In the last video, you added a business description to your business plan.
In this video, you will add more details about your product or service, your customers, and how you will market and sell your offerings.
You may want to review any market research you’ve done to provide details.
If you would like to consult SCORE-dot-org resources or do additional research, pause this lesson and do so now.
Then, resume the video and return to your business plan.
To begin, add a heading for products and services after your business description.
Then add a subheading.
Add details about your product or service.
Begin with your primary offerings.
State what you sell and include details about how and where you get your products or supplies, including the manufacturers or suppliers.
Add another subheading for market need.
Explain the problem your product or service solves and how it solves it -- or why there’s a need for your offering.
State its benefits, features, and what makes it unique.
Explain why your product or service is better than others, targets a customer base ignored by competitors, or has some other competitive edge.
If you need to do more research on your competitors or market, pause the lesson and do so now.
Add another subheading for competitive advantages.
Describe any competitive advantages that your business has.
For example, you might have a patent or patent pending on a product, exclusive agreements to sell a product in your market, or offer extended hours or more convenient services.
Advantages might be simple things, like a strategic location or holding a license or certification that other competitors don’t have.
You can also mention advantages that you’re trying to develop.
Add subheadings to organize your advantages as needed.
Then add another section for pricing.
Describe how you will price your products or services.
Add how your pricing compares to your competitors -- such as whether it’s higher or lower and how that pricing will attract customers.
Include tables if your pricing varies or has many elements.
This makes complex pricing information more readable.
Then, add a heading for market and marketing information.
Add a target market subheading and answer the following questions: Who is your target customer?
What groups are most likely to buy your products or services?
How will you market to them?
This might be through online and social media marketing, print advertising, in-person local events, door-to-door marketing, or some combination of these.
Include where you will find customers.
This might be physical locations, online, through traditional advertising media, or a combination.
State where customers will purchase your product or service, such as in your store or facility, at a chain of stores, online, or all of these.
This section can include many details beyond the scope of this lesson.
See the SCORE-dot-org resources included with this lesson to plan your marketing in more detail, including budgets and campaigns.
Next, update your table of contents.
And move on to the next video to add more business details.
Now, it’s your turn: Refer to your research or use the SCORE research tools, Add a heading for products and services, Describe your product or service and explain: market need, competitive advantages, pricing, and market and marketing information, And update your table of contents.
- Refer to your research from the previous lesson, or use the SCORE research tools.
- Add a heading for products and services.
- Describe your product or service and explain:
- market need
- competitive advantages
- market and marketing information