Starting your own business

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Products and Services

 

As part of a business plan, a section detailing the main products and services which the new enterprise will offer would normally be provided.

Describing the New Business’ Products and Services

An adequate description of the main products and services should be provided so that a reader can understand what functions the new start-up business will be primarily engaged in.

The format which the section would adopt might include:

  • The names of the product or service (if significant)
  • A brief description of it
  • The primary processes used to produce and deliver it
  • Distinct and special features which it might pocess
  • How it differs for other offerings purporting to satisfy the same functions

Financial information relating to the products and services might be more appropriately housed within the financing section and that detail might be referenced here.

Non-technical Product Information

Some of the products and services of the start-up business might be highly technical in their procurement, production or the nature of their usage.

It is usually not useful to include vast amounts of esoteric data and information which non-technical readers would find difficult to comprehend.

In any case, should be the proposed venture be providing business plans to speculative investors, furnishing them will detailed blue prints and other sensitive proprietary information might be imprudent.

A balance between providing details of products and services, which convey a sentiment of commercial viability vs. the requirement to protect the business against the exploitation of its ideas, will need to be achieved.

 
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Preparing a profit and loss account
Compiling a balance sheet
Preparing a cash flow forecast
Calculating gross profit
  
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