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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 should include a market research that identifies your competitors, their share of the market and the range of the products they produce. By learning how they conduct their operations, you may learn tricks of the trade in the business you want to enter and you also get to have a basis on what you can do to excel.

Finally, a business plan should be error - free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.

Do your research. In order to be able to write a strong, comprehensive business plan you need to possess a sound knowledge of the market you are involved in. You need to actively conduct market research and ensure that your plan makes reference to your findings. It should include factors such as market size, the predicted growth path of said market and how you propose to gain access to it. For example, if you are planning on opening a bar then your business plan should include figures based on the local population, cost of suppliers, predictions about whether the bar industry is likely to grow or decline in the area and a review of the competitive environment.

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