BUSINESS PROFILE

A business profile is the first step in developing your Business Plan.
What are your goals and objectives?

Background of the Business

Sometimes this component is called "History or Nature of the Business" or "Business Description." As these titles imply, this section gives the reader an outline of the business you're in or plan to be in. Ask yourself:

"What business am I in?".

Be specific, don't just say I am in the jewelry business, specify what type of jewelry you produce. Whether you work in diversified areas or have a selected specialty, refine your definition still further. Once you have defined what it is that you do, ask yourself, "What makes my business and/or products unique?".

In this section you should also describe the nature of the industry in which you plan to operate and to identify major trends (i.e. styles, colors, tastes, fads, etc.) affecting the industry or your business. Of course you don't have to follow any trendy style, maybe you have your own unique style—something different that makes you stand out from the rest.

Goals and Objectives

In your business profile you should provide a summary of your business' objectives and expectations to give a clear indication of where the business is going and how you will direct it there. Include both your short-term and your long-term objectives.

By clearly identifying what stage your business will be at after six months, one year, two years, and three years, you will have a guide for your course of action. Even though your goals and objectives may change along the way, the fact that you have your game plan on paper will help you decide whether you should stay on target or modify your plans in accordance with new circumstances.

Once your business profile or basic concept, business goals, and objectives are formulated on paper, it will be easier to complete your marketing plan—how many more sales do you need, how many more products must you produce, how many more craft shows or retail outlets will you have to add to your list each year to reach your goal?

When defining both profit and growth objectives, your business needs become imperative. Realistically, the larger the business becomes, the more work hours will be involved, so carefully balance personal and professional needs.

• Are you willing to put in those extra hours or do you even have them to spare?
• Do you need to hire employees to keep up with production, attend craft shows for you, or other non-productive chores such as packaging and shipping or taking orders?
• Is your workshop or studio large enough to handle the increased volume of production, to accommodate more staff, or will you have to expand or will move your workshop?

These questions must be realistically considered if your plan indicates growth in profits and therefore expansion.

For more detailed information on developing a business plans see this article: Your Business Plan means Planning for Success

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