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What problem does your solution solve?
The problem: Homeschoolers do not have the administrative staff to keep track of things for them. They have to do everything themselves, which is very time consuming.
Our solution: Our mobile application makes it simple for a homeschooled High School student to keep track of hours by subject, grade, GPA, cumulative GPA, repository of certificates, and creation of a high school transcript all encompassing 4 years of high school data.
What’s the market potential for your solution?
Of the aggregate numbers of 400,000 to 700,000 high school homeschooled students in the US and Canada we think about 20% of these students would be able to use our application. Our conservative numbers will target 10% of those or between 40,000 to 70,000 students.
Who are your customers?
Homeschooled high school students would be our customers. We are a B2C company and sell directly to the customer.
How will you reach your customers?
First we will reach our friends, the homeschooling community is actually very tightly knit so we can reach a lot of people by word of mouth.
After that we plan to have a marketing campaign that will have a national and international reach.
How will you make money?
Our app has two simple ways of making money.
First by offering a freemium period generating income in the form of ads.
After that period concludes or whenever the user decides during that period, we have one upgrade of $10.00 that allows the user to access all of the apps benefits including adding historic or previous high school years attended, uploading certificates to repository and creating a high school transcript.
What kind of partners will you need to make, support and distribute your solution?
We will need to partner with different specialists. We need to develop version 2 of the app, and one version takes approximately 3-4 iterations. We also will need marketing, legal, and financial bookkeeping partners.
What will your expenses include?
Expenses to pay developers for coming iterations, first for version 2 where we hope to have a pretty good grasp of the 50 states homeschooling requirements and all of the Canadian provinces. This would make our app more user friendly by state. We forecast an expense of around $5000.
We would need help with marketing, namely social media and getting the word out. Our marketing knowledge is limited so using different marketing strategies to reach our audience would really help our growth. We are looking for a marketing budget of $3000.
Our bookkeeping knowledge is very little. We know we have spent money and we are hoping to make money as well but we need help making sense of taxes on the income we earn. We are looking for a bookkeeping/finance budget of $2000.
Finally we want to protect our intellectual property and would need help from an IP attorney to accomplish this task. We expect those expenses to be around $5000 which would include a patent on our proprietary software.
Who is your competition and how do you differ?
We did find a couple other mobile applications for the purpose of staying organized with homeschooling. However, these applications were for all ages and designed for parents.
We are the first to market in our specialty targeting High School students, not parents, and our app does much more than just organize classes, so there is currently NO direct competitor.