Or if you plan to sell a commodity readily available in a variety of outlets, the key to your business may not be the commodity itself but your ability to market in a more cost-effective way than your competition.But if you're creating a new product (or service), make sure you thoroughly explain the nature of the product, its uses, and its value, etc.--otherwise your readers will not have enough information to evaluate your business.(For example, before there was Federal Express, overnight delivery was a niche business served by small companies.
If your business is product-focused, you will want to spend more time describing those products.
If you plan to sell a commodity item and the key to your success lies in, say, competitive pricing, you probably don't need to provide significant product detail.
We will also explore maintenance and fitting services, leveraging our existing maintenance staff to provide value-added services at a premium price.
Think of it this way: The Products and Services section answers the "what" question for your business.
If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.
to show prospective employees since you're still in the startup phase.
Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.
So a solid business plan should be a blueprint for a successful business.
It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.
For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business.