In this section, provide a detailed description of your business. A question to ask yourself is: "What business am I in?" In answering this question include your products, market and services as well as a thorough description of what makes your business unique. Remember, however, that as you prepare a project plan, you may have to modify or revise your initial questions. The business description section is divided into three primary sections. Section 1 actually describes your business, Section 2 the product or service you will be offering and Section 3 the location of your business, and why this location is desirable (if you have a franchise, some franchisers assist in site selection).

Business Description

When describing your business, generally you should explain:

• Legalities: business form: whether proprietorship, partnership, and corporation. The licenses or permits you will need.

• Business type: merchandizing, manufacturing or service.

• What your product or service is.

• Is it a new independent business, a takeover, an expansion, a franchise?

• Why your business will be profitable. What are the growth opportunities? Will franchising impact on growth opportunities? When your business will be open (days, hours)?

• What you have learned about your kind of business from outside sources (trade suppliers, bankers, other franchise owners, franchiser, publications).

A cover sheet goes before the description. It includes the name, address and telephone number of the business and the names of all principals. In the description of your business, describe the unique aspects and how or why they will appeal to consumers. Emphasize any special features that you feel will appeal to customers and explain how and why these features are appealing.

The description of your business should clearly identify goals and objectives and it should clarify why you are, or why you want to be, in business.