Studying your market will give you insight as to how you can make your business more appealing to people. Market research is more than just noticing trends in your customers' buying habits; it's discovering what motivates your customer to buy. Don't assume that you already know because you've been in this business for years. This study often unearths characteristics about your market that are hidden or new. It's best to discover these things before your competition.
Make it enthusiastic, professional, complete, and concise. If you are applying for a loan, state clearly how much you need and be precise in how you are going to use it. Also include detail about how the money will make your business more profitable, thereby ensuring repayment of the loan.
So, although a detailed business plan may not be required for an online business, I am going to include it here so you can at least look at and consider each section and determine yourself if it applies to your business.
The main thing to remember in this section is not to provide new data, but to explain in detail data that has already been provided and to provide the support for that data.