Defining your business

In order to properly plan your business’s goals and objectives for the future, you must first understand and be able to define what your business is. If you are just starting out and do not yet have a business plan, ask yourself, what business am I in? Think about what kind of product or service you are offering, what industry your business fits into, and where it will be located in the marketplace, when compared to your competitors, i.e. high-end or budget products, etc.

Clarifying what your business is will be a crucial step in the planning process. This definition will help you to position yourself when devising marketing and product development strategies, deciding what materials, equipments and assets will be needed to run your business, and what your business’s financial and personnel requirements will be.