Building a Business Description
In this article, you will find some of the basics in building an effective Business Description. Please feel free to constuctively add or edit this page.
Contents
General
Here you will want to list the business name, location, mailing address, telephone, fax, e-mail and web site address.
Owner
List each owner's name, business title, home address, telephone number and Social Security Number. Include a brief description of owners and managers (experience and credentials in running the business) and their ownership percentage of the business.
Legal Business Description
See Small Business Entities for description of:
- Sole Proprietorship
- Partnership
- Limited Liability
- "C" and "S" Corporations.
Also list the State where the business is Incorporated.
Purpose
Here you will need to describe the intent of your business. Much of this information should have already been completed if you have finished the Pre-Business Plan Start-Up Questionnaire and Business Plan Guidelines.
Business Status
Here you should include the current status of your business, for example, New/Start-Up, Ongoing, Expansion or Buying an Existing Business/Franchise. Be sure to Include the date your business started or will start. If buying a business, include a detailed history in this section.
Type of Business
This denotes the following:
- Retail
- Wholesale
- Service
- Manufacturing
- Contracting
- Professional
- importing/Exporting
Reasons
Include the precise reasons for your starting, buying, or expanding your business.
Goals
Here you will need to include both current and long-term projections such as:
Current
- Bring to profitable status that will equal or exceed current income levels.
- Create relationships with clients.
- Build... etc.
Long-Term
- In four years, we will have 50-100 clients.
- Hire Administrative person
- Purchase... etc.
Industry
Talk about what's going on in your industry, including economic trends, outlook, growth patterns and forecasts. Keep this section short. Explain these ideas more fully in your marketing section.
Professional Relationships
This section includes names, addresses and telephone/fax numbers for your Accountant, Attorney, banker, Insurance Agent and Professional Advisor(s).
Related Articles
- Pre-Business Plan Start-Up Questionnaire
- Business Plan Guidelines
- Small Business Start-Up Checklist
- Small Business Entities
- Financing Your Business Start-Up
- Visit the Entrepreneur Education Portal!
