The business plan is a necessary but not sufficient condition for finding outside investors. The plan describes the business and what it might become, and that`s all. A beautifully written, edited, and formatted business plan will not make a less investible business more investible.
Later, as the investment process proceeds (if it does), the latest regularly-revised plan will serve as a companion piece to the pitch and a key document for due diligence.
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.
The vision should include tangible goals such as profits and market share, but more importantly, it should focus on the intangible/unquantifiable long-term goals, such as your willingness to adapt, emerging business-trends, and an ever-present desire to `excel.`
Second, your business plan should be a tool you use to run and grow your business. Something you continue to use and refine over time. An excessively long business plan is a huge hassle to revise—you`re almost guaranteed that your plan will be relegated to a desk drawer, never to be seen again.
Defining the problem you are solving for your customers is by far the most critical element of your business plan and crucial for your business success. If you can`t pinpoint a problem that your potential customers have, then you might not have a viable business concept.