A good business plan, first and foremost, must be able to convince investors for the need of the product and how the product can help satisfy the need in the best possible way. Thus, the basic elements would involve defining the need, the target audience, and market research showing the lack of a proper product that can satisfy the need of customers. If there are existing products that do so, then the plan must be able to show through numbers and competitive analysis that there is sufficient demand to justify a similar product, and how the proposed product is better / different from existing ones. The plan must also show the costs of developing and marketing the product, the revenue projections, breakeven point, and risk analysis.