Having a business idea is one thing, and presenting a clear business description is another. Many owners of small and medium scale enterprises in Nigeria are finding it difficult to present a clear description of what their business is all about. If you are one of them, then you are lucky to come across this article. In this article, you will find a comprehensive and concise guide on how to write a clear business description idea in Nigeria and any other country you might find yourself or where your business is located.
As you read on I will also show you how you can get a clear business description example presented in a pdf format. You can easily follow the format and draft yours easily. But before we get to that stage of this content, let me show you all you need to know on how to write a clear business description idea.
Introduction
Nobody understands the business you are doing more than you. You might encounter some challenges trying to describe your business in one sentence, or when you are trying to write a business description. Having proper knowledge of how to write a clear business description idea will help you to communicate effectively with lenders, investors, employees, and potential customers. These are the know-how you will learn when you must have read this article to the very end.
Also read: Daily Income Businesses in Nigeria – Check Out This List
How to Write a Clear Business Description Idea
You have imputed lots of ideas into your original business concept. Now, you need to know how to clearly describe your business. There is no better place to describe your business than in the company business plan.
What is a Business Plan?
A company description is just a part of your small business plan. The business plan, on the other hand, outlines your goals and how to achieve them.
According to the Small Business Administration, a successful business plan should include the following:
- Executive summary
- Company description (Bingo)
- Small business market analysis
- Organization and management details
- Service or product information
- Marketing and sales overview
- Funding request
- Financial projections
Another thing you should note about business plans is that you cannot write just one and keep using it all the time. Your business is always changing, and this should be affected in your business plan too. Make sure you update it regularly.
Also, read Business Opportunities in Northern Nigeria You Can Take Advantage Of
What is a Business Description?
A company description gives an overview of the key aspects of your business. It provides information about what you do, and what makes your business unique. Anyone who reads your business description should not have a problem in understanding the scope of your business.
Lenders and investors should clearly see how your business has a place in the market, as its benefits to future customers. The mission statement of your business is the part of your company description that you want the public to see. You should also include your mission statement too.
Note: you should update your company description regularly as your business expands or changes.
Writing a Clear Business Description
You need to have a proper knowledge on how to pitch investors and lenders in order to captivate their interest. You description should give answers on who, what, where, why, and how right off the bat.
So, do you want to learn how to write a clear business description idea? Let me guide you using the 5 W’s and 1H. These are what you should note when drafting your own copy.
1. Who?
Who are you? Who is your business?
You should ensure that the name of your business is clear in the business description section of your business plan. Also, include your name (and the names of any other owners) because lenders will like to know the entrepreneurs behind the business they intend to deal with.
Who are your target customers? Who are you selling to?
When you are describing your business, make sure you know the category of people it appeals to. If you do not know your target customers, there are chances that nobody will be interested in your business.
2. What?
What are your products or services?
If lenders or investors do not have proper knowledge of what you are selling, or how significant it is, they may feel reluctant in dealing with you. When telling lenders and investors about your business, you should be clear, narrow, and focused enough.
What are your goals for your business?
You should set realistic, short term and long term goals. For example, if you plan on selling N100,000 worth of products by the end of the second month, you should simply include the goal in your description.
3. Where?
Where is your business located?
If your business is already in operation, you should list the address. Also, if you are still looking for office space, make sure you state where you want your business to be located.
4, When?
When will implement your business plan and see results?
You should also indicate when you want to open your business, or when you opened it (if it is already operational).
When do you plan to achieve your goals?
Also indicate the timeline for your main goals, be it short term or long term.
When do you think you will retire from the business?
You should also remember to discuss your exit strategy. Indicate if you are planning to retire in 20 years, selling your company in 16 years, or closing it down in 10 years. Be clear enough on when you plan to pathways with the business.
5, Why?
Why would potential customers want to buy from you?
Explain what makes you different from your competition. This is the part you can describe the originality of your business. Lenders or investors will like to know why customers would want to buy from you instead of your competition.
Why are you in business?
You should include your business mission statement. A mission statement simply defines why you are in business and what goals you are aiming at.
6. How?
How are you going to structure your business?
What business structure are you following, is it a sole proprietorship, limited liability company, partnership, or corporation? You should also explain your structure decision. Mention any small business advisor (e.g a business lawyer) who assisted you with the business registration requirements, regulations, and liabilities.
How are you going to achieve the goals you set for your business?
Do you intend to employ people to help you, or are you handling all responsibilities yourself? Explain the steps you will take to reach the goals you outline.
How do you picture your company in the future?
You should also include your business vision statement in your company’s description. A vision statement is simply an internal description that states what you want your business to look like in the future.
These are the necessary guidance on how to write a clear business description idea in order to attract lenders or investors for your business in Nigeria or any part of the world.
An Example of a Clear Description Idea in One Page
Are you still not sure of what to draft, or you need a perfect example of a clear description idea in a one-page format? Do not worry; I am here to satisfy your curiosity. All you have to do is to pitch me by sending an email to nigerianfact@gmail.com with the title “how to write a clear business description idea” and I will send it directly to your inbox. Please note that it will cost you a sum of N1,000 if you are in Nigeria.
This means you will have to pay the little amount to the bank details I will provide to you via email, then after payment, I will send a clear example of a business description idea in pdf or MS Word format straight into your inbox.
Conclusion
Writing a business description for your business plan should be as easy as can be, even though it may feel a bit difficult for a start. A business description actually gives you an opportunity to talk about your business idea and also get lenders and investors on board.
Below is the summary and few tips on how to write a clear business description idea
- Answer the 5 W’s and 1 H
- Keep it short, simple, and easy to read
- Proofread, proofread, proofread
- Determine whether it’s interesting
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