Updating business plan
You must also think about how you can create some barriers so that your competitors wouldn’t enter your territory.
Also, concentrate on your weakness that is vulnerable enough to be exploited by others.
The design & development plan should be intriguing and distinct enough as this is the only thing that will help you luring investors.
Make this plan descriptive enough so that your investors would know the advantages of your products and services in one go.
Even the best business plan can only reflect your best perspective and understanding of the situation at the time you wrote it.
Since there's no education like experience, once you've arrived at "now" the ideas you had "then" are usually naïve and half-baked.
You get to enjoy the fantasy of success in your imagination without the effort required to achieve that success in the real world.
This is not to say that you don't need some idea of what you're doing and in what order, but planning just to plan is wasted effort.
To begin with, ask yourself –Where do you want your business to go? Similar to the plan of long-term, create a short-term plan that would be applied to a shorter period of time, particularly a year.In fact, savvy investors consider a detailed, formal business plan to be evidence of inexperience, poor prioritization skills, and even rank incompetence.If, despite that, you're still going to write a business, you presumably want one that's readable, understandable and actionable.Find out how would you like to see your business in the next five, ten, or fifteen years down the lines? For example: What are your goals for the current year?What is your expected revenue and profit in future? What are the targets that you must accomplish to reach that ultimate goal?
Once you have done that, then comes the need to set target market.