General Company Description

In this section of the business plan you will want to talk about what kind of business it will be, and what you want it to do.

First, write out your mission statement. A mission statement is 30 words or fewer. It will explain your company's purpose to direct the actions of all those who work for the company. Here is an example:

"Company A will provide personal vehicle owners and enthusiasts with the vehicle related products and knowledge that fulfill their wants and needs at the right price. Our professional, knowledgeable and competent staff will help inspire, educate and problem-solve for our customers."

Second, write out your company goals and objectives. Be sure to explain what you want your company to become. The companies goals are its eventually destination. By clearly laying out the goals and objectives (mile markers along the way) you can help the bank to see why you are a solid candidate for a loan.

Third, talk about your business' philosophy. Explain what is important to you when it comes to business. Briefly state who you will market your products to. Then, start explaining the industry. Does it have potential for growth? Do you see many changes happening in the industry, long term and short term? Will your company be in a position to take advantage of these opportunities?

Explain the companies strengths and core competencies in your company. What will make your company succeed? What competitive strengths the business has? Do your skills, experience in business, and strengths contribute to the health of your company?

Lastly, what kind of company is this. Is it Sole proprietor, Partnership, Corporation, or Limited Liability Corporation (LLC)? Why have you chosen to be a sole proprietor, partnership, etc.?

If applying for a loan, provide details on the amount desired, the purpose of the loan, and how the loan will benefit your company. These details prove that a repayment plan is in place.

Next section in the business plan: Products and Services