The products or services section of your business plan should clearly describe what products and/or services you're selling with emphasis on the value you're providing to your customers or clients.
What Does a Products or Services Section in a Business Plan Include?
The products or services section should include an in-depth look at all of the elements related to the products or services you are selling.
This section can be broken down into the following parts:
• Description of the products or services
• Brief comparison to similar products or services in the market
• List of your price points
• Explanation of how product orders will be fulfilled
• Overview of any special software, equipment, supplies or technology that is required to provide your product or service
• Outline of future products or services anticipated
Tips for Writing the Products or Services Section
Keep these tips in mind as you write your products or services section so you can make it an effective part of your business plan.
• Focus on the Customer - The purpose of the products or services section of your business plan is to clearly express the benefits you're providing to your customers or clients. All of the background you provide should focus on that goal. Think in terms of answering, "Why does my ideal client want this? How will my product or service make his/her life better, easier or more profitable?"
• Get to the Point - What is the primary function of your products or services? Outline the need you are fulfilling, the problem you are solving and the overall purpose of the product or service.
• Keep It Simple - You're the expert in the industry, so you may overlook some fundamental elements when describing your products and services because it's so common to you. However, the basics may not be as clear to those reading your business plan. Assume the reader has little to no understanding of your industry and product or service.
• Show Your Uniqueness - While describing similar products and services that are already in existence, take some time in your description to express how your product or service is different, better and unique.
• Include the Fine Print - While the bulk of your products or services section should focus on the end result product or service, you should also include information about your pricing and how you arrived at that price point. And be sure to include details about how the product will be sold (i.e. retail, online, etc.).