This Is Not an MBA Business Plan,Part 3

Your Business, Your Story: Defining the Company Profile

In the next five blogs, I’ll cover each of the five major sections of a business plan: Company Profile, Market Research, Sales & Marketing, Operations, and Financials.

I’ll focus on the key concepts that funders look for—and, more importantly, how you can use your plan as a practical tool. A Hands-On Business Plan can help you from making donkey-led mistakes. It’s something you’ll actually use. Too many business plans feature grandiose schemes, fancy charts, and beautiful layouts but lack substance (and I’ve read over 500 of them!).

My suggestions will vary depending on the business. However, for this blog, I’ll focus on practical main street businesses—not the case studies MBA students pore over.

Let’s start with the first section: Company Profile (also called Company Description).

Note: In the Hands-On Business Plan, there’s no Executive Summary. If you write clearly and concisely throughout the plan, there’s no need to repeat yourself. If your business is going to succeed, it will show in the details.

Company Profile: The Face of Your Company

Key phrase: Clarity and Credibility

Most overlooked: Company history

What’s Your Promise?

As a business, you’re making a promise: offering something specific to a specific group of people (never say “everybody”). Focus on three things:

• Business Overview: What is your business, in plain language? Skip the industry jargon.

• Product/Service Listings: What are people actually paying for? Limit this to 3–4 key offerings.

• Value Proposition: What’s the one key benefit you provide? Keep it tight. A long list dilutes the message.

  
  

Aim for Clarity

Before you tell me you’ve got a revolutionary idea, start with this: What is your business, and what are you selling?

Don’t write:

“An online clothing brand that will revolutionize the clothing market with 12 different styles and colours.”

Instead, say:

“An online store offering flattering outdoor hiking pants for women, in inclusive sizes (XS–4X), available in two colours.”

Specifics matter. If you have photos, include them in the appendix.

Value Proposition: What Customers Are Willing to Pay For

This is another way of asking: Why would someone give you their money?

You don’t have to be different just for the sake of it. Yes, industries like tech, fashion, or consumer goods demand clear differentiators. But every business needs a niche—a narrow lane to focus your energy.

If you’re a brand consultant, it’s more compelling to say you work with B2B medical technology companies than “any business that needs branding.”

One common trap is selling what you think people need. That solo business you’re targeting with brand design? They might not see the value—or want to pay for it.

And please, don’t compete on price (unless you're opening a dollar store).

Many entrepreneurs cram too many benefits into their value proposition: innovation, best service, high quality, social impact. Choose one key benefit. The more you claim, the more you have to prove. Just getting one right takes effort, feedback, and fine-tuning.

This is hard for entrepreneurs to grasp: one key VP for one key target group. Your job isn’t to “keep all your options open.” It’s to make clear choices and go all in. You need to commit, not stay on the fence.

And remember: you’re not married to this. It will evolve. But you need a clear starting point.

In our hiking pants example, the key benefit is making fashion-friendly hiking pants for women. There will be other benefits later, but get this one right first.

Management: Owner(s) Only

This section is about the owner(s)—the ones taking the risk. It’s great if others are helping (you can mention that in Operations), but for now, we want to know who’s running the ship.

If you’re the sole owner, discuss your background as it relates to the business. Start with work experience. Be specific and name the companies, projects, number of clients, or relevant accomplishments.

Same with education: include only what relates to your business, even if it’s volunteer work.

Mention industry contacts if you have them or suppliers you've connected with.

But don’t turn this into a résumé. Be selective. Focus on what gives you credibility.

Company History (if any)

Even though a business plan looks forward, your past can be just as revealing.

This section often gets skipped, unfortunately. Use it to share your progress so far: test results, feedback, expenses, and lessons learned. Yes, even the stumbles. They show you’re willing to grow? Did you make any sales? Who bought? How much? Do you have potential sales lined up?

Don’t worry about which section this info “belongs” in—it just matters that it’s included somewhere.

What’s Your Story?

Many entrepreneurs start because of a lived experience. I’ve seen this often in alternative healing businesses. Someone deals with an ailment that traditional medicine doesn’t solve. They try something like acupuncture, it works, and they’re inspired to become a practitioner. They get trained, gain experience, and eventually start their own practice. When you’re both an avid user and a provider, it boosts your credibility.

If your business is product-based, what matters is what you’ve done so far—gotten quotes, secured suppliers, tested the product. Show that this isn’t just an idea in your head (see last week’s blog). You don’t need 20 years of experience, but you do need to show you’re ready.

Legal Structure

Sole Proprietorship? Partnership? Incorporation?

Many entrepreneurs spend too much time, money, and energy here, especially at the beginning. (Read my blog on this topic.) My general rules:

1. Don’t rush it.

2. Follow the norm in your industry.

3. Focus on more important things first.

   
   

What About Vision and Mission Statements?

So many plans begin with these, then spend pages explaining how they’ll achieve them in five years. Really? I’d rather know what you plan to do in the next three months. Vision and mission statements have their place. They’re inspirational and evolve. That’s why I suggest putting them at the end of this section, so your donkey mindset doesn’t convince you this will all happen overnight.

Managing expectations is a big part of being an entrepreneur. I’ll keep returning to that throughout this series.

Next up: Operations (yep, jumping ahead to Section IV). Why? Because it’s all about proving your promise from the Company Profile.

Stay tuned.