Start the opportunity chapter by describing the problem that you are solving for your customers. What is the primary pain point for them? How are they solving their problems today? Maybe the existing solutions to your customer`s problem are very expensive or cumbersome. For a business with a physical location, perhaps there aren`t any existing solutions within reasonable driving distance.
This can be as simple as having a mentor or partner review elements of your plan, or conducting market research and speaking directly to your potential customer base.
Writing a business plan is about establishing a foundation for your business. You`re not predicting the future, you`re working through the core strategy of your business that will help you grow. This initial document isn`t meant to be perfect but is designed to be reviewed and adjusted to help you identify and reach your goals.
There are tons of good outlines available, plus books, blogs. Down below I have some specific resources related to my work; but not now. There is no single best outline to use, but investors will want to know about the market, potential growth, competition, differentiation (or secret sauce) strategy, tactics, key milestones, important assumptions, the management team, and financial projections including use of funds, projected sales, income, balance, and cash flow. Use your common sense to put first things first and organize it all well.
When writing a business plan, have an end goal in mind. You need to ask yourself, Where do I want it to go? What will my business look like? Stated differently, how do you want your business functioning in the next five to ten years? This is your vision.
There are four main chapters in a business plan—opportunity, execution, company overview, and financial plan. The opportunity chapter of your business plan is where the real meat of your plan lives—it includes information about the problem that you`re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape.