My business plan outlines my idea for a mobile application called News To Go. This application will help users receive the information they need about daily news without having to take too much out of their busy days. In short paragraphs, the application will give the most important information about a story each day. The application will customize the news specifically for each person. It will also offer the option to see whether the information in a news article is accurate or not.
I plan on advertising my application through social media influencers, and through that, I can reach my demographic of people who are over 18 who are already using social media to receive their news.
Developing the plan
While I was working on my business plan, I followed the advice given by the guest speakers in our class. I didn’t truly realize how important their advice was until I was able to think back and implement their advice into my business plan. I also focused on, as a consumer myself, what I would want in an application, how I would want to be reached and what the best possible ways are to get me to download an application. I followed my canvas and competitive analysis, and I was able to implement parts of those into my business plan.
The challenges I faced while working on my business plan was the marketing and pricing side of the business plan. Since I’m not a business or math person, it was difficult for me to be able to realistically plan out how much I was going to spend on each part of my product and still come out profitable and successful. Although I was able to do research on how much it costs to make and maintain an application, it was difficult attempting to truly picture how the business side of my plan would work out.
The opportunities I faced while working on my business plan was the advertising and executive summary part of my plan. I knew what I wanted my product to look like and I knew how I wanted to reach my audience, so it was simple to picture how I wanted that part to play out.
This experience taught me a lot about what a lot of startup companies go through. Even thinking of an idea for my business plan took a lot of time and was extremely difficult, so having to create a business plan and implement it into a physical form isn’t done easily. Media companies like inewssource have figured out how to create a successful company despite being in a dying field and despite having such a wide range of competition. Due to this experience, I now understand that as technology advances and as the way people consume information advances, it’s important to constantly keep up with these advances and the only way to do that is with an entrepreneurial/intrapreneurial mindset.
My experience in using the different tools and applications I used to create my business plan really helped me understand how to bring together everything I’ve done throughout the semester into one business plan. At the time it was hard to see how each assignment would fit into my business plan overall, but actually going through the business plan and implementing each aspect made it easier to understand my business plan itself.
As a journalist and as a consumer of news, I’ve come to understand the importance of keeping a society informed and aware. With this application, I wanted to eliminate the age of misinformation and decrease the spreading of fake news. After seeing the effects of this year’s election, I knew it was important that if people were receiving their news from social media, that they were at least receiving accurate information. Attempting to find my target market wasn’t difficult because I knew that I wanted to attract people who were receiving their news from social media websites. With such a large market, it was easy for me to understand how to reach them and structure my product around their needs.
As someone who has used multiple mobile applications and news applications, I knew that the best way to get someone to use your application is to offer it to them for free and then give them the option to pay by offering them a better experience. I didn’t want to scare people by making them pay for the application before they used it, so I believe giving people incentive to pay for a better experience was the best business model.
For my application, I had to keep in mind the fact that I am aggregating information from other news sources so I didn’t want to end up in a legal issue of being accused of stealing information. For this reason, I would have to team up with other news sites to create a partnership where they allow me to use their information for my application and in return, they would receive a percentage of the profits. I also had to realize that my application would only be giving the most important information and not all of the information so I have to make sure that I’m not framing a story to seem bias and that all sides of the story are told.
After this class ends, I hope to eventually implement the idea in the years to come. I want to first build a reputation within the journalism industry and then, this way, if I do implement my idea, I will have a trusted reputation so more people would be willing to try out my application and help me out. I do hope to keep working on it over time and refining it to a point where I feel like the app is a viable option as a real business plan.
The most enjoyable moments while working on this business plan were thinking of ways to advertise it and thinking of my mission statement. It was a great opportunity to be able to think about how I wanted to implement a product I was passionate about into the real world and how I would want people to view my product. Although working on the business plan was extremely difficult, it was also really interesting to step into the business side of journalism and truly see how bigger companies had to first start out. Writing my mission statement was the first moment where I had to really think about why I chose this idea and it meant a lot to me to be able to put it into words.