A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. The submitted business plan should provide specific and organized information about your company and how you will repay borrowed money.a good business plan is a crucial part of any loan application. Additionally, it should also inform your plan for the sales personnel, suppliers, and others about your operations and goals.

The Idea Stage
For some entrepreneurs, getting the idea-and imagining the possibilities-is the easy part. It is the market research that does not come so naturally. “It’s a big red flag when someone outlines the size of the market-multibillion dollars-but doesn’t clearly articulate a plan for how the idea will meet an unmet need in the marketplace,” says a renowned marketing Guru.
Analysis
It revolves around the 4C’s:
1. Company
2. Customer
3. Competitor
4. Collaborators

Whatever your approach to evaluating your idea, before you submit your business ideas, just be sure you are meeting the research objectives you have outlined for your product or service. With those goals always top-of-mind, your analysis will help you discover whether your idea has any holes that need patching.