Description of the Business

On this page, provide a detailed description of your business. Ask yourself: "What business am I in?" In answering this question include your market and services as well as a thorough description of what makes your business unique.

Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions.

The business description section is divided into three primary sections:

• Section 1 - describes your business.
• Section 2 - the service you will be offering.
• Section 3 - the location of your business, and why this location is desirable.

Section 1 - Business Description

When describing your business, generally you should explain:

1. Legalities - business form: proprietorship, partnership.
2. The licenses or permits you will need/currently have.
3. Business type: (in this case) Service.
4. What is your service?
5. Is it a new independent business or an expansion?
6. Why your business will be profitable.
7. What are the growth opportunities?
8. When your business will be open (days, hours)?
9. What you have learned about your kind of business from outside sources (bankers, other owners, publications, etc.)

In the description of your business, describe the unique aspects and how or why they will appeal to consumers. Emphasise any special features that you feel will appeal to customers and explain how and why these features are appealing.

The description of your business should clearly identify goals and objectives and it should clarify why you are, or why you want to be, in business.

Section 2 - Your Service

Try to describe the benefits of your services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty. And, it certainly is a good strategy for beating the competition or retaining your competitiveness.

Describe:

1. What service you are selling?
2. How your service will benefit the customer?
3. What services are in demand; if there will be a steady flow of cash?
4. What the differences your service is offering compared to competitors?

Section 3 - The Location

The location of your business can play a decisive role in its success or failure. Your location should be built around your customers (wherever possible), it should be accessible and it should provide a sense of security. Consider these questions when addressing this section of your business plan:

1. What are your location needs?
2. What kind of space will you need?
3. Why is the area and building desirable?
4. Is it easily accessible -public transport? Parking?
5. Are market shifts or demographic shifts occurring?

It may be a good idea to make a checklist of questions you identify when developing your business plan. Categorise your questions and, as you answer each question, remove it from your list.