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How do other solutions in the market fail to alleviate that problem, thus creating a major need for my product?
If you’re in tech, are you trying to build the next Nest?
If you’re in food and beverage, are you aiming to be the next Chipotle?
Outline the next objectives or milestones that you hope to meet and what it means for the growth of your company.
What is the scope or “big picture vision” of the business you are trying to build?
That being said, you can still give your readers a clear idea of how your product or service works by explaining it through the lens of how it relates to the problems that your customers face without giving up your secret sauce.
Put another way, you don’t have to explicitly tell your readers the precise source code to your new app, but you will want to call attention to all of the great things it makes possible for your customers.
Before your readers will ever bother caring about things like your marketing strategy or your financial assumptions, they’ll want to know two absolutely fundamental details that will set up the rest of the plan that follows: You might have the most revolutionary product the world has ever seen, but if you don’t take the time to carefully articulate why your product exists in the first place and how it helps your customers solve a pain point better than anything else out there, nothing else in your business plan really matters from the reader’s perspective.
If you spend the majority of your time on any one part of your business plan, take the time to really nail this part.
Remember, you’re not giving away every last little detail about your company and business opportunity right up front.
Just enough of the “good parts” to both inform and intrigue your reader to dig in further.