How to Business Plan Pt 3 of 10 - Your business, its products and services

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Your business, its products and services

If you want other people to invest in your business or if you're writing your plan to
focus your existing business activities, you must be able to clearly convey what
your business does.
This part of the plan sets out your vision for your new business and includes
who you are, what you do, what you have to offer and the market you want to
address.

Start with an overview of your business:

• when you started or intend to start trading and the progress you have
made to date

• the type of business and the sector it is in
• any relevant history - for example, if you acquired the business, who
owned it originally and what they achieved with it
• the current legal structure
• your vision for the future

Then describe your products or services as simply as possible, defining:
• what makes it different
• what benefits it offers
• why customers would buy it
• how you plan to develop your products or services
• whether you hold any patents, trademarks or design rights
• the key features of your industry or sector

Remember that the person reading the plan may not understand your business
and its products, services or processes as well as you do, so try to avoid jargon.
It's a good idea to get someone who isn't involved in the business - a friend or
family member perhaps - to read this section of your plan and make sure they
can understand it.

Looking for a free business plan example?
visit Bplans and get 500+ Sample Business Plans.