Description of my business

The business description is the section of the business plan where you explain in detail the characteristics of your business and how it will solve your customers' problems.

It is relatively easy to come up with a solution for your customers, but it gets a little complicated when you have to break down step by step how you plan to achieve it. You can formulate it as a questionnaire of questions to answer to make it easier to put together. Make a list of questions, and answer them one by one to build your business description.

Questions to answer

Here are some examples of questions you can use to build your business description. They do not have to be in a particular order, nor do they have to be these exact questions, but I do advise you to try to include all of them:

• What problem am I going to solve for my consumers?

• Who are my ideal customers?

• What services or products can I offer to my customers?

• Is there a product or service in the market that my client needs that I cannot provide?

• What will be the location of my business?

• Is a physical or digital location necessary for my business?

• In the case of settling in a physical location, how long will I be in it per day?

• Will I start on my own or do I need partners?

• If I hire staff, how will I pay them?

• What will my marketing and promotion strategies be?

• Is there competition in my market segment?

• What are my competitors like?

• What differentiates my company from the competition?

• How can I stand out from the competition?

• Do I have more experience or better skills than the competition?

• Do I have a client list already built up or do I have to start from scratch?

• Should I seek partnerships or start on my own?

• Are my goals for my business realistic?

• How will I use all the means at my disposal to generate more customers?

Characteristics of the description

You should be sure to answer all of the questions I listed above, but you can add more as you see fit.

The answers should be written in a flowing manner. Include as much specificity as you can when answering. You need to cover everything about your business, including how you will market your products or services, what type of customer you want to attract, and what form of payment they will use. And if you have employees, the number of employees and their salaries.

Depending on whether the venture has a physical or online location, you must expose the characteristics of these. Do not forget to add the numerical data that comes along with this information. Never assume that your business has elements that are obvious. You may think so, but other people will not have the same perspective. Use simple, easy-to-understand terms. Explain everything as if you were talking to a small