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Product and Services In Business Plan:
A section in your business plan is known as the products and services section. This section, despite its name, is more than listing your company’s products or the services it renders to people. This is significant when raising funds from potential investors and looking for partners using your business plan. The product and service section shows the value, quality, and benefits your company offers.
Your business plan’s products and services section should indicate your products and services, their importance in the market, how you intend to compete with alternatives, and your competitive advantage. The product and services section of your company’s business plan show have the following attached:
The first thing to know is to get the attention of people you want to partner with or invest in your company through this product and service section. This shows how important it is. To create such area that will attract and appeal to your readers, you should:
Show the importance of your products or services and why the market needs them. This is important, especially for new businesses or old ones venturing into a new invention, concept, or a place without a market. You need to carefully explain the need for your products in such a market.
The features of your products or services should be highlighted, such as the price, what makes your products unique, and your level of service. This is where you should sell your business well to those who read your business plan.
Focus on the product’s benefits. While it is good to mention the features of your products or services, writing more about the benefits will do the magic you want—covert your product’s characteristics to benefits. The primary goal is to show that your product will solve a problem.
Your business plan should be concise and clear. Avoid every form of ambiguous writing. You should use numbered lists to highlight important information. This will make it easy for readers to flow and get the message you want to convey easier.
Show your experience, experience, and accolades. You can add your awards, endorsements, and testimonials here. All of them should be in line with your business plan. Also, indicate if you applied for any intangible asset like copyright, trademark, or patent.
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