Service or Product Line
What are you selling? In this section, describe your service or product, emphasizing the benefits to potential and current customers. For example, don't just tell your readers which foods you carry in your "Gourmet to Go" shop. Tell them why busy, two-career couples will prefer shopping in a service-oriented store that records clients' food preferences and caters even the smallest parties on short notice. In other words, focus on the "why" more than on the "what."
Highlight areas where you have a distinct advantage. Identify the problem in your target market for which your service or product provides a solution.
Give the reader hard evidence that people are, or will be, willing to pay for your solution. List your company's services and products and attach marketing or promotional materials. Provide details regarding suppliers, availability of products or services, and service or product costs. Also include information addressing new services or products that will soon be added to the company's line.
Overall, this section should include:
- A detailed description of your product or service (from your customers' perspective). Here, you need to include information about the specific benefits of your product or service. Describe your product or service's ability to meet consumer needs, any advantages your product has over that of the competition, and the present development stage of your product (e.g. idea, prototype, etc.).
- Information related to your product's life cycle. Be sure to include information about where your product or service is in its life cycle, as well as any factors that may influence its cycle in the future.
- Relevant copyright, patent, and trade secret information. Include information related to existing, pending, or anticipated copyright and patent filings along with any key characteristics of your products or services for which you cannot obtain a copyright or patent. Incorporate key aspects of your products or services that may be classified as trade secrets. Last, but not least, be sure to add information pertaining to existing legal agreements, such as nondisclosure or non-compete agreements.
- Research and development (R&D) activities. R&D activities are those related to the development of new products or services, currently or in the future. This section should also include your expectations for the results of future R&D efforts. Be sure to analyze the R&D efforts of not only your business, but that of others in your industry.
References:
• Small Business Administration
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