The product offering
This section of your business plan serves to describe the features and components of the product or service offering(s) of your business. It encompasses details such as the research and development conducted in terms of the time remaining (in the case of products manufactured by the business). It also covers important areas such as how the product (s) or service (s) will be manufactured or produced (covered in depth in the operational plan) as well as their associated costs. Moreover, it covers the important activities such as quality control and after-service, regulatory considerations with regard to the products may also be addressed.
In this section of your business plan, provide an in depth description of your product or service offering(s). Excellent literature about your product(s) or service(s) must be included. Describe your product or service by including the following:
- Unique features of your product
- The uniqueness of your service
- Technical specifications
- Other drawings or schematics
- Presentations or brochures
- Other related items
You may also discuss your pricing structures as per product or the fee structures applicable to your services. The pricing could otherwise be discussed in your Marketing and Sales plan. It is important to discuss quality and value in line with the product (s) or service (s) you offer or intend to offer. Moreover, a discussion as to the competitive advantages and disadvantages of your product or service offering is also important.