SmallBusinessNewz

The second section of the business plan that we're going to look at is the Business Overview. Unlike the Executive Summary, the Business Overview requires a lot of details.

If you're not a detail-oriented person, I would suggest having someone who is detail-oriented take a look at it in order to get ideas for more elaboration.

This section should enable the reader to be so familiar with the business that he feels as if he is part of it. The company's vision and goals should be included here. Existing businesses need to explain its history, current business practices, financial condition, as well as future goals.

Specifically, the Business Overview should include these areas:

1. The legal structure of your business, whether it is a sole proprietorship, partnership, corporation, or LLC.
2. The formation of the business such as if it's a new venture or if you're buying an existing business or franchise.
3. The type of business. (Manufacturing business, Service, Retail or Sales, or a Combination)
4. Explain how you will make money. Here, you need to persuade potential investors that you are a good investment.
5.   The location. Tell of your current facilities, hopes relocate, future building plans or additions.
6. Clarify your means of doing business whether it be the Internet, a storefront, or mail order system.
7. The timeframe of business operations. Specify if you are open daily, have specific hours, or if your business is seasonal.
8. Resources. Describe what you will need to get started including everything from machinery to manpower. If your business already exists, state what you need to continue operations.

To learn more on the fundamentals of a Business Overview, watch this video.