In short a business plan is a document that states the business goals and how they will be achieved. It might be a brief one-pager or it may be an all-encompassing report including marketing and finance plans.
The business plan is key when applying for a loan or convincing potential investors, in fact this will be the only time many business owners will even use one.
Differentiating your product and/or service from the rest of the market will help make you stand out.
Remember that this applies to more than just your end product, it encompasses your whole brand experience.
Over-inflated sales figures or underestimated costs will be obvious to potential investors and reduce your plan’s credibility at the least.
If maths is not your strength, it might be worth obtaining some assistance or having an expert glance over them first. Conduct in-depth research and present your findings.
Establish that there is a market for your product or service, show that you know where your target market hangs out and be clear on the competition.
Consider likely issues, such as competitor activity, and address them in the business plan.
Are you able to explain how your product or service will benefit your customers?
If you are unable to put forward an argument for this, it may be worth revisiting your business idea. What will your business offer that no one else does?