As you may know I have been breaking this down for everyone, including myself.To see the executive summary click here. For the objectives and mission click here. The keys to success and company info click here.
This part of your business plan is about the product and/or service you are providing. This section can be broken down into overview, product/service description, competitive comparison, sourcing, future products and how you are going to manage promote this.
- Overview, you may find this easier to do at the end of writing the rest of this sections. just highlight the main points.
- Product/service description, split these up if you have both. write in detail about your product or service, how it works and who it is for. You may find you are providing a service even if you don’t think you are, for example gift wrap, or sending out a newsletter.
- Competitive comparison, write how your competitors may affect the product/service both directly and indirectly.
- Sourcing, where do you find your raw materials are they easy to get hold off, what are the benefits of using this supplier?
- Future products, do you plan your original idea, create new ones, how many do you want to increase your range to and in what time frame?
- Managing and promoting, brochures of your product, webpage- is someone managing this for you? PC for accounting, sales, inventory etc.
It doesn’t have to be in this level of detail, you could just do the product service/description, it depends on what you are needing your business plan for. You can always do a short section and expand on it as you progress your business.
“Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground” -Rich Dad.