When you write your business plan, it is imperative to first carefully describe your product or service. Anyone reading your plan must know exactly what your product or service entails.

Describe your product in terms of the benefits and advantages it offers by itself and compared to the competition. Is this a new product or service, or one that is improved in a certain way? Or, does it have the benefit of a lower price or higher quality? If your product or service is completely different, why is it needed?

Who runs the business and what is their background?  What experience and skills do they have that are applicable to the product or service offered? What is the history of the business? Is this a new online venture? Is it connected to a brick-and-mortar company? How do the two interrelate?

The preparation of a business plan includes the vision, mission and objectives.

First, you want to create a realistic vision for the business. This will be a short idea of how you see the business’ overarching concept in relationship to its product, services, customers, community involvement, etc.  Where do you see your business in the future?  Vision is “An image of the future the company wishes to create.”  The Ford Motor Company’s vision is “to become the world’s leading consumer company for automotive products and services.”

The mission is the nature of the business and the purpose and its activities. It should clearly state your business’ purpose and include measurable criteria for such factors as the ethical stance, target market, products or services, expectations of growth, and public image.  For example:  “Kelly’s online chocolate candy store will guarantee its customers the highest grade chocolate possible at the lowest costs.”

The objectives are the specific ways that you will reach your mission. Each objective can be measured and have a time of completion. It can be related to such factors as financial goals, customer growth, success over the competition, or improving a public image.

With the vision, mission and objectives clearly defined, you are on your way to starting your business.