 

All businesses operating from commercial and industrial zoned properties in Houston require a City of Houston Commercial Business License.

Zoning regulations vary across the city and affect the type of business you are permitted to operate within a specific zoning district. Whether you are building a new structure or moving into an existing one, contact Planning & Development to determine if your proposed location is zoned for the type of business you want to establish.  If you are solely operating a business from your residential home in Houston, please refer to the Home Based Business category.

If you have more than one business location in Houston, you will need to complete a separate business license application for each location.

Application

The easiest way to apply for a commercial business license is through Business License Online. 

Applications can also be submitted by mail. Complete the commercial business license application and gather any applicable supporting documents that apply to your business. 

All commercial business license applications are reviewed for compliance with land use and building code regulations.

If structural alterations are planned or a change of use or occupancy to the building will occur, a building permit is required. A building permit from Building Standards is required prior to the start of construction. A business license will not be issued until the appropriate building permits have been taken out.

If your application is approved, you will receive written confirmation by mail, along with your business license, in approximately 10 to 15 business days. A business license is valid for one year from the date it is issued, unless otherwise stated on the license.

Business Name Registration 

A business name registration refers to a registration under the Business Names Act. It expires after 5

years and must be renewed.

Federal Business Incorporation

There is a need to file an application to incorporate if you want to create or maintain a federal corporation.

IT Services Provider

Every business in Houston requires a business license.  The type of business license one needs depends on the business operation and its location. This allows us to apply appropriate regulations to businesses where there is a potential for negative impacts on the community.

Aside from the business license, there are often additional requirements that must be met so it is important that we are aware of all applicable regulations.

Business licenses are location-specific and a separate license for each location from which we will operate is required. Some exceptions may apply. 

License Categories:

All businesses operating from commercial and industrial zoned properties in Houston require a City of a Houston Commercial Business License.

The standards for home based businesses are intended to seek a balance between supporting a quiet, safe, and aesthetic residential environment while supporting the aspirations of home based entrepreneurs.

• Non-resident Businesses

Health & Safety

The Occupational Health & Safety Division is the Texas government body that supervises health and safety in the workplace. They deal with physical hazards, such as handling toxic material, as well as employees’ rights to work in a harassment-free environment.

The three rights of workers

Workplace safety is everyone’s responsibility. It is important to know one’s rights. The Texas Employment Act gives workers three important rights:

Right to Know

You have the right to know about any hazards, or potential hazards, which may be found in your place of employment. It is also your right to receive instruction, information, training and supervision necessary for you to do your job safely. Other examples of information you have a right to know include:

• safe work practices and procedures;
• emergency procedures (such as evacuations or first aid);
• policies that exist in your workplace (such as violence or harassment policies);
• how to safely use and handle chemicals and other substances found in your workplace; and
• how to raise a safety concern.

Right to Participate

You have the right to participate in workplace health and safety. Every Texas workplace with 10 or more workers must have an occupational health committee (OHC). At least half of the committee members must represent workers who are not management. Members representing workers need to be elected by the workers they represent or selected by their union. Members representing the employer are designated by the employer.

Right to Refuse

You have the right to refuse to perform any specific job or task which you have reasonable grounds to believe is unusually dangerous. The danger may be to you or to any other person at your workplace. An unusual danger could include:

• a danger that is not normal for the job (e.g., repairing a roof in dangerous winds);
• a danger that would normally stop work (e.g., operating a forklift with a flat tire); or
• a situation for which you are not properly trained, equipped, or experienced to do the work assigned (e.g., cleaning windows on a tall building with no fall protection equipment or training).

Roles and responsibilities

The Employer: The employer, typically represented by senior management, has the greatest responsibility with respect to health and safety in the workplace. He or she is responsible for taking every precaution reasonable in the circumstances for the protection of a worker. The employer is responsible for ensuring that the IRS is established, promoted, and that it functions successfully. A strong IRS is an important element of a strong health and safety culture in a workplace. A strong health and safety culture shows respect for the people in the workplace.

Supervisors: Supervisors are responsible for making workers fully aware of the hazards that may be encountered in the workplace. Supervisors must monitor workers and work conditions, ensuring that employers are working safely, responding to any of the hazards brought to their attention, and taking every precaution reasonable to ensure the protection of a worker.

Workers: Worker responsibilities include: reporting hazards in the workplace; working safely and following safe work practices; using the required personal protective equipment for the job at hand; participating in health and safety programs established for the workplace.

Health and safety representatives/joint health and safety committees: The health and safety representative, or the joint health and safety committee (JHSC), contributes to workplace health and safety. More information on the roles of the joint health and safety committee and the health and safety representative can be found in the Guide for joint health and safety committees and health and safety representatives in the workplace.

External Parties: Parties and organizations external to the workplace also contribute to workplace health and safety. These include the Ministry of Labour, Immigration, Training and Skills Development (MLITSD), the Workplace Safety and Insurance Board (WSIB), and the health and safety system partners. The MLITSD’s primary role is to set, communicate, and enforce workplace occupational health and safety standards while encouraging greater workplace self-reliance.

Inventory for Sale

All inventory is purchased upon receiving a purchase order; therefore, no initial inventory will be acquired.  This will take place upon receiving an order, when the company will purchase from a company vendor.

JKY IT International America will be based in the City of Houston, for its location, affordable cost of living, central time zone, excellent internet accessibility, highly skilled talent pool, and economic opportunities.

Risk Analysis

Mr. Olevin has reviewed relevant risks and established appropriate mitigation strategies:

Personnel Plan

JKY IT International America will be led by Founder and Chief Executive Officer, Mr. Olevin. Operationally, the company will have two segments: Hardware, run by hardware technicians, and Software, run by  software engineers. They will be led and managed by a Project Manager, who will be further supported by a Systems engineer.

Organizational Structure

The following organizational structure outlines JKY IT International America’s coordination system:

Management Team

Mr. Patrick Olevin 

Owner/Founder, Chief Executive Officer

Mr. Patrick Olevin is the Founder and CEO of JKY IT International America. Mr. Olevin has more than twenty years of management experience, responsible for the daily operations of an IT services business in Germany. Mr. Olevin has twelve years of entrepreneurial experience as a business owner, including ownership of JKY IT International Co. Ltd. in Germany. With an English proficiency level of IELTS band 5, Mr. Olevin can comfortably handle client negotiations and employee engagements.

The success of JKY IT International in Germany is justified validation of his business competence, and his ability to launch a successful American version of the previously established business in Germany. Being directly responsible for establishing business roots in America, Mr. Olevin will recruit key personnel, manage the company’s finances, and deal with operational responsibilities. As CEO, Mr. Olevin will ensure the profitability of the business, and work closely with key stakeholders to ensure sound operations. Running an IT company has developed Mr. Olevin’s keen business acumen. By streamlining his business operations through cultivating a forward-thinking attitude and developing a performance-driven business culture, Mr. Olevin has always strived to be ahead of his competitors by creatively designing various marketing campaigns based on product quality and customer feedback.

Growing the American business financially is Mr. Olevin’s ultimate goal, and he will do so by taking the initiative in mentoring his staff on IT services  management, sharing the best industry practices and putting value in strong customer service and high quality software development, and strong network architecture design. Mr. Olevin believes in the importance of equipping teams with the right set of skills through training and mentoring, and is committed to building a strong core team. Mr. Olevin is fully confident that JKY IT International America will not only fill a critical market gap, but also play an integral role in the IT ecosystem of Texas’s economy.

The following personnel plan outlines each position the company will hire and average wage per year. Year 2 is the first time all positions will be engaged; therefore, the following wages will be based upon the aforementioned time period.

Project Manager

Project Managers take charge of technical teams. While their duties vary depending on the industry, they typically ensure the smooth functioning of technical operations, monitor and evaluate staff progress, assist with training and recruitment, set goals, and ensure overall client satisfaction.

Hourly Wage: $42.00 

Annual Wage: $87,360 

Systems Engineer

A Systems Engineer’s job is to determine problems within specific systems. They provide solutions for issues they find in the process, including designing new systems, upgrading hardware and maintaining an existing system.

Hourly Wage: $55.38

Annual Wage: $115,190

Software Engineer

A Software Engineer’s job is to design, develop and maintain computer applications at an IT company. They use their creativity and technical skills and apply the principles of software engineering to help solve new and ongoing problems for an organization.

Hourly Wage: $49.38

Annual Wage: $102,710

Hardware Technician

A Hardware Technician’s job it to support and maintain computer systems and peripherals by installing, configuring, testing, troubleshooting, and repairing hardware. They also do repair and maintenance of technological equipment (e.g. routers) or network components. 

Hourly Wage: $22.85

Annual Wage: $60,008

Business Development Executive

Business development executives are responsible for driving company sales by sourcing new clients, and by convincing existing clients to purchase added offerings by cross-selling. As such, business development executives play an integral role in companies’ longevity and sustainability.

Hourly Wage: $40.38

Annual Wage: $83,990

An Accountant helps businesses make critical financial decisions by collecting, tracking, and correcting the company’s finances. They are responsible for financial audits, reconciling bank statements, and ensuring financial records are accurate throughout the year.

Hourly Wage: $38.46

Annual Wage: $79,996

Community Impact

JKY IT International America will create a positive impact to Texas’s communities through a variety of programs and charitable activities.

Local Job Creation

The following chart outlines the plan for local jobs for American Citizens and Permanent Residents over the first 5 years of operation:

Financial Plan

Pro Forma Income Statement

Pro Forma Cash Flow Statement

Pro Forma Balance Sheet

How can we help you?

Get in touch with us or visit our office

How to write a business plan for a technology consulting company?

Creating a business plan for a technology consulting company is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a technology consulting company business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a technology consulting company?

What information is needed to create a business plan for a technology consulting company.

• What goes in the financial forecast for a technology consulting company?
• What goes in the written part of a technology consulting company business plan?
• What tool can I use to write my technology consulting company business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a technology consulting company business plan is so crucial.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for a technology consulting company is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your technology consulting company to be, you'll have to identify:

• what resources (human, equipment, and capital) are needed to get there,
• at what pace the business needs to progress to get there in time,
• and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To get visibility on future cash flows

If your small technology consulting company runs out of cash: it's game over. That's why we often say "cash is king", and it's crucial to have a clear view of your technology consulting company's future cash flows.

So, how can you achieve this? It's simple - you need to have an up-to-date financial forecast.

The good news is that your technology consulting company business plan already includes a financial forecast (which we'll discuss further in this guide). Your task is to ensure it stays current.

To accomplish this, it's essential to regularly compare your actual financial performance with what was planned in your financial forecast. Based on your business's current trajectory, you can make adjustments to the forecast.

By diligently monitoring your technology consulting company's financial health, you'll be able to spot potential financial issues, like unexpected cash shortfalls, early on and take corrective actions. Moreover, this practice will enable you to recognize and capitalize on growth opportunities, such as excess cash flow enabling you to expand to new locations.

To secure financing

Whether you are a startup or an existing business, writing a detailed technology consulting company business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your technology consulting company has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for a technology consulting company, let's take a look at what information is needed to create one.

Writing a technology consulting company business plan requires research so that you can project sales, investments and cost accurately in your financial forecast.

In this section, we cover three key pieces of information you should gather before drafting your business plan!

Carrying out market research for a technology consulting company

Before you begin writing your business plan for a technology consulting company, conducting market research is a critical step in ensuring precise and realistic financial projections.

Market research grants you valuable insights into your target customer base, competitors, pricing strategies, and other crucial factors that can impact the success of your business.

In the course of this research, you may stumble upon trends that could impact your technology consulting company.

You might find that more companies are shifting to cloud-based technology solutions, so you may want to consider offering cloud consulting services. Additionally, you could discover that many businesses are looking to invest in technologies that automate manual processes, so you might want to consider consulting services related to automation.

Such market trends play a pivotal role in revenue forecasting, as they provide essential data regarding potential customers' spending habits and preferences.

By integrating these findings into your financial projections, you can provide investors with more accurate information, enabling them to make well-informed decisions about investing in your technology consulting company.

Developing the marketing plan for a technology consulting company

Before delving into your technology consulting company business plan, it's imperative to budget for sales and marketing expenses.

To achieve this, a comprehensive sales and marketing plan is essential. This plan should provide an accurate projection of the necessary actions to acquire and retain customers.

Additionally, it will outline the required workforce to carry out these initiatives and the corresponding budget for promotions, advertising, and other marketing endeavours.

By budgeting accordingly, you can ensure that the right resources are allocated to these vital activities, aligning them with the sales and growth objectives outlined in your business plan.

The staffing and capital expenditure requirements of a technology consulting company

Whether you are starting or expanding a technology consulting company, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.

Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.

Staffing costs for a technology consulting company might include salaries for software engineers, systems administrators, and IT consultants, as well as costs associated with recruiting, onboarding, and training new employees. Equipment costs for a technology consulting company might include the purchase of computers, servers, software licenses, and other tools needed to perform services like cloud computing, application development, and network security.

In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.). 

Once you have all the necessary information to create a business plan for your technology consulting company, it is time to start creating your financial forecast.

What goes into your technology consulting company's financial forecast?

The objective of the financial forecast of your technology consulting company's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a technology consulting company are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a technology consulting company shows how much revenue and profit your business is expected to make in the future.

A healthy technology consulting company's P&L statement should show:

• Sales growing at (minimum) or above (better) inflation
• Stable (minimum) or expanding (better) profit margins
• A healthy level of net profitability

This will of course depend on the stage of your business: numbers for a startup will look different than for an established technology consulting company.

The projected balance sheet of your technology consulting company

The balance sheet for a technology consulting company is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your technology consulting company's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your technology consulting company's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for a technology consulting company shows how much cash the business is projected to generate or consume.

The cash flow statement is divided into 3 main areas:

• The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
• The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
• The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your technology consulting company business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan - also called a sources and uses table - is an important tool when starting a technology consulting company.

It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).

Having this table helps understand what costs are involved in setting up the technology consulting company, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).

Now that the financial forecast of a technology consulting company business plan is understood, let's focus on what goes into the written part of the plan.

The written part of a technology consulting company business plan

The written part of a technology consulting company business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Throughout these sections, you will seek to provide the reader with the details and context needed for them to form a view on whether or not your business plan is achievable and your forecast a realistic possibility.

Let's go through the content of each section in more detail!

1. The executive summary

In your technology consulting company's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your technology consulting company, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

As you build your technology consulting company business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.

Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.

When describing the location of your technology consulting company, you may want to emphasize the potential and opportunity that the area has to offer. You could point to its access to major transportation hubs, its well-developed infrastructure, and its proximity to sources of talent, such as universities and research centers. You could also emphasize the potential for growth and the availability of resources, both in terms of physical infrastructure and the local business climate. You may also want to highlight the potential for networking and collaboration opportunities that the area may offer.

Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.

It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your technology consulting company could offer strategic planning services to help customers develop long-term technology goals, IT audit and assessment services to help customers identify areas of opportunity and improvement in their technology infrastructure, and managed services to help customers manage their day-to-day IT operations. These services would help customers make smarter technology decisions, maximize their existing investments, and save time and money.

4. The market analysis

When presenting your market analysis in your technology consulting company business plan, you should detail the customers' demographics and segmentation, target market, competition, barriers to entry, and any regulations that may apply.

The goal of this section is to help the reader understand how big and attractive your market is, and demonstrate that you have a solid understanding of the industry.

You should start with the demographics and segmentation subsection, which gives an overview of the addressable market for your technology consulting company, the main trends in the marketplace, and introduces the different customer segments and their preferences in terms of purchasing habits and budgets.

The target market section should follow and zoom on the customer segments your technology consulting company is targeting, and explain how your products and services meet the specific needs of these customers.

For example, your target market might include small to mid-sized businesses who are looking to develop custom software solutions. These businesses may have limited in-house IT staff, and need to outsource some of their technology needs. Additionally, these businesses may need help with improving their overall IT infrastructure, such as system maintenance and security.

Then comes the competition subsection, where you should introduce your main competitors and explain what differentiates you from them.

Finally, you should finish your market analysis by giving an overview of the main regulations applicable to your technology consulting company.

5. The strategy section

When crafting the strategy section of your business plan for your technology consulting company, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your technology consulting company could face the risk of a data breach. If customer data is not properly secured, malicious actors may be able to gain access to sensitive information, potentially leading to financial losses or reputational damage. Additionally, your company could face the risk of a major project failure. If a project is not managed properly, the timeline, budget, and quality of the work could suffer, resulting in unhappy customers who may choose to take their business elsewhere.

6. The operations section

The operations of your technology consulting company must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your technology consulting company - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have key assets such as experienced personnel and proprietary technology. For example, your personnel may have expertise in areas such as artificial intelligence, blockchain, and cloud computing. Your proprietary technology could include customized software solutions or a suite of industry-specific applications. Additionally, your company may have intellectual property such as trademarks, trade secrets, patents, and copyrights. This IP could be used to protect the uniqueness of your products and services from competitors.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a technology consulting company business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my technology consulting company's business plan?

In this section, we will be reviewing the two main solutions for creating a technology consulting company business plan:

• Using specialized online business plan software,
• Outsourcing the plan to the business plan writer.

Using an online business plan software for your technology consulting company's business plan

The modern and most efficient way to write a technology consulting company business plan is to use business plan software .

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your technology consulting company's business plan

Outsourcing your technology consulting company business plan to a business plan writer can also be a viable option.

These writers possess valuable experience in crafting business plans and creating accurate financial forecasts. Additionally, enlisting their services can save you precious time, enabling you to concentrate on the day-to-day operations of your business.

It's important to be mindful, though, that hiring business plan writers comes with a cost. You'll be paying not just for their time but also for the software they use, and their profit margin.

Based on experience, a complete business plan usually requires a budget of at least £1.5k ($2.0k) excluding tax, and more if revisions are needed after initial meetings with lenders or investors - changes often arise following these discussions.

When seeking investment, be cautious about spending too much on consulting fees. Investors prefer their funds to contribute directly to business growth. Thus, the amount you spend on business plan writing services and other consulting services should be negligible compared to the amount you raise.

Another aspect to consider is that while you'll receive the output of the business plan, you usually won't own the actual document. It will be saved in the consultant's business plan software, which will make updating the plan challenging without retaining the consultant on a retainer.

Given these factors, it's essential to carefully weigh the pros and cons of outsourcing your technology consulting company business plan to a business plan writer and decide what best suits your business's unique needs.

Why not create your technology consulting company's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a technology consulting company business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my technology consulting company business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a technology consulting company business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
• A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for a technology consulting company. If you still have questions, do not hesitate to contact us.

Also on The Business Plan Shop

• How to write a 5 years business plan
• Business plan myths

Know someone who owns or wants to start a technology consulting company? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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INFORMATION TECHNOLOGY BUSINESS PLAN (COMPANY NAME) (COMPANY NAME) (STREET ADDRESS) (CITY, STATE ZIP CODE) (CREATION DATE

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Information Technology Business Continuity Plan Template

What is an Information Technology Business Continuity Plan?

An Information Technology Business Continuity Plan (IT BCP) is an organized set of procedures to ensure that critical IT systems, data protection, and technology support are available and functioning during crises or disaster events. It provides a blueprint of the steps that need to be taken before, during, and after a disaster to ensure the continuity of operations and the safe recovery of data, systems, and assets. The IT BCP should be developed, tested, and updated on a regular basis.

What's included in this Information Technology Business Continuity Plan template?

• 3 focus areas
• 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Information Technology Business Continuity Plan template for?

This template is designed to help IT departments and technology-focused organizations to develop their business continuity plans. It will help guide the IT team in creating comprehensive plans for protecting data, systems, and assets in the event of a disaster or crisis.

1. Define clear examples of your focus areas

Focus areas are the broad topics that require attention when developing an IT BCP. Examples of focus areas include Backup & Recovery, Risk Prevention, and Vendor Management. Each focus area should include a set of objectives and associated actions that need to be taken in order to ensure the continuity of operations.

2. Think about the objectives that could fall under that focus area

Objectives are specific goals that need to be achieved within each focus area. Objectives should be measurable and actionable, and should be based on the organizational needs and the potential risks associated with the focus area. Examples of some objectives for the focus area of Backup & Recovery could be: Ensure data recovery, and Minimize downtime.

3. Set measurable targets (KPIs) to tackle the objective

Key Performance Indicators (KPIs) are metrics that indicate whether or not an objective is being met. KPIs should be measurable, realistic, and have an associated target value. The target values should be tracked and reported on regularly to ensure that the objectives are being met. An example of a KPI for the focus area of Backup & Recovery could be: Reduce data recovery time.

4. Implement related projects to achieve the KPIs

Projects, or actions, are the steps that need to be taken in order to meet the objectives and KPIs associated with each focus area. Projects should be specific and actionable, and should include resources, timelines, and measurable results. An example of a project related to Backup & Recovery could be: Develop data recovery plan.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform is a platform designed to help organizations create and execute effective BCPs. By utilizing the platform, organizations can easily track and report on the progress of their IT BCPs, and make sure that their plans are effective and up-to-date.

Certification of Health IT

Health information technology advisory committee (hitac), health equity, hti-1 final rule, information blocking, interoperability, patient access to health records, clinical quality and safety, global health it efforts, health it and health information exchange basics, health it in health care settings, health it resources, laws, regulation, and policy, onc funding opportunities, onc hitech programs, privacy, security, and hipaa, scientific initiatives, standards & technology, usability and provider burden, draft 2024-2030 federal health it strategic plan.

The U.S. Department of Health and Human Services (HHS), through the Office of the National Coordinator for Health IT (ONC), released the draft 2024-2030 Federal Health IT Strategic Plan for public comment. The draft plan was developed in collaboration with more than 25 federal organizations that regulate, purchase, develop, and use health IT to help deliver care and improve patient health. 

2024-2030 Draft Federal Health IT Strategic Plan [PDF - 2.3 MB]

The draft plan defines a set of goals, objectives, and strategies the federal government will pursue to improve health experiences and outcomes for individuals, populations, and communities while also promoting opportunities for improving health equity, advancing scientific discovery and innovation, and modernizing the nation’s public health infrastructure. The draft plan also places an emphasis on addressing the policy and technology components essential for securely catering to the diverse data requirements of all health IT users. 

The final 2024-2030 strategic plan will serve as a roadmap for federal agencies and a catalyst for alignment outside the federal government. Federal organizations will be able to utilize the final plan to prioritize resources, align and coordinate efforts across agencies, signal priorities to the private sector, and benchmark and assess progress over time. 

ONC encourages review and comments on the draft plan. Please submit your comments via our feedback form . Attachments should be in Microsoft Word, Excel, PPT, or Adobe PDF format. The comment period is open for 60 days and the deadline for submission is May 28, 2024 at 11:59:59 PM ET .  

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IT Consulting Business Plan Template

Written by Dave Lavinsky

IT Consulting Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their IT consulting firms. 

If you’re unfamiliar with creating an IT consulting business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a IT consulting business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your IT consulting business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start an IT consulting business or grow your existing IT consulting company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your IT consulting business to improve your chances of success. Your IT consulting business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for an IT Consulting Businesses

With regards to funding, the main sources of funding for an IT consulting business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for IT consulting companies.

Finish Your Business Plan Today!

How to write a business plan for an it consulting business.

If you want to start an IT consulting business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your IT consulting business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of IT consulting business you are running and the status. For example, are you a startup, do you have an IT consulting business that you would like to grow, or are you operating an established IT consulting business that you would like to sell?

Next, provide an overview of each of the subsequent sections of your plan. 

• Give a brief overv iew of the IT consulting industry. 
• Discuss the type of IT consulting business you are operating. 
• Detail your direct competitors. Give an overview of your target customers. 
• Provide a snapshot of your marketing strategy. Identify the key members of your team. 
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of IT consulting business you are operating.

For example, you might specialize in one of the following types of IT consulting businesses:

• Strategic planning : offers IT consulting services to help clients assess their IT needs and formulate plans for system implementation.
• Architecture planning: offers IT consulting services to create a system and supporting infrastructure.
• Operational assessment: offers IT consulting services to assess the IT operating efficiency. 
• Implementation planning: offers IT consulting services to help clients rollout and test new IT solutions.

In addition to explaining the type of IT consulting business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, the number of consultations with positive outcomes, reaching $X amount of revenue. 
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the IT consulting industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the IT consulting industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your IT consulting business plan:

• How big is the IT consulting industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your IT consulting business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your IT consulting business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of IT consulting business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Finish Your IT Consulting Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r IT consulting businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of IT specialists, business consultants, and internal IT staff. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of IT consulting business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for new customers to obtain your services?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a IT consulting business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f IT consulting company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide consulting services for cloud applications, cybersecurity and compliance, IT solutions management, or network operations?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the services you offer and their prices.

Place : Place refers to the site of your IT consulting company. Document where your company is situated and mention how the site will impact your success. For example, is your IT consulting business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your IT consulting marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites 
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your IT consulting business, including answering calls, scheduling meetings with clients, billing and collecting payments, etc. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your IT consulting business to a new city.  

Management Team

To demonstrate your IT consulting business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in managing IT consulting businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an IT consulting business.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you meet with 5 clients per day, and offer discounts for referrals ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your IT consulting business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a IT consulting business:

• Cost of equipment and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a diagram of an IT system you’ve implemented. 

Writing a business plan for your IT consulting business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the IT consulting industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful IT consulting business.  

IT Consulting Business Plan Template FAQs

What is the easiest way to complete my it consulting business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your IT consulting business plan.

Where Can I Download an IT Consulting Business Plan PDF?

You can download our IT Consulting business plan PDF here. This is a business plan template you can use in PDF format.

How Do You Start an IT Consulting Business?

Starting an IT consulting business is easy with these 14 steps:

• Choose the Name for Your IT Consulting Business
• Create Your IT Consulting Business Plan
• Choose the Legal Structure for Your IT Consulting Business
• Secure Startup Funding for Your IT Consulting Business (If Needed)
• Secure a Location for Your Business
• Register Your IT Consulting Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your IT Consulting Business
• Buy or Lease the Right IT Consulting Business Equipment
• Develop Your IT Consulting Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your IT Consulting Business
• Open for Business

Don’t you wish there was a faster, easier way to finish your IT Consulting business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan writers can create your business plan for you.

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4 Things You Need to Know About Health Care Cyberattacks

Despite the explosion in ransomware hacks like the one against Change Healthcare, regulation is spotty and few new safeguards have been proposed to protect patient data, vulnerable hospitals and medical groups.

By Reed Abelson and Margot Sanger-Katz

The recent cyberattack on the billing and payment colossus Change Healthcare revealed just how serious the vulnerabilities are throughout the U.S. health care system, and alerted industry leaders and policymakers to the urgent need for better digital security.

Hospitals, health insurers, physician clinics and others in the industry have increasingly been the targets of significant hacks, culminating in the assault on Change, a unit of the giant UnitedHealth Group, on Feb. 21.

The ransomware attack on the nation’s largest clearinghouse, which handles a third of all patient records, had widespread effects. Fixes and workarounds have alleviated some distress, but providers are still unable to collect billions of dollars in payments. Many smaller hospitals and medical offices are still having trouble getting paid more than a month after Change was first forced to shut down many of its systems.

Even now, very little information about the exact nature and scope of the attack has been disclosed. UnitedHealth said that it had advanced more than $3 billion to struggling providers, and that it expected more of Change’s services to be available in the coming weeks as it brought the systems back online.

The F.B.I. and the Department of Health and Human Services are investigating the Change hack, including whether patients’ records and personal information have been compromised. Because Change’s network acts as a digital switchboard that connects information from a patient’s first doctor visit to a diagnosis like cancer or depression and then subsequent treatment to a health insurer for benefits and payments, there is a risk that people’s medical history could be exposed for years.

The attack on Change is just the most far-reaching example of what has become nearly commonplace in the health care industry. Ransomware attacks, in which criminals shut down computer systems unless the owners pay the hackers, affected 46 hospital systems last year , up from 25 in 2022, according to the data security firm Emsisoft. Hackers have also taken down companies that provide services such as medical transcription and billing in recent years.

How big is the problem?

Cybersecurity consultants and government officials have consistently identified health care as the sector of the U.S. economy most susceptible to attacks, and as much a part of the nation’s critical infrastructure as energy and water.

“We should all be terrified,” said D.J. Patil, the head of technology at the insurance company Devoted Health and the former chief data scientist of the federal Office of Science and Technology Policy. He and others emphasized the inadequate protections in U.S. health systems, despite dramatic events such as the 2017 ransomware attack that locked up medical records at the National Health Service in Britain, leading to massive disruption for patients.

“The entire sector is severely under-resourced when it comes to cybersecurity and information security,” said Errol Weiss, chief security officer for the Health Information Sharing and Analysis Center, which he described as a virtual neighborhood watch for the industry.

The Change attack has drawn a lot more government attention to the problem. The White House and federal agencies have held several meetings with industry officials. Congressional lawmakers have also begun inquiries, and senators have summoned UnitedHealth’s chief executive, Andrew Witty, to testify this spring.

The financial sector has worked to identify and fortify vulnerable areas to make it less prone to systemic attacks. But “health care has not gone through a mapping exercise to understand” exactly where the major choke points are that are at risk for hacks, said Erik Decker, the chief information security officer for Intermountain Health, a major regional health system headquartered in Salt Lake City.

“We have a lesson learned — we need to do that,” said Mr. Decker, who also serves as chairman of a private-sector working group on cybersecurity in health care that advises the federal government.

Wall Street and the nation’s banking system have had strong financial incentives to fortify their defenses because a hacker could steal their money, and the sector faces tougher government regulation.

Health care hacks can have deadly consequences.

Studies have shown that hospital mortality rises in the aftermath of an attack. Doctors are unable to look up past medical care, communicate notes to colleagues or check patient allergies, for example.

Scheduled surgeries are canceled, and ambulances are sometimes rerouted to other hospitals even in emergencies because the cyberattack has disrupted electronic communications or medical records and other systems. Research suggests that hacks have a cascading effect, lowering the quality of care at nearby hospitals forced to take on additional patients.

“Cybersecurity has become a patient safety issue,” said Steve Cagle, the chief executive of Clearwater, a health care compliance firm.

In some cases, hackers have made sensitive patient health data public. Lehigh Valley Health Network refused to pay a ransom that was demanded by the same entity suspects of the attack on Change Healthcare. The hackers then posted online nude photographs of patients receiving treatment for breast cancer, according to a lawsuit brought by one of the victims. Hundreds of patients’ photographs were stolen.

Why is the health care industry a target?

Medical records can command multiple times the amount of money that a stolen credit card does. And unlike a credit card, which can be quickly canceled, a person’s medical information cannot be changed.

“We can’t cancel your diagnosis and send you a new one,” said John Riggi, national adviser for cybersecurity and risk for the American Hospital Association, a trade group.

But he also said the records had value “because it’s easy to commit health care fraud.” Health insurers, unlike banks, often don’t employ elaborate methods to detect fraud, making it easy to submit false claims.

People worried about stolen social security numbers and other financial information can sign up for a credit-monitoring agency, but patients have little recourse if their personal health information is stolen.

Hospital networks and other health care groups have also been quick to pay ransoms to try to limit exposure for patients, a decision that only rewards and encourages hackers. The F.B.I. advises targets of ransomware attacks not to pay, but most hospitals do because the stakes are so high. In the case of Change Healthcare, the company is said to have paid a $22 million ransom, according to reporting by Wired .

Why aren’t hospitals and doctors doing more?

Despite the risk, smaller hospitals and doctors’ practices often don’t have the money to pay for enhanced security measures or the expertise to examine serious threats.

And older technology is rarely compatible with the latest cybersecurity standards; a hodgepodge of connected products and vendors leaves digital side doors open, luring hackers. Because hacks had largely been aimed at individual hospital systems before Change was hobbled, groups underestimated their risk.

Jacki Monson, a senior vice president of Sutter Health and the chair of the National Committee on Vital and Health Statistics, said, “People have to decide what they’re going to invest in, and cybersecurity is not usually the top of the list.”

What is the government’s response?

The regulatory framework is also old and fragmented. Hospitals are allowed to select among a range of security standards, and there is no advance auditing of compliance.

Digital security is divided among different offices within H.H.S., and much of the agency’s regulatory power still relies on a 1996 law, written before the development of modern digital health systems or the rise of ransomware hacking. The government’s regulatory focus has been on privacy and compliance rather than fortifying against attacks.

The regulation of insurer data security is even more spotty, since health insurers are largely regulated at the state level. Many vendors like Change, which provide digital services to hospitals but are not health care providers themselves, can also slip through regulatory cracks, Ms. Monson said.

That may change. The Biden administration is calling for H.H.S. to ensure that hospitals have adequate protections. The administration is also considering revisions to the regulations about how health data is shared, and may impose clearer rules for digital security measures for hospitals.

Senator Ron Wyden of Oregon, the Democratic chairman of the Senate Finance Committee, has signaled an interest in establishing tougher new rules.

“Today, there are no federal mandatory technical cybersecurity standards for the health care industry, even though people have been talking about it for ages, something like decades,” he said during a recent hearing on the president’s budget. “I want to be clear: That needs to change now.”

Updating systems across the board may be expensive, particularly for smaller organizations operating on tight budgets. When the government required hospitals to meet cybersecurity standards to set up electronic health records 20 years ago, it paired strict rules with major financial incentives.

The Biden administration has asked for an initial $800 million to help improve hospital systems as part of its recent budget proposal. But it is not clear whether Congress will be able or willing to provide funding for modernization today.

And some hospitals will continue to spend money on the latest M.R.I. technology or more nurses over stringent digital protections.

“Without additional resources to raise the bar, those health care providers and those health care payers are going to continue to make choices to pay for treatment or for cybersecurity,” said Iliana Peters, a former federal health official specializing in data security who is now a lawyer at Polsinelli, a law firm in Washington, D.C.

Reed Abelson covers the business of health care, focusing on how financial incentives are affecting the delivery of care, from the costs to consumers to the profits to providers. More about Reed Abelson

Margot Sanger-Katz is a reporter covering health care policy and public health for the Upshot section of The Times. More about Margot Sanger-Katz

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AT&T notifies users of data breach and resets millions of passcodes

FILE - An AT&T sign is seen at a store in Pittsburgh, Monday, Jan. 30, 2023. AT&T said, Saturday, March 30, 2024, it has begun notifying millions of customers about the theft of personal data recently discovered online. (AP Photo/Gene J. Puskar, File)

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AT&T said it has begun notifying millions of customers about the theft of personal data recently discovered online.

The telecommunications giant said Saturday that a dataset found on the “dark web” contains information such as Social Security numbers for about 7.6 million current AT&T account holders and 65.4 million former account holders.

The company said it has already reset the passcodes of current users and will be communicating with account holders whose sensitive personal information was compromised.

It is not known if the data “originated from AT&T or one of its vendors,” the company said in a statement. The compromised data is from 2019 or earlier and does not appear to include financial information or call history, it said. In addition to passcodes and Social Security numbers, it may include email and mailing addresses, phone numbers and birth dates.

While the data surfaced on a hacking forum nearly two weeks ago, it closely resembles a similar data breach that surfaced in 2021 but which AT&T never acknowledged, said cybersecurity researcher Troy Hunt .

“If they assess this and they made the wrong call on it, and we’ve had a course of years pass without them being able to notify impacted customers,” then it’s likely the company will soon face class action lawsuits, said Hunt, founder of an Australia-based website for warning people when their personal information has been exposed.

An AT&T spokesperson didn’t immediately return a request for comment Saturday.

It is not the first crisis this year for the Dallas-based company. An outage in February temporarily knocked out cellphone service for thousands of U.S. users. AT&T at the time blamed the incident on a technical coding error, not a malicious attack.

Google plans to charge for AI-powered search engine, FT reports

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Reporting by Vallari Srivastava in Bengaluru; Editing by Alan Barona

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GameStop COO Nir Patel steps down

GameStop said on Thursday Chief Operating Officer Nir Patel had stepped down from company, effective April 4.

Two plead guilty to insider trading related to Trump Media merger

Two men pleaded guilty on Wednesday to insider trading in securities in the company that ultimately took former U.S. President  Donald Trump’s  media business public.

Michael Shvartsman, 53, head of Miami-based venture capital firm Rocket One Capital, and his brother Gerald Shvartsman, 46, each pleaded guilty to one count of securities fraud before U.S. District Judge Lewis Liman in Manhattan.

Rocket One’s chief investment officer, Bruce Garelick, is scheduled to face trial on related charges on April 29.

Prosecutors charged the trio  last year with illegally trading on inside information about Trump Media & Technology Group’s plan to go public through a merger with a blank-check company. TMTG operates Truth Social, Trump’s main social media platform.

Prosecutors said the trio signed confidentiality agreements in June 2021 when they were approached to become early investors in Digital World Acquisition, the blank-check company. The agreements required them to keep information they learned confidential and not trade the company’s securities in the open market, prosecutors said.

After hearing the company was in merger talks with TMTG, prosecutors said the trio tipped others and bought Digital World securities, selling them after the deal was announced on Oct. 20, 2021, to make a total of $22 million in illegal profit.

Michael and Gerald Shvartsman said in court that they knew what they were doing was wrong when they traded on nonpublic information.

“I’ve made a terrible mistake,” Gerald Shvartsman said at the hearing.

“Insider trading is cheating, plain and simple,” U.S. Attorney Damian Williams said in a statement after the pleas.

The Shvartsmans are scheduled to be sentenced on July 17. Securities fraud carries a maximum sentence of 20 years in prison, but any sentence would be imposed by the judge based on a range of factors. The average prison sentence in federal fraud cases in the U.S. last year was around two years.

TMTG was publicly listed in late March, and its shares have been on a  wild ride fueled by speculators  betting on enthusiasm for Trump, the Republican presidential candidate in  November’s election .

The stock shed early gains this week as Truth Social’s parent company disclosed it had lost more than $58 million in 2023.

TMTG shares were trading at around $51.60 on Wednesday morning, making Trump’s stake worth about $4 billion, though he is not allowed to sell or borrow against it for six months.

Trump Media is also embroiled in legal battles in Delaware and Florida with co-founders Wesley Moss and Andrew Litinsky, who have accused the company of trying to improperly dilute their stake. Trump Media has argued they failed to earn their shares and seeks to strip them of their ownership.