Generally Explain:

1. What the business is (or will be).
2. What market you intend to service, the size of the market, and your expected share.
3. Why you can service that market better than your competition.
4. Why you have chosen your particular location.
5. What management and other personnel are required and available for the operation.
6. Why your investment or someone else's money (debt/equity) will help make your business profitable.

QUESTIONS:

In General:
1. Type of business; primarily merchandising retail, manufacturing, wholesale, or service?
2. What is the nature of the product(s) or service(s)?
3. Status of business start-up, expansion of a going concern, or take-over of an existing business?
4. Business form: sole proprietorship, partnership or corporation?
5. Who are the customers or clients?
6. Why is your business going to be profitable?
7. When will (did) your business open?
8. What hours of the day and days of the week will you be (are you) in operation?
9. What have you learned about your kind of business from outside sources (trade suppliers, banks, other business people, publications)?
NOTE: If yours is a seasonal business, or if the hours will be adjusted seasonally, make sure that the seasonality is reflected in your replies to the two previous questions.

For a New Business:

10. Why will you be successful in this business?
11. What is your experience in this business?
12. Have you spoken with other people in this type of business about their experience, challenges and rewards? What were their responses?
13. What will be special about your business?
14. Have you spoken with prospective trade suppliers to find out what managerial and/or technical help they will provide?
15. Have you asked about trade credit?
16. If you will be doing and contract work, what are the terms? Reference any firm contract and include it as a supporting document.
17. Do you have letters of intent from prospective suppliers or purchasers?

For a Take-Over:
18. When and by whom was the business founded?
19. Why is the owner selling it?
20. How did you arrive at a purchase price for the business?
21. What is the trend of sales?
22. If the business is going downhill, why? How can you turn it around? 23. How will your management make the business more profitable?