Business Plan: Products/Services
How to present products/services?
The Products and Services section clearly describes what your business sells and the benefits customers receive. It explains how your products or services work, who they are for, and how they solve specific problems or improve your customers’ lives. By laying this out in plain language, you help readers quickly understand the real-world value behind your business idea.
Why is it important?
For lenders, this section builds confidence in your ability to generate revenue even if your current financials are limited or you are just getting started. When they can picture customers clearly benefiting from your products or services, and see the logic behind your pricing, quality, and value, they are more likely to trust that demand will grow and that the business can support loan repayment over time.
Key Considerations for products/services?
Highlight the differences from other options in the market.
o Describe unique features, benefits, or service approaches
o Include personal story, delivery model, or anything that sets the business apart
Product description
o Specifications (price, functionality, benefits, customer value provided, etc..)
o Materials needed (list of materials, costs, procurement process, etc…)
o Delivery processes (how will the customer obtain the product/service?)
Market analysis
o Include details of other competitors, discuss competitive positioning of business
o Potential barriers of entry in the market, and how the business will navigate those barriers (pricing advantages, intellectual property, etc…)