Executive Summary
The executive summary appears in the beginning of the plan but is written last. It should provide a short, concise and optimistic overview of your business that captures the reader’s attention and gives them an interest in learning more about it. The executive summary needs to be at least 2 paragraphs (each paragraph should be minimum 5 to 6 sentences). It should not be more than 1 page long.
· Describe your mission — what is the need for your new business?
· Introduce your company, the management and ownership.
· Describe your main product and service offerings.
· Briefly describe the customer base you will be targeting and how your business will serve those customers.
· Summarize the competition and how you will get market share (what is your competitive advantage?)
· Briefly outline your financial projections for the first few years of operation.
Management Summary
Should be at least 1 page long with following information:
· Ownership Structure: Describe the legal structure of your company (e.g. corporation, partnership, Limited Liability Company, or sole proprietorship). List ownership percentages if applicable
· Management Team: Describe managers and roles, key employee positions, and how each will be compensated.
· External Resources and Services: List any external professional resources required, such as accountants, lawyers, consultants, etc.
· Human Resources: List the type and number of employees or contractors you will need and estimate the salary and benefit costs of each
· Advisory Board (if required): Include an advisory board as a supplemental management resource if applicable
· An Advisory Board is like a management think tank; the members of your board will provide you with additional advice to run your business profitably and well. If you choose your board members carefully, they can also provide expertise that your internal management team lacks.
· When selecting people to serve on your Advisory Board, you obviously want people who have a genuine interest in seeing your business do well and have the experience and expertise to provide good advice. Recently retired executives or managers, other successful entrepreneurs, and/or vendors would be good choices.
Business Description
Should be at least 1 page long with following information:
· Describe the overall nature of the industry, including sales and other statistics
· Include trends and demographic, economic, cultural, and governmental influences
· Describe your business and how it fits into the industry
· Describe the existing competition
· Describe what area(s) of the market you will target and what unique, improved or lower cost services you will offer
