Your Product or Service

The next section of the Business Plan is the product information.

You will want to detail what your product is from a customer perspective.  How will the product meet the needs of the customer and why they are going to want it? Also how is your product or service going to be superior to that offered by your competitors?

Next you will want to talk about the life cycle of the product or service. Is your product or service on a growth curve or is it a mature market. If your product or service is going to be in a mature market, how will you turn that into an opportunity for you? How long is the life cycle of the business?

Next discuss any copyright or trademarks your product or service will have. Also are there any trade secrets included with your product or service and any current legal agreements.

Finally you will want to explain any research and development that will involve your product or service. Is your product still under development? How much research and development will have to be done to keep your product ahead of your competitors and how much will it cost the business?

Next week we will discuss the funding request.


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