Describe where you are now with the business and what you’ve already accomplished.
It’s okay to be just starting out, but talk about the progress you’ve already made. If you’re writing a business plan to help you secure a loan or investor, how will that infusion of money help you get there?
Even if there are no day spas in your area, there may be gyms that offer massages, beauty salons that do facials, etc.
Discuss how your business will solve the problem better and more successfully. You’ll introduce them extensively later on, but part of exciting readers is letting them know who’s on your team, and why you’re uniquely qualified to be successful.
In every case, keep in mind that this is a summary! The Small Business Administration recommends fitting everything on one page, and two should certainly be your limit.
The company information to include is the name of your business, when it was formed, the names and roles of the founders, how many employees you have, and where you’re located.Remember that if your product or service doesn’t answer a need or isn’t solving a problem, you don’t have a viable business.The problem may be as simple as: “There are no day spas within a 50 mile radius of Anytown,” but you need to identify and state the problem you’re solving.The executive summary section of a business plan for a new business can offer information about its business model and how you plan to earn revenue.You should also share financial projections and your anticipated expenses.As we mentioned in our Introduction to Business Plans, plans can serve several different purposes and be intended for different audiences.What you include in the summary will depend on where in the business cycle your company is and what the plan is for.If you’ve found the perfect spot for that day spa we’ve been talking about, mention it here. You should include the drawing later in the plan, but mention it here. If you’re writing your business plan because you’re seeking funding, there are certain pieces of information you need to include, such as information about your current bank and investors, if any.If you’re running an established business, you’ll need to outline your current revenue and expenses, although save the nitty-gritty details for the financial section of the business plan.The executive summary is the first thing someone will read when they start making their way through your business plan, and that makes it vitally important.Just like a great movie trailer excites you about seeing a film, or a book jacket blurb entices you to pick up a novel, the executive summary needs to engage your readers and spark their interest, making them want to continue reading more about your business.