CHAPTER EIGHT: Part A – This section of your business plan will fundamentally answer two important questions:
- Who are you?
- What do you plan to do?
Answering these questions in a succinct and simple manner would provide an ample introduction of why you are in business, why you are different from the competition, what you have going for you, and why investing in your business would be a good bet.
This section of your business plan also offers you the opportunity, if you haven’t done so before, to evaluate and document the intangible facets of your business principles, ideals, and cultural philosophies that will allow you to better grasp your own corporate identity. Here are the necessary components that should go under your company profile:
Components of your Company’s Profile
- Structure of your business (sole proprietorship, general partnership, limited partnership, or an incorporated company)
- The date your business was established (for existing businesses)
- The nature of your business (what are you selling, or what are you planning to sell?)
- The industry you are in
- Business vision, mission, and values
- Background information on your business or its history
- Business Objectives (short and long-term)
- The Business team
Now, let’s discuss tips for tackling some of the more tricky components in the list above: