A business plan is basically a complete layout of the business goals and aims to be reached in the subsequent years. The document describes the basis of the aims of the business and a realistic approach towards achieving them. This is essential in order to work systematically according to the plan but also helps give off a good impression if the business plan seems accurate, in turn helping you find a financier for your business (this may require you to add a funding request section to your business plan)
A business plan follows a certain format. The document starts off with the Executive Summary; however, executive summary is worked upon at the end of the planning as recommended by professionals and is taught similarly at the university level. It is then followed by the description of the company (Business Description) which clearly states the basic aims and the idea the business revolves around. It also addresses the ways in which the business plans on meeting its potential competitors, and how will it serve the need of the market. Moving on, Products and Services describes the product, and patent related issues. Marketing Plan gives a layout of the potential of your product through a market research and a description of the target market. It also includes the product analysis and describes strategies the business will use followed by the promotional activities. Organization and Management section gives a thorough review of the management team and a capital, revenue and expense plan. Finally a Financial plan forecasts finances through financial reports and statements. Ending section includes an Appendix which may include any additional pictures or ideas.
This makes business plan a fairly important part of the business. Therefore, writing it takes time and requires professionalism.