Products or services section
Under the products/services section of your business plan you can include the following information:
- Details of products/services - List each product/service your business currently offers. For each product/service, provide a description and a unit price (including GST) amount. Read more on selling products and services.
- Market position – Detail where your products/services fit in the market and whether they are high-end, competitive or a low cost alternative to the products/services offered by your competitors. Also detail how this compares to your competitors.
- Unique selling position - Detail how your products/services will succeed in the market where others may have failed. Also include what gives your products/services the edge.
- Anticipated demand - Detail the anticipated quantity of products/services your customers are likely to purchase. For example, detail the quantity of products/services an individual customer will buy in 6 months and 12 months. If you have previous sales data, calculating your inventory turnover may help you anticipate product demand.
- Pricing strategy – If you have a particular pricing strategy, provide details on how your strategy will work and your reasons for choosing this strategy over other alternatives. To help you develop your pricing strategy, you could refer to your customer research, market position, anticipated demand and costs/expenses to get an idea. Whatever strategy you use when setting your price, you will also need to adhere to any relevant fair trading legislation or codes of conduct. Read more on pricing regulations.
- Value to customer – Explain how your customers view your products/services. Whether they are seen as a necessity, luxury or something in between. Find out more about providing good customer service and keeping customers.
- Growth potential – Detail the anticipated percentage growth of your products/services in the future and explain what you expect will drive this growth. To help you determine this growth potential, you could refer to your research to get an idea of any industry/regional growth that could affect your business in a positive way. Read about market research.