In this video, you will write a description of your business.
A business description explains the basic elements of your business, including the: Mission statement Philosophy and vision Goals Target market Industry And legal structure For a detailed explanation of business descriptions, pause this video and access the SCORE-dot-org resources that accompany this lesson.
If you haven’t begun taking notes or doing research, you may want to complete SCORE-dot-org’s company description worksheet first.
To access the worksheet, make a copy of the SCORE-dot-org business plan template and go to the company description section.
Read the information and complete the worksheet.
This worksheet is just for reference.
Complete your business plan in Google Docs.
That way, you can store, share, and edit your business plan from anywhere.
Not all business plans look alike, so don’t worry if yours is different from the template or worksheet.
When you finish, resume the video.
To begin, give your business plan a title and add the date.
Add a heading for your business description.
Then, add subheadings for each business description topic below your main heading.
Begin with your mission statement.
A mission statement is a brief, one- or two-sentence explanation of why your company exists.
It can be a short tagline or more in-depth.
Then, add a subheading for your philosophy and vision.
What values does your business live by?
Your values are what is most important to your business.
These principles inform your approach to every business decision.
List a few key values...
And add your vision, which is what you would like your business to achieve in the future.
This might be to serve a community or certain number of clients -- or it might be to become a chain or sell to a larger company.
Add a subheading for your business goals.
Specify your long- and short-term goals as well as any milestones or benchmarks you will use to measure your business’s progress.
For example, if one of your goals is to hire four full-time employees, milestones might include earning a certain amount of revenue or serving a certain number of clients in the new market.
Use bullet points to organize your short- and long-term goals.
Next, add another subheading for your target market.
Your target market is the group of people most likely to buy your company’s products or services.
Briefly describe these consumers.
Add a subheading for industry.
Then describe your industry and how your business fits into that industry.
State how your business will take advantage of industry trends to successfully compete.
Finally, add a subheading for your legal structure.
Specify how your business is legally organized.
Is it a sole proprietorship, LLC, partnership, or corporation?
Explain why you chose this structure, how ownership is divided, and what share of the company investors own, if any.
This is important to lenders.
To determine which legal structure is best for your business, consult the SCORE-dot-org resources provided with this lesson.
Next, add page numbers and a table of contents.
These make your plan easier to read and help users find specific information.
Update your table of contents after you add additional sections or change headings.
Move on to the next video to add additional sections.
Now, it’s your turn: Refer to your notes or complete the SCORE worksheet, Give your business plan a title and date, Add a heading for your business description, Add a subheading for each section, Write each section, And add page numbers and a table of contents.
- Refer to your notes from the previous lesson, or complete the SCORE worksheet.
- Give your business plan a title and date.
- Add a heading for your business description.
- Add a subheading for each section.
- Write each section.
- Add page numbers and a table of contents.