More and more people are beginning to open their minds to new business ventures. It seems like it is becoming the popular move. By opening a business there could be huge profit to be made, depending on the market. On the other hand, there are risks and losses that may occur as well. It is said that there are two reasons why people start a business. The first reason is because they have inspiration for what they believe would be a great idea and the second is from desperation. People have a need to make money and there are no jobs out there, which they found, that suite them or their needs. There are various different ways to start a business. .
The business background section of your business plan generally consists of two to four sections that present information that is .
specific to your business. You may have gathered substantial information about competitors and the industry in general in the .
course of considering your business plans. This is not the place for that information. Instead, concentrate solely on those .
characteristics of your business that are specific to your particular business. .
The business background generally includes the following: .
a document describing the business entity and its general operation .
a document describing the product or service that your business will provide a document describing your facilities, if appropriate a document describing the people in your organization, if appropriate .
The Business Entity .
The business entity portion of the plan provides information that is specific to your business. This document sets forth the current status of operations, the management structure and organization, and the identification of key personnel. If the plan is being created for an existing business, historical information is also included. The business background provides the reader with information .
regarding: .
the type of business (e.g., wholesale, retail, manufacturing, service, etc.