Updating Your Business Plan 2023 Part 4 - Products and Services


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Updating Your Business Plan 2023 Part 4 - Products and Services
Written By: June Bachman ~ 12/16/2022 9:00:00 AM


Updating Your Business Plan for 2023 Part 1 - Getting Started

Updating Your Business Plan for 2023 Part 2 - Executive Summary

Updating Your Business Plan for 2023 Part 3 - Company Description

The Products and Services section of your Business Plan is designed to describe in detail each product and/or service your company offers. Describe the problems your products and services solve for your customers. Include as much detail as possible, such as: technical specifications, drawings, photos, patent documents and other supporting information. This section emphasizes the value your company provides to your customers.

For each product and/or service – describe the following:

  • Describe the Product/Service – What is it that you sell, and how do you provide it, or manufacture it? Include the details of your relationships with suppliers, manufacturers, partners; anyone who is essential to providing your products/services to your customers.
  • Problem Product/Service Solves – Explain the problem your customer’s experience in detail. Also explain how your product/service solves the customer’s problem. Include the following:
    • Product/Service benefits, features, unique selling proposition
    • Why your solution is better than your competition’s solution
  • Proprietary Features or Patents – Describe any patents, or patents pending. Are their exclusivity agreements with partners or vendors? Do you have proprietary features or product/technology licenses?
  • Pricing the Product/Service – Describe how your products/services are priced? Do you price low – mid – high range? What is the profit margin of the product/service?
    • Retail – How does the mark-up work?
    • Subscriptions
    • Leasing
    • Monthly Recurring Fees


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