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A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

The market potential for your service or product-You need to convince your customers and employees for your products and services you are offering and hence you have to find out the market which needs that product or service.

Executive summary- The executive summary is the backbone of the business plan and it should include a brief background of the business concept, company's objective's or your plan, ownership structure, management team, service offering, target market(s), competitive advantages, marketing strategy and high-level financial details like expected profit, required funding etc. It helps the bank or finance executives to get an idea of your business.

Once you have done all this you should have a complete and detailed professional business plan. The most important thing to remember when developing the plan is to see it as a living document and include specifics regarding dates and specific responsibilities. Your plan will need constant reviews and updates and things change so expect it to be a work in process for a good stretch of time. It will all be worth it in the end, a well-written plan will help ensure that the business is fully focused on what is required to achieve the company's goal.

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