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By Ethan Blake 3 min read

Pre

paring a Business Plan

1. Executive Summary

This is the part of your business plan that someone will most likely read first, and possibly, only this part. Therefore, make sure that it’s clear and concise, outlining the what, why, where, when and how of your business or project. Ensure to give some context (what issues are you solving? Who are you selling to?), mention your mission statement and the key factors that makes your business unique.

Take for instance, if you’re putting together a business plan for a small coffee shop chain, your executive summary might read something like: “Jones Brothers Coffee is a family-run business with two successful locations in Anytown, USA, and we’re seeking funds to open a third location downtown.”

Your mission is to serve the highest-quality artisan coffee

You’ve successfully run two shops so there already

You want to open another one in an up-and-coming part of town

You’re looking for financial investors

They’ll see a return on their investment because you’re experienced and successful already

The market need is high, and your presentation and ambiance will draw clients in

2. Company Description

In the company description section, go into more details about what your business is and why it exists. Highlight the unique aspects and strengths of your business. Include the history, structure, and overall goal of your business in this portion of your plan.

Imagine your clothing boutique business. In this case, your company description might highlight your love of fashion, your dedication to customer service, and the uniqueness of your store’s inventory.

Your boutique was inspired by your own personal style and love for fashion

All customers are attended to with utmost sincerity and care, ensuring they have a pleasant shopping experience

You carry a unique selection of goods not found in other local stores

Your team has extensive industry experience and fashion sense

You’ve grown significantly since you first started out, expanding from an online store to a physical location

There is a potential for further growth and expansion in the future

3. Market Analysis

A good market analysis will help you determine who your competitors are, what they offer, and how you can differentiate yourself from them. Additionally, you should provide a snapshot of your customers – demographics, preferences etc., as well as an overview of the wider environment or industry.

Consider if you’re creating a business plan for your tech start-up; a thorough market analysis might demonstrate that while there are many apps which help people find nearby restaurants, there’s room for an app which factors dietary needs into its recommendations.

Key players offering similar services

Their strengths and weaknesses

Your business’ differentiated service offerings

Demographic analysis of target market

A segment of the industry is untapped

Industry growth patterns, trends, and projected growth

Summary Table:

	Executive Summary	Company Description	Market Analysis
Key Point	Seeking Funds To Open Third Coffee Shop	Unique Clothing Boutique With Dedicated Customer Service	New App Considering Dietary Needs
Main Strength	Two Successful Locations Already Operating	Unique Selection Of Goods	Untapped Segment In Industry
Objective	Expanding The Business	Further Growth And Expansion	Filling A Gap In The Market

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Ethan Blake Visual Storyteller, Photo Curator

Ethan believes every viral image has a story to tell. From jaw-dropping paparazzi shots to hilarious memes, he’s here to curate the pictures that make headlines and capture the world’s attention.