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In the Products and Services section of your business plan, you will clearly describe--yep--the products and services your business will provide.
Use simple terms and avoid industry buzzwords so your readers can easily understand. On the other hand, describing how the company's products and services will differ from the competition is critical. So is describing why your products and services are needed if no market currently exists.
For example, before there was Federal Express, overnight delivery was a niche business served by small companies. FedEx had to define the opportunity for a new, large-scale service and justify why customers needed--and would actually use--that service.
Patents, copyrights, and trademarks you own or have applied for should also be listed in this section. Depending on the nature of your business, your Products and Services section could be very long or relatively short. If your business is product-focused, you will want to spend more time describing those products.
If you plan to sell a commodity item and the key to your success lies in, say, competitive pricing, you probably don't need to provide significant product detail. Or if you plan to sell a commodity readily available in a variety of outlets, the key to your business may not be the commodity itself but your ability to market in a more cost-effective way than your competition.
But if you're creating a new product or servicemake sure you thoroughly explain the nature of the product, its uses, and its value, etc. Key questions to answer: Are products or services in development or existing and on the market? What is the timeline for bringing new products and services to market?
What makes your products or services different? Are there competitive advantages compared with offerings from other competitors?
Are there competitive disadvantages you will need to overcome? And if so, how?
Is price an issue? Will your operating costs be low enough to allow a reasonable profit margin? How will you acquire your products? Are you the manufacturer? Do you assemble products using components provided by others?
Do you purchase products from suppliers or wholesalers? If your business takes off, is a steady supply of products available? In the cycling rental business example we've been using, products and services could be a relatively simple section to complete or it could be fairly involved.others view family life as diverse, resilient and adaptive to Life Insurance Financial Protection for your family -Life insurance financial protection for your family.
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English Español. A Business Plan, also known as a startup proposal or small business outline, is a document that business founders use to outline the goals for an existing or new business.
This includes the marketing, financial, and operational aspects of the company. Small Business Plan Template (Free PDF & PPT Download) All Hands Meeting Template (PDF and PPT Download) Business Budget Template (PDF, XLS, PPT Download) Competitor Analysis Template (Powerpoint & PDF) SWOT PowerPoint Template (Free PDF Download).