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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
Executive Summary
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
Company Description
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
Market Analysis
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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Your Guide to Writing a Business Plan
If you’re starting a new business, then you need an effective plan. Not only does this enable you to plan your company, but it also gives potential clients an insight into how your business works. A business plan is also vital if you want to attract investors or secure a loan from the bank. Drafting a business plan is a complex process, but it doesn’t have to be. This guide will ensure you create a definite plan to impress investors and clients.
When creating your business plan, there are some essential elements you must include. The Executive Summary provides a description of your business, and what you hope to achieve. People usually write at least one page, but leave their Executive Summary until last.
You’ll also need to detail what your business offers and define your target audience. This makes it easier for people to see whether your company has a chance of succeeding. The opportunity section is also an excellent way for you to see what competitors offer and how you can create a USP to stand out from the competition.
Appealing to Investors
Every business that wants growth and prosperity must ensure they promote themselves to potential investors. Business plans aren’t just about what the business is, but who is part of it too. Detail your current team members and explain what they bring to the company. Investors want to know they’re making a wise investment.
Your current finances and financial forecast are also essential aspects of your business plan. Look at your products, how much you’re selling them for and what kind of profit margin you expect to gain. It’s also vital you detail your outgoings and look at how various economic situations could affect your finances.
Writing a Winning Executive Summary
There are problems in every market, and a successful business solves that problem. If you can show how you’ll be able to offer solutions in your business plan, you’ll appeal to investors. Choose your target audience based on research and ensure you show your research. There are many ways to conduct market research including defining SOMs, SAMs and TAMs.
TAM stands for Total Available Market and comprises everyone you want your product to reach. Your Segmented Addressable Market (SAM) is a specific portion of the market you’ll target. This is important because it shows you’re able to direct your product at the right people and not just everyone. Your SOM (Share of the Market) is what you feel you’ll gain with your product.
How to Determine Pricing
Pricing your product is one of the most challenging things you’ll have to do. There are many things to consider, such as how much it’s worth and making sure you don’t charge unrealistically. Many new businesses believe undercharging is the best way to go, but doing this can undermine your company’s authority and cause fewer people to be interested in investing.
Market-based pricing involves looking at your competitors and evaluating their prices. Which company has the most customers? How does their pricing match others? These are all vital aspects you should consider. Remember, customers expect quality and a fair price, so make sure you combine the two.
Future Goals
Investors and banks want to know that you’ve considered what the future will hold for your company. When you write your business plan, be sure to take into account how you see the company growing, what you’ll do to ensure it thrives and that you understand the potential risks. Banks and investors want to know that you can build a business and are aware of the obstacles you’ll have to overcome.
Starting your own business doesn’t have to be difficult. If you ensure you produce a robust business plan, it can be an exciting process. Your business is part of your future, so start by outlining your goals and look forward to seeing results.
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How to Write a Company Description for a Business Plan
Nobody does what you do better than you, but … what is it that you do again? You might have trouble describing your business in one sentence or find yourself at a loss for words when writing a company description. Knowing how to write a company description for a business plan helps you communicate with lenders, investors, employees, and potential customers.
How to write a company description for a business plan
You put a lot of thought into your original business concept. Now you need to know how to succinctly describe your business.
Where better to describe your business than in the company description business plan?
What is a business plan?
A company description is just one part of your small business plan . The business plan outlines your goals and how to achieve them.
According to the Small Business Administration , a successful business plan should include the following:
- Executive summary
- Company description (Bingo)
- Small business market analysis
- Organization and management details
- Service or product information
- Marketing and sales overview
- Funding request
- Financial projections
Another thing to note about business plans is that you can’t write one and be done. Your business is always changing. And that means your business plan is always changing, too. Be sure to update it regularly.
What is a business description?
A company description provides an overview of key aspects of your business, like what you do and what makes your business unique. Anyone reading your business description should have no problem understanding the scope of your business.
Lenders and investors should see how your business has a place in the market, as well as its benefits to future customers.
Your business’s mission statement is the part of your company description that you want the public to see. And, you should include your vision statement, too.
Regularly update your company description as your business expands or changes.
Writing your company description
You need to know how to pitch to investors and lenders to captivate their interest. Your description should answer who, what, where, when, why, and how right off the bat.
So, do you know how to write a business description? We’ll walk you through the 5 W’s (and 1 H) to consider when drafting your first copy.
Who are you? Who is your business? Verify that the name of your business is clear in the business description section of your business plan. And, include your name (and the names of any other owners) because lenders and investors want to know the entrepreneur behind the business.
Who is your target customer? Who are you selling to? When describing your business, make sure you know who you appeal to. If you don’t know your target customer, there’s a chance that nobody will be interested in your business.
What is your product or service? If lenders and investors can’t understand what you’re selling or how it’s significant, they may pass on your concept. Be clear, narrow, and focused when telling lenders and investors about your business.
What are your goals for your business? Set realistic short-term and long-term goals. For example, if you plan on selling $20,000 worth of products by the end of the second month, include the goal in your description.
Where is your business located? If you are currently operating your business, list the address. Likewise, make sure you state where you want your business to be if you are still looking for office space.
When will you implement your business plan and see results? Include when you want to open your business (or when you opened it).
When do you plan on achieving your goals? Also, talk about the timeline for your main goals (both short-term and long-term).
When do you think you’ll leave your business? Don’t forget to discuss your exit strategy . Whether you plan on retiring in 20 years, selling your company in 15 years, or closing it down in 10 years, be clear about when you plan on parting ways.
Why would potential customers want to buy from you? Explain why you are different from the competition. This is where you can describe your business’s originality. Lenders and investors want to know why consumers would want to make a purchase at your small business instead of a competitor’s.
Why are you in business? Also make sure you include your business’s mission statement . A mission statement defines why you’re in business and what your goals are.
How are you going to structure your business? Which business structure will you form: sole proprietorship, LLC, partnership, or corporation? Explain your structure decision, too. Mention any small business advisor (e.g., business attorney) you work with to help with registration requirements, regulations, and liabilities.
How are you going to achieve the goals you set for your business? Are you going to hire employees to help you, or will you handle all responsibilities on your own? Talk about what steps you’ll take to reach the goals you outline.
How do you picture your company in the future? Include your business’s vision statement in your company description. A vision statement is an internal description that states what you want your business to look like in the future.
Business description example
Still unsure? Take a look at this business description example for more information:
Ann’s Office Hut delivers office supplies to small businesses in Boston, Massachusetts. The business is structured as a sole proprietorship, operating under entrepreneur Ann Smith. Ann’s Office Hut is located in Boston, Massachusetts and will begin operations in February. Ann’s Office Hut recognizes the busy lives of small business owners and wants to bring essential items like printers, cash registers, paper, ink, and envelopes to their doorsteps. Ann’s Office Hut will conveniently provide office supplies to small business owners who are short on time. Other office supply stores cannot match the convenience Ann’s Office Hut will give.
The business hopes to have gross sales of $30,000 by the end of one year and $95,000 by the end of five years. To achieve this goal, Ann’s Office Hut plans on offering referral credit.
Company description business plan: Final tips
Writing the business description portion of your business plan should be fun … even though it may feel more like a chore. But, this is your opportunity to talk about your business idea and get other people (i.e., lenders and investors) on board.
Here are a few final tips to keep in mind when learning how to write a company description:
- Answer the 5 W’s and 1 H
- Keep it short, simple, and easy to read
- Proofread, proofread, proofread
- Determine whether it’s interesting
This article has been updated from its original publication date of December 9, 2016.
This is not intended as legal advice; for more information, please click here.
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How to write a business description that makes your business plan shine
Key takeaways
- A business description is a high-level overview of your company that you include in your business plan
- Your business description should entice readers—like lenders and investors—to look through the rest of your business plan to learn more about your company
- Business descriptions should be concise, error-free, and include only pertinent information about your company
Most successful businesses have one thing in common—they all have a buttoned-up business plan . It lays out the goals of the company, how a company will reach those goals, and when these goals will be realized. And while there are many sections of a business plan, a well-written business description is one of the most important parts.
However, some small business owners may not know how to write an effective business description . Luckily, there’s an easy formula to follow along with a few tips for writing an impactful business description .
What is a business description ?
Also called a company description , your business description summarizes what your company does, its purpose, and what makes it unique. It’s a critical component of your business plan and immediately follows your executive summary . Since it’s one of the first pieces of information a reader will see, it must make a great first impression.
The goal of your business description is to inform readers—like lenders , investors, potential partners, and even employees—how your business benefits consumers and what place your business has in the market. Your business description should give readers a clear understanding of your business and its functions.
Why is a business description important?
A business description is important because it gives readers a single place to learn the details about your company. A well-crafted business description can intrigue readers and encourage them to read the rest of your business plan .
Investors or lenders will have one major thing on their minds—return on investment. They want to know if your business has the potential to be successful and whether it’s worthy of their investment dollars.
Your business description is your first opportunity to wow these investors or lenders and show them why your business will be profitable. It can pique their interest and push them to dig into the rest of your business plan .
What to include in a business description
An effective business description should include information that tells readers exactly what your company does, who is in charge of operations, and what will make your company successful. It should also tell readers what makes you different from competitors and why customers will come knocking at your door with their business.
Below, we’ve outlined every piece of information you should include in your business description . We’ve also created a hypothetical scenario for a hamburger restaurant and added a business description example for each step .
Business name
List the official name of your business as it’s registered with your state. Also include the names of the owner(s) and other key members of your management team .
Example: Jay’s Organic Burger Joint, owned and operated by Jacob Doe
Business goals
Detail the purpose of your business and what you’re aiming to achieve with your venture. These should be realistic short- and long-term goals.
Example: Jay’s aims to grow local brand awareness by 20% and forge partnerships with four additional local suppliers in the next year. The company also intends to expand operations to an additional location in the Chicago area and is seeking an investment of $200,000 in exchange for equity in the company.
Target customers
Have a thorough understanding of who your target market is. Explain who you’re selling to and why they will buy your product or service. Dig deeper into their needs and motivations so you can predict their purchase behaviors. Identifying the demographics of your target market, such as age group, income, and interests, can give you a competitive edge and attract loyal customers.
Example: Jay’s understands that its customers are health-conscious but have busy lives with little time for preparing healthy meals.
Competitive advantages
Describe what makes your business unique from your competitors. Readers should understand why your company will succeed and make you a front-runner in the market.
Example: Unlike its competitors, the restaurant alleviates the target audience’ s pain points by providing quick and easy meals that are also healthy for the entire family.
Business location and opening date
Include where your company is headquartered and where you will be conducting business. Also, share when you opened your business or when you plan on opening if you haven’t already.
Example: Jay’s Organic Burger Joint is headquartered in Chicago, Illinois and opened operations in April 2019.
Mission statement
Your mission statement tells readers why your business exists. It should highlight the motivations for starting your business and summarize your product or service, target consumers, and why you’re unique.
Example: Jay’s Organic Burger Joint is a fast-casual restaurant that serves the highest quality hamburgers to hungry and health-conscious customers in Chicago, Illinois.
Products or services
Highlight what products or services you’re offering customers. Also, discuss the benefits your products or services provide and what makes them different from competitors.
Example: The menu focuses on healthy meals using only organic ingredients and grass-fed beef.
Business structure
List what type of business you’re operating. For example, this could be a sole proprietorship , partnership, limited liability company (LLC), or another type of corporation.
Example: The business is a limited liability company owned by Jacob Doe.
Once you’ve included all of these details in your business description , it should look something like this:
Jay’s Organic Burger Joint is a fast-casual restaurant that serves the highest quality hamburgers to hungry and health-conscious customers in Chicago, Illinois. Jay’s understands that its customers are health-conscious but have busy lives with little time for preparing healthy meals.
Unlike its competitors, the restaurant alleviates target customers’ pain points by providing quick and easy meals that are also healthy for the entire family. Jay’s uses local ingredients sourced from farmers in the greater Chicago area. The menu focuses on healthy meals using only organic ingredients and grass-fed beef.
The business is a limited liability company owned by Jacob Doe. Jay’s Organic Burger Joint is headquartered in Chicago, Illinois, and opened operations in April of 2019.
Jay’s aims to grow local brand awareness by 20% and forge partnerships with four additional local suppliers in the next year. The company also intends to expand operations to an additional location in the Chicago area and is seeking an investment of $200,000 in exchange for equity in the company.
How to write a business description
Not all business descriptions are made the same. There are a few tips to consider if you want your business description to stand out and wow your readers.
Have an elevator pitch
Your business description should kick off with an elevator pitch . An elevator pitch is typically spoken, but it helps to quickly summarize your company at the start of your business description. This pitch quickly covers the key aspects of your business and should be brief and persuasive. You should get straight to the point and immediately give readers your value proposition.
For example, Jay’s Organic Burger Joint could write something like “We serve the highest quality hamburgers and provide a convenient alternative for health-conscious customers who are always on the go.”
Keep it high level
Although you want your business description to be informative, you want to limit the amount of information you include in this section of your business plan. Keep it high-level and avoid going into too much detail. The subsequent sections of your business plan will cover the finer details. Remember, the goal is to give just enough information to entice readers to go through the rest of your business plan .
Show your excitement
This is your opportunity to show your excitement and give your business plan a human touch. Your business plan isn’t only selling your product or service to investors—it’s also selling you. Let your passion shine through as you explain why you started the company and what you aim to achieve.
Keep it short and concise
It can be easy to get carried away and make your business description too long. Avoid being too wordy, which can overwhelm the reader.
Business descriptions should only be a few paragraphs long for most types of companies. Remember, you’re trying to intrigue the reader and encourage them to read the rest of your business plan . If it’s too long, you’ll lose the reader’s attention.
Proofread for errors
Grammatical errors and misspellings can tarnish your company description . Even if you include all the right information, you won’t impress readers if it’s riddled with errors.
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Engage readers with your business description
A fine-tuned business description will kick off your business plan on a high note. Whether you’re launching a startup or already have your business up and running, knowing how to write a business description will provide a high-level overview of your company and can help you secure investment dollars from potential investors or lenders .
Yelp Business School: Starting a Business
So, you’ve decided to strike out on your own and start your own business. But what next? Well, through our range of resources and learning materials , we can help you go from concept to launch in just a few simple steps.
Guide to starting your small business:
- 6 questions to ask when starting a business
- Types of business licenses for small businesses
- How to obtain a business license
- How to register your business: a beginner’s guide
- How to write a business description – Back to top
- How to write a business plan and why you need one
- Small business web design tips to build your own site
- How to write an elevator pitch your audience won’t forget
- How to prepare for your small business startup costs
- How to price a product when starting a business
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How To Write a Company Description
A company description is important for a business plan.
Alyssa Gregory is an entrepreneur, writer, and marketer with 20 years of experience in the business world. She is the founder of the Small Business Bonfire, a community for entrepreneurs, and has authored more than 2,500 articles for The Balance and other popular small business websites.
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What Is a Company Description?
Parts of a company description, how to write your company description, the bottom line on writing a company description, frequently asked questions (faqs).
The company description of your business plan describes the vision and direction of the company so potential lenders and partners can develop an accurate impression about who you are. A good company description should succinctly outline key details while conveying your passion for the mission.
Here's what you need to know to write an effective company description for your small business.
Key Takeaways
- A company description is an overview of the company's plan, vision, and relationships.
- These documents typically include the company's name, business structure, mission statement, and an overview of the target market.
- A good company description is clear and concise, and you can leave out many of the specifics that your business plan covers elsewhere.
The company description section of your business plan is typically the second section, coming after the executive summary . The company description outlines vital details about your company, such as where you are located, how large the company is, what you do, and what you hope to accomplish.
The exact elements included in your company description can vary, but some elements are more common than others and most likely should be part of the section:
- Company name : The official name of your business as registered in the state where you do business
- Type of business structure : Sole proprietorship, LLC, partnership, or corporation
- Ownership/ management team : Names of the key people behind the company
- Location : Where is the company headquartered?
- Company history : When was the business started? What inspired you to start the business? What need does your company fulfill?
- Mission statement : A clear statement that represents the purpose of your company
- Products/services and target market : A brief overview of what you plan to sell and to whom
- Objectives : An outline of what you want to accomplish in the immediate future based on the data in the rest of the business plan as well as future growth goals
- Vision statement : A statement about how you envision the future of the company
Once you've organized the key information that you want to include, you need to write the section in a way that will be appealing to readers. Follow five steps to help create a successful company description.
Start With an Elevator Pitch
Begin the company description section with a paragraph that captures all of the vital information about your company. Imagine you are giving an elevator pitch about your company and want to express the key characteristics in just a few sentences. Use the same thought process for your introductory paragraph.
Stick With High-Level Information
Some of the information in your company description will be included in other sections of your business plan. For these parts, provide only a high-level overview and leave all of the specific details for the related section.
Show Your Passion
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.
Do a Length Check
When you're writing about the passion and excitement that led you to start your company, it can be easy to get carried away and use more words than necessary to get your point across. Once you've drafted your company description, go back and cut out any unnecessary parts or redundant information to make it clear and concise.
Have It Proofread
Ask someone who hasn't seen various drafts of the company description to review it for typos, grammatical errors, or flow problems that could hurt the impact it has on the reader.
The company description is a crucial part of any business plan. You should use it to highlight key details about your company. Writing a good company description for your small business starts with a solid elevator pitch. A general overview of your vision and goals should be supplemented with details about exactly what your company does, where it is located, how it is structured, and other information along these lines.
What should I write in a company description?
Your company description should include all of the basic details about your company. You don't need to go into granular detail in a company description, but you should give an overview of what you do, how your company is structured , and the vision you have for the future.
What is a company summary?
" Company summary " is another way to refer to a company description. The terms can be used interchangeably.
Clute Institute. " Using Business Plans for Teaching Entrepreneurship ," Page 734.
Small Business Administration. " Write Your Business Plan ."
Office of the Comptroller of the Currency. " Business Plan Guidelines ," Page 2.
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How to Write a Business Description
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- How to Create a Food Service Business Plan
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Depending on what you're using it for, a business description can be a quick overview of your company, or a more detailed explanation of a new product or service, its marketplace and business launch strategies, explains Indeed.com .
A business description can give 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 regardless of whether you're looking for funding.
The size of a business description can vary and depends on a number of factors, including whether you're seeking funding, the types of products and services you're offering, your industry and the length of your business plan. It all depends on who your audience is, explains Bplans.com .
Start with a Marketplace Overview
Research your industry and competition using a diverse range of credible sources. You may interview industry veterans or review published studies, information in trade magazines and other news sources. Surveying or interviewing your target market can also provide you with useful information you can use to craft your business description.
Describe your industry by detailing its current state and giving insight into its future outlook. Make note of trends and other developments in areas such as technology, production and operations that may affect your business as it grows. Include both positive and negative impacts these trends and developments may have.
Describe Your Product
Many businesses are launched around a new product or service. If your business description involves one of these, describe it in more detail. Talk about its purpose, features, competitors and how you'll deliver it. You might even discuss how it will be made and its production costs.
Explain Your Business Model
Provide the basics about your business, such as its name, location, hours of operation, legal structure, number of employees, management and history. Inc.com suggests identifying whether your business falls under the category of retail, wholesale, service, manufacturing or project development.
Describe Your Benefit
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. Describe in detail the products and services you plan to sell. Focus on features and benefits, especially those that differentiate your business from the competition.
Review Your Target Customer
Identify your target market by providing information about its age range, attitudes, spending habits, income level, marital status, values, geographic location and lifestyles. Detail how you plan to market your products and services to your target market. Describe the types of messages that resonate with your target market and how it likes to receive information.
Discuss Your Manufacturing Procedures
Detail how you plan to manufacture and distribute your products or services. 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. If possible, include drawings or photos. Talk about how long the product will take to make, each unit cost and how it will be shipped.
Discuss Your Numbers
State how the business will make money, and list the key factors you will use to measure success if your document does not have a separate financial section. You can give a brief overview with conservative and optimistic sales projections and profit. Include what your launch costs will be and how long it will take to pay them off.
- Indeed: How to Write a Business Description for a Business Plan
- Bplans: How to Write a Company Overview
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Business Plan Section 2: Company Description
The company description provides a snapshot of your business. Check out the 11 components to include in this section of your business plan.
Think of the company description section of your business plan as a snapshot of who you are and what your company is all about. What do you do? How are you different from other businesses? What niche does your product or service fill? It doesn’t have to be lengthy, but it should be well-thought out to present you in the best light while being as accurate as possible. Some specifics to include:
1. Company Name
The official legal name of your business.
2. Business Structure
Are you a sole proprietorship, limited liability corporation, partnership or corporation?
3. Ownership or Management Team
Who are the key players? What makes them (or you) qualified to run your business?
4. Location
Where are you headquartered?
5. Company History
When and where were you founded? What inspired you to come up with the idea for your business?
6. Mission Statement
What is the purpose of your company? What need does your product or service fill?
7. Products or Services
What are you making or selling, or what service are you providing?
8. Target Market
Who are you selling to? Who are the customers, organizations, or other businesses that your company will serve?
9. Competitive Advantages
What separates you from the competition? What is it about you that will make your business a success? Why will people want to do business with you?
10. Objectives
What would you like to accomplish in the immediate future, and what are your longer-term goals?
11. Vision Statement
What does the future of your company look like? How will you craft your vision statement?
Now that you have some ideas of the substance, think about the style. Even though the purpose of the company description is to give basic information about your business, it’s an opportunity to promote yourself and explain why you’re worth loaning money to or being involved with.
If you had just a few moments with a potential customer or investor, what would you tell them about your business? Start with an elevator pitch-a quick, few sentence description that captures all the important information about your company, along with your passion for what you’re doing.
Some of what you’ll want to say about the company will be covered in other sections of the business plan, so keep this part more of an overview.
Let your passion shine. When you share the story about why you started your company and what keeps you motivated, it helps you stand out from the crowd and gives your plan a personal touch. Be professional, but don’t be afraid to let your excitement show and draw the reader in. Make them look forward to reading the rest of the plan.
That said, don’t get carried away. It may be hard to find the balance between brevity and excitement about all you are doing and all you have planned, but it’s important to do so. Get an editor that you trust to make sure you’ve kept a professional tone yet conveyed the essence of what differentiates your business from others.
Editing is important. You may tackle the company description first when writing your plan, then find you cover a lot of the information in greater depth as you go along. Definitely plan to read and re-read what you’ve written, and cut out any unnecessary or duplicate information.
If possible, proofreading is even more important than editing! Few things will have someone take you less seriously than typos, misspellings, and grammatical errors. This advice covers more than just the company description portion of your business plan, of course. Make sure your business plan presents you in the best light, not just as far as content is concerned, but how it’s written, as well.
To sum up, the company description is the basic introduction to your business. If someone reads only this part of your plan, they should be able to get what you’re trying to accomplish.
NEXT ARTICLE > Business Plan Section 3: Organization and Management
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How to Write a Company Overview for a Business Plan
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When you start a company, you ideally want it to grow. If you’re seeking business funding to scale your business or an initial investment to get your business off the ground, you’re going to need a business plan . Putting together a business plan can be an intimidating process that involves a lot of steps and writing — but breaking it down piece by piece can help you accomplish this seemingly insurmountable task.
One small piece of your business plan is the company overview, so let’s take a look at what that is, exactly, check out some company overview examples and go over how to make a company overview of your very own.
What is a company overview?
A company overview provides the reader of your business plan with basic background information about your company so they have an understanding of what you do, who the management team is and what customers your business serves.
The company description is the second piece of a business plan, falling right after the executive summary. Similar to the executive summary, your company overview will be short and succinct. Your reader needs to have a grasp on what your business does and who your customers are, even if they have limited time.
Why do I need a company overview?
The company overview is the part of your business plan that gives the basics and background of your business. It’s the foundation on which you will build the rest of your business plan.
If you’re looking to appeal to investors or potential clients, you need a reader to make an informed decision about your company. Before they can do that, they must know what your company does and who your customer is. Lenders in particular need a reason to keep reading, since they see tons of business plans regularly. The company overview provides those answers, and it will help you get a better sense of your business so you can firm up things like your marketing plan.
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What should i include in a company overview.
The exact elements that you need in your company overview will depend upon what details of your business are important, but there are some foundational elements that will be included in every company overview.
Once you’ve covered the basics, you can include any other minor details that will benefit a reader who will need to make an informed decision about your business.
Basic company information
Consider the company overview like an introduction for your business. In the opening paragraph of your company overview, you’ll want to include basic company information. That includes:
Your company name: This should be the official name of your business, exactly as it is written when you registered your business with the state.
Business structure: Your reader will want to know what business entity your company comes in: sole proprietorship, LLC, partnership or corporation.
Location(s): Share where your business is headquartered and other locations the business owns.
Ownership and management team
Break down who owns your business and how each owner is involved with the business. What shares of the company belong to whom? If you have a highly involved management team, share their names and key roles with the company as well.
Company history
Part of what makes your company unique is its history. And, even startups have some history. Don’t put too much focus on this section, but do add some personality and interesting details if possible, especially if they relate to your company culture.
Mission statement
Your company’s mission statement should be included in the company overview. If you don’t yet have a company mission statement, that’s okay. Think of a mission statement as the purpose of your company.
If you don’t have one, you can create one with your team. Or you can simply replace the mission statement with a problem statement. Your business idea should exist to solve a problem or pain point faced by your customers. Share what that problem is and what your business does to solve it. That’s essentially your mission statement.
Product/service and customer
This section of the company overview is where you can share the nitty-gritty details of your business. Talk about what product or service you provide and to whom you provide it. You can share some numbers here, but in general, save the numbers for later in your business plan.
The company overview should give the reader a general understanding of your business, your product or service, and your customer. If they’re interested to know more, they’ll reach out to you for a meeting or take the time to read the rest of your business plan. Keep it simple and straightforward here.
Future goals
While concrete details and facts about your business are important to whoever is reading your company overview, it’s also important to share your dreams and your vision. If you’re writing a business plan for a business that’s already in place, it’s very likely you’re looking for business financing to scale or solve a business problem. If you’re just starting out, though, then it’s likely you’re hoping to find startup funding.
The section on your future business goals should include a brief description of your growth goals for your business. Where you are now tells the reader a lot, but they also want to know where you plan to go.
A company overview is comprised of many small parts. Each part shares just a little bit more about your company with your reader.
Tips for writing a company overview
While a company overview is simply the details of your company written out, it might not be easy to write. Break it down into small steps and use these tips to make putting together your company overview just a little bit easier.
Start with the elevator pitch
If your business is already in operation, then you likely have an elevator pitch. Your company overview can start off with your elevator pitch.
The first paragraph of your company overview should include just a few sentences that explain your business and what you do. The shorter and clearer this is, the more likely your reader will understand and keep reading.
Stick to the basics
It’s tempting to pile on all the details when you’re writing a company overview. Remember, many of the details of your company, including the numbers, will be included in later sections of your business plan.
Your company overview should include only the most basic details about your company that the reader needs to know.
Be passionate
When you share the history, mission statement, and vision for the future of your company, it’s okay to show your passion. You wouldn’t be in business if you didn’t love what you do.
Your excitement for your business could spark interest for the reader and keep them engaged with your company overview and business plan.
Keep it succinct
When you’re passionate about something, it’s easy to get carried away. Remember that you’ve got plenty of space for details in your business plan. The company overview should be just the most basic information someone needs to understand your business.
It’s OK if your first draft of your company overview is long. Simply go through and edit it to be shorter, removing unnecessary details and words each time you read through it. Clear, concise descriptions are more likely to be read and to keep the reader reading to other sections of your business plan.
Have structure
Your company overview is just one piece of a multi-tiered business plan. Creating a clear structure for your business plan makes it easier to read. The same is true for your company overview.
Your business plan should have chapters, one of which is the company overview. Then, you can further break down the content for easy skimming and reading by adding sub-chapters. You can denote these breaks in content with bold headers.
While you can break down each section of the company overview with bold headers based on the above suggestions, you can also interweave some information together, such as the company structure and leadership structure. Each section should be only a few sentences long.
Write it later
If you’re struggling to write your company overview, come back to it. Write the rest of your business plan first and then write your company overview.
While this might seem like the opposite way of doing things, knowing what will be contained in the rest of your business plan can help you to focus in on the very most essential details in the company overview and to leave everything else out.
Get a test reader
If you’re struggling to edit down your company overview, get a test reader. Ideally, you’ll want to ask someone who doesn’t know a lot about your business. They’ll help you understand whether or not you’ve clearly communicated your message.
Proofreading is the final step in editing something you’ve written. This type of editing looks for typos, misspellings and grammatical errors that have been missed. Many of these small errors can be difficult to spot in our own writing, so be sure to ask someone who hasn’t seen multiple drafts of your company overview.
Company overview examples
If you don’t want to shell out for business planning software, but would still like some company overview examples to get you started, there are many places online you can look to for help getting started, like the Small Business Administration and SCORE.
Many successful companies also have some version of their company overview made public as their company profile page online. There are some variations from the company overview steps we’ve listed above, of course, but you can use the language and style of these company overview examples for inspiration:
Starbucks company profile .
Puma company page .
TaskRabbit About page .
Peloton company page .
Nestlé About page .
If you’re still feeling stuck, or want more company overview examples, try searching the websites of your favorite companies for more information. You might be surprised what you find — the Nestlé page, for example, has more information about their strategy and business principles.
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- How to Write a Business Description: Your Ultimate Guide (with Examples & Templates)
Céillie Clark-Keane
December 2, 2021 | Managing Your Business
There are so many places that you need to describe your business, whether it’s your website, an online directory, or even an “about the company” section for an event. Your mission statement is a good start, and your brand story is good background. But what you really need is a compelling business description that provides any reader with a quick overview of what your business does and what sets it apart from your competitors.
This is the tricky part. How can you accurately convey what makes your business special in a few hundred characters? What should you include in your business description? Where should you add your business description? How do you write a business description for social media? These are all valid questions that we’re answering right here! We’re sharing:
- 5 simple steps for how to write a business description (with examples)
- Bonus step 6: How to write a business description for your social media and review sites
- More business description examples (and templates!) for different industries
- Compelling words to include in your business description
Whew! That’s a lot. But we didn’t call this your ultimate guide for no reason! Plus, we’ll make it easy peasy for you. Let’s jump in!
Grab your notepad and your pen–or just open up Word–and let’s start writing!
How to write a business description: 5 simple steps (with examples)
What is a business description? It’s an overview of your company and how it’s different from your competitors. And your business description needs to be an engaging introduction to your brand.
Here’s how to write one that works for your business.
1. Start with your basics
The goal of a business description is to introduce any reader to your company—-and to do that quickly. So when you’re getting started writing this description, it’s a good idea to list out the basic information that you’ll need to include.
Here’s what needs to go in your business description:
- What your company name is
- What your business does
- What value your business offers
- Where your business is located
This is essential information that anyone needs to know in order to understand your business, and hopefully consider how you can help them.
Take a look at this example of a business description from Parley’s PPM Plumbing :
Parley’s PPM Plumbing, Heating & Air Conditioning opened its doors to Draper, UT and the rest of Utah County nearly 40 years ago, beginning a tradition of unparalleled customer service and quality HVAC repairs and installation. We’re dedicated to your happiness. That means we arrive on time and investigate your system before diving blindly into the situation. We get it right the first time. Regardless of the size of the job or its complexity, your satisfaction is most important to us. And as a thoroughly family-owned company, you can trust us to give your family the same attention we give to ours. If your air conditioner, heater, water heater, or water softener isn’t working correctly, give us a call immediately. We’ll schedule an appointment.
Here, Parley’s PPM Plumbing includes its name and location, states its services, and shares that it works to deliver results right the first time. They also talk about what they value and that they are a family-owned business.
2. Check out other business descriptions for your industry
Your business description needs to let readers know what your business does. It also needs to let your readers know how your business is unique.
Let’s say you’re working on a business description for a local garden center. You’ve got your basics and you’ve narrowed down keywords (including “garden center”), so it’s time to take a look at what other businesses are including in their descriptions.
Here’s an example of a business description on Instagram from Russell’s Garden Center , a small business outside of Boston:
The oldest garden center in America, continuing its passed down pursuit to get more people outside and growing.
Now here’s another business description example for a local chain, Mahoney’s Garden :
Full service and family-run home and garden center with 7 retail locations in MA since 1959.
There are some clear similarities between these business descriptions—and these aren’t the only garden centers hitting similar points. Both of these descriptions emphasize legacy and community, whether that’s by stressing “family” or “people.” This suggests that you want to tap into that here. Does your business run classes or events? Do you run the shop with your partner or your mom? Include those in the business description to attract your audience and set your business apart from your competitors .
When you’re writing your business description, be sure to check websites as well as social media profiles, as the descriptions will differ across platforms. We’ll talk more about that soon.
3. Choose your keywords
You’ll use your business description on your website , on your social media profiles, on review and listings sites —in other words, you’ll use this description across the internet. Because the primary locations for this description will be online, you need to make sure it’s optimized. That means you need to include keywords.
Here’s an example from Trophy Fitness Uptown on Yelp:
At Trophy Fitness Uptown , our mission is to provide our members at all fitness levels with an enjoyable workout experience in a positive, uplifting space. Our team is dedicated to delivering first-class customer service, and we understand the importance of a fitness club that promotes a healthy lifestyle, which is why we’re proud to specialize in personal training . All of our experienced personal trainers hold nationally recognized certifications and are here to help you achieve your fitness goals . Whether you’re a pro athlete or just setting out on your fitness journey , you have a place here at Trophy Fitness Uptown .
Yelp business description example with keywords highlighted.
From the keywords in this business description, it’s clear that Trophy Fitness Uptown is a fitness club that also provides personal trainers.
If you’re using a keyword tool , you can look at keyword volume for Google, Bing, and other search platforms, which can help you optimize your business descriptions on those sites.
But focusing on Google’s keyword volume is always a good place to start for overall SEO , anyway. If your social media profiles and listings come up on the search results page as well as your website, that’s just more space for your business.
4. Stick to active voice
This might seem like a nit-picky tip but stick with me. Your business description should show your readers what your business does and how it does it well. Why wouldn’t you take every opportunity to make your business active when you only have a few sentences anyway?
That’s why it’s imperative to avoid passive voice and stick to active voice instead.
Passive voice is when your sentence is structured so that the subject is receiving the action. Take this simple example: The laundry was folded and placed in the drawers.
So who did that laundry? It’s unclear.
Active voice is when the subject of the sentence completes the action. Let’s rewrite that example in the active voice: Greg folded the laundry and placed it in the drawers. Who did the laundry? Greg. It’s nice and clear.
You want it to be nice and clear what your business is doing—and what it can do for your customers.
Read this business description from pet care provider DogSpot :
We treat your dog as we would our own children, which is why we are committed to providing the highest quality pet care services available. Our knowledgeable training and daycare staff have over 30 years of combined experience in professional dog training, behavioral and basic dog medical care. Owner and operator Carlene King is a certified doggies behavior and training specialist, graduating from one of the most elite dog training schools in the states- Triple Crown Dog Academy.
By using active voice and strong verbs, DogSpot has written an energetic business description that’s engaging and informative.
Stick to active voice so you can do the same, just make sure your verbs fit with your brand voice, which leads us to the next step.
5. Make sure your description is on-brand
Your business description is an opportunity to introduce your company. That should include introducing your brand identity , too. You should write your description in your brand voice . For instance, if your brand voice is casual and jokey, use some light-hearted humor in your description. If your brand is more serious and formal, then make sure your business description is crisp and authoritative.
El Arroyo , for example, is a Mexican restaurant in Austin, TX, best known for its sign with cheeky or fun messages. Here’s how they describe their business on their website:
Since 1975, El Arroyo has been serving up Tex-Mex with a side of laughs on our famous marquee sign that stands on the corner of West 5th and Campbell in Austin, Texas. The Last Queso Stop Before a Bunch of Yoga Studios – over the years we’ve covered every food pun imaginable while never forgetting witty commentary on current events. We’re always happy to take sign submissions from customers and the internet! We’ve been serving great Tex-Mex food in Austin for more than 25 years and we’ve loved every second of it. Thanks, Austin, and here’s to 25 more!
Their About Us page even includes a picture of their famous sign.
Keeping your description on-brand like this will let anyone reading know what they can expect from your content or communications. Plus, brand consistency across channels will help make your brand more easily recognizable. And a recognizable brand is good for your business.
How to write your business description on social media and review sites
Let’s call this bonus step six because when you’re done with your business description, you’re still not exactly done. The best business description is one that you can adapt slightly for any place you need to quickly introduce your company.
Ideally, your main business description will be longer, and you can use this on your website, and for listings, LinkedIn, and review websites . Then, you’ll be able to pull out sections or create shorter versions for other social profiles with lower character limits, like Twitter or Instagram.
Here are some guidelines to write your business description for each social media platform.
Facebook business description
Your Facebook business description shows in the About section of your Facebook business profile and gives visitors a quick overview of your business. Your Facebook description can be no longer than 255 characters. But you can also add additional information that will show up under your About section to communicate more about your business.
Here’s how El Arroyo amended their business description for Facebook:
About Since 1975, El Arroyo has been serving up Tex-Mex with a side of daily laughs on our famous marquee sign that stands on a corner in downtown Austin, Texas. Additional information We love throwing parties; talk to us about throwing your next event here. We also offer catering for all occasions. Whether on-site or off, we deliver the best of Tex-Mex in Austin. Like Pat Green says, get yourself down to El Arroyo and let yourself go. Cheers to 40 more years of queso, tacos, beers, and ‘ritas!
Related: Get more Facebook bio examples to help you wow customers on this social site.
Instagram description
Your Instagram description shows at the top of your profile and can be no longer than 150 characters. Try to include the most important information about your business and what makes you unique. It’s also a best practice to include your location information here so people viewing your Instagram account know where you’re located.
Here’s how DogSpot amended their business description for Instagram:
Doggy Daycare and Cage Free Boarding Facility Serving North Counties of San Diego CA
Twitter description
Your Twitter business description shows at the top of your profile under your handle and can be no longer than 160 characters. Similar to Instagram, make sure to include the most important information about your business (and a hashtag or two doesn’t hurt if it’s relevant!).
Here’s how Mahoney’s Garden wrote their Twitter description:
Full service and family-run home and #garden center with 7 retail locations in #MA since 1959 #gardening
LinkedIn description
Your LinkedIn description is a little different than your other descriptions on social media and review sites because your primary audience is typically employees and prospective employees rather than customers. So it’s important to keep that in mind when you’re writing your LinkedIn description. LinkedIn gives you a lot of room to describe your business—up to 2,000 characters–but it’s a best practice to keep it fairly short to grab attention quickly.
Here’s an example from Trophy Fitness Uptown:
Since 2003, Trophy Fitness has been moving fitness forward. From operating our own three successful gyms locations in Dallas, to consulting, managing, and designing countless gyms across the country, Trophy is a trusted expert for all fitness needs. We believe each person should be treated like an individual, not a number and relationships are better than memberships. Our purpose is to combine our love of fitness with a desire to serve to deliver an unmatched experience in an effort to move our Team, our Clients and our Community FORWARD.
You can see that rather than promoting their personal training and workout services, they highlight their expertise and purpose.
Yelp description
Your Yelp business description shows a little further down your page than some of the other social media and review descriptions but still displays above reviews—it’s marked as Specialties on your page, and you can also include History and Meet the Owner/Manager. You have 1,500 characters under Specialties; 1,000 under History; and 1,000 under Meet the Owner/Manager, so you can include quite a bit of information about your business.
Here’s a small excerpt from Parley’s PPM on Yelp—they also include their History and Meet the Owner:
PPM Plumbing is one of the major cooling, heating and plumbing businesses in Utah County. PPM Plumbing provides service, repair and installation for all of your HVAC needs. We offer HVAC services for: Plumbing, Bathroom Remodeling, Copper Repiping, Garbage Disposals, Water and Sewer Mains, Drain Cleaning, Leak Detection, Water Heaters, Duct Cleaning, Furnaces, Boilers, Heat Pumps, Central Air, Water Softeners As part of our standard service, we can have our professional plumbers and technicians come to your aid immediately.
YouTube channel business description
Your YouTube channel business description gives viewers a deeper glimpse into what they can expect from your channel, including who you are, what type of content you share, and when they can expect to see that content.
Using the right keywords in your YouTube channel business description can also increase your chances of getting found in YouTube search results (and because YouTube is the second-largest search engine in the world, this is very valuable!). While YouTube gives you a lot of space to tell your story (5,000 characters, to be exact), you want to try to capture users’ attention in the first 125 characters or so.
Here’s an example from Debt Free Millennials :
If you’re a millennial who wants to crush debt and live payment free, consider me your debt free millennial guide. I’m Justine, and I paid off $35,000 in student loan debt on a $37,000 income in 2.5 years and I’m teaching you all of my debt free ways! Learn about paying off student loans, controlling your spending, conquering your biggest (and bad ass-iest) financial goals, and much more. Welcome to the DFM fam!
As you can see, this YouTube channel description example speaks directly to its target audience, provides some credibility as to why you should watch their channel, and does it in a very concise way.
Google Business Profile description
Last, but certainly not least, is your Google Business Profile description. This is an extremely important one if you want to entice searchers to contact or visit you directly from Google Search or Maps. Your Google Business Profile description shows up on your listing in the 3-pack , Google Maps, or when someone clicks your listing in Google Search. You should include clear details about your products or services, who and what area you serve, and a few keywords to increase your chances of showing up for relevant searches. You have 750 characters to describe your business on your Google Business Profile .
Here’s an example from Conover Law Firm :
The Conover Law Firm is a personal injury and workers’ compensation firm based in Charleston, South Carolina. We confidently represent victims of truck accidents, car accidents, slip & falls, workplace injuries, and more. Attorney Craig Conover and his legal team make each case a priority and strive to help clients earn the fair compensation they deserve. With the tagline “Don’t get run over, call Conover,” Conover Law Firm takes a client-focused approach and ensures each client fully understands the legal process.
More business description examples (with templates!)
Here are some basic business description examples and templates you can copy and paste across your website and social sites (think of it as MadLibs for your business!) for different industries.
Business description example for retail
[Business name] is a [type of business, category] in [city and neighborhood]. You can find [product, search term] for [audience or occasion]. [Value statement.]
Brianna’s Boutique is a high-end women’s vintage clothing store in Los Angeles, CA. You can find the best vintage designer labels for any and all occasions. Visit us if you’re looking for one-of-a-kind vintage luxury. Celeb sitings are not uncommon.
Shortened description:
High-end women’s vintage clothing boutique for all occasions.
Business description example for service businesses
[Business name] provides [service, search term]. We have been serving the [city, state] for more than [time in business]. [Value statement.]
Gilmore’s provides expert glass repair, plumbing, and electrical services. We are a family business and have been serving the Austin, TX area for more than 20 years. We are the one stop shop for all your home repair and service needs.
Family-run one-stop shop for glass repair, plumbing, and electrical services.
Business description example for restaurants
[Business name] is [type of restaurant] in [city, state, neighborhood]. For [years in business], we have been a local favorite for the best [keywords] in town. [Value statement]!
Dina’s Diner is an American restaurant and diner in Jacksonville, FL. We have been a local favorite for the best all-American food in town for over 25 years. With nothing but full smiles and fast service, you’ll be leaving satisfied. Come on in for some authentic American comfort food.
Authentic all-American food served up fast and friendly.
Business description example for health and beauty
[Business name] is a [type of business] in [city, state, neighborhood]. We specialize in [service, search term]. Our experienced staff is eclectic and fun, and we keep up with the latest trends, so you don’t have to. [Value statement].
Lucy’s is a full-service salon for the entire family in the central area of Boulder, CO. We specialize in trendy cuts, color fashions, highlights, and blowouts. Our experienced staff is eclectic and fun, and we keep up with the latest trends, so you don’t have to. We love matching your cut and color to your personality.
Full-service salon for the whole family, from traditional to trendy.
Words to include in your business description
Looking for even more inspiration to convey who your business is and what you’re about? Bring your business description to life with some descriptors. Here is a list to pick from:
- expert, experienced, seasoned
- recognized, award-winning, renowned
- flavorful, tasty
- leading, top-notch, only, first
- casual, comfortable, relaxed
- organic, fresh, home-grown (dishes, ingredients)
- friendly, kid-friendly, family-friendly, pet-friendly (staff, atmosphere)
- fun, upbeat
- high-end, affordable
- dependable, trusty, reliable
- unique, one-of-a-kind, authentic
- locally made, locally sourced, farm-to-table
- local favorite, go-to, top pick
- one-stop-shop, all-inclusive, variety, full range
- spacious, cozy
Write a business description that works across platforms
There you have it—-how to write a compelling business description and great examples to inspire you while you’re getting started. Remember to spend time writing a longer, more in-depth description that you can adjust to fit your about us page on your website as well as the different character requirements for any platform. It’ll be worth it.
Here were those steps for how to write a compelling business description:
- Start with your basics
- Check out other business descriptions
- Choose your keywords
- Stick to active voice
- Make sure your description is on-brand
- Customize for each major platform
Ceillie runs content at Unstack, a no-code CMS built for marketers. Previously, she was the managing editor of the WordStream blog.
Other posts by Céillie Clark-Keane
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Everything You Need to Know About Business Description
A business description is included in a small business plan. It outlines objectives and how to achieve them. 3 min read
A business description is included in a small business plan. It outlines objectives and how to achieve them. The Small Business Administration states an effective business plan will generally include:
- Executive summary
- Company description
- Service or product
- Organization and management
- Small business market analysis
- Marketing and sales
- Funding request
- Financial projections
What is a Business Description?
In most business plans, the company description is included in the section that directly follows the executive summary. The business description is meant to provide an overview of the business, including what the business does and how the company is unique from others in the same industry. This description provides extensive details outlining the business. In addition to outlining goals and how the goals are going to be met, it includes where the company is located and how many people are going to be employed.
It also gives a detailed overview of the vision and direction of the business ; this helps lenders and stakeholders develop a realistic picture of who and what the business are. A business description varies from one company to the next. Generally, though, it will need to look similar to the following:
- The official name of the business
- Where the business' operations are going to be conducted
- Type of structure (sole proprietorship, LLC, partnership, or corporation)
- Names of the people who own the company and any senior-level employees
- The address of the company's headquarters
- Date the business was started
- How the company came to be
- Goals the company needs to meet
- Mission statement; this outlines the purpose of the business
- What is being sold and the market segment being targeted
- Future goals (both short- and long-term)
- Vision statement; what is your vision of the company's future
Questions to Ask and Answer When Creating a Business Description
You can ask and answer the following questions to help you create a detailed business description:
- Why should consumers purchase my product?
- Who am I targeting?
- What avenues of communication are in place for me to communicate with customers?
- What services and products am I going to sell? Are there certain products and services that I don't sell that my targeted audience may expect me to sell?
- Where is my business going to be located?
- Where am I going to source the products/services I am selling?
- What will my hours of operation be? Is anyone going to be working for me? If so, who are they and how will I pay them?
- Who is going to handle core operational tasks, like accounting, advertising, and shipping?
- What forms of marketing am I going to use to promote my company?
- Who are my competitors? What are their strengths and weaknesses?
- What is it about the business that makes it unique from the competition? (this question needs to be answered from the viewpoint of a customer)
What Goes Into the First Paragraph of a Business Description?
The first paragraph of a business description needs to be extensively detailed, capturing pertinent information about the business. It's in this paragraph that you want to ensure the name of the company is clearly stated. In addition, make sure to outline the present outlook of the company as well as its future potentials.
It is also helpful to include information and data on the markets you intend to offer your products/services in. Furthermore, you should detail any products or developments that are expected to hit the market that could have an impact on your company, whether it be a positive or adverse impact.
The Importance of Citing Your Sources
All of the observations you make should be made using reliable data; include sources to this data in footnotes. You will need to provide these footnotes if you are seeking funding for the company . The investor will want your sources to ensure you are not making projections based on assumptions. Your goal is to captivate their attention and entice them to invest in the company. As you are creating the business description, make sure to outline its structure. Are you a retail company? A manufacturing business? Accounting firm? Are you service-oriented?
Proofreading the Business Description
You should always have your business description proofread. This proofreading should take place by a person who has not been part of creating the business plan ; this allows a fresh set of eyes to examine the description for any typos and grammatical errors.
If you have questions about creating a business description or if you need help developing one, post your legal need on the UpCounsel marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
Hire the top business lawyers and save up to 60% on legal fees
Content Approved by UpCounsel
- Parts of Business Plan and Definition
- General Business Description Examples
- Service Business Plan
- Details of a Business Plan
- Business Plan
- How to Make a Business Plan Format
- Business Description Outline
- How to Start a Business: A Comprehensive Guide for Entrepreneurs
- IT Company Business Plan
- Creating a Business Plan
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While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand.
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Writing your company description · Who are you? · Who is your target customer? · What is your product or service? · What are your goals for your
What to include in a business description · Business name · Business goals · Target customers · Competitive advantages · Business location and
Company name · Type of business structure · Owners · Location · Company origin story · Mission statement · Offered services/products and target audience · Short-term
Key Takeaways · A company description is an overview of the company's plan, vision, and relationships. · These documents typically include the
A business description can be a short explanation of your company, or a more in-depth discussion of your product or service, how you'll sell it and what
Business Plan Section 2: Company Description · 1. Company Name. The official legal name of your business. · 2. Business Structure · 3. Ownership or Management Team.
Basic company information · Ownership and management team · Company history · Mission statement · Product/service and customer · Future goals.
Your business description is an opportunity to introduce your company. That should include introducing your brand identity, too. You should write your
Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information
In most business plans, the company description is included in the section that directly follows the executive summary. The business description is meant to
Introducing part 3 of how to write a business plan for your own business. Learn all about company description for your business plan.