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.
A standard business plan consists of a single document divided into several sections, including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.
Sales and Marketing Plan. A description of how you intend to entice customers to buy your product(s) or service(s), including advertising/promotion, pricing strategy, sales and distribution, and post-sales support if applicable.
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?