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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.

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.

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.

It also needs to be written in formal format and style. You have to remember that a business plan is something that you may have to present to your business partners, financial firms and banks. So if you can, refrain from using slang in any part of your plan.

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