Your business plan’s products and services section should clearly explain what you’re selling, with an emphasis on the benefits you provide to your clients. You should include a detailed look at each element of what you’re selling.
Compare and describe
This section should explain what you are selling, and how it fits into the market. If you are the only one selling the product or service, it will be easier to explain the value. However, it is possible that other businesses are also doing the same thing.
Give information about the offerings of your competitors, including how similar they are to yours and what they have in common. Your business may have a different approach to the product or service, or target a different audience. You might also offer something similar to your competitors, but demand for the product or service is high enough that multiple businesses can do the same thing. Please explain your situation.
You should also describe the products and services. Also, you should include information about their cost. There may be a variety of sizes and quantities for products, which can impact the price. Services might also vary depending on how much they cost.
Also, consider what competition is doing in this area. You may offer a higher quality product or a lower price for a different audience, but you must be clear about what the cost is and who can afford it.
Explain the steps taken after someone buys what you’re selling. They might purchase the product in a physical store or have it delivered to your online shop. Or they may submit a custom order and pick it up later.
You might offer a service that requires clients to come to you or you may go to them. No matter what the details may be, ensure that the process is clear.
Also Read: Top 10 Tips for eCommerce Success
You should clearly explain what special technology means if it is required. This could be the technology you require to offer your services or technology that clients or customers require to benefit from what you are selling.
You might require specific software and hardware to present a seminar. You might be selling software that requires the most recent version of an operating system. These details should be provided.
Tips for writing the Services or Products Section
These tips will help you make your business plan more effective by making your description of the available products and services an effective part.
- The customer is the focus: The purpose of the product or service section is to express clearly the benefits that you offer to your clients or customers. You can help your customers by focusing on this goal. Demonstrate how the product makes their lives easier, more profitable, and better.
- Get straight to the point Describe the value and then provide supporting material. If the main benefit of what your offering is time savings, then state that immediately. This statement should be followed with data and details to back up the claim.
- Keep it simple: Let’s assume the reader is unfamiliar with your industry, product, or service. Although you are an expert in your industry, the basics might not be so clear for those who read your business plan.
- Your uniqueness: While describing similar products or services, you should take the time to describe your product or service.
- The fine print: While the majority of your product or service section should be focused on the end result itself, it is important to include details about pricing and how that was reached.