UPDATE: Since this post was written I’ve added a full resource section to the blog that includes a business plan template, and more videos and tutortials. Check it out!
Product or Service Description
This section should be pretty easy because you should already know most of the infomation. It’s everything your entrepreneur boss is obsessed with, it’s why the company was founded, it’s why you have a job. So let’s hope you know it cold.
Just Because
Product or service obsession aside, often times entreprenuers can’t answer the simply question of ‘why this product?’ They instinctively know that the product is right, but they can’t explain why. They can’t describe what makes the product unique or why it’s marketable.
It’s your job to get to the heart of the ‘why’ when you write the Product or Service Description. (Tip: “because” is only a viable answer when you’re five.)
How to Write a Business Plan Video Series
This video series is designed to help you understand which sections of the business plan you need to focus on and which you should ignore. Using the fictional company, How to Build a Better Mousetrap, Inc., and Tom & Jerry as prototypical entrepreneurs, the video series gives you tips, sample copy, and a cheese trail (heavy on the cheese) to help you race through the business plan maze.
Before You Start
If this is your introduction to the How to Write a Business Plan series, be sure to watch the Before You Start Video for some important tips that may save you a lot of time. (And yes, you should watch that video first, hence all the mentions of “before.”)
There are six videos in the series:
- (The much talked about) Before You Start
- (Video 2) Executive Summary & Business Description
- (Above Video) Product or Service Description
Up Next:
- (Video 4) Marketing Strategy
- (Video 5) Operations
- (Video 6) Financials
Hope you find the information helpful. If you have questions, or want feedback on a section of a business plan you’re working on, send it over! I’ve got nothing but time.
No, seriously, send it over.
3 Comments
E. Keith Owens
June 12, 2011We often make the mistake of thinking of a business plan as a single static document that you just put together when youre first starting out and then set aside..In actuality the business plan for any business will change over time as the business develops and any particular business may have multiple business plans as its objectives change..Here are a few good reasons why you should write a business plan .
1 To test the feasibility of your business idea.Writing a business plan is the best way to test whether or not an idea for starting a business is feasible other than going out and doing it..In this sense the business plan is your safety net writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable. Often an idea for starting a business is discarded at the marketing analysis or competitive analysis stage freeing you to move on to a new and better idea.
2 To give your new business the best possible chance of success..Writing a business plan will ensure that you pay attention to both the broad operational and financial objectives of your new business and the details such as budgeting and market planning. Taking the time to work through the process of writing a business plan will make for a smoother startup period and fewer unforeseen problems as your business becomes established.
3 To secure funding such as bank loans.Youre going to need both operating and startup capital to start a new business and you have no hope of getting any money from established financial institutions such as banks without a well developed business plan.
Kathy Ver Eecke
June 21, 2011Keith: You are exactly right on all points, in particular the statement that a business plan will change over time. Thanks for joining the conversation and taking so much time with this comment.
Kathy
Daniel
November 28, 2016Good evening Kathy,
I never heard of you, until I started researching
Business plans. That is because I never
Thought about starting a business .
So far you have the best and most colorful explanation of a business plan.
I don’t know you but you seem to be a very insightful lady .
Thanks again for the YouTube video.
Have a merry Christmas and a happy new year .
Daniel
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