What Are You Selling?

Sounds simple enough, right? The next section of the business plan is your Product Description. Your task is to write persuasively and concisely to convince your reader that your product or service is worth buying. This is not the marketing plan; you will get to the marketing details later. For right now, just focus on the product or service itself.

Pieces of the Puzzle:

* What is it and what does it do; what are it’s features and benefits?
* What need does it fill or what problem does it solve?
* How is it different from similar products or services?
* What benefits will someone receive by owning one or using your service?
* Include some pictures.
* Talk about how it’s made without too many details.
* If you are a value-added-reseller, what value are you adding?
* If you are a retail store or restaurant, what is different about you?
* Write the steps of your service.

In short, you need to find your products place in the market. If you are no different than something that already exists, don’t bother. When you were dreaming about your business idea, you were more than likely thinking about how you would solve a specific need or problem. Get back to that line of thinking and everything should fall into place.

Pitfalls to Avoid

* Don’t describe your product using terms only known in your industry. Make it readable and persuasive to anyone that picks it up.
* Don’t just list the features- get down to the real benefits to the consumer, too. Google Features vs. Benefits to learn more.
* Include proprietary information, but make sure you have the necessary trademark, copyright, and patent applications in place where necessary.

If we think about our coffee shop from last week, we need to describe how our shop is different from every other coffee shop out there. Starbucks obviously did an excellent job with this, but it appears even they struggle with their identity. If my coffee tastes better, then how do I achieve it? If my shop is more fun, what makes it fun? If my coffee is cheaper, how…..wait- stop right there. Don’t go into business intending to compete on price alone.

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