The first step in drafting a Business Plan is to create a Business Description. This will help orient those reviewing your plan to summarize your company's primary objectives, legal structure, target audience, and key products and services.
Using the Business Description Template file located above, you will fill out 6 paragraphs. Please be sure to include your name, etc. on your paper.
To assist you in filling out your Business Description, the 6 components included in this document (as separate paragraphs) are detailed below:
1. Overview: In a short sentence or two, describe your business and its purpose.
2. Legal Structure: Describe the legal structure (LLC, Sole Proprietorship, Corporation, etc.) chosen for this business and why. Why is your chosen legal structure preferable to other types available?
3. Business Purpose and Objectives: Explain in detail the purpose of your business. What need does it satisfy or gap does it fill? Describe the top goals/objectives you want your business to accomplish. Answer the questions: Why does my business exist? What does it hope to accomplish? Provide enough information to allow readers to comprehend your bigger picture.
4. Primary Audience: What is your target market? What type of customers do you expect your business to attract? Explain why this specific group of customers will be interested in your product or service. If you are offering more than one product or service, explain why your KEY products or services will be of interest.
5. Product or Service: Describe in detail what your product or service is or does. Provide enough information to allow readers to understand in full how your product or service works, and what it will do. If you are providing more than one, include only the KEY products or services you believe will make an impact for your business.
6. References: If you use any sources in preparing the business description, include them in this paragraph in APA format. Only reference citations need to be in APA format. The rest of the document should be formatted as prescribed by the template.
Carlin Clarke, MCA