Notes of MADAM Paras Bashir Channar

1. Chapter no: 05

2.  Product / Service Description
 Why its important?
 What it includes?
 Tips for Writing the Products or Services
Section.

4.  The Products and Services section of the
business plan describes what products and
services are offered, how and where they are
purchased and any plans for future goods or
product lines.

5.  This section of the business plan is your opportunity to
completely hash out your product idea, down to the finest
detail, which gives you a complete understanding of your
product. The information you learn from this section will
help you improve your product and differentiate from
competitors.
 By writing a cohesive Product Description that explains
the details of the product, the need for it, and how it has
advantages of its competitors, you are making a strong
case for why your product will succeed and be profitable.
Without this information, investors have no way of
knowing if you completely understand your product, or
how you plan to compete with others, which makes for a
very risky investment.

6. When writing the products and services section, be
sure to include the following:
 The uniqueness of the product or service
 The method in which the items are sold
 Benefits to the customer
 Why customers will purchase it from your
business
 Vendor details, noting any exclusive dealerships
 Pricing policy or strategy
 How does your products differ from the
competition

7.  Focus on the Customer
 Get to the Point
 Keep It Simple
 Show Your Uniqueness
 Include the Fine Print

8.  The purpose of the products or services
section of your business plan is to clearly
express the benefits you're providing to your
customers or clients. All of the background
you provide should focus on that goal. Think
in terms of answering, "Why does my ideal
client want this? How will my product or
service make his/her life better, easier or
more profitable?"

9.  What is the primary function of your products
or services? Outline the need you are
fulfilling, the problem you are solving and the
overall purpose of the product or service.

10.  You're the expert in the industry, so you may
overlook some fundamental elements when
describing your products and services
because it's so common to you. However, the
basics may not be as clear to those reading
your business plan. Assume the reader has
little to no understanding of your industry
and product or service.

11.  While describing similar products and
services that are already in existence, take
some time in your description to express how
your product or service is different, better
and unique.

12.  While the bulk of your products or services
section should focus on the end result
product or service, you should also include
information about your pricing and how you
arrived at that price point. And be sure to
include details about how the product will be
sold (i.e. retail, online, etc.).