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Business Plan 101: Products & Services

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This section is an opportunity for your to describe in depth your products and services. There should be an emphasis on the benefits to potential and current customers. Also, ensure that your focus on the particular niche that your product and/or service fulfills for your ideal customer.

Included in this section should be:

A Description of Your Product/Service

In this sub-section, include information about how your product and service functions and also include information about the customer’s benefits from the product and/or service. Talk about your product or service’s ability to meet your target customers needs and any advantages your product or service might have over your competition. Also, include your current developmental stage if your product has not been developed and tested in the marketplace (e.g. Beta). Explanin the process for the development and execution of your product and service from the beginning to the end.

Life Cycle

Related to your current developmental stage, include where your product is in the life cycle and what factors (internal or external) migh influence this cycle in the future.

Intellectual Property

If there are any existing, pending or any anticipated copyright or patent filings,  be sure to list them in depth in this sub-section.  If there is anything that might be considered trade secret or legal agreements like nondisclosure or non-compete agreements

Research & Development (R&D) Activities

Outline and explain any R & D activites that you are involved with or planning and what the expected results of these activities might be. Included in this sub-section are any future products and/or services you are anticipating in your company. Finally, be sure to mention and analyze what Research & Development efforts from your competitors and in your industry.

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.

Image(s): FreeDigitalPhotos.net

About Gresham Harkless Jr.

Profile photo of Gresham Harkless Jr.
Gresham Harkless is a Media Consultant for Blue 16 Media and the Blogger-in-Chief for CEO Blog Nation. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.
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