In the last video, you added details about the competition and your experience.
In this video, you will return to the beginning of your business plan to add an Executive Summary.
An Executive Summary is a brief, professional summary of your business idea and model, whichyou’ve already added to your plan.
It provides: A brief overview of your business idea,A description of your product or service, Your goals for the business,Information about your target market, Information about your competition and whatmakes your business unique, Background about your experience and thatof any partners, And a financial outlook for the business.
The Executive Summary is a very important part of your business plan.
It’s often the only part that a potential investor or lender reads before deciding whetheror not to continue reading.
In one or two pages, it should set a professional tone and show your enthusiasm and knowledgeof your business idea -- and get readers excited about it, too.
After reading the Executive Summary, someone should:Have a basic understanding of your business, Be excited about its potential,And be interested enough to learn more.
To start, return to the beginning of your document, after the table of contents.
Then, insert a heading.
Next, add an overview of your business idea.
This should be one or two sentences.
Then, add a brief description of your products and services.
Focus on the problems that you are solving for your potential customers.
Next, add your business goals.
Where do you expect the business to be in one year, three years, and five years?
Describe your target market in the next section.
Then summarize your competition.
Who are your competitors and how is your business different?
Emphasize what makes your business unique and why this will help you succeed.
Conclude with a brief summary of your experience.
State what you bring to the business that will give you a competitive edge.
Refresh your table of contents to update your document.
Now that you’ve completed your Executive Summary, move on to the next video to wrapup the lesson.
Now, it’s your turn: Add an executive summary at the beginning of your document,And write a one-to-two-page summary of your business plan.