In this episode we continue the "Build a Business Plan" Series, focusing on Products and Services 

This section expands on the basic information about your products and services included in the Executive

Summary and Company Description. Here are some items to consider:

1. Your company’s products and/or services: What do you sell, and how is it manufactured or

provided? Include details of relationships with suppliers, manufacturers and/or partners that are

essential to delivering the product or service to customers.

2. The problem the product or service solves: Every business needs to solve a problem that its

customers face. Explain what the problem is and how your product or service solves it. What are its

benefits, features and unique selling proposition? Yours won’t be the only solution (every business has

competitors), but you need to explain why your solution is better than the others, targets a customer

base your competitors are ignoring, or has some other characteristic that gives it a competitive edge.

3. Any proprietary features that give you a competitive advantage: Do you have a patent on

your product or a patent pending? Do you have exclusive agreements with suppliers or vendors to

sell a product or service that none of your competitors sell? Do you have the license for a product,

technology or service that’s in high demand and/or short supply?

4. How you will price your product or service: Describe the pricing, fee, subscription or leasing

structure of your product or service. How does your product or service fit into the competitive

landscape in terms of pricing—are you on the low end, mid-range or high end? How will that pricing

strategy help you attract customers? What is your projected profit margin?

Include any product or service details, such as technical specifications, drawings, photos, patent documents and

other support information, in the Appendices.

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