The business description usually begins with a short description of the industry.
When describing the industry, discuss the present outlook as well as future possibilities.
Show how you will expand your business or be able to create something by using that money. A potential lender is going to want to know how successful you're going to be in this particular business.
Factors that support your claims for success can be mentioned briefly; they will be detailed later.
Market strategies are the result of a meticulous market analysis.
A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.Support may come in the form of advertising, promotions and customer service.Once you've described the business, you need to describe the products or services you intend to market.Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business.You should also mention who you will sell to, how the product will be distributed, and the business's support systems.You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.Base all of your observations on reliable data and be sure to footnote sources of information as appropriate.Within that space, you'll need to provide a synopsis of your entire business plan.Key elements that should be included are: When writing your statement of purpose, don't waste words.This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture.When describing your business, the first thing you need to concentrate on is its structure. wholesale, retail, food service, manufacturing or service-oriented.