Scribd Logo
Upload

Welcome to Scribd!

  • What Is A Business Description?

    Uploaded by

    Fredo Quijana
    337 views4 pages
    A business description provides key information about a business, including what the business does, its target customers, products/services, goals, location, implementation timeline, competitive advantages, and business structure. It should answer the questions of who, what, where, when, why, and how to give readers a clear understanding of the business idea and its value proposition. The description also shows how the business fits within the market and its potential benefits to customers. It needs to be updated as the business changes over time.

    Original Description:

    Original Title

    COMPANY DESCRIPTION.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    A business description provides key information about a business, including what the business does, its target customers, products/services, goals, location, implementation timeline, competitive advantages, and business structure. It should answer the questions of who, what, where, when, why, and how to give readers a clear understanding of the business idea and its value proposition. The description also shows how the business fits within the market and its potential benefits to customers. It needs to be updated as the business changes over time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    337 views4 pages

    What Is A Business Description?

    Uploaded by

    Fredo Quijana
    A business description provides key information about a business, including what the business does, its target customers, products/services, goals, location, implementation timeline, competitive advantages, and business structure. It should answer the questions of who, what, where, when, why, and how to give readers a clear understanding of the business idea and its value proposition. The description also shows how the business fits within the market and its potential benefits to customers. It needs to be updated as the business changes over time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 4

    What is a business description?

    A business description provides an


    overview of key aspects about your
    business, like what you do and what makes
    your business original. Anyone reading your
    company description should have no
    problem understanding the scope of your
    business idea.
    Lenders and investors should see how your
    business has a place in the market, as well
    as its benefits to future customers.
    Your business description should be
    regularly updated as your business
    expands or changes.
    Describe your business
    You need to know how to pitch to
    investors and lenders to captivate their
    interest. Your information should answer
    who, what, where, when, why, and how
    right off the bat.
    1. Who?
    Who are you? What is the name of your business?
    You want to verify that the name of your business is clear
    in the business description of your business plan. And,
    include your name because lenders and investors want to
    know the entrepreneur who started the business.
    Who is your target customer? When you describe your
    business, make sure you know who you appeal to. If you
    don’t know your target customer, there’s a chance that
    nobody will have interest.
    2. What?
    What is your product or service? If lenders and
    investors can’t understand what you’re selling or how it’s
    significant, they might pass on your concept. Be clear
    when you tell lenders and investors about your business.
    What are your goals for your business? Set realistic short-
    term and long-term goals. If you plan on selling $20,000
    worth of products by the end of the second month after
    opening, include the goal.
    3. Where?
    Where is your business located? If you are currently
    operating your business, you need to say its location.
    Likewise, if you are opening a new business, make sure
    you state where you want it to be located.
    4. When?
    When will you implement your business plan and see
    results? Say when you want to open your business (or
    when you opened it). And, include when you plan to
    achieve your goals. Once your goals are achieved, what is
    your exit strategy for small business? Do you know how to
    turn your growing business into a profitable venture?

    5. Why?
    Why would potential customers want to buy from you?
    Explain why you are set apart from the competition. This is
    where you can describe your business’s originality.
    Lenders want to know why consumers would want to
    make a purchase at your small business instead of a
    competitor’s.
    You also need to include your business’s mission
    statement. A mission statement helps set you apart from
    competition and explain why your business is unique.

    6. How?
    What type of business structure will you form? Will you
    function as a sole proprietorship, limited liability
    corporation, partnership, or corporation? Explain why you
    chose your business structure. Mention the small business
    advisor help you have enlisted, like a business attorney,
    since each structure has different registration
    requirements, regulations, and liabilities.
    Do you know how to interview and hire employees?

    You might also like