Business Plan Tutorial

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Business Concept Business Model: Products and Services What Is the Business Description?

The business description describes the nature and purpose of the business.

For example, recently we critiqued a business plan for an expansion of a grocery store chain into a nearby city.

That plan included historical and projected data on the chain's performance in its current locations, an extensive description of the grocery market in the new city, location analysis data, assessment of internal and external environmental factors (e.g., the impact of online grocery stores), and a list of assumptions upon which all the projections were based.

The products and services section is a concise description of what the business will sell or deliver to the customer.

Business Plan Tutorial

Business Concept The business concept section gives the reader the big picture about what the business will do and how it will succeed.This lesson gives you an overview of the business description section with links to additional lessons that assist you in writing your mission statement, goals, and objectives, as well as how to identify and describe your business model.The lesson outline is: What Is the Business Description?Industry Analysis A good way to open this section is with a brief industry analysis.An industry is a group of businesses that manufacture, distribute, or sell similar projects or services.In analyzing your company's industry, be honest and don't exaggerate.Nothing will turn a potential investor away faster than opening claims that are not credible or an industry analysis that is off target.Also cite or footnote all major data sources so the reader will be able to judge how dependable the data are.For some businesses in some industries, an extensive industry analysis may be required.Generally, one page should be enough, perhaps two pages if you include graphs or tables.Remember, this is a business plan, not an industry plan, so briefly analyze the industry and then move the reader's attention from the big industry picture to the smaller business picture.

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