Once you’ve completed the Marketing and Sales Management section of your plan, part six of your business plan is where you describe your service or product, emphasizing the benefits to potential and current customers. Focus on why your particular product will fill a need for your target customers.
What to Include in Your Service or Product Line Section
A Description of Your Product / Service
Include information about the specific benefits of your product or service – from your customers' perspective. You should also talk about your product or service's ability to meet consumer needs, any advantages your product has over that of the competition, and the current development stage your product is in (e.g., idea, prototype).
Details About Your Product’s Life Cycle
Be sure to include information about where your product or service is in its life cycle, as well as any factors that may influence its cycle in the future.
Intellectual Property
If you have any existing, pending, or any anticipated copyright or patent filings, list them here. Also disclose whether any key aspects of a product may be classified as trade secrets. Last, include any information pertaining to existing legal agreements, such as nondisclosure or non-compete agreements.
Research and Development (R&D) Activities
Outline any R&D activities that you are involved in or are planning. What results of future R&D activities do you expect? Be sure to analyze the R&D efforts of not only your own business, but also of others in your industry.
Next, if you are seeking financing for your business, you’ll need to complete part seven of your plan – Funding Request.
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