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How to Write a Company Description for a Business Plan

Nobody does what you do better than you, but … what is it that you do again? You might have trouble describing your business in one sentence or find yourself at a loss for words when writing a company description. Knowing how to write a company description for a business plan helps you communicate with lenders, investors, employees, and potential customers.

How to write a company description for a business plan

You put a lot of thought into your original business concept. Now you need to know how to succinctly describe your business.

Where better to describe your business than in the company description business plan?

What is a business plan?

A company description is just one part of your small business plan . The business plan outlines your goals and how to achieve them.

According to the Small Business Administration , a successful business plan should include the following:

  • Executive summary
  • Company description (Bingo)
  • Small business market analysis
  • Organization and management details
  • Service or product information
  • Marketing and sales overview
  • Funding request
  • Financial projections

Another thing to note about business plans is that you can’t write one and be done. Your business is always changing. And that means your business plan is always changing, too. Be sure to update it regularly.

What is a business description?

A company description provides an overview of key aspects of your business, like what you do and what makes your business unique. Anyone reading your business description should have no problem understanding the scope of your business.

Lenders and investors should see how your business has a place in the market, as well as its benefits to future customers.

Your business’s mission statement is the part of your company description that you want the public to see. And, you should include your vision statement, too.

Regularly update your company description as your business expands or changes.

Writing your company description

You need to know how to pitch to investors and lenders to captivate their interest. Your description should answer who, what, where, when, why, and how right off the bat.

So, do you know how to write a business description? We’ll walk you through the 5 W’s (and 1 H) to consider when drafting your first copy.

image listing everything to include in a company description: business name, target customers, products or services, business goals, business location, opening date, competitive advantages, mission statement, and structure

Who are you? Who is your business? Verify that the name of your business is clear in the business description section of your business plan. And, include your name (and the names of any other owners) because lenders and investors want to know the entrepreneur behind the business.

Who is your target customer? Who are you selling to? When describing your business, make sure you know who you appeal to. If you don’t know your target customer, there’s a chance that nobody will be interested in your business.

What is your product or service? If lenders and investors can’t understand what you’re selling or how it’s significant, they may pass on your concept. Be clear, narrow, and focused when telling lenders and investors about your business.

What are your goals for your business? Set realistic short-term and long-term goals. For example, if you plan on selling $20,000 worth of products by the end of the second month, include the goal in your description.

Where is your business located? If you are currently operating your business, list the address. Likewise, make sure you state where you want your business to be if you are still looking for office space.

When will you implement your business plan and see results? Include when you want to open your business (or when you opened it).

When do you plan on achieving your goals? Also, talk about the timeline for your main goals (both short-term and long-term).

When do you think you’ll leave your business? Don’t forget to discuss your exit strategy . Whether you plan on retiring in 20 years, selling your company in 15 years, or closing it down in 10 years, be clear about when you plan on parting ways.

Why would potential customers want to buy from you? Explain why you are different from the competition. This is where you can describe your business’s originality. Lenders and investors want to know why consumers would want to make a purchase at your small business instead of a competitor’s.

Why are you in business? Also make sure you include your business’s mission statement . A mission statement defines why you’re in business and what your goals are.

How are you going to structure your business? Which business structure will you form: sole proprietorship, LLC, partnership, or corporation? Explain your structure decision, too. Mention any small business advisor (e.g., business attorney) you work with to help with registration requirements, regulations, and liabilities.

How are you going to achieve the goals you set for your business? Are you going to hire employees to help you, or will you handle all responsibilities on your own? Talk about what steps you’ll take to reach the goals you outline.

How do you picture your company in the future? Include your business’s vision statement in your company description. A vision statement is an internal description that states what you want your business to look like in the future.

Business description example

Still unsure? Take a look at this business description example for more information:

Ann’s Office Hut delivers office supplies to small businesses in Boston, Massachusetts. The business is structured as a sole proprietorship, operating under entrepreneur Ann Smith. Ann’s Office Hut is located in Boston, Massachusetts and will begin operations in February. Ann’s Office Hut recognizes the busy lives of small business owners and wants to bring essential items like printers, cash registers, paper, ink, and envelopes to their doorsteps. Ann’s Office Hut will conveniently provide office supplies to small business owners who are short on time. Other office supply stores cannot match the convenience Ann’s Office Hut will give.

The business hopes to have gross sales of $30,000 by the end of one year and $95,000 by the end of five years. To achieve this goal, Ann’s Office Hut plans on offering referral credit.

Company description business plan: Final tips

Writing the business description portion of your business plan should be fun … even though it may feel more like a chore. But, this is your opportunity to talk about your business idea and get other people (i.e., lenders and investors) on board.

Here are a few final tips to keep in mind when learning how to write a company description:

  • Answer the 5 W’s and 1 H
  • Keep it short, simple, and easy to read
  • Proofread, proofread, proofread
  • Determine whether it’s interesting

This article has been updated from its original publication date of December 9, 2016. 

This is not intended as legal advice; for more information, please click here.

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How To Write the Company Summary in a Business Plan

Company Overviews Show How the Pieces of a Business Work

how to write a company description of a business plan

What To Include in Your Company Summary

Getting started on your company summary, examples of a company summary, tips for writing a company summary, frequently asked questions (faqs).

Image by Theresa Chiechi © The Balance 2019

The company summary in a business plan —also known as the company description or overview—is a high-level look at what you are as a company and how all the elements of the business fit together.

An effective company summary should give readers, such as potential investors, a quick and easy way to understand your business, its products and services, its mission and goals, how it meets the needs of its target market, and how it stands out from competitors.

Before you begin writing your company summary, remember to stick to the big picture. Other sections of your business plan will provide the specific details of your business. The summary synthesizes all of that information into one page.

Key Takeaways

  • The company summary in a business plan provides an overview containing a description of your company at a high level.
  • A company summary might include your mission statement, goals, target market, products, and services, as well as how it stands out from competitors.
  • The company summary can also be customized for a specific objective or audience, such as to secure financing from investors or banks.

The company summary section of a business plan should include:

  • Business name
  • Legal structure (i.e., sole proprietorship ,  LLC ,  S Corporation , or  partnership )
  • Management team
  • Mission statement
  • Company history (when it started and important milestones)
  • Description of products and services and how they meet the needs of the marketplace
  • Target market (who will buy your product or services)
  • Competitive advantage (what sets you apart in the marketplace to allow you to succeed)
  • Objectives and goals (plans for growth)

The U.S. Small Business Administration (SBA) website has a lot of information available if you've never written a business plan before. The SBA provides examples of business plans for different types of companies.

Before you begin, you should decide whether you want to go with a traditional business plan format or a lean startup format. The traditional format is appropriate if you want to have a comprehensive, detail-oriented plan or if you are requesting financing. The lean startup format is best for those who have a relatively simple business and want to start it quickly or as a starting point for those who plan to refine and change the plan regularly.

No matter which type of business plan you choose, you'll need to include a company summary.

Although there are many blueprints for writing a company summary, below are a couple of examples to get you started.

Consulting Firm

You can opt for a concise opening paragraph such as this one:

XYZ Consulting is a new company that provides expertise in search marketing solutions for businesses worldwide, including website promotion, online advertising, and search engine optimization techniques to improve its clients' positioning in search engines. We cater to the higher education market, including colleges, universities, and professional educational institutions.

Several elements of the company summary are covered here, including the name (XYZ Consulting), history (new company), description of services (web promotion, SEO, advertising) and why it's needed (improve positioning in search engines), and the target market (higher education).

Starbucks Coffee Company Overview

Starbucks breaks down the company overview on their website into the following sections:

"Our Heritage"

Here the company describes how long the company has been in business, citing its roots, the founder, Howard Schultz, and how he was inspired to open the first Starbucks in Seattle after visiting Italy. It briefly mentions the growth of millions of customers and how the company's heritage remains important to its long-term success.

"Coffee & Craft"

The overview describes the high-quality products and services being offered and why they stand out from the competition by describing the detailed process of choosing and growing coffee beans. You'll notice they don't suggest their product is a low-cost product but instead provide a high level of "experiences to savor."

"Our Partners"

Starbucks describes its employees as partners that work together in an inclusive manner to achieve success. It highlights how they are at the center of the experience.

"Pursuit of Doing Good"

The company describes its values and how it gives back to the community.

Tesla Inc. Business Overview

Below are excerpts of the business overview pages from the annual 10-K filing on Dec. 31, 2021, for Tesla Inc.

"We design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems, and offer services related to our products. We generally sell our products directly to customers, including through our website and retail locations.
We also continue to grow our customer-facing infrastructure through a global network of vehicle service centers, mobile service technicians, body shops, supercharger stations and destination chargers to accelerate the widespread adoption of our products.
We emphasize performance, attractive styling and the safety of our users and workforce in the design and manufacture of our products and are continuing to develop full self-driving technology for improved safety.
Our mission to accelerate the world’s transition to sustainable energy, engineering expertise, vertically integrated business model and focus on user experience differentiate us from other companies."

Competition

Tesla highlights the competitive automotive market and how the company differentiates itself from the larger, more established competitors.

"The worldwide automotive market is highly competitive and we expect it will become even more competitive in the future as we introduce additional vehicles in a broader cross-section of the passenger and commercial vehicle market and expand our vehicles’ capabilities. We believe that our vehicles compete in the market both based on their traditional segment classification as well as based on their propulsion technology.
Competing products typically include internal combustion vehicles from more established automobile manufacturers; however, many established and new automobile manufacturers have entered or have announced plans to enter the market for electric and other alternative fuel vehicles."

Intellectual Property

The company highlights its intellectual property, including trademarks and patents.

"We place a strong emphasis on our innovative approach and proprietary designs which bring intrinsic value and uniqueness to our product portfolio. As part of our business, we seek to protect the underlying intellectual property rights of these innovations and designs such as with respect to patents, trademarks, copyrights, trade secrets and other measures, including through employee and third-party nondisclosure agreements and other contractual arrangements."

Mission Statement

The company highlights its mission statement and its sustainability goals using environmental, social, and governance (ESG) and human capital resources.

"The very purpose of Tesla's existence is to accelerate the world's transition to sustainable energy. We believe the world cannot reduce carbon emissions without addressing both energy generation and consumption, and we are designing and manufacturing a complete energy and transportation ecosystem to achieve this goal. As we expand, we are building each new factory to be more efficient and sustainably designed than the previous one, including with respect to waste reduction and water usage, and we are focused on reducing the carbon footprint of our supply chain."

There are other items you can include in your company summary to expand on the areas that you'd like people to focus on, depending on your objective.

You might provide more information about the company's location, legal structure, and management team. You can also include more information about the:

  • Company's history, such as a family business that's been in operation for multiple generations
  • Business objectives, including short-term and long-term goals
  • Business strengths, highlighting anything that might give your company a competitive advantage in the field

You can also customize the summary if you have a specific objective or a targeted audience. For example, if the goal of your business plan is to secure funding, you might focus on areas that appeal to investors and lending institutions, including:

  • Why you're the best person to manage the business
  • Your experience in your field, as well as the total years of experience of your management team
  • Expertise or special talents of your team, including training, licenses, certifications
  • How you plan to make the business a success
  • Financial information, such as a high-level discussion of your track record of revenue growth and the financial opportunities that can be realized as a result of securing financing

You may also want to address any areas of perceived weakness by explaining how you'll overcome them or compensate.

How do you write a company overview?

You might provide a description of the company, its location, legal structure, and management team. You can also highlight the company's business objectives, goals, and strengths. You can also customize the summary to a specific audience, such as a bank or lender, focusing on your competitive advantages and highlights of recent financial success.

What should an organizational overview include?

Some of the discussion points to include in a company overview might be:

  • Company name and location
  • Legal structure such as a sole proprietorship, LLC, or partnership
  • Mission statement and management team
  • Description of your products and services and how they are needed
  • Target market or who are your customers
  • Competitive advantage or what makes your company different

The Clute Institute. " Using Business Plans for Teaching Entrepreneurship ," Page 734.

U.S. Small Business Administration. " Write Your Business Plan ."

Starbucks Coffee Company. " Our Company ."

United States Securities and Exchange Commission. " Form 10-K, Annual Report Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934 for the Fiscal Year Ended December 31, 2021, Tesla, Inc., " Pages 3-12.

How to write a business description that makes your business plan shine

How to write a business description: Man in apron working at laptop

Key takeaways

  • A business description is a high-level overview of your company that you include in your business plan
  • Your business description should entice readers—like lenders and investors—to look through the rest of your business plan to learn more about your company
  • Business descriptions should be concise, error-free, and include only pertinent information about your company

Most successful businesses have one thing in common—they all have a buttoned-up business plan . It lays out the goals of the company, how a company will reach those goals, and when these goals will be realized. And while there are many sections of a business plan, a well-written business description is one of the most important parts.

However, some small business owners may not know how to write an effective business description . Luckily, there’s an easy formula to follow along with a few tips for writing an impactful business description .

What is a business description ?

Also called a company description , your business description summarizes what your company does, its purpose, and what makes it unique. It’s a critical component of your business plan and immediately follows your executive summary . Since it’s one of the first pieces of information a reader will see, it must make a great first impression.

The goal of your business description is to inform readers—like lenders , investors, potential partners, and even employees—how your business benefits consumers and what place your business has in the market. Your business description should give readers a clear understanding of your business and its functions.

Why is a business description important?

A business description is important because it gives readers a single place to learn the details about your company. A well-crafted business description can intrigue readers and encourage them to read the rest of your business plan .

Investors or lenders will have one major thing on their minds—return on investment. They want to know if your business has the potential to be successful and whether it’s worthy of their investment dollars.

Your business description is your first opportunity to wow these investors or lenders and show them why your business will be profitable. It can pique their interest and push them to dig into the rest of your business plan .

What to include in a business description

Shopkeeper at retail counter with laptop

An effective business description should include information that tells readers exactly what your company does, who is in charge of operations, and what will make your company successful. It should also tell readers what makes you different from competitors and why customers will come knocking at your door with their business.

Below, we’ve outlined every piece of information you should include in your business description . We’ve also created a hypothetical scenario for a hamburger restaurant and added a business description example for each step .

Business name

List the official name of your business as it’s registered with your state. Also include the names of the owner(s) and other key members of your management team .

Example: Jay’s Organic Burger Joint, owned and operated by Jacob Doe

Business goals

Detail the purpose of your business and what you’re aiming to achieve with your venture. These should be realistic short- and long-term goals.

Example: Jay’s aims to grow local brand awareness by 20% and forge partnerships with four additional local suppliers in the next year. The company also intends to expand operations to an additional location in the Chicago area and is seeking an investment of $200,000 in exchange for equity in the company.

Target customers

Have a thorough understanding of who your target market is. Explain who you’re selling to and why they will buy your product or service. Dig deeper into their needs and motivations so you can predict their purchase behaviors. Identifying the demographics of your target market, such as age group, income, and interests, can give you a competitive edge and attract loyal customers.

Example: Jay’s understands that its customers are health-conscious but have busy lives with little time for preparing healthy meals.

Competitive advantages

Describe what makes your business unique from your competitors. Readers should understand why your company will succeed and make you a front-runner in the market.

Example: Unlike its competitors, the restaurant alleviates the target audience’ s pain points by providing quick and easy meals that are also healthy for the entire family.

Business location and opening date

Include where your company is headquartered and where you will be conducting business. Also, share when you opened your business or when you plan on opening if you haven’t already.

Example: Jay’s Organic Burger Joint is headquartered in Chicago, Illinois and opened operations in April 2019.

Mission statement

Your mission statement tells readers why your business exists. It should highlight the motivations for starting your business and summarize your product or service, target consumers, and why you’re unique.

Example: Jay’s Organic Burger Joint is a fast-casual restaurant that serves the highest quality hamburgers to hungry and health-conscious customers in Chicago, Illinois.

Products or services

Highlight what products or services you’re offering customers. Also, discuss the benefits your products or services provide and what makes them different from competitors.

Example: The menu focuses on healthy meals using only organic ingredients and grass-fed beef.

Business structure

List what type of business you’re operating. For example, this could be a sole proprietorship , partnership, limited liability company (LLC), or another type of corporation.

Example: The business is a limited liability company owned by Jacob Doe.

Once you’ve included all of these details in your business description , it should look something like this:

Jay’s Organic Burger Joint is a fast-casual restaurant that serves the highest quality hamburgers to hungry and health-conscious customers in Chicago, Illinois. Jay’s understands that its customers are health-conscious but have busy lives with little time for preparing healthy meals.

Unlike its competitors, the restaurant alleviates target customers’ pain points by providing quick and easy meals that are also healthy for the entire family. Jay’s uses local ingredients sourced from farmers in the greater Chicago area. The menu focuses on healthy meals using only organic ingredients and grass-fed beef.

The business is a limited liability company owned by Jacob Doe. Jay’s Organic Burger Joint is headquartered in Chicago, Illinois, and opened operations in April of 2019.

Jay’s aims to grow local brand awareness by 20% and forge partnerships with four additional local suppliers in the next year. The company also intends to expand operations to an additional location in the Chicago area and is seeking an investment of $200,000 in exchange for equity in the company.

How to write a business description

Not all business descriptions are made the same. There are a few tips to consider if you want your business description to stand out and wow your readers.

Have an elevator pitch

Your business description should kick off with an elevator pitch . An elevator pitch is typically spoken, but it helps to quickly summarize your company at the start of your business description. This pitch quickly covers the key aspects of your business and should be brief and persuasive. You should get straight to the point and immediately give readers your value proposition.

For example, Jay’s Organic Burger Joint could write something like “We serve the highest quality hamburgers and provide a convenient alternative for health-conscious customers who are always on the go.”

Keep it high level

Although you want your business description to be informative, you want to limit the amount of information you include in this section of your business plan. Keep it high-level and avoid going into too much detail. The subsequent sections of your business plan will cover the finer details. Remember, the goal is to give just enough information to entice readers to go through the rest of your business plan .

Show your excitement

This is your opportunity to show your excitement and give your business plan a human touch. Your business plan isn’t only selling your product or service to investors—it’s also selling you. Let your passion shine through as you explain why you started the company and what you aim to achieve.

Keep it short and concise

It can be easy to get carried away and make your business description too long. Avoid being too wordy, which can overwhelm the reader.

Business descriptions should only be a few paragraphs long for most types of companies. Remember, you’re trying to intrigue the reader and encourage them to read the rest of your business plan . If it’s too long, you’ll lose the reader’s attention.

Proofread for errors

Grammatical errors and misspellings can tarnish your company description . Even if you include all the right information, you won’t impress readers if it’s riddled with errors.

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Engage readers with your business description

A fine-tuned business description will kick off your business plan on a high note. Whether you’re launching a startup or already have your business up and running, knowing how to write a business description will provide a high-level overview of your company and can help you secure investment dollars from potential investors or lenders .

The information above is provided for educational and informational purposes only. It is not intended to be a substitute for professional advice and may not be suitable for your circumstances. Unless stated otherwise, references to third-party links, services, or products do not constitute endorsement by Yelp.

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How to Expertly Write the Company Description in Your Business Plan

Written by Dave Lavinsky

Growthink.com Company Description in Your Business Plan

A key section of your business plan is the one in which you describe your company. This section comes second in your business plan, after the Executive Summary .

The Company Analysis section of your business plan has three main goals:

  • to give a brief description and profile of your company
  • to detail your past accomplishments
  • to specify your unique qualifications.

Note that a detailed description of your products/services generally does not belong in your company section; rather that will go in the Products/Services section of your marketing plan.

Here’s what to include in your business plan company overview:

1. Company Profile

Start with a detailed profile of your company including your:

  • Date of formation
  • Legal structure (LLC vs. C-Corp., etc.)
  • Office location(s)
  • Business stage (start-up vs. undergoing R&D vs. serving customers, etc.)
  • Type of business: this is where you’ll give a general description of the type of business (e.g., restaurant, software, etc.) you operate

2. Past Accomplishments

Include a chart (or bullets) of your company’s past accomplishments, including descriptions and dates when:

  • Prior funding rounds were received
  • Products and services were launched
  • Revenue milestones were reached (e.g., date when sales surpassed the million dollar mark)
  • Key partnerships were executed
  • Key customer contracts were secured
  • Key employees were hired

This information is critical to investors as it indicates the company’s ability to execute upon a previous game plan. Attaining milestones is an excellent indicator for potential investors that their money will be used to create value and lead to a liquidity event.

3. Unique Qualifications

Finally, detail why your company is uniquely qualified to succeed.

This is often referred to as the company’s “unfair competitive advantage.”

This advantage could include one or more of the following:

  • a world-class management team
  • proprietary technology
  • proven operational systems
  • key partnerships
  • long-term contracts with major customers
  • other successes-to-date

To learn how to expertly complete the other sections of your business plan, reference our complete simple business plan template .  

Other Resources for Writing Your Business Plan

  • How to Write an Executive Summary
  • How to Write the Market Analysis Section of a Business Plan
  • The Customer Analysis Section of Your Business Plan
  • Completing the Competitive Analysis Section of Your Business Plan
  • The Management Team Section of Your Business Plan
  • Financial Assumptions and Your Business Plan
  • How to Create Financial Projections for Your Business Plan
  • Everything You Need to Know about the Business Plan Appendix
  • Business Plan Conclusion: Summary & Recap

Other Helpful Business Plan Articles & Templates

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We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

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Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

how to write a company description of a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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How to Write a Detailed Company Profile for a Business Plan

If you own a company, the only way for people to have a quick preview of what your company is all about, the products or services you offer, and who are the owners of the company is through your company profile. This section of your business plan will fundamentally answer two important questions:

  • Who are you?
  • What do you plan to do ?

Answering these questions in a succinct and simple manner would provide an ample introduction of why you are in business, why you are different from the competition, what you have going for you, and why investing in your business would be a good bet.

In essence, if you want to introduce your company to potential clients or to organizations calling for bids and submission of proposals, then you must have a detailed and self-explanatory company profile.

Interestingly, there are several business doors a good company profile can open. For example, an angel investor who is looking to invest in a business would naturally read through the profiles of all the companies he or she is interested in.

The company profile that catches his or her fancy would no doubt be the company he or she would invest in. This is just a bit of what a good company profile can do for a business.

This section of your business plan also offers you the opportunity, if you haven’t done so before, to evaluate and document the intangible facets of your business principles, ideals, and cultural philosophies that will allow you to better grasp your own corporate identity. Here are the necessary components that should go under your company profile:

What is a Company’s Profile?

A company profile is a formal introduction of your business. It usually contains all you would want potential clients, investors, and the general public to know about your business. It is used as a marketing tool and it is your company’s unique selling point.

A complete company profile is expected to contain the vision, mission, and goals of the company, a detailed description of the product and service offering of the company, the profile of the founding members of the company, a brief story of how the company got started and what they intend to achieve. So also, information like company name, address, phone number, website and email et al must be part of your company profile.

Components of your Company’s Profile

  • Structure of your business ( sole proprietorship, general partnership, limited partnership, or an incorporated company )
  • The date your business was established ( for existing businesses )
  • The nature of your business ( what are you selling, or what are you planning to sell ?)
  • The industry you are in
  • Business vision, mission, and values
  • Background information on your business or its history
  • Business Objectives ( short and long-term )
  • The Business team

Now, let’s discuss tips for tackling some of the more tricky components in the list above:

If you are looking forward to writing a top selling company profile, then the following guide will come in very handy for you.

Study Other Company Profiles

The first step when it comes to writing a good company’s profile is to study other profiles. To better put it, you should go source for companies that are doing the same thing as your do; companies that are selling the same services or products as you do.

If you study their profiles properly, you will be able to have a clear-cut idea of what you should capture in your own profile, and of course, you will be able to improve on it to make yours better.

Please note that you are not expected to plagiarize any company’s profile when writing yours because you can be sued for plagiarism.

Create an Outline

The next step to take after you must have carefully studied several companies’ profiles is to create an outline of your own profile. You can start this by making use of bullet points to highlight the main points you want to make in your company profile.

You should also figure out the angle you want your readers to see your company from, what your company represents, and of course the caliber of people that formed the company et al. This will help you determine what information you need to gather.

Interview Potential Clients

If you truly you want to capture information on your company profile that will resonate with your potential clients, then you will need their inputs. Some of the ways you can get their input is to interview them or via questioners and surveys.

Please make sure that you are prepared with your questions but also be ready to follow the natural flow of the conversation. Ask questions during your meeting that you think readers will want to know.

Pose questions that will encourage your potential clients to give you useful information. Ask them to share anecdotes. Avoid yes or no questions. You want them to open up. Make sure to record and transcribe the entire interview.

As you review their answers on paper or on your computer, highlight the best quotes that can guide you to describe and give reasons why your products or services will better serve them.

Start Writing Your Company Profile

Once you are done with gathering the information that will aid you in writing a fantastic company profile, what is left for you is to start writing. You can settle down in your study, library, hotel room, or any location that will give the concentration that is needed for this all important task.

Although a company profile is not expected to be a large document, but it should capture all that your company represents, the products and services your company offers, and of course all that you want people to know about your company. This information can be captured in a simple and easy to understand format.

Put Your Best Foot Forward

No matter how fantastic your company is especially as it relates to your product and service offering, there will still be some drawbacks that can dissuade potential clients from patronizing your products or services.

For example, if you have someone who has been involved in financial crime in time past as a founding member of your company or a financier of your company, it will not be a wise decision to capture such a person in your profile.

What is expected from you when writing your company profile is to put your best foot forward by projecting people without any controversy around them.

Please note that your company profile is supposed to capture a brief profile of the board of directors, executive members, and key persons that are part of the company.

Edit and Edit

After you have finished writing your profile, you should make sure that it is properly edited. You can contract the editing to a professional. Although it is going to cost you a bit, but trust me, it is worth every cent you will spend.

Please note that you shouldn’t just settle for just one editor, you can give it out to two or more editors to edit until you get a perfect piece. This is important because a good company profile will easily sell your company (products and services) to potential clients with little or no additional effort from your end.

In Conclusion;

A company profile is an essential part of a business plan and a business plan cannot be complete without a company profile. So, when writing your business plan, make sure you come up with a good and highly sellable company profile, and the guide you have here will help you achieve this.

More on Business Plans

how to write a company description of a business plan

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how to write a company description of a business plan

How To Write A Company Description

  • By Jared Bradshaw
  • April 20, 2022

A student writing in a notebook

What Is a Company Description?

A company description is the “biography” or the “about me” component of your company, that directly follows your executive summary. 

It is a window – a general overview of your company and its purpose. The specific company philosophy is defined within the company description. 

When a customer reads your company description, it should lay out for the reader the unique qualities that your company brings to the table. Like a company overview slide, your company description is an important tool of persuasion.

What Should I Include In My Company Description?

Your company description is a clear snapshot that gives the reader context, like the basics:

  • Company name
  • Business Structure
  • Product or Service
  • Market / Audience
  • Mission Statement
  • Objective & Vision 

Essentially, you are briefly answering the who, what, where, when and how of your business in a way that gives the reader an exciting and clear view of the industry and purpose of your company. 

Humanize your company. Do you have an exciting origin story to include? Do you have a connection to a good cause ? People love to feel connected to something personal with a strong purpose, so Include the details that show how you are distinctive. 

how to write a company description of a business plan

Why Do I Need A Company Description?

A solid company description shares with the reader your company values and vital information. It needs to be compelling enough to provide for the reader the reasons why your company stands out.

It certainly isn’t easy to convey everything about your company ethos in only a few hundred characters. Start by studying other examples of effective business concept statement examples. 

Here is an example:

Williams Sonoma

Williams-Sonoma, Inc. is a multi-channel specialty retailer of high quality products for the home.

In 1956, our founder, Chuck Williams, turned a passion for cooking and eating with friends into a small business with a big idea. He opened a store in Sonoma, California, to sell the French cookware that intrigued him while visiting Europe but that could not be found in America. Chuck’s business, which set a standard for customer service, took off and helped fuel a revolution in American cooking and entertaining that continues today.

In the decades that followed, the quality of our products, our ability to identify new opportunities in the market and our people-first approach to business have facilitated our expansion beyond the kitchen into nearly every area of the home. Additionally, by embracing new technologies and customer-engagement strategies as they emerge, we are able to continually refine our best-in-class approach to multi-channel retailing.

Today, Williams-Sonoma, Inc. is one of the United States’ largest e-commerce retailers with some of the best known and most beloved brands in home furnishings. We currently operate retail stores in the United States, Canada, Puerto Rico, Australia, and the United Kingdom, and franchise our brands to third parties in a number of countries in the Middle East, the Philippines and Mexico. Our products are also available to customers through our catalogs and online worldwide.

Tips For Writing a Smart Company Description

In 2022, you are absolutely in need of an engaging business description that will be a creative profile on your website.

Your business or company description will be used for review sites ( Yelp, for example ), the google business description, displayed on your own social media platforms ( like Facebook ), and more. 

Although the task might seem intimidating, it really is easier than you may think to write an effective description once you define the components of a mission statement. 

A student writing down notes

How To Streamline Your Process

  • Set the tone: Before you start to draft your description, think about who your audience is. What does your company do? Evoke emotion from your client or buyer in a way that will speak uniquely to them. Use language that connects them to your brand and business background. 
  • Keep it short: Tell someone about your business in 150-250 compelling and clear characters of brand purpose statements and company highlights. 
  • Build interest: Weave the elements of your bio and brand overview into a powerful and passionate story that shares what needs to be known in a way that makes the reader like you, trust you, and want to get to know more about you .
  • Strong closing line: Be sure to close your description with a final, welcoming thought that leaves your reader wanting more. “Be sure to join us for one of our organic cupcakes, today!”
  • Keep up to date: Be sure to frequently update your company description with your latest achievements and goals as you evolve. 

The Final Takeaway

Writing an effective business description requires creativity and research.  And be sure to show your passion! Your company description is an effective tool to provide a reader with what your true purpose is. 

Through the power of storytelling, your company description will be one of the key factors in introducing your brand vision and building a clientele. 

With your clear company description, you are one step closer towards seeing your dream come to fruition. 

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What Is The Objective of My Summary? When creating a solid business plan, the executive summary is far more critical

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How to write a company description for a business plan

Table of Contents

What is a company description?

What to include in your company description , where , company description example, tips for getting your company description right , stay on top of your new business finances with countingup.

A business plan is essential to setting your business up for success and determining what you want it to look like. One major part of that business plan is the company description. But if you’re unsure how to write a company description for a business plan, we can help.  

This guide will cover how to write a company description for a business plan, including: 

  • What a company description is 
  • What to include in your company description (with example)
  • Tips for getting your company description right

The company description is part of your business plan outlining what your business does and why. It touches on your market and products or services. But it also explains what differentiates you from similar companies.

On top of this, it outlines your company’s mission and vision. Your mission statement specifies your business’s values, ethics, goals, and overall culture. Meanwhile, your vision statement defines where you want your business to go in the future. 

Your business plan will guide you as you start your business, but it’s also essential to gaining external funding. So, the stronger and clearer your company description, the more prepared you’ll look. It shows that you have a detailed understanding of what you do and how you’ll earn money. 

Knowing how to write a company description for a business plan requires some key elements, which we’ll outline below. We’ll also give a brief company description example.  

Start by outlining who you are, including the owner and business name. On top of this, include your business’s market and target audience . You can gain this important knowledge through market research , which will help you understand demand, competition, and your customer base. 

You’ll also need to explain where you’ll run your business. For example, you may explain where you’ll open a shop and why that location will be beneficial. If you plan to run the business from home, discuss how this will work. 

Next, outline the products or services, what problems they’ll solve, and the demand of that market. Aside from what you’ll sell, discuss your short, medium, and long term goals . Clear goals show how you see your business growing over time. Be sure to make these goals realistic and achievable, with ways to measure their success. 

Also, provide an estimated opening date for your business. Then, create a timeline for when you’ll reach profitability . In addition to this, discuss the timeframe for your goals. You may also need to touch upon an exit strategy, such as when you plan to retire or potentially sell. 

Your company description should also clearly describe why you want to start this business. What gave you this idea, and what is your main motivation? Why should customers buy from you? What will you be able to offer them that other businesses can’t? 

Finally, summarise how you’ll operate your business and achieve your goals. How will you structure your business ? This section is crucial for detailing your operations and how you’ll solve potential challenges. So, try to be specific here to show you’ll make your business happen. 

Molly’s Muffins, founded by classically trained baker Molly Smith, aims to redefine the baking market by creating delicious gluten-free and healthy muffins. The shop will cater to a gluten-free audience and target a younger to middle-aged health-conscious demographic. 

Molly’s Muffins will sell in a shop with a fitted kitchen in the higher-income Marchmont neighbourhood of Edinburgh city centre, United Kingdom. The business will serve a variety of gluten-free muffins baked daily in the shop, low in fats and sugars. 

In the short term, Molly Muffin’s aims to develop a loyal customer base in the area and beyond through social media marketing, paid advertising and a rewards program. The medium-term goals of the business include developing an online shop and catering service. In the long term, the business plans to open further locations. 

Molly’s Muffins will register as a limited company to prepare for future growth. With a Bachelors in Bakery and Patisserie science and five years of experience working in and managing a bakery, Molly Smith is prepared to turn her muffin-making passion into a profitable business. 

Molly’s Muffins will open its doors in April of 2022, with a timeline of ten months to reach profitability. The business aims to reach short term goals in three months, medium-term goals in a year, and long term goals in five years. 

Mission statement : Molly’s Muffins mission is to normalise and improve the reputation of gluten-free and healthy food products by making them delicious for all. It prioritises kindness, equality, and a healthy lifestyle.

Now that you know how to write a company description for a business plan, make it clear, detailed, and brief. If your plan is vague, it will be difficult to convince investors of. But, a description with too much detail will be difficult to get through. A clear and grammatically correct description will look more professional.

After writing your company description, be sure to check and update it regularly as it needs to  change with your growing business.

As you start your small business, you’ll need to organise your finances for success. But financial management can be stressful and time-consuming when you run your own business. That’s why thousands of business owners use the Countingup app to make their financial admin easier. 

Countingup is the business current account with built-in accounting software that allows you to manage all your financial data in one place. With the app’s many features, you can better stick to and achieve your business plan. For example, the app generates cash flow insights and year-round tax estimates to avoid surprises and track your performance.  

Plus, with automatic expense categorisation and the receipt capture tools, you can stay on top of how much you spend for your business. The app will label each transaction with HMRC approved categories. It will also remind you to snap a picture of your receipt when you make a purchase. This will help you stick to your budget and maintain your bookkeeping to work towards success and profitability. 

Start your three-month free trial today. 

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10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

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4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

10 Simple Tips to Write a Successful Business Plan

Tesla engineers break down what it's like to interview at Elon Musk's car company

  • Tesla attracted more than 3.6 million applications in 2022.
  • Tesla's hiring process can involve up to 9 interviews, a presentation, and a letter to Elon Musk.
  • 10 Tesla engineers broke down the process and gave tips for getting a job at Musk's company.

Insider Today

Millions of people are lining up to work for Tesla .

The electric carmaker said it received more than 3.6 million applications in 2022. But engineers at Tesla say it's no small feat to land a role at Elon Musk's most well-known company.

Tesla's hiring process for engineers can require as many as 9 interviews, a series of tests, and in some cases, a letter to Musk himself.

Business Insider spoke with 10 current Tesla engineers about what it takes to work at the company. The employees spoke under the condition of anonymity to protect their employment, but their identities and roles at Tesla have been verified by BI.

Several engineers said it took multiple attempts to land a role at the company, and the process could be laborious. Typically, applicants must start from the beginning of the process when applying for a new role externally.

From start to finish, it can take up to six months to receive an offer letter.

The first step in the application process is pretty standard

Tesla typically responds to a successful application by setting up an interview with a recruiter or a human-resources employee.

Tesla engineers said they secured an initial interview by either sending their résumé into an application on Tesla's careers page, chatting with a Tesla representative at a networking event, or having a colleague pass along their résumé through the company's internal recommendation system.

"Sometimes it really is who you know at Tesla," one engineer who has worked at the company for six years said. "It helps to go to a feeder college where a classmate can help recommend you for a role."

Recruiters often sift through thousands of applications, giving interviews to a maximum of only 20 or so applicants , according to four engineers who've been involved in the hiring process. Only about half of those candidates would make it to the next step, they said.

After the initial culture-fit interview — which includes traditional questions about why people want to work at Tesla and how they jibe with others — candidates who progress typically chat separately with a manager and at least one engineer from their prospective team. These interviews are more technical and sometimes include a take-home or live test.

"Tesla takes a no-bullshit approach," one engineer told BI. "At other companies, you can sometimes get away with saying something to sound impressive. You can't do that at Tesla. If you don't know something, own up to it because they will always ask the follow-up questions."

Panel interviews can last up to six hours

The next step in Tesla's hiring process includes a presentation and a series of rapid-fire interviews that can take anywhere from four to six hours.

Applicants are typically told to present on a previous project for 15 to 30 minutes, followed by a Q&A session on the project. Tesla workers said it was best for early-career applicants to present on college group projects or personal ventures.

Four to six engineers sit in on the presentation and later break off to interview the candidate on their own for about 30 minutes each.

"We try to leave it pretty open-ended because it's a good way to find red flags," an engineer who has been involved in the recruiting process said regarding the presentation prompt. "We tell them not to present something confidential, and that's the biggest red flag if they present something like that. It's an easy no if we know they won't be trustworthy."

Some Tesla engineers said they spent more than 40 hours preparing for the presentation over the course of several weeks. The panel can take place over Zoom or in person. It also includes a short break in the middle of the session to give panelists time to take lunch.

"You need to make sure you know the technical details of your project inside and out," one engineer said. "It doesn't have to be the most complicated tech so long as you can talk about what you've done in great detail. You need to be able to tell them why you approached it the way you did and address other ways of accomplishing it as well."

One engineer with knowledge of the process said that after the panel, the employees would meet to give a "blind vote" on the candidate, meaning the panelists all submit their scores at once. Candidates are scored on a scale of one to four. The engineer said that if a single panel member were to give the candidate a score of one and could back up their opinion, the individual's application would usually be rejected, while a score of a three or a four would be viewed as a sign of approval for the prospective hire.

Two engineers said only about half the applicants who made it to the panel stage would be selected.

Sit tight — it could take six months to land the job

Depending on the role, some applicants are offered the job after a successful panel interview. For higher-level positions, the candidates can go on to interview with director or VP-level employees.

Three workers said some applicants were required to fill out a form that would be sent to a VP or director-level worker outlining three reasons they would be a good fit for Tesla. Some of the notes would even be passed onto Musk, the engineers said. Last year, the Tesla CEO said in an email to staff that he must approve all new hires .

From start to finish, the entire process could take anywhere from one to six months, the engineers said. Seven engineers said Tesla had the most intensive application process they'd seen in the industry.

"Half the time, we miss out because we're too slow," an engineer with knowledge of the hiring process said. "We know it, but it's set up in some ways to find the people who are so gung-ho they're willing to wait. They're people who'd probably get a higher base pay at a different company, but they have the opportunity to cash in on Tesla stock too."

A Tesla spokesperson didn't respond to a request for comment.

Do you work for Tesla or have insight to share? Reach out to the reporter from a non-work email and device at [email protected]

how to write a company description of a business plan

Watch: Tesla's biggest problem is one nobody saw coming

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One person killed after huge fire ignites Michigan warehouse, raining debris 'as far as a mile away,' police say

A man was killed after an enormous fire Monday night at a suburban Detroit warehouse, known to stock combustible materials, ignited explosions, shook homes and rained down debris as far as a mile away, officials and residents said.

Authorities on Tuesday evening appeared to be focused on butane and nitrous oxide canisters they said were stored illegally at the warehouse in Clinton Township, which housed a distributor of vaporizer pens, smoke shop items and convenience and dollar store goods.

"We know they were not allowed to have these canisters," Paul S. Brouwer, the township's emergency management coordinator, said at a news conference Tuesday night. "They were not permitted to have them in this building."

The 19-year-old man who was killed has not been publicly identified. He was at a nearby car wash, possibly observing the commotion, as canisters rained on the community even after the explosion was reported at 8:50 p.m., officials said.

Officials said the man was hit in the head and taken to the hospital, where he died.

Clinton Township Fire Chief Tim Duncan said firefighters had trouble accessing the building “due to the hundreds, if not thousands of explosions.”

First-responder vehicles rushing to the scene were struck by canisters, he said. Officials earlier said at least some of the canisters measured 12 inches.

"We had a number of fire engines and police vehicles that were hit," Duncan said. "Somebody was looking out for us."

A firefighter was injured by debris that flew through his windshield and struck him in the face, officials said. The firefighter was treated at the hospital and released.

Canisters have been discovered as far as 2 miles away, with officials saying 25 had been collected by early Tuesday evening. They said residents had been seen collecting them, possibly as souvenirs, and warned that the items were potentially explosive and deadly.

Everyone at the warehouse, where some workers assigned to the business' web-based sales were working, evacuated safety, officials said.

Emergency services were called at 8:50 p.m. to the warehouse, which housed the vape wholesale business Select Distributors and a vape and nitrous oxide brand under a wholesaler called Goo.

On its website, Select Distributors says it supplies novelty items and phone accessories to dollar stores and that it sells vape products, nitrous oxide and CBD oils. Goo calls itself a smoke shop and says it and sells tobacco, smoking paraphernalia and other items, according to NBC affiliate WDIV of Detroit.

Select Distributors' website says it sells butane wholesale, in boxes that contain 12 to 20 canisters, with some of the canisters containing 10 ounces of gas.

The volatile gas is used to refill lighters, but it's also popular with often-illegal cannabis concentrate makers who spray butane into cylinders packed with marijuana to extract butane hash oil, the core of concentrated cannabis products that can pack potent highs when smoked, vaped or eaten.

The process has resulted in countless explosions , often involving illicit home labs.

The distributor also openly sells nitrous oxide, which is largely unregulated. It is not a Drug Enforcement Administration scheduled drug, and the Food and Drug Administration has approved it as a prescribed medication and as a propellant and aerator in dairy products, mainly whipped cream. Goo brands a nitrous product called Power Hitter, according to the Select Distributors website.

The gas, sometimes sold for recreational use at vape shops and adult bookstores, can also be explosive. Its use as an oxygenator in rocketry was connected to a 2007 accident at a facility at Mojave Air and Space Port in California that killed three people. That year in suburban Detroit, a suspect described as a distributor of recreational nitrous oxide was successfully prosecuted for improperly labeling nitrous oxide cylinders .

In Clinton Township, two business owners were taken to the police department Monday night and interviewed by the fire prevention division and the Bureau of Alcohol, Tobacco, Firearms and Explosives, Duncan said. 

Witnesses affiliated with Select Distributors were cooperating with investigators, officials said at Tuesday evening's news conference. The company did not immediately respond to a request for comment.

Duncan told reporters that the business had recently received a semi-load of butane containers and had “over half of that still left.” There were also pallets of nitrous, lighter fluid and over 100,000 vape pens that had lithium batteries inside them, he said.

Barry Miller, the township superintendent for building inspections, said at Tuesday night's news conference that the location was the subject of one recent violation — improper storage of duck boats — which was corrected under a township warning. "We didn't know the canisters were on-site," he said.

WDIV reported that it received calls  from viewers who said they heard explosions as far away as the town of Troy, 15 miles to the west, in neighboring Oakland County. Clinton Township is in Macomb County.

Some callers said items inside their homes rattled and shook from the vibrations.

Eyewitnesses captured the scene from afar and posted video to social media with the sound of multiple, sustained explosions as projectiles shot out into the sky. One person said the explosions continued for more than half an hour.

A witness, Marie Ainsworth, said she had just sat down in her basement when she felt "the whole world, Earth shaking."

"I didn’t know if we were at war," she said.

When Ainsworth went outside, she saw thick smoke billowing in the air.

"It was pretty bad, and it was scary," she said. "It never stopped. It never stopped. The explosions never stopped."

Clinton Township Supervisor Robert Cannon told reporters that he lives 5 ½ miles away and that the explosion sounded like "thunder right over our home."

"That's 5 ½ miles away, so think about the people that were near the site," he said. "It was horrible. The ground was shaking. Our trucks were going to the site and the trucks were shaking. That's how bad it was."

Duncan said the warehouse was almost completely burned down. The property was fenced off, and authorities continued to scour a 2-mile radius for debris, officials said.

Officials initially told residents to stay inside with their windows closed. A Macomb County hazmat team monitored the air Monday night "with negative results, so the air is fine," said Brouwer, the emergency management coordinator. He said the water was also "absolutely perfect."

how to write a company description of a business plan

Dennis Romero is a breaking news reporter for NBC News Digital. 

Minyvonne Burke is a senior breaking news reporter for NBC News.

how to write a company description of a business plan

Patrick Smith is a London-based editor and reporter for NBC News Digital.

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  1. How to Write a Business Description (with Examples & Templates!)

    Here's how to write one that works for your business. 1. Start with your basics. The goal of a business description is to introduce any reader to your company—-and to do that quickly. So when you're getting started writing this description, it's a good idea to list out the basic information that you'll need to include.

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  3. How To Write a Company Description

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    But, this is your opportunity to talk about your business idea and get other people (i.e., lenders and investors) on board. Here are a few final tips to keep in mind when learning how to write a company description: Answer the 5 W's and 1 H. Keep it short, simple, and easy to read. Proofread, proofread, proofread.

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    4. Describe your industry's current and future state. Situate your business in the industry by discussing current developments or trends. Changes in operations, production and technology can present both challenges and opportunities for your company. Account for these possible impacts in your business description. 5.

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    Step #3: Conduct Your Market Analysis. Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.

  13. How to Expertly Write Company Description in Your Business Plan

    Here's what to include in your business plan company overview: 1. Company Profile. Start with a detailed profile of your company including your: Date of formation. Legal structure (LLC vs. C-Corp., etc.) Office location (s) Business stage (start-up vs. undergoing R&D vs. serving customers, etc.)

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    To create a strong USP, businesses must examine the profile of their target customer and market their products in a way that shows how they can solve their problems. Let's see how you can write the company overview and use it as the foundation of your marketing efforts: 1. Provide Basic Company Information.

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    Create an Outline. The next step to take after you must have carefully studied several companies' profiles is to create an outline of your own profile. You can start this by making use of bullet points to highlight the main points you want to make in your company profile.

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    Step 3: Market Analysis. Your market analysis is the first detailed section of your business plan. It needs to make readers feel confident that you understand your competitors, market, and industry, and where your business fits in. A basic market analysis includes: Industry Description. Target Market Description.

  20. How To Write A Company Description

    Evoke emotion from your client or buyer in a way that will speak uniquely to them. Use language that connects them to your brand and business background. Keep it short: Tell someone about your business in 150-250 compelling and clear characters of brand purpose statements and company highlights. Build interest: Weave the elements of your bio ...

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    Learn how to write a company description for your new business plan in this article that covers what information you need to include to get it right. Skip to content. ... How to write a company description for a business plan. 14 January 2022 5 mins. Growing a business Running a business Starting a business. Table of Contents.

  22. How to write a business description (including tips)

    Here are some steps to help you learn how to write a business description depending on your aim: 1. Research the industry. Researching the company's industry and getting information about the top competitors can help you understand what makes a business unique. Such information may help you create a specific description of the company.

  23. How to Write an Effective Company Description for a Business Plan

    In this video, I explain how to write an effective company description for a business plan. I place a special emphasis on problem and solution statements.

  24. What Is a Company Description? (Plus Key Elements and Tips)

    A company description is an overview or summary of a business. It's an important part of a business plan that often briefly describes an organization's history, location, mission statement, management personnel and, when appropriate, legal structure. Whether you're writing the company description for the biography of your organization's website ...

  25. How To Write An Effective Business Proposal

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  28. One person killed after huge fire ignites Michigan warehouse, raining

    Emergency services were called at 8:50 p.m. to the warehouse, which housed the vape wholesale business Select Distributors and a vape and nitrous oxide brand under a wholesaler called Goo.