A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
While it’s not essential to have a business plan, you may find it easier to get funding if you have one that is well thought out and contains all of the necessary detail about your prospective business.
Business/Industry Overview contains an overview of the industry and how your business will compete in the sector. Describe the overall nature of the industry, including sales and other statistics. Include trends and demographic, economic, cultural, and governmental influences. Describe your business and how it fits into the industry. Describe the existing competition. Describe what area(s) of the market you will target and what unique, improved or lower cost services you will offer.
Know your market. A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?