Building Your Business Plan: Part 1 – Introduction
Building Your Business Plan: Part 2 – Business Overview
Building Your Business Plan: Part 3 – Products and Services
Building Your Business Plan: Part 4 – Studying the Market
Building Your Business Plan: Part 5 – Identify Your Market
Building Your Business Plan: Part 6 – Competition and Industry SWOT
This article is written to provide you with the tools to develop your Business Plan as it relates to your business’s products and services.
In part 2 of this series, we discussed the first section of Building Your Business Plan, which relates to your business’s description and overview, two key components that financial institutions or investors look at when reviewing business proposals. In this part of the series, we are going to discuss the business’s products and services.
Note: When completing these forms, you may need to adjust the size of the writing space that is provided in the template so you can accurately describe what your business’s products and/or services are.
Section 2. Your Products and Services
When defining your business’s products and/or services it is crucial to take the time to accurately detail out what products and/or services your business provides.
As you complete this question, think about how your business’s products and/or services will benefit the community or its customers. It is important to keep the information brief but detailed, meaning only providing information as it directly relates to what you are describing.
As you complete this question, it is crucial to think critically. You want to ensure that whoever is reviewing your proposal has a clear picture as to why your business’s products and/or services will be sought out over another business.
Pro Tip: Consider asking yourself what your Unique Selling Proposition (USP) is. Do you believe in what you are planning on selling? What advantages do your products and/or services have over your competitors?
Once you have defined what your business’s products and/or services are and why you believe they will be sought out over your competitors, you have an opportunity to focus your attention on whether there is room for future development or advancements.
Pro Tip: Investors will become more engaged with a business’s ideas, products, or services when there is potential room for future growth and development. If you can enhance your business’s products or services in the future in any way, make sure you provide the details on how this can be accomplished! Investors are keen on supporting businesses, especially when they can see the future financial growth.
When you are putting your strategy together as it relates to products and services, it can be helpful to put yourself in the shoes of potential investors and customers. You might uncover hidden gems that can support your business idea and increase investor traction.
Now that you understand what you may need to consider as it relates to your business’s products and/or services, it is important to remember to keep thinking outside of the box rather than focus solely on the current product or service idea.
Please stay tuned for part 4 of this series when we discuss Studying the Market.