3. Introduction of the business

  1. Description of the product/ service you intend to manufacture or sell.
  2. Historical Idea about how the idea originated
  3. Motivation why you believe the idea is viable
  4. Your short, medium and long-term business goals and objectives.
  5. SWOT analysis of your business idea.

Description of the Product

You want to be convincing here. Speak to the strengths of the product. Why is it viable?

Goals

Your goals should take this format and should be made of Primary Goals and Secondary Goals.

Primary goals are your goals to achieve financial and business success, whereas secondary goals can relate to anything business related. E.g. environmental goals, social goals like scholarships and employee ownership programs and personal goals.

Here is an example of the goals I wrote for a Eco-friendly wallet idea I had.

No. Primary Goal
1.1 To start-up and successfully run a consumer goods company selling mainly wallets/luggage tags/ coin purses that is sold in at least one major chain of shopping center stores such as Look & Listen, CNA or another. Making revenues of R1000 000 with a net profit percentage of 15% or R150 000 per annum.
2 Secondary Goals
2.1 Introduce an employee incentive program where even employees on the manufacturing floor can earn bonuses based on their productivity.
2.2 Provide one working day a month where employees are invited to use the manufacturing equipment to brainstorm new product ideas and present them at the end of the day to management where they can win prizes or even have the product idea become a reality.
2.3 Increase the product range from the initial core offering.

SWOT analysis

SWOT stands for Strengths, Weaknesses, Opportunities, Threats. By making a table with 4 quadrants you can list all the things that might effect your business.

A very good practice to clear the idea in your mind.

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