Business Plan Section 4: Products and Services
To give others a clear understanding of the value your product or service provides, read about 11 important things to include in this section of your plan.
This is the part of your business plan where you will describe the specific products and services you’re going to offer. You’ll fully explain the concept for your business, along with all aspects of purchasing, manufacturing, packaging, and distribution. You’ll go over suppliers, costs, and how what you’re offering fits into the current market and stacks up against your competitors.
How do you write the Products and Services section of a business plan?
While your product may be technical, don’t get caught up in complicated industry jargon. Explain and describe what you’re offering in layman’s terms, so someone who isn’t familiar with your business will understand and be excited about it. It may be necessary to give some basic background if this is an area or industry people are unfamiliar with.
While you write up the Products and Services section of your business plan, keep your reader in mind. Things that you might take for granted or know inside-out might not be common knowledge to potential lenders or investors. As you write, avoid being too technical, assuming too much knowledge from your readers, and using buzzwords.
You don’t want to come off as condescending, but you do want to make sure everyone understands what you’re talking about. To see if you’ve succeeded, have some trusted people who aren’t in your industry proof-read this section for you, and ask them to explain your product or service in their own words, along with the benefits to using them.
Here are the points you want to write up in the Products and Services section of your business plan:
The Product or Service Description
What is your product and service, and how does it work? How does it benefit customers? How do you make it or how will you get it made?
Product Comparison
What makes this product or service unique or better than what’s already available in the market? Why would someone choose to buy your product or do business with you over someone else?
Accreditations/Intellectual Property
Have you had the product tested or certified? Gotten approvals from industry experts? Did you trademark, copyright, or patent your product ? These can add substance and credibility, so be sure to mention them.
Where are you currently with this product or service? Is it in the idea stage or do you have a prototype? Have you produced some and are looking to expand? Have you started offering this service already or are you still in the planning stages ?
How much will you charge for the products or services you’re offering? Where does this fit in with what’s currently available?
Sales and Distribution Strategy
How will you sell it? Will you market it online or in retail stores? Have you lined up any vendors? How will you distribute it or deliver the service you’re providing?
Fulfillment
How will you fill orders or deliver the service? Will you manufacture items yourself or outsource to someone else? Who will handle distribution, and how?
Requirements
Will you need any special equipment or technology to provide your product or service?
Do you envision future products or services as an extension of the business once it’s successfully launched?
Photos or Brochures
It’s beneficial to include a visual representation of your offering. Photos or brochures would generally get put in the plan’s appendix, but you would refer to them in this section.
How Do You Stand Out?
Perhaps most importantly, emphasize how and why you are competitive. How do you stand out, and why does this business have such a terrific chance at succeeding? In talking about your product or service, always try to answer why a client would want it. How will your offering make your customers’ lives better or more profitable? What need are you fulfilling or what problem are you solving?
To sum up, the product and services section of your business plan gives the reader a clear understanding of why you’re in business, what you sell, how you compete with what’s already available, or how you fill a niche that no one else is meeting.
Next > Business Plan Section 5: Market Analysis
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How to Write the Business Plan Products and Services Section
Get tips on writing the products and services part of your business plan.
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- The Products and Services Section
- What to Include
- Tips on Writing the Section
The products and services section of your business plan is more than just a list of what your business is going to provide. This section of your business plan should include details about how you'll price products and services, how you'll fulfill orders, and other details that investors need to hear before you can get funding . Learn more below.
Key Takeaways
- Business plans include details about products and services you'll offer, including exactly how you plan to market, sell, and deliver on customer orders.
- The best business plans are clear and concise.
- The products and services section of your plan should show off why your product or service is needed.
- The products and services section should also convey the expertise and experience you have to succeed.
Why You Need a Products and Services Section in a Business Plan
The business plan products and services section is the centerpiece of your plan. While other sections of your business plan are important, the products and services section is the essence of your business and the point around which every other part of the business plan is built .
What to Include in a Products and Services Section
The products and services section of your business plan outlines your product or service, why it's needed by your market, and how it will compete with other businesses selling the same or similar products and services.
Your products and services section should include a description of the products or services you are offering or plan to offer (including future products or services). You should explain how your products and services will be priced and a comparison of the products or services your competitors offer in relation to yours.
You should also include the sales literature you plan to use. Detail your marketing materials, and clarify the role your website will play in your sales efforts.
The products and services section will include a paragraph or so on how orders from your customers will be processed or fulfilled, as well as any needs you have to create or deliver your products, such as up-to-date computer equipment. If your process depends on intellectual property or legal issues, such as trademarks , then those need to be addressed.
Tips on Writing the Products and Services Section
This section of your business plan should excite those you're hoping will fund your business or work with you. To that end, here are a few tips to create a products and services section that appeals to the reader.
Indicate Why Your Product or Service Is Needed
Especially if you're venturing into a new concept or invention, or a place where there is no current market, you need to explain the need for your product or service.
Highlight the Features of Your Product or Service
A crucial part of business success is the ability to set yourself apart from other businesses that sell the same or similar products and services. What features, such as price point or level of service, do you offer that are unique to you?
Focus on Benefits
Unique features are important, but even more vital is how those features provide value to consumers. Translate your features (i.e., faster or cheaper) into benefits (i.e., get it now or save money). The goal is to highlight how your product or service will fix a problem or improve a client or customer's life.
Be Clear and Concise
Don't let your business plan get bogged down in too much description and information. Use bullets or numbered lists to quickly and easily highlight important information.
Show Off Expertise, Experience, and Accolades
You not only want to describe your products and services but also share why you're the best person to provide them. Include anything in your education or experience that makes you an expert in this business. If you have testimonials, awards, or endorsements, share those. Finally, if you've applied for a patent, copyright, or trademark, include that as well.
Be the Expert, But Use Layman's Terms
You should know your product, service, and industry well, but don't expect your potential funders and partners to have the same level of knowledge. Assume the reader doesn't know as much as you when you explain what you're offering.
Avoid acronyms and jargon when outlining your products and services.
Indicate What's Special About Your Products or Services
Will you be offering a special guarantee or refund policy? Do you have a quicker or more unique way of delivering your product or service?
Speak to Your Customer
While you don't want to write an advertorial, you do want to be customer-oriented when you write your products and services section.
Examples of a Products and Services Section
The Small Business Administration offers business plan examples that you can draw from to help guide your writing. Here's an example of a products section for someone creating "Wooden Grain Toys."
Wooden Grain Toys will sell wooden toys made from solid hardwoods (maple, beech, birch, cherry, and oak) and steel rivets. The toys are handcrafted and designed for small children to easily use. Our line currently includes the following nine models:
- All-Purpose Pick-Up Truck w/movable doors and tailgate
- Dump Truck w/functioning dumping mechanism and box
- Biplane (two-seater) w/movable propeller
- Steam engine with coal tender - additional cars available separately: caboose, flat car w/logs, box car, tank car, coal car
- Flat-Bed Truck w/logs
Wooden Grain Toys will offer its products for the following prices:
- All-Purpose Pick-Up Truck w/movable doors and tailgate - $25
- Dump Truck w/functioning dumping mechanism and box - $30
- Biplane (two-seater) w/movable propeller - $20
- Additional train cars (single car) - $5
- Additional train cars (three cars) - $12
- City Bus - $12
- Tow Truck - $18
- Flat-Bed Truck w/logs - $35
- Sports Car - $20
- Sedan - $20
What Is Product and Service in a Business Plan?
A products and services section of a business plan clarifies exactly what your business will produce , how much it'll sell for, and other details along those lines.
What Are Examples of Products and Services?
A product or service can be anything a business creates to turn a profit. Some businesses have both products and services. For example, a restaurant's services include cooking for and serving customers. The restaurant's products are the dishes and drinks it creates.
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Write Products and Services Section of a Business Plan
The core purpose of any business is to sell its offerings to its target customers.
To do this, you devise a plethora of strategies, tactics, and plans. While that is important, your sales ultimately depend on the value you provide to your customers through your products and services.
FYI, we have used the term “product” in this article to refer to both products and services unless mentioned otherwise.
What is a Products & Services Section?
What’s included in the products & services section, 6 tips on writing a good products & services section, persuade interest with a products & services section.
The products and services section of your business plan is where you mention and elaborate on your product range, product descriptions, pricing strategies, and other relevant details.
If you’re looking for partners or investors, this section plays a crucial role in persuading them. What you include in this section and how you write it can deeply impact whether or not your investors will seal the deal with you.
What’s Included in the Products and Services Section
In the products and services section of your business plan , you provide an overview of what you offer. Here are all the key elements your products and services section should cover:
Description
In this part, you include all the important details of your offerings. To write an accurate description, you can use the 5W2H method and answer these questions:
- Who can use this product? Mention the details of your ideal customer.
- What are the fundamental aspects of your product? These may include features, materials, ingredients, costs, dimensions, etc.
- When should someone use this product? Mention the occasion, or the season if it’s a seasonal product. You can also mention if it is designed for a specific purpose.
- Where should your customers use the product? Is it used indoors or outdoors? Specify these details.
- Why should your customers use your product? Mention how the product fulfills their needs.
- How should they use your product? Mention if there are any important user instructions.
- How much should they use it? Mention the ideal frequency of usage that’s essential to follow while using the product.
Pricing Procedure
A pricing strategy refers to the tactics you use to set a price for your products and services. There are several pricing strategies to choose from; you can pick the one that best fits your business model .
There are several things to consider before setting your price. Conduct a price analysis to get an idea of which pricing strategy works for you. Here are the steps involved in conducting a pricing analysis:
Determine cost of goods sold ( COGS ):
To calculate the total cost of your products and services, add all the expenses that you incurred before the sale. This will include costs such as manufacturing, labor, warehousing, distributing, packaging and labeling, marketing, etc.
Collect data about the price preferences of your customers:
Study your competitors’ prices:, consider all the legal and ethical aspects:, product comparison.
Regardless of what you’re selling, chances are someone in the market is already selling it. Unlike direct competitors, indirect competitors are those who sell similar products with slight variations.
Looking at your competitors can help you draw a comparison. To do that, examine their products and services and list down the similarities and differences.
Sales Literature
Sales literature refers to the promotional and informative materials you use to inform, clarify, and convince your customers to make buying decisions. These include brochures, catalogs, newsletters, price lists, customer testimonials, and case studies.
List out all the sales literature you use or plan to market your products and services; explain the information it conveys in brief. Another integral part of your sales literature is your website; explain how it contributes to your sales.
Perhaps you run a blog to promote your products and inform your customers about new releases. Maybe you sell your products and services directly from your website; in that case, your sales literature material will go there.
Sales literature is a quick and attractive tool to market your products and services.
Order Management
Order processing refers to the stages from the moment a customer places an order to the delivery of the product paired with after-sales services. Here, you explain how customers will order or buy the product and the delivery process.
For instance, if you are an online retail store , your order processing may include these stages:
- Order Placement
- Order processing
- Picking inventory
- Product Delivery
- Customer support
Delivery Requirements
If the delivery or creation of your products and services needs any resources, you mention them here. These include equipment, vehicles, technology, and software.
For instance, a cafe owner will need kitchen equipment and IT solutions to run and provide its services. These should be mentioned in this part of the products and services section.
Intellectual Properties
Mention all the IP documents that are related to your products and services. These include trademarks, seller permits, patents, other licenses, etc. Here you can also include any legal issues you are currently facing. Explain how you are dealing with the existing issues.
Further, mention the issues that might occur in the future and the counteractive measures you will take to prevent them. These include adding safety labels, and disclaimers, opting for insurance policies, etc.
Future Offerings
This is a chance to impress your investors or partners by briefing them about your future products or services. This shows that you’re already working on new ideas which help convey your potential and dedication.
6 Tips on Writing a Good Products and Services Section
Opt for a customer-centric approach:
Keep it simple:, ditch buzzwords and industrial jargon:, specify market pain points:, emphasize your usp:, flaunt your achievements:, persuade interest with a products and services section.
Products and services are the lifeblood of your business. An accurate representation of your offerings is crucial to scoring funding and demonstrating your potential to grow in the market.
Related Articles
Everything You Need to Know About Pricing Strategy
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Sample Business Plan
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The following business plan for the fictional firm of "Acme Management Technology" (AMT) is an example of what a completed business plan might look like. This example is provided as part of the instructions and detailed descriptions included in the Components of a Business Plan.
Sample Business Plan for Acme Management Technology
1.0 executive summary.
By focusing on its strengths, its key customers , and the company's underlying core values, Acme Management Technology will increase sales to more than $10 million in three years, while also improving the gross margin on sales and cash management and working capital .
This business plan leads the way by renewing our vision and strategic focus of adding value to our target market segments—the small business and high-end home office users in our local market. It also provides a step-by-step plan for improving our sales, gross margin, and profitability.
This plan includes this summary, and chapters on the company, products & services, market focus, action plans & forecasts, management team, and financial plan.
1.1 Objectives
- Sales increased to more than $10 million by the third year.
- Bring gross margin back up to above 25% and maintain that level.
- Sell $2 million of service, support, and training by 2022.
- Improve inventory turnover to six turns next year, seven in 2021, and eight in 2022.
1.2 Mission
AMT is built on the assumption that the management of information technology for business is like legal advice, accounting, graphic arts, and other bodies of knowledge, in that it is not inherently a do-it-yourself prospect. Smart business people who aren't computer hobbyists need to find quality vendors of reliable hardware, software, service, and support and they need to use these quality vendors as they use their other professional service suppliers—as trusted allies.
AMT is such a vendor. It serves its clients as a trusted ally, providing them with the loyalty of a business partner and the economics of an outside vendor. We make sure that our clients have what they need in order to run their businesses at peak performance levels, with maximum efficiency and reliability.
Many of our information applications are mission-critical, so we assure our clients that we'll be there when they need us.
1.3 Keys to Success
- Differentiate from box-pushing, price-oriented businesses by offering and delivering service and support—and charging for it accordingly.
- Increase gross margin to more than 25%.
- Increase our non-hardware sales to 20% of the total sales by the third year.
2.0 Company Summary
AMT is a 10-year-old computer reseller with sales of $7 million per year, declining margins, and market pressure. It has a good reputation, excellent people, and a steady position in the local market, but has been having difficulty maintaining healthy financials.
2.1 Company Ownership
AMT is a privately-held C corporation owned in majority by its founder and president, Ralph Jones. There are six part owners, including four investors and two past employees. The largest of these (in percent of ownership) are Frank Dudley, our attorney, and Paul Karots, our public relations consultant. Neither owns more than 15%, but both are active participants in management decisions.
2.2 Company History
AMT has been caught in the vise grip of margin squeezes that have affected computer resellers worldwide. Although the chart titled "Past Financial Performance" shows that we've had healthy growth in sales, it also indicates declining gross margin and declining profits .
The more detailed numbers in Table 2.2 include other indicators of some concern: As can be seen in the chart, the gross margin percentage has been declining steadily, and nventory turnover is getting steadily worse as well.
All of these concerns are part of the general trend affecting computer resellers. The margin squeeze is happening throughout the computer industry, worldwide.
Balance Sheet: 2018
Short-Term Assets
- Cash—$55,432
- Accounts receivable—$395,107
- Inventory—$651,012
- Other Short-term Assets—$25,000
- Total Short-term Assets—$1,126,551
Long-Term Assets
- Capital Assets—$350,000
- Accumulated Depreciation—$50,000
- Total Long-term Assets—$300,000
- Total Assets—$1,426,551
Debt and Equity
- Accounts Payable—$223,897
- Short-term Notes—$90,000
- Other ST Liabilities—$15,000
- Subtotal Short-term Liabilities—$328,897
- Long-term Liabilities—$284,862
- Total Liabilities—$613,759
- Paid in Capital—$500,000
- Retained Earnings—$238,140
- Earnings (over three years)—$437,411, $366,761, $74,652
- Total Equity—$812,792
- Total Debt and Equity—$1,426,551
Other Inputs: 2017
- Payment days—30
- Sales on credit—$3,445,688
- Receivables turnover—8.72%
2.4 Company Locations and Facilities
We have one location—a 7,000 square-foot brick & mortar facility located in a suburban shopping center conveniently close to the downtown area. Along with sales, it includes a training area, service department, offices, and showroom area.
3.0 Products and Services
AMT sells personal computer technology for small business including personal computer hardware, peripherals, networks, software, support, service, and training.
Ultimately, we are selling information technology . We sell reliability and confidence. We sell the assurance to small business people that their business will not suffer any information technology disasters or critical downtimes.
AMT serves its clients as a trusted ally, providing them with the loyalty of a business partner and the economics of an outside vendor. We make sure that our clients have what they need to run their businesses at peak performance levels, with maximum efficiency and reliability. Since many of our information applications are mission-critical, we give our clients the confidence that we'll be there when they need us.
3.1 Product and Service Description
In personal computers , we support three main lines:
- The Super Home is our smallest and least expensive, initially positioned by its manufacturer as a home computer. We use it mainly as an inexpensive workstation for small business installations. Its specifications include: (add relevant information)
- The Power User is our main up-scale line and our most important system for high-end home and small business main workstations, because of (add relevant information) Its key strengths are: (add relevant information) Its specifications include: (add relevant information)
- The Business Special is an intermediate system, used to fill the gap in positioning. Its specifications include: (add information)
In peripherals , accessories and other hardware, we carry a complete line of necessary items from cables to forms to mousepads to... (add relevant information)
In service and support , we offer a range of walk-in or depot service, maintenance contracts, and on-site guarantees. We haven't had much success in selling service contracts. Our networking capabilities include... (add relevant information)
In software , we sell a complete line of... (add relevant information)
In training , we offer... (add relevant information)
3.2 Competitive Comparison
The only way we can hope to differentiate effectively is to brand the vision of the company as a trusted information technology ally to our clients. We will not be able to compete in any effective way with the chains using boxes or products as appliances. We need to offer a real alliance that feels personal.
The benefits we sell include many intangibles: confidence, reliability, knowing that somebody will be there to answer questions and help at critical times.
These are complex products that require serious knowledge and experience to use, which we have, while our competitors sell only the products themselves.
Unfortunately, we cannot sell the products at a higher price simply because we offer services; the market has shown that it will not support that concept. We must also sell the service and charge for it separately.
3.3 Sales Literature
Copies of our brochure and advertisements are attached as appendices. Of course, one of our first tasks will be to change the messaging of our literature to make sure we are selling the company, rather than the product.
3.4 Sourcing
Our costs are part of the margin squeeze. As price competition increases, the squeeze between the manufacturer's price into channels and the end-users ultimate buying price continues.
Our margins are declining steadily for our hardware lines. We generally buy at... (add relevant information) Our margins are thus being squeezed from 25% from five years ago to closer to 13 to 15% at present. A similar trend shows for our main-line peripherals, with prices for printers and monitors declining steadily. We are also starting to see that same trend with software...(add relevant information)
To hold costs down as much as possible, we concentrate our purchasing with Hauser, which offers 30-day net terms and overnight shipping from the warehouse in Dayton. We need to continue to make sure our volume gives us negotiating strength.
In accessories and add-ons, we can still get decent margins of 25 to 40%.
For software, margins are: (add relevant information)
3.5 Technology
For years, we have supported both Windows and Macintosh technology for CPUs, although we've switched vendors many times for the Windows (and previously DOS) lines. We are also supporting Novell, Banyon, and Microsoft networking, Xbase database software, and Claris application products.
3.6 Future Products and Services
We must remain on top of emerging technologies because this is our bread and butter. For networking, we need to provide better knowledge of cross-platform technologies. We are also under pressure to improve our understanding of the direct-connect Internet and related communications. Finally, although we have a good command of desktop publishing, we are concerned about improving integrated fax, copier, printer, and voicemail technology into the computer system.
4.0 Market Analysis Summary
AMT focuses on local markets, small business, and home office, with a special focus on the high-end home office and the five-to-20 unit small business office.
4.1 Market Segmentation
The segmentation allows some room for estimates and nonspecific definitions. We focus on a small-medium level of small business, and it's hard to locate data to make an exact classification. Our target companies are large enough to require the kind of high-quality information technology management we offer but too small to have a separate computer management staff (such as an MIS department). We say that our target market has 10 to 50 employees, and requires five to 20 connect workstations in a local area network, however, the definition is flexible.
Defining the high-end home office is even more difficult. We generally know the characteristics of our target market, but we can't find easy classifications that fit into available demographics. The high-end home office business is a business, not a hobby. It generates enough money to merit the owner's paying real attention to the quality of information technology management, meaning that both budget and productivity concerns warrant working with our level of quality service and support. We can assume that we aren't talking about home offices used only part-time by people who work elsewhere during the day and that our target market home office needs powerful technology and sufficient links between computing, telecommunications, and video assets.
4.2 Industry Analysis
We are part of the computer reselling business, which includes several kinds of businesses:
- Computer dealers : storefront computer resellers, usually less than 5,000 square feet, often focused on a few main brands of hardware, usually offering only a minimum of software and variable amounts of service and support. Many are old-fashioned (1980s-style) computer stores that offer relatively few reasons for buyers to shop with them. Their service and support are not usually very good, and their prices are normally higher than those at larger stores.
- Chain stores and computer superstores : these include major chains such as CompUSA, Best Buy, Future Shop, etc. They almost always have a footprint of over 10,000 square feet of space, usually offer decent walk-in service, and are often warehouse-like locations where people go to find products in boxes with very aggressive pricing, but little support.
- Mail order/Online retailers : the market is served increasingly by mail order and online retailers that offer aggressive pricing of a boxed product. For the purely price-driven buyer, who buys boxes and expects no service, these are very good options.
- Others : there are many other channels through which people buy their computers, however, most are variations of the three main types above.
4.2.1 Industry Participants
- The national chains are a growing presence: CompUSA, Best Buy, and others. They benefit from national advertising, economies of scale, volume buying, and a general trend toward name-brand loyalty for buying in the channels as well as for products.
- Local computer stores are threatened. These tend to be small businesses, owned by people who started them because they liked computers. They are under-capitalized and under-managed. Margins are squeezed as they compete against chains, in a competition based on price more than on service and support.
4.2.2 Distribution Patterns
Small business buyers are accustomed to buying from vendors who visit their offices. They expect the copy machine vendors, office products vendors, and office furniture vendors, as well as the local graphic artists, freelance writers, or whomever, to visit their office to make their sales.
There is usually a lot of leakage in ad-hoc purchasing through local chain stores and mail order. Often the administrators try to discourage this but are only partially successful.
Unfortunately, our home office target buyers don't expect to buy from us. Many of them turn immediately to the superstores (office equipment, office supplies, and electronics) and mail order to look for the best price, without realizing that there is a better option for them at only a little bit more.
4.2.3 Competition and Buying Patterns
The small business buyers understand the concept of service and support and are much more likely to pay for it when the offering is clearly stated.
There is no doubt that we face stiffer competition from box pushers than from other service providers. We need to effectively compete against the idea that businesses should buy computers as plug-in appliances that don't need ongoing service, support, and training.
Our focus group sessions indicated that our target home office buyers think about the price but would buy based on quality service if the offering were properly presented. They think about the price because that's all they ever see. We have very good indications that many would rather pay 10 to 20% more for a relationship with a long-term vendor providing back-up and quality service and support, however, they end up in the box-pusher channels because they aren't aware of the alternatives.
Availability is also very important. The home office buyers tend to want immediate, local solutions to problems.
4.2.4 Main Competitors
Chain stores:
- We have Store 1 and Store 2 already within the valley, and Store 3 is expected by the end of next year. If our strategy works, we will have differentiated ourselves sufficiently to avoid competition against these stores.
- Strengths: national image, high volume, aggressive pricing, economies of scale.
- Weaknesses: lack of product, service and support knowledge, lack of personal attention.
Other local computer stores:
- Store 4 and Store 5 are both in the downtown area. They are both competing against the chains in an attempt to match prices. When asked, the owners will complain that margins are squeezed by the chains and customers buy based on price only. They say they tried offering services and that buyers didn't care, instead preferring lower prices. We think the problem is that they didn't really offer good service, and also that they didn't differentiate from the chains.
4.3 Market Analysis
The home offices in Tintown are an important growing market segment. Nationally, there are approximately 30 million home offices, and the number is growing at 10% per year. Our estimate in this plan for the home offices in our market service area is based on an analysis published four months ago in the local newspaper.
There are several types of home offices. For the focus of our plan, the most important are those that are real businesses offices from which people earn their primary income. These are likely to be people in professional services such as graphic artists, writers, and consultants, some accountants—and the occasional lawyer, doctor, or dentist. We will not be focusing on the market segment that includes part-time home offices with people who are employed during the day but work at home at night, people who work at home to provide themselves with a part-time income, or people who maintain home offices relating to their hobbies.
Small business within our market includes virtually any business with a retail, office, professional, or industrial location outside of the home, and fewer than 30 employees. We estimate there are 45,000 such businesses in our market area.
The 30-employee cutoff is arbitrary. We find that the larger companies turn to other vendors, but we can sell to departments of larger companies, and we shouldn't give up such leads when we get them.
Market Analysis . . . (numbers and percentages)
5.0 Strategy and Implementation Summary
- Emphasize service and support.
We must differentiate ourselves from the box pushers. We need to establish our business offering as a clear and viable alternative to the price-only kind of buying for our target market.
- Build a relationship-oriented business.
Build long-term relationships with clients, not single-transaction deals with customers. Become their computer department, not just a vendor. Make them understand the value of the relationship.
- Focus on target markets.
We need to focus our offerings on small business as the key market segment we should own. This means the five to 20 unit system, connected by a local area network, in a company with five to 50 employees. Our values—training, installation, service, support, knowledge—are more clearly differentiated in this segment.
As a corollary, the high end of the home office market is also appropriate. We do not want to compete for buyers who go to chain stores or buy from mail-order outlets, but we definitely want to be able to sell individual systems to the smart home office buyers who want a reliable, full-service vendor.
- Differentiate and fulfill the promise.
We can't just market and sell service and support; we must deliver as well. We need to make sure we have the knowledge-intensive business and service-intensive business we claim to have.
5.1 Marketing Strategy
The marketing strategy is the core of the main strategy:
- Emphasize service and support
- Build a relationship business
- Focus on small business and high-end home office as key target markets
5.1.2 Pricing Strategy
We must charge appropriately for the high-end, high-quality service and support we offer. Our revenue structure has to match our cost structure, so the salaries we pay to assure good service and support must be balanced by the revenue we charge.
We cannot build the service and support revenue into the price of products. The market can't bear the higher prices, and the buyer feels ill-used when they see the same product priced lower at the chains. Despite the logic behind it, the market doesn't support this concept.
Therefore, we must make sure that we deliver and charge for service and support. Training, service, installation, networking support—all of this must be readily available and priced to sell and deliver revenue.
5.1.3 Promotion Strategy
We depend on newspaper advertising as our main outlet to reach new buyers. As we change strategies, however, we need to change the way we promote ourselves:
- Advertising
We'll be developing our core positioning message: "24 Hour On-Site Service—365 Days a Year With No Extra Charges" to differentiate our service from the competition. We will be using local newspaper advertising, radio, and cable TV to launch the initial campaign.
- Sales Brochure
Our collaterals have to sell the store and visiting the store, not the specific book or discount pricing.
- Direct Mail
We must radically improve our direct mail efforts, reaching our established customers with training, support services, upgrades, and seminars.
- Local Media
It's time to work more closely with the local media . We could offer the local radio station a regular talk show on technology for small business, as one example. We could also reach out to local news outlets to let them know we have experts who are able to address issues relating to technology for small business/home offices should the need arise.
5.2 Sales Strategy
- We need to sell the company, not the product. We sell AMT, not Apple, IBM, Hewlett-Packard, or Compaq, or any of our software brand names.
- We have to sell our service and support. The hardware is like the razor, and the support, service, software services, training, and seminars are the razor blades. We need to serve our customers with what they need.
The Yearly Total Sales chart summarizes our ambitious sales forecast. We expect sales to increase from $5.3 million last year to more than $7 million next year and to more than $10 million in the last year of this plan.
5.2.1 Sales Forecast
The important elements of the sales forecast are shown in the Total Sales by Month in Year 1 table. The non-hardware sales increase to about $2 million total in the third year.
Sales Forecast … (numbers and percentages)
5.2.2 Startup Summary
- 93% of startup costs will go to assets.
- The building will be purchased with a down payment of $8,000 on a 20-year mortgage. The espresso machine will cost $4,500 (straight-line depreciation, three years).
- Startup costs will be financed through a combination of owner investment, short-term loans, and long-term borrowing. The startup chart shows the distribution of financing.
Other miscellaneous expenses include:
- Marketing/advertising consultancy fees of $1,000 for our company logo and assistance in designing our grand-opening ads and brochures.
- Legal fees for corporate organization filings: $300.
- Retail merchandising/designing consultancy fees of $3,500 for store layout and fixture purchasing.
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How to Write Products and Services Section of Business Plan
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Business plan products and services section gives details of your product or service, how it is different and if you have a reliable manufacturing or sourcing system for the product.
Show competitive advantages of your product or service. Convince investors or lenders that you can outperform competition; you’ll likely get the funding you need.
Use this article as a guide when writing the product and service section of your business plan.
How do you write the business plan products and services section?
Your goal in writing the business plan products and services section should be to explain your offering in simple, layman’s terms.
Anyone reading about your products or services should be able to understand:
- what you are offering
- what is the unique value you are offering
- how will you do quality assurance
- How will you meet the increased demand?
The product service plan section should include the following.
Explain Your Products or Services
Explain your product or service in detail. Try to include a brief about all the aspects of your product or service that will improve the consumers’ lives or increase business efficiency.
Show why your Product is Unique
Talk about the distinctive features of your product. Show what competitors are offering and explain how your offer is unique and better.
Emphasize the Benefits
Your hopes of capturing a share of the market depend on the benefits your product or service provides. Describe the benefits in terms customers can relate to.
For example, if you are offering the same features as the competitors but at a low price, highlight the low price.
Manufacturing, Sourcing, and Fulfillment
Explain if you will manufacture your products or you’ll source. If you are going to source the product from a manufacturer, how will you select the manufacturer?
Also, briefly explain the product supply chain and fulfillment process. Potential lenders may want to know if your supply chain and fulfillment system can handle high demand.
Be Short and Concise
Keep to the point. The Product service section in a business plan is about introducing your offering with a fair amount of detail. However, don’t make it lengthy.
You will discuss your product or service in every section of the business plan one way or another.
Show your Expertise
A product coming from an acknowledged expert gets more acceptance in the market.
Show your education or experience with the offering. If your business has any patents, trademarks, or special permits, make sure you showcase them. That way, you can establish yourself as an authority.
For a sole proprietor, you can include your experience or education. For example, when an athlete starts a fitness brand, it becomes a quick success. However, other similar businesses face struggles at the start.
Explain in Simple Language
Make a detailed plan of product service but explain everything in simple language.
Every industry has its jargon and buzzwords. People familiar with your product can understand the technical details, but the lenders or investors may not know much about your industry.
Here is a pro tip for this. When you have written the product or service description, ask a trusted friend or family member to read it and explain your product to you. That way, you can know if your product service part of the business plan is generally understandable.
What is your Exclusive Advantage?
Your exclusive advantage is what makes you stand out. You spotted your exclusive advantage when you developed your product or service offering. Explain that exclusive advantage here.
If you think there is no exclusive advantage, see if you can lower your price or provide better after-sale support. Even if your exclusive advantage is indirectly related to your product, it can help you get ahead fast.
Assume you are talking to the customer
When you walk into the customer’s shoes, you can understand their needs better.
Assume you are talking to an actual customer and convincing them to buy from you. They know your competition and they know what they need. You will have to talk in layman’s terms without missing any important details. You will need to focus on your competitive advantage.
You will write an excellent product or service section when you think you are explaining it to a potential customer.
Key Questions to Answer in the Business Plan Products and Services Section
- Do you have a ready product or an under-development product?
- When will you bring new products or services to the market?
- What is the unique advantage of your product or service?
- What are the competitive advantages of your product or service?
- Does your product or service have any competitive disadvantages?
- Are you bound to charge a price in a short range, or can you charge a different price with a better offer?
- Are your business operating costs reasonable?
- Will you manufacture your products or buy from a supplier?
- Do you sub-contract the parts of your product to different manufacturers and assemble the product at your facility?
- Will you be able to keep a steady and reliable supply chain for your product when demand rises?
Examples of Products and Services in Business Plan
Check out our real business plan examples and See How products and services business plan section is done.
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The Top 7 Business Plan Examples To Inspire Your Own (2023)
- by Alexandra Sheehan
- Starting Up
- Aug 13, 2021
- 8 minute read
Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan . But few resources provide business plan templates and relatable examples to really help guide you through writing one of your own.
That’s why we took some real-world and hypothetical examples of product-based ecommerce businesses to show how you can write your business plan.
7 Business plan examples: section by section
The business plan examples we’ll look at below follow this example template:
- Executive summary. An introductory overview of your business.
- Company description. A more in-depth and detailed description of your business and why it exists.
- Market analysis. Research-based information about the industry and your target market.
- Products and services. What you plan to offer in exchange for money.
- Marketing plan. The promotional strategy to introduce your business to the world and drive sales.
- Logistics and operations plan. Everything that happens in the background to make your business function properly.
- Financial plan. A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
Below, we have some real-world and hypothetical examples of each of these sections to show you how a business plan comes together.
- Executive summary
Your executive summary is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.
In our business plan template for Paw Print Post , the executive summary is four paragraphs and takes a little over half a page:
- Company description
You might repurpose your company description elsewhere, like on your about page, social media profile pages, or other properties that require a boilerplate description of your business.
Soap brand ORRIS has a blurb on its About page that could easily be repurposed for the company description section of its business plan.
You can also go more in-depth with your company overview and include the following sections, like we did for Paw Print Post:
- Business structure. This section outlines how you registered your business —as an LLC , sole proprietorship, corporation, or other business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
- Nature of the business. “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
- Industry. “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
- Background information. “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
- Business objectives. “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
- Team. “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”
Your mission statement may also make an appearance here. Passionfruit shares its mission statement on its company website, and it would also work well in its business plan example.
- Market analysis
The market analysis consists of research about supply and demand, your target market, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. Here’s an example SWOT analysis we did for an online tailored-shirt business:
You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. Your competitive analysis might look like this:
- Products and services
This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s what we wrote for Paw Print Post:
- Marketing plan
It’s always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.
For Paw Print Post, we focused on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers. It’s OK to go high level here.
- Logistics and operations plan
- For Paw Print Post, we looked at suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.
Financial plan
The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.
Ecommerce brand Nature’s Candy’s financial plan breaks down predicted revenue, expenses, and net profit in graphs.
It then dives deeper into the financials to include:
- Funding needs
- Projected profit-and-loss statement
- Projected balance sheet
- Projected cash-flow statement
You can use this financial plan template to build your own income statement, balance sheet, and cash-flow statement.
Types of business plans + what to include for each
A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:
- Executive summary: truncated
- Market analysis: summarized
- Products and services: summarized
- Marketing plan: summarized
- Logistics and operations plan: summarized
- Financials: summarized
A startup business plan is for a new business. Typically, these plans are developed and shared to secure outside funding . As such, there’s a bigger focus on the financials as well as on other sections that determine viability of your business idea—market research, for example.
- Market analysis: in-depth
- Financials: in-depth
Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.
A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.
- Market analysis: comprehensive outlook
- Products and services: for launch and expansion
- Marketing plan: comprehensive outlook
- Logistics and operations plan: comprehensive outlook
- Financials: comprehensive outlook
Feasibility
Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.
More resources for validating your ideas:
- Product Research: The 15-Step Checklist for Finding Profitable, In-Demand Product Ideas
- Video: How to Validate Your Product Ideas
Set yourself up for success
Building a business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your growth goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your business model .
Kickstart your ecommerce business and set yourself up for success with intentional business planning—and with the business plan examples above to guide your own path.
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Business plan faq, what 5 things should a business plan include.
- Executive Summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
- Business Description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
- Market Analysis: An analysis of the industry, market trends, potential customers, and competitors.
- Financial Plan: A detailed description of the company's financial projections and strategies.
- Implementation Plan: An outline of the steps, resources, and timeline required to bring the business plan to fruition.
What are the 3 C's of a business plan?
- Concept – your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
- Contents – your content should include details about the products and services you provide, your target market, and your competition.
- Cashflow – your cashflow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.
What are 5 common mistakes of a business plan?
- Poor financial projections: Business plans should provide realistic financial projections based on market research and sound assumptions.
- Lack of competitive analysis: Business plans should contain a competitive analysis that outlines the competitive landscape, identifies key competitors, and assesses the competitive advantages and disadvantages of the proposed business.
- Inconsistent formatting: Business plans should be presented in a professional, consistent format that is easy to read and understand.
- Insufficient research: Business plans should be thoroughly researched and include accurate and up-to-date information.
- Unrealistic goals: Business plans should set realistic and achievable goals that are in line with the proposed business’s resources and financial abilities.
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To sum up, the product and services section of your business plan gives the reader a clear understanding of why you're in business, what you sell, how you
A product or service can be anything a business creates to turn a profit. Some businesses have both products and services. For example, a
The product description portion of a business plan describes all the products a business manufactures. Your product description section should
The products and services section of your business plan is where you mention and elaborate on your product range, product descriptions, pricing strategies
This plan includes this summary, and chapters on the company, products & services, market focus, action plans & forecasts, management team
Explain Your Products or Services · Show why your Product is Unique · Emphasize the Benefits · Manufacturing, Sourcing, and Fulfillment · Be Short
In the Products and Services section of your business plan, you will clearly describe--yep--the products and services your business will
Startup · Executive summary · Company description · Market analysis: in-depth · Products and services · Marketing plan · Operations · Financials: in-
product descriptions play a key role in your ecommerce business.
Executive Summary · Company Summary · Products and Services · Market Analysis Summary · Strategy and Implementation Summary · Web Plan Summary · Management
Business Goals and Objectives. • Description of Products/Services. • Market Description/Assessment. • Competition Assessment. • Marketing Strategies.