The description of what products and/or services you plan to sell should take up a small but vital part of your business plan. If you cannot convincingly sell the concept to your investors, it's difficult to believe you can market the actual service or product to your target market.
The Perfect Business Plan: Description of Products and/or Services
- The first paragraph should be used to specifically describe all of your products and/or services , as well as who each product or service is designed for are targeted towards.
- The second paragraph should clearly and comprehensively explain how your products and services are competitive with other similar offers – by price point, target market, and features / benefits.
- If applicable,you should reference a picture or brochure of your products, which your business plan writer should include in the plan’s appendix. Visuals are worth a thousand words, so be sure your images properly reference the benefits of your product.
After reviewing this section, your potential investor should know:
- Why you are in business including why people should buy from you and why you are likely to succeed (special benefits, niche target demographic, etc).
- What your products and services are and how much they sell for, as well as the long and short term benefits and possibility of repeat business.
- How and why your products & services are competitive (will you be able to thrive in the face of competition? What do you offer that they do not?)
A well written business plan will cover these issues in such a way that any investor or lender will feel confident that you can make a go of your business.