Product and services for a business

What is your product or service

Will you be offering a special guarantee or refund policy? Don't let your business plan get bogged down in too much description and information. Is your product lower priced or of better quality than anything else that is available? Will your operating costs be low enough to allow a reasonable profit margin? Finally, if you've applied for a patent, copyright or trademark, include that as well. Order Fulfillment Explain what happens once someone purchases what you are selling. All commercial loans and lines of credit are made by Citibank, NA. Do you have a quicker or more unique way of delivering your product or service? By Alyssa Gregory Updated August 16, The products or services section of your business plan should clearly describe what you are selling with an emphasis on the value you're providing to your customers or clients. So is describing why your products and services are needed if no market currently exists. You not only want to describe your products and services but also share why you're the best to provide them.

To make a product successful, you must be personally and emotionally committed to its success. Is this a product or service that you intensely desire to bring to the marketplace?

product and services definition

It's also possible what you are offering is almost identical to what your competitors are offering, but demand in the marketplace is high enough to support multiple businesses doing the same thing. 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.

Your product and services section should include: A description of the products or services you are offering or plan to offer How your products and services will be priced A comparison of the products or services your competitors offer in relation to yours Sales literature you plan to use, including information about your marketing collateral materials and the role your website will play in your sales efforts A paragraph or so on how orders from your customers will be processed or fulfilled Any needs you have to create or deliver your products, such as up-to-date computer equipment Any intellectual property i.

business plan for a product pdf

Terms and conditions of accounts, products, programs and services are subject to change. To that end, here are a few tips to create a product and services section that appeals to the reader: Indicate why your product or services are needed.

describe the product/service including the benefits of using the product/service

Is price an issue? More from Entrepreneur David provides constructive insight to help businesses focus on their company growth, build brand awareness and know when and how to raise money.

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Products & services