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In this lesson, you will craft a comprehensive description of your business, an essential component that articulates the fundamental aspects of your enterprise. This includes defining your mission statement, philosophy, vision, goals, target market, industry, and legal structure. To gain a more in-depth understanding of business descriptions, you are encouraged to utilize the resources available at SCORE.org, specifically designed to accompany this lesson. If you have not started taking notes or conducting lessons, it may be beneficial to first complete the company description worksheet available on SCORE.org. This worksheet, part of the SCORE business plan template, is a useful reference tool, but your actual business plan should be compiled in Google Docs for ease of storage, sharing, and editing. Remember, business plans can vary in appearance and structure, so there’s no need to be concerned if yours deviates from the provided template or worksheet. Once you have finished the initial steps, resume the video to continue.
Begin by giving your business plan a title and adding the current date. Next, create a heading for your business description and under it, add subheadings for each lesson of the business description. Start with your mission statement, a concise one or two sentences that encapsulate the purpose of your company. Follow this with a subheading for your business philosophy and vision, outlining the core values and principles that guide your business decisions, and articulate your long-term aspirations. Then, establish a section for your business goals, detailing both short- and long-term objectives, along with milestones to track progress. For example, if aiming to hire a specific number of employees, identify revenue targets or client numbers as benchmarks. Organize these goals using bullet points for clarity. Continue by adding a subheading for your target market, briefly characterizing the consumers most likely to engage with your products or services. Include a section on industry, describing how your business aligns with and can capitalize on industry trends. Finally, address the legal structure of your business, explaining the type of organization, reasons for this choice, ownership distribution, and any investor involvement – a detail of interest to lenders. To select the most suitable legal structure, consult the SCORE.org resources. Enhance your business plan’s navigability by adding page numbers and a table of contents, updating them as you include additional sections or modify headings. With these steps completed, you’re ready to progress to the next stage of your business planning journey. Now, it’s time for you to apply these steps: refer to your notes or the SCORE worksheet, title and date your business plan, add headings and subheadings for each section, write the content for each section, and include page numbers and a table of contents.