J0704-Business Plan Company Description Session 5-6

J0704-Business Plan If the customer, and the customer alone, who cast the vote that determine how big any company should be – Crawford H. Greenewalt Give them the essence

J0704-Business Plan After reading the executive summary, reviewer are prepared to get more comprehensive description of your company. It’s the easiest part of business plan

J0704-Business Plan The Major Segments of Company Description Name and Business Concept Ownership and Legal Leadership and Location Geographic sales are Current status and milestone

J0704-Business Plan Name and Business Concept The business concept simply identifies the nature of your business in the broadest sense and includes these component : –Industry –Business Specialty –Target market –Major product or service line and important products or service features –Differentiation from competitors –At least one long-range business goal

J0704-Business Plan Ownership and Legal If you haven’t decided on your form of ownership, it’s important to be aware of various types of ownership. Type of ownership : –Sole proprietorship –Corporation –Partneship

J0704-Business Plan Ownership and Legal Include this following information either in a table or a narrative paragraph Legal name Type of vesting State of record of your vesting entity Municipality – city or country-where you have your business license Identify of the owner or major shareholders by name, title and percentage of ownership Intellectual property such as trademark, trade name, patents or copyright

J0704-Business Plan Leadership and Location State the name and title of the main operator of your business Business address and any branches Significant reasons why your location is beneficial to your business

J0704-Business Plan Leadership and Location Site selection Key elements of site selection to consider are : –Image of the facility or address or both –Market proximity –Traffic count –Visibility –Accessibility –Cost effectiveness –Interior and exterior space requirement –Availability of utilities –Potential for expansion –Term of the purchase or lease

J0704-Business Plan Leadership and Location Some questions to answer for choosing the right market area : –Are there already competitive products or services in the area ? Do they do well ? –Are the potential products or services that are planning better ? Are they competitively priced ? Would yours offer something new or different to the area ? –Was there ever a business with your products or services in the area ? –Are there already too many companies competing for the same business in the area ? –Are there any ideal locations for your products or services available ?

J0704-Business Plan Leadership and Location Some questions to answer for choosing the right market area : –Is the purchase or lease price of a prospective facility affordable ? –Are there any restrictions imposed by local, state governments ? How will you comply ? –Is the population in your area changing ? Is expanding or declining ? –Are there any competitive business already in the planning looking into this area ?

J0704-Business Plan Geographic Sales Area If you need to define your area in terms of boundaries, proximity to support businesses and to businesses with the same customers, traffic flow, and whatever advantages stand out your particular area, then include a description of this

J0704-Business Plan Current status and Milestone Current status and milestones narrative Current status and milestones chart