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[Music] when writing a business plan your detailed company description should follow the executive summary while you touched on the basics in the summary this section should go into further details of your products or services and your company structure in this video we are going to show you how to write a company description for your business plan the company description of your business plan should include company name the official name of your business has registered in the state where you do business type of business structure sole proprietorship LLC partnership or corporation ownership management team names of the key people behind the company location where is the company headquarter company history when was the business started what inspired you to start the business what does your company fulfill mission statement a clear statement that represents the purpose of your company products services and target market a brief overview of what you plan to sell and to whom objectives an outline of what you want to accomplish in the immediate future based on the data in the rest of the business plan as well future growth goals and vision statement a statement about how you envision the future of the company do not assume that anyone who will be reading your business plan knows anything about your business you will need to include a number of specific pieces of information that will help the reader to understand exactly how you have set up the business a good business description will make your work a lot easier as you travel the road to start in your business when you write a formal plan with the hope of qualifying for a business loan or attracting investors you need to let them know that you know what you're doing but aside from all of the paperwork and jumping through the hoops others setup for you I believe that the most important reason to write an in-depth business description is to understand who your potential customers are your business description primarily must meet the expectations that your customers have when they walk through your doors get inside their heads what do they want if they're looking for something specific you can bet there is something else related to it that they want as well understand them offer them what they want and then break it down what will take to provide it the description of your business should leave the reader with a clear understanding of exactly what you have set up and how you not only served others in the past however also how you plan to continue expand or change your business in the future it is therefore important that you use clear language and details that will paint a picture in the mind of the reader while also inspiring that person to want to know more about your business because of the interest that they have developed during the reading if you found this video helpful and then like this video also subscribe to our channel to get business education videos thank you for watching this video you