Some questions to test the adequacy of your business plans:
What features make the product or service stand out?
What benefits make the product or service stand out? Benefits are more relatable to consumers. Looking to clarify your features, advantages, and benefits? Aja Frost’s article on hubspot.com can help.
What method or medium will be used to reach your consumers?
Do you need to create a niche market? First you need to understand what niche really means. (BusinessNewsDaily.com)
Where to advertise? ZenBusiness.com has some ideas on where to look for advertising opportunities.
What type of pricing strategy will be used? To keep it simple you can start with one of the 5 common pricing strategies (bdc.ca) “Price skimming” may match an inventors interest as the inventor refines the invention and lowers manufacturing cost.
What is the unit production cost for the first run of product? Calculating production cost includes accounting for many factors. In the beginning, bad guesses beat ignoring costs that may be hard to calculate.
Who can produce the product?
Is your business model scalable? If scaling up is the plan, each commitment should be as scalable as possible.
What are the major risk factors in the business?
What single factor is more likely than any other to cause a failure of the business?
What skills do you already have that are needed to execute the business plan?
What skills are missing or need to be supplemented in the current business team?
What assumptions does the business plan most heavily rely on? (How can you validate or disprove those assumptions?) (“Feel the Boot” has a good take on how to test our weakest and most critical business assumptions.
What is the unique selling proposition of the product or service? (See: How to find your unique selling proposition at BDC.com)
Who is your target consumer? (HootSuite has a good article on target markets with a social media lean to the article.)
What company represents your most serious competition?
Have you conducted a SWOT analysis? (strengths, weaknesses, opportunities, and threats) (See: SWOT Analysis: What It Is and When to Use It by Skye Schooley Business News Daily
How does your experience match up to the projected requirements for the business? (Do you have experience in product development? Do you have experience in marketing?)
Small Business Administration Resources
SBA quick guides:
SBA quick guide on market research