A business plan aims to indicate how a business makes money by creating value for customers. It focuses on a big picture and analyzes the major income generator. A business plan, on the other hand, is a more detailed description and analysis of a business. A business plan is built upon a business model and extend the model by explain specific equipment, employees, marketing strategy and financial budget. When you write a business model, you may use a business model canvas to help to understand building blocks and evaluate the business plan. The canvas contains nine blocks which are customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partnerships and key partners. By analyzing these blocks, you can further build six components (executive summary, company overview, market research, products and services, marketing and sales and financial projections) of our business plan in detail. Of course, you may also want to evaluate the strength and weaknesses of your business, in which a SWOT analysis may needed. In order to successfully launch and manage a business, you have to perfect a sophisticated business plan before put it into action.

Business for Dummies – How to Write a Business Plan?

Resources:

http://smallbusiness.chron.com/differences-between-business-plan-business-model-4744.html

https://www.youtube.com/watch?v=rSCC8WCuaRs