Business description section of the business plan is an extension of the executive summary section and describes the business in much greater detail.
You will get into more detail regarding what kind of business it is such as retail, wholesale, manufacturing etc. You will also talk about the competitors and about the industry in general. You will discuss the growth potential of the industry and what kind of trends you are hoping to cash in on in the industry growth. It is a good idea to provide statistics and research information on the opportunity and your business presence in the industry.
You can also talk about the target market for a product or service and how the product will be sold and distributed. This is a good place to mention the system that is going to be in place as well as the strategies going to be used to market and promote the product or service such as the advertising, promotions and customer service strategies.
Describe your product or service in detail. Discuss the products usability and application to the users and emphasize any unique features that set your proper services apart from the competitors already in the industry.
If you are going to use the business plan for the purpose of funding your business, you should also explain how the money borrowed is going to be used to grow or develop the business and what the expected return on investment is likely to be. If you already have any orders in hand, this is a good place to mention it.