Business Basics

The product/service section is one of the most important parts of your business plan. It's your chance to clearly explain your products/services, identify their features and benefits, and discuss what needs or problems they address and expect to solve in the market.

Product:
If you are developing/selling a product, we want to know what it is, what it does, and its features and benefits. Consider including pictures if they would help get a better understanding of your product. Discuss its size, shape, color, cost, design, quality, capabilities, technological and life-span.

Service:
If you are developing/selling a service, explain what that service(s) are, how they work, and what need they address and expect to solve in the marketplace. Where will you operate? What makes your service different? What materials or equipment is needed? Explain the steps in your service process and the benefits you offer your clients. Write this section with enough information to satisfy a need to understand your service without trivial details.

Common Mistakes to Avoid

The following are the some of the most common mistakes to avoid in the product/service section:

>> Failing to identify the benefits of the product or service, focusing instead on the features
>> Describing the product/service in language that is too technical, containing too many industry specific words or phrases
>> Assuming an improved product/service will "sell itself"
>> Describing the product/service in terms that are too broad
>> Presenting weak plans for the future, leaving your company susceptible to competitors
>> Failing to include a third-party evaluation or analysis of your product
>> Underestimating the importance of legally protecting your product/service
>> Omitting the specific problem the product/service addresses and how it solves that problem