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BusinessPlanforStartupBusiness

Page 5 of 26 III.

Page 5 of 26 III. General Company Description What business will you be in? What will you do? Mission Statement: Many companies have a brief mission statement, usually in thirty words or less, explaining their reason for being and their guiding principles. If you want to draft a mission statement, this is a good place to put it in the plan. Followed by: Company goals and objectives: Goals are destinations -- where you want your business to be. Objectives are progress markers along the way to goal achievement. For example, a goal might be to have a healthy, successful company that is a leader in customer service and has a loyal customer following. Objectives might be annual sales targets and some specific measures of customer satisfaction. Business philosophy: What is important to you in business? To whom will you market your products? Your target market? (State it briefly here - you will do a more thorough explanation in the Marketing section). Describe your industry. Is it a growth industry? What changes do you foresee in your industry, short term and long term? How will your company be poised to take advantage of them? Your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? Legal form of ownership: Sole Proprietor, Partnership, Corporation, Limited Liability Corporation (LLC)? Why have you selected this form?

Page 6 of 26 IV. Products and services Describe in depth your products and/or services (technical specifications, drawings, photos, sales brochures, and other bulky items belong in the Appendix). What factors will give you competitive advantages or disadvantages? For example, level of quality or unique or proprietary features. What are the pricing, fee or leasing structures of your products and/or services?

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