Before you write your business plan, it's important to understand the purpose of creating it in the first place.
Establish a business focus: The process of creating a roadmap to your goals will help you determine your business focus and pursue growth.
Secure funding: One of the first things private investors, banks or other lenders look for before investing in your business is a well-researched business plan. Attract executives. As your business grows, you will likely need to add executives to your team.
The specific details you include in your business plan largely depend on your audience. If you're trying to secure outside funding, providing a complete, detailed overview of your cash flow, expenses and projections is critical.
However, regardless of your audience, all business plans generally follow a similar format:

1. Executive summary. First and foremost, it should provide an overview for readers.
2. Company description. This section is especially important when securing funding as it provides a high-level overview of your history, business legal structure, your products/services, key partners, and summaries of your financial and business goals.
3. Products/services. Next, your business plan should include a detailed description of the products or services you provide. This section should illustrate how your product benefits your target customers.
4. Market analysis. In this section, you really only need to explain two things: the market needs and how your products and services satisfy that need. This includes targeted customer segments, industry statistics, pertinent marketing data, and a thorough examination of your competitors' strengths and weaknesses.
5. Management team. Before anyone will invest in your company, they want to know who is running the business. Include an organizational chart with departmental descriptions and information regarding the owners, key employees, the management team, board members, advisors, etc.
6. Financial plan. The last section of your business plan should be created with the help of a professional accountant. Include important financial statements, such as historical financial data from the past three to five years, realistic budget forecasts over the next five years and an analysis of your all financial data.
“Don't get mesmerized by the attractive macro data you can find on the web,” said John Mullins, Ph. Even after you embark on your business endeavour, you want to ensure you are attracting and retaining customers before asking for capital, Mullins added. As with any business project, research is critical to a solid business plan. “Research is one of the big values adds of writing a business plan,” said Joseph Ferriolo, director of Wise Business Plans.

“Research forces companies to learn what they can expect to make and what the industry trends are”. Mullins advises asking yourself how large and attractive your market is, how quickly it is growing, and if there are any trends that will make it grow in the future. Additionally, research critical success factors, or important areas to focus on when starting out. Some examples are finding the right location, competing with like companies, and retaining efficient employees.

Discuss your CSFs with your team to guarantee they are on board with your goals, said Mullins. For your company to succeed, all employees should understand the dynamics of the business plan. “The business plan keeps an organization focused, it needs to be shared, “said Brian S.
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