![]() ![]() 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. When describing the industry, discuss the present outlook as well as future possibilities. The business description usually begins with a short description of the industry. Business Description Tell Them All About It Make it easy for the reader to realize at first glance both your needs and capabilities. If the statement of purpose is eight pages, nobody's going to read it because it'll be very clear that the business, no matter what its merits, won't be a good investment because the principals are indecisive and don't really know what they want. When writing your statement of purpose, don't waste words. Major achievements include items like patents, prototypes, location of a facility, any crucial contracts that need to be in place for product development, or results from any test marketing that has been conducted. Major achievements.Details any developments within the company that are essential to the success of the business.Furnishes relevant information about the company, its legal form of operation, when it was formed, the principal owners and key personnel. ![]() If the loan for initial capital will be based on security instead of equity, you should also specify the source of collateral. It should detail how the capital will be used, and the equity, if any, that will be provided for funding. Clearly states the capital needed to start the business and to expand. Highlights the important financial points of the business including sales, profits, cash flows and return on investment. It should point out just exactly what will be sold, to whom and why the business will hold a competitive advantage. Describes the business, its product and the market it will serve. Key elements that should be included are: Within that space, you'll need to provide a synopsis of your entire business plan. It could be longer, depending on how complicated the use of funds may be, but the summary of a business plan, like the summary of a loan application, is generally no longer than one page. ![]() The statement should be kept short and businesslike, probably no more than half a page. ![]()
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