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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.

Traditionally business plans have been highly confidential and quite limited in audience. The business plan itself is generally regarded as secret. An open business plan is a business plan with unlimited audience. The business plan is typically web published and made available to all. In the free software and open source business model, trade secrets, copyright and patents can no longer be used as effective locking mechanisms to provide sustainable advantages to a particular business and therefore a secret business plan is less relevant in those models.

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.

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.

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