This is also a good time to include a summary of at least one short-term goal and an overarching long-term goal. What services or talents are you offering? If you have business advisors or mentors helping you achieve your business goals, this is the time to mention them.
Research your industry and competition using how to write a business description example diverse range of credible sources. How to Write a Company Description About the Author Nicole is a business writer with nearly two decades of hands-on and publishing experience.
How do you plan to reach the goals you have set?
Make note of trends and other developments in areas such as technology, production and operations that may affect your business as it grows. What are your goals for your business? Define Your Identity What is the name of your business and who are you?
Define Your Tangibles Is your business virtual or does it have a brick-and-mortar location? Do you know how to do payroll on your own, or will you use payroll software?
Print your business description and include it with the rest of your business plan. Craft a problem statement that outlines a common problem your target market has and how your business plans to address it with the products or services it offers. This summarizes how, exactly, you plan to not simply survive in the competitive market, but thrive.
What type of business structure will you form?
Yet it is vital. Do you know how to turn your growing business into a profitable venture? It comes up when talking to financial advisors, legal teams, investors and clients. Focus on features and benefits, especially those that differentiate your business from the competition.
Describe in detail the products and services you plan to sell. The business is a sole proprietorship, operating under entrepreneur Ann Smith. And, include your name because lenders and investors want to know the entrepreneur who started the business.
If you are currently operating your business, you need to say its location. Define Your Intentions Be clear about the intent of your business. You may interview industry veterans or review published studies, information in trade magazines and other news sources.
Approximately when do you see certain goals and objectives being met? Identify your target market by providing information about its age range, attitudes, spending habits, income level, marital status, values, geographic location and lifestyles.
Explain why you are set apart from the competition. References 2 The Balance: Describe your business You need to know how to pitch to investors and lenders to captivate their interest.
Say why you are offering what you are and what allows your business to stand out from its competitors. To whom does your business appeal? What is the name of your business? Ask yourself a few simple questions to begin forming a clear vision of your business objectives. Outline the people on your team—whether vendors and suppliers or employees—who will help your products or services reach the hands of your target market.
A business description provides an overview of key aspects about your business, like what you do and what makes your business original. She also studied business in college.
Determining who you and the name of your business is the first step to being clear about clientele demographics. Mention the small business advisor help you have enlisted, like a business attorney, since each structure has different registration requirements, regulations, and liabilities.
Your business description should be regularly updated as your business expands or changes. Being clear about the nuts and bolts of your company allows people to feel you are more than the owner.
You want to verify that the name of your business is clear in the business description of your business plan. Who is your target customer? Once your goals are achieved, what is your exit strategy for small business? Will you function as a sole proprietorship, limited liability corporation, partnership, or corporation?For example, you want to include your background knowledge, expertise, and experience in doing the work involved in your business.
You can include a resume of your experience in the Appendix. If there are areas you don't have the knowledge or experience or are weak in, explain how you'll overcome or compensate for that. If you need to know how to write a company description for a business plan, take a look at this example.
Ann’s Office Hut delivers office supplies to small businesses in Boston, Massachusetts. The business is a sole proprietorship, operating under entrepreneur Ann Smith.
A business description gives a snapshot of the business you plan to run or are already running. Business descriptions are typically written to appeal to potential investors, but they are important.
Let your passion and excitement show in the company description section as you explain why you started the company and what you hope to accomplish. Your excitement should show in the tone of your writing, and your aim should be to get the reader interested in reading the rest of the business plan.
If your plan is not too complicated, keep your business description short, describing the industry in one paragraph, the product in another, and the business and its success factors in three or four paragraphs that will end the statement.Download