How to Describe Your Business When writing a business plan, an important task is to clearly describe your business and exactly what it will involve. This can be will be crucial to writing your business plan. Experience tells that you need a written document -- even if you're sure you know exactly what your business will do. To write a complete description of your business, follow these simple suggestions.
Share on Facebook Your business plan isn't only about your business idea.
It is also about how your business is going to compete in an already-competitive industry. Your potential investors want to know how the industry operates as background for evaluating your idea.
Your board members and key employees want to get a feel for what will be needed to make the company competitive. Your attorney and accountant will help you make decisions based on the legal and financial standards in your industry.
Researching Your Industry The first place to go for information is the leading trade association in your industry and any associated industries.
The purpose of trade associations is to help new and growing businesses in their industries. The trade association representative can help you research basic information, documents and introductions to industry experts. Learn from insiders how the industry functions, as well as its advantages and disadvantages, so you can expand your detailed research into the areas most applicable to your business idea.
You might be surprised at the realities of the industry, and even change some of your business assumptions as a result. This will also help you identify subtle success factors that you can capitalize on, which provide powerful support in favor of your idea and improve your chances of obtaining investor funding.
One way to minimize competition for your new business and make entry easier is to identify emerging or under-developed niches.
An investor will be more likely to show interest if you can demonstrate that your company will supply something the industry needs, rather than go head-to-head with existing market leaders. In your business plan's industry discussion, highlight the niches that provide opportunities for your company to establish market leadership and how you plan to fill them.
Competition Show how other companies in the industry are succeeding or failing, and compare their operations and financial results to how you intend to operate your company, as well as your anticipated revenue streams and other projected financials.
In discussing your competition, indicate how you plan to gain market share through your branding, marketing and sales efforts. Talking about the current financial state of the industry is not as effective as focusing on the details of your niche and your immediate competitors.
How you launch and promote your company is key to creating success, so your major success factors depend on the unique application of your idea and how it measures against small, medium and large companies, and the needs of their target customers in the areas of the industry you intend to serve.
Any of these can be turned into success factors for your business if you can describe how you plan to overcome them. Use a SWOT analysis to discuss your strengths, weaknesses, opportunities and threats with respect to launching and growing your company in your industry.
Include a contingency plan outlining what you intend to do if your assumptions prove to be incorrect or your competition lines up against you.5 Template courtesy of webkandii.com The Crucial Areas of the Business Model [Your business model is the core concept upon which you build your business model webkandii.com business model should be a significant portion of your business model plan.
Some studies show that you can elicit more positive responses when you present the information in descending order, starting from the higher-priced.
These positive responses include a higher perception of value and a higher purchase probability. This action plan template can be used as a supporting tool to reach the goals in a business or marketing plan.
The goal is clearly stated at the top of the template followed by action steps below. This template provides sections to record necessary resources, potential challenges and final results. In fact, not even those who shot and killed him after a brief firefight in the town of Tal Rifaat on a January morning in knew the true identity of the tall man in his late fifties.
The 3 Key Elements of a Business Plan Small business owners need to make sure these components of their business plan are airtight to raise money and avoid crises.
Hide Show Comments. Up Next. Business Plan and Business Structure The Twin Foundations of Any Successful Wal-Mart last year accounted for nearly 8% of overall US retail sales.