Step 4 | Lesson 4.3
Business plan
It is important that you, as a UAV operator, know how to create and deliver value with your drone, by identifying and understanding your target customers, being knowledgeable in the drone services market and developing deep insights into specialty needs.
Above all, it is key that you seek to build solid business relationships with customers who are willing to pay for drone services.
Every Flight to the Future lesson has seven segments that take you through a Mind Expanding Journey.
– Introduction
– Presentation
– Concept
– In-depth
– Recap
– Required reading
– Assessment
4.3.1. Introduction
Solid ground
A well-developed business plan will guide you through each stage of launching, managing and growing your commercial endeavors. It is the foundation of your business, serving as a roadmap for how to structure, operate and market your new company.
You must cover all the key elements related to your proposed business, including your mission statement, value proposition and detailed operational, financial and marketing considerations.
Working off information obtained by a thorough market analysis, you will be able to target prospects in a result-driven manner, establishing prices and promotional strategies that successfully achieve your desired commercial goals, while also placing you in a stronger position versus your competitors.
Targeting definitions, however, are a continuous effort, being subject to constant improvements as you test parameters and measure results, providing important opportunities for growth and development based on business insights.
4.3.2 Presentation
Demand and value proposition
In this segment, you’ll learn about how to come up with a business plan for your commercial drone venture. You’ll learn about why the business plan is significant, its elements, process and generally accepted guidelines regarding form, content, and the main value propositions.
Formulating a business plan should be the first thing you should do when starting a new business. A well-written plan gives you the ability to establish your goals and track progress as your business begins to grow.
Business plans are also crucial for attracting investors to determine if your business is on the right path and worth investing in.
Watch the teaser
4.3.3 Concept
Know Your Customer
In this segment, we turn to the process of identifying your prospects, sizing your market opportunity, and delivering your services to them efficiently.
As you’ll discover, having a precise understanding of your potential customers allows you, as a UAS provider, to tailor your value propositions and achieve high success rates.
Keep in mind that despite your business portfolio and capabilities, the ultimate test will be whether you are able to solve the problems your potential clients bring to you. This is a key threshold for delivering favorable business outcomes for your customers.
Watch the teaser
4.3.4 In-depth
Your signature solution
It’s listed first, but written last
The one-page executive summary should include your mission statement, basics about when your company was founded and by whom, a description of your products or services, highlights of your growth so far, and a summary of how you want the business to grow.
The executive summary is a condensation of all the other essential elements of your business plan.
Lay out how your company operates
Include your organizational structure, ownership information, profiles of your management team and number of employees.
Even in very small businesses and sole proprietorships, you should include a detailed description of who does what in your business and provide background information for key players.
4.3.5 Recap
Lesson summary
Key elements of a business plan
A table of contents is necessary so readers can quickly find information. Then, start with an executive summary or statement of purpose, which is a quick read of the main value propositions.
The business concept, financial highlights and requirements, current business position, and major achievements like the FAA Part 107 license are key bits of information that complete the picture.
Attracting investment and future growth potential
Business plans are crucial for attracting investors and help determine if your business is on the right path and worth investing in.
Business plans also help you avoid some common causes of business failure, such as under-capitalization or lack of an adequate market.
4.3.6 Required reading
Lesson library
Required
– Small Business Forum, Essential Elements of an Effective Business Plan
– The balance small business, The best drone business ideas
– Business Insider, How to get into the drone business, Ideas, plans, models, and business opportunities in 2021
– 3D insider, Creating a business plan for your commercial drone business
– SBA, Write your business plan
– Score, Business plan template for a startup business)
For advanced readers
– Drone Life, 5 Tips for marketing your drone business
4.3.7 Assessment
Lesson quiz
What type of pricing method ensures that all fixed and variable costs are covered?
– Cost-plus pricing.
– Demand pricing.
– Competitive pricing.
– Markup pricing.
Ten multiple choice questions. An 80% score is needed to advance to the next lesson.
