The aim of this paper is to present the dynamics and challenges of collecting and analysing the information required for business plan development. Emphasis is placed on the breadth and quality of information needed to make a business decision on the conversion of a hotel into a home for the elderly and infirm. The paper is composed of a theoretical and a practical part. The theoretical part is elaborated in the business plan chapter where the topic of business planning is discussed together with explanation of the importance of a business plan, its most important elements and a comparison of different views on the content of a business plan. In addition to the business plan chapter, theoretical part of the paper includes a chapter dedicated to business information, which places emphasis on the types of business information, their sources, and the challenges related to the collection of information that entrepreneurs encounter in modern business. The empirical part of the paper elaborates a business plan for conversion of a hotel into a home for the elderly and infirm, and then analyses the plan from the aspect of heterogeneity of sources and types of information used, which represented the basis for drawing up this business plan. Special emphasis was placed on the analysis of the information base for market analysis, information required for the preparation of financial plan, information required for the preparation of marketing strategy and sources of information required for preparation of SWOT analysis. In the final part of the paper, based on the conducted analysis, it was concluded that, when preparing a business plan, entrepreneurs need to use heterogeneous sources of information from several different sources in order to be able to come up with unique data. A written business plan is preceded by a large amount of time invested in collecting the necessary information, and the process of data acquisition is full of various challenges in assessing the accuracy of data and the credibility of sources. Ultimately, creativity in selecting sources of information and a high level of familiarity with the subject matter in terms of better recognition of accuracy and credibility of sources are key to eliminating challenges put before the entrepreneur when collecting and analysing data.