The idea for a new business and its strategic goals
A detailed description of the activities performed by the enterprise should be included in the part - description of the enterprise. At the outset, it is necessary to discuss what the company does or, if a new business is created, what it will be doing. The product or service must be thoroughly analyzed, because business plan stakeholders must know that the person undertaking the challenge knows the industry in which he intends to operate and knows exactly what he wants to offer to clients.
New business - product / service description
After determining whether the new business will be service, production or sales, you should focus on the characteristics of the subject of the services or products it offers. In this part, it is worth focusing on the answers to the questions: what needs will the product / service satisfy? And how will it be satisfied?
At the same time, it is necessary to emphasize those features of the product / service that will stand out from the competition, and thus gain an advantage on the market. However, you should know that any claims about the attractiveness of a product / service must be supported by substantive arguments. If the offer has a very wide range of different products, then it is worth focusing on the key ones that are the foundation of your business.
Why this activity?
An additional advantage will be determining why the author of the business plan wants to undertake a given activity in the enterprise, marking any personal interests or passions. Explain what he wants to achieve and what he will strive to effectively develop a new business. For this purpose, you can mention the appropriate qualifications, skills supported by certificates, but also inform about training and courses, and if required - licenses and permits.
This part mainly concerns the technological process that will be used in the production and secondary processes through which the final product will be achieved. However, it is very important to avoid purely technical language, often incomprehensible to an unfamiliar recipient. It is worth explaining the most important stages of production in an easy and understandable way, without going into details.
You cannot forget to include information about the price of products / services, as well as the costs they will generate and the expenses to be incurred during production.
It is also advisable to highlight and describe selected distribution channels for products / services. List the suppliers, preferably giving the specific company names already.
Investment in development
A certain enrichment of the business plan will be the creation of plans for the development of products and services. Identifying significant innovations that are possible to implement and creating a product life cycle. In practice, it can be different, with the beginning of the activity, the product will be new and in demand, but over time there will be a need to modernize it or even withdraw it from the market. When creating a business plan, the entrepreneur should anticipate any possibility of threats of losing market position.
To sum up, the key information that should be included in part of the product / service characteristics is in particular:
- service / product description,
- comparison of the offer against the competition,
- description of the manufacturing technology,
- ways of obtaining raw materials and semi-finished products,
- resources necessary to provide the service,
- legal regulations related to a given product and its use (if any),
- product and technology innovation development plans,
- product life cycle description.