Creating the Business Overview Section of a Business Plan
Unlike the Executive Summary, which needs to be concise, you can elaborate on the details of the business in this section. Typically, for a new business, this section explains the company's vision and goals for the business venture in practical terms. The who, what, where, when, and why of the business falls into place, and readers grasp a clear understanding of how the company will function. Existing businesses looking to procure further capital should use this section as an overview of the company, describing its operations, its financial solvency, and its future plans.
Details that prospective investors prefer to see in this section include:
- The legal structure of the business (sole proprietorship, corporation, etc.)
- Formation of the business (new venture, buying an existing business, franchise, etc.)
- Type of business (manufacturing, retail or sales, service, or a combination)
- Potential for profitability (how you will make money)
- Location (where you will be based)
- Means of doing business (Internet, storefront operation, mail order)
- Time of business operations (open daily, seasonal, specific hours, etc.)
- Resources (what you will need to start and operate, from machinery to manpower)
