Writing the Perfect Business Plan: Product/Service
The next part of your business plan is the section about your product or service. What you include may vary slightly depending on whether your business offers a product or a service. However, there are some key aspects that you should include.
Overview of Product/Service
You business will probably offer one or a few key products/services. In this section, you should focus on that. Describe everything you can about it: what it does, why it is beneficial, key characteristics. This is your introduction to the main focus of your business. It should be highly informative. I recommend even including information such how the product will be produced or who will be relevant to your service offering.
It is possible that you have an entire product/service line. If so, you should describe it here. A line is a set of related products/services. For example, if you sell yogurt, your product line could be yogurts in different flavors, as well as reduced-fat/diet products. These products are related, but still different. You should describe each of the products/services in your line, as well as anything that would be good for investors to know.
In order to grow your business in the future, you should have ways of expanding your product/service lines. Maybe you sell skirts now, but could expand into dresses later. You will have to be creative for this section, but once you do, it will give a vision for the future. This is the section where you outline those possibilities. Briefly explain what you can expand into. In addition, you should include any prerequisites to those offerings and the benefits of them.
Your Products/Services section of your business plan will be the most straightforward part of you plan. However, be sure to include all relevant information. Even if you think something is given, your investors may not be as aware.