We are now looking further into our financial Projections following a lecture with Tony O’Brien we have been given a more detailed insight into the business and technical needs of our overall application.
We are undergoing cash flow forecasts, profit and loss accounts and balance sheets. Which will hopefully give us an indication of when we will begin to make profits and be able to pay back the loans we plan to take out originally to employ our developers and get the application publicised. We have come to some assumptions into details such as accountants and developers. We hope to only need 1 developer and get a starting of graduate accountant to save funds.
We have also been further looking into our Market Analysis and due to the previously mentioned survey I spoke of in my last blog we can give exactly how many people will utilise and pay for our application. To have this information is of huge advantage to us as a pose to where we are currently feeling like we are making a lot of guesses and estimates in relation to costs, expenses and profits within our first 3 years. To be able to back up our market analysis with the information we have gotten of these 350+ people is priceless research.
We have been looking into secondary research online to see who ae available market and target market are and who will be able to target long term.
We have our first proper presentation next week on the 14th November and we are busy preparing our Technical delivery/ Timelines and workload distributions.
One issue we actually came across was our competitor in that there is no similar application on the market to date apart from the traditional way of using identification. This is our only competition at the moment we felt we could mention and also to keep developing in the case that there is a similar product released in the future we are top of the market and will stay there.