When forming a new business, you need to make a business plan. It has many parts, from an executive summary to a market analysis to an operations plan.
One of the key elements that we’ll take a look at today is the business overview. What should it include and what goals should you have for this section of your business plan?
Essentially, this is just a description of the business, but going into far more detail than the elevator pitch you would give to someone who wanted to know what you were doing. It should address things like:
- The legal structure of the company and the type of business that you want to start.
- The history of the company, especially concerning the legal business formation tactics that you used — or plan to use.
- The physical location of the business and where it plans to operate.
- The specific means of connecting with customers and carrying out your business.
The last point — the means of doing business — can have multiple angles. Maybe you do plan to have a physical storefront, for instance, but you also want to make sales online. Maybe you are going to sell things via mail for those who do not want to order electronically. Maybe everything will be online and your physical location will just be an operations and shipping hub, not a place that customers ever see. In the modern era, there are many options.
The key to a successful business is to plan in advance. Make sure you are well aware of the steps you need to take.