Business Plan – Competitive Analysis

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the competitive analysis portion of my business plan? Barriers to entry, competitors, and how you will beat them. In this section, you are trying to identify all of the aspects of the market that could keep you out. Many business plans simply identify the...

Business Plan – Market Analysis Section

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the Market Analysis portion of the business plan? Market Analysis plans your approach to understanding the entire market. The market analysis is the backbone of the business plan. The market analysis gives the entrepreneur all of the information necessary to...

Business Plan – Company Description

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Company Description within the Business Plan? This is where you tell about the company you plan to be. In this section, you describe what your company does. You can go into detail about your product service or idea. But, this is just the beginning. You have...

Business Plan – Executive Summary

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the Executive Summary in a Business Plan? An executive summary is an important part of a business plan. It summarizes the key points and gives an overview of the whole business idea. The main theme of the executive summary is to summarize the main points of...

Business Plan Outline – Overview

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Business Plan? The business plan is a detailed roadmap for your business. It is a non-static, living, breathing document that should be updated regularly to reflect the course and strategy of the business. The business plan provides context and gives a...

Establishing a Business Bank Account – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How do you Establish a Business Bank Account?A business bank account has special terms of use and maintenance from a personal business account. To open the account, banks will require:  Business Organization Documents (Articles of Organization or Incorporation)...

Register a Business Name – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How do you Protect a Business Name? A business name is a form of intellectual property. The rights in a business name are recognized under state and federal law. You can register your name at the state level or protect your business name via trademark rights under...

Business Permits and Occupational Licenses

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a business license?A business license is a license granted by a local municipality (city or county) authorizing a business to carry on business within the municipality. The business license fee is a form of local tax. A broader definition of a business license...

Sales and Use Tax Identification Numbers

by TheBusinessProfessor | Feb 23, 2025 | Business Taxation

What are Sales Tax Licenses and Numbers?A state-issued license and identification number for businesses collecting sales tax. If you sell certain types of goods, your state likely requires that you collect sales tax from the purchasing customer. A business must...

Requirements for a Business License – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How to get a business license? Local government controls the issuance of a business license within its territory. The business license has several purposes, including regulation, accountability, and taxation. This article gives a brief overview of what to expect when...