The Business Description section of the strategy looks at the Industry profile, the product range and the market profile. What is the specific industry that you will be operating in? What is your product line and range? What is the market that you will be operating in?
The Industry:
What industry will you be operating in? For example Retail, Tourism, Manufacturing.
Write down within this industry if there are any new products, new markets and customers.
Are there any economic trends that could affect your business? These could be national, regional, or economic trends.
The Product/Service:
Describe what you are going to sell. Your product/service range and line. Be as specific as you can. Specify the primary use for your product or service, and any secondary uses.
Which factors make your product or service unique or better than what is already in the market?
Do you have any future expansion ideas? Either with your current product/service or related areas.
If this is not an existing product or services, is there anything that needs to be completed before the launch of the company? If so, this will need detailing.
The Market:
What market will you be operating in? For example, is it the local community, the region or the whole country? It may even include overseas.
At this stage it only needs to be an overview.
A bit later we will be looking at the Marketing Profile, which will identify your customer profile, determine the size of the market, assess the competition and estimate your sales.
The Business:
Give a brief overview of the your intended business set up:
- The type of business you intend to set up.
- The proposed name of the business.
- How will it be set up? Sole trader, partnership, company etc.
- The businesses main activities.
- Status of the business – a start up company, expansion, purchase of existing company etc..
- Location of the business.
- Any other relevant information that you may think relevant, especially if you are going for finance.
