The shorter you can make your summary business plan, the better.
How do you write the Products and Services section of a business plan? It may be necessary to give some basic background if this is an area or industry people are unfamiliar with.
While you write up the Products and Services section of your business plan, keep your reader in mind. Things that you might take for granted or know inside-out might not be common knowledge to potential lenders or investors.
As you write, avoid being too technical, assuming too much knowledge from your readers, and using buzzwords. Here are the points you want to write up in the Products and Services section of your business plan: The Product or Service Description What is your product or service, and how does it work?
How does it benefit customers? How do you make it or how will you get it made? Why would someone choose to buy your product or do business with you over someone else?
Gotten approvals from industry experts? Did you trademark, copyright, or patent your product? These can add substance and credibility, so be sure to mention them.
Lifecycle Where are you currently with this product or service? Is it in the idea stage or do you have a prototype? Have you produced some and are looking to expand?
Have you started offering this service already or are you still in the planning stages? Sales and Distribution Strategy How will you sell it? Will you market it online or in retail stores? Have you lined up any vendors?
Fulfillment How will you fill orders or deliver the service? Will you manufacture items yourself or outsource to someone else? Who will handle distribution, and how? Will you need any special equipment or technology to provide your product or service? How Do You Stand Out?
Perhaps most importantly, emphasize how and why you are competitive. How do you stand out, and why does this business have such a terrific chance at succeeding? In talking about your product or service, always try to answer why a client would want it. What need are you fulfilling or what problem are you solving?Business Plan Template When it comes to making the most of your business, Bank of Ireland is here to support you in any way we can.
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