This section contains your personal information and a description of your business or business concept. This section begins the body of your business plan and provides the first opportunity for the reader to understand your business, its stage of development, and your thoughts about future growth.
A. Personal Information
In this heading, you should describe your skills, experience and how you believe these will relate to your ability to start and run a business. Discuss your strengths and weaknesses and how your weaknesses can or cannot be overcome. Also summarize your personal financial capability - how much you can financially bring to the business, and what you will require the business to monetarily provide back.
B. Mission Statement
Summarize what you see as the purpose of the business both internally and externally. The mission statement is made up of answers to the following questions:
- What are the values you would like your business to be known for now and in the future?
- What is your vision for the future of your business?
- What is the purpose of your business, internally and externally?
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The mission statement should be no longer than 35 words and express your vision and philosophy of doing business.
C. Business Goals and Objectives
Your goals are short and long-term targets for your business which can be measured. The objectives are the specific strategies for reaching those goals. Objectives should have a deadline and someone responsible for completing the objective.
The most common areas of a business to set goals and objectives for are:
- Sales volume
- Owner compensation
- Number of employees
- Assets
- Customer satisfaction
- Owner time commitment
- Profit
When setting goals and objectives, ask the following questions:
- What will I do?
- How will I do it?
- Who will do it?
- Why should I do it?
- When will I do it?
- What is the outcome?
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D. General Description of the Business
Being able to describe your business in a general way is essential to understanding the rest of your business plan. The answers to the following questions will help you start putting together your business description.
- What business are you in?
- What are the key products or services of your business?
- What market do you believe exists for your products or services?
- How do you operate (or intend to operate) your business?
- Who is involved in the operations?
- How much of your time is spent in the business?
- What stage of development is your business in?
- What kind of growth are you projecting for your business?
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(Used with permission from the NxLeveL Start-up and Entrepreneurs Workbooks. For more in depth information and personalized assistance, we recommend taking the
NxLeveL course offered through the Idaho SBDC.)