Your business, its products and services

Your business, its products and services

You must be able to clearly describe what your business does, whether you are writing the business plan for your own purposes or if you want other people to provide funds through investments or loans.

This part of the plan sets out your vision for your new business and includes who you are, what you do, what you have to offer and the market you want to address.

Start with an overview of your business:

when you started or intend to start trading and the progress and investment you have made to date
the type of business and the sector it is in
any relevant history – for example, if you acquired the business, who owned it originally and what they achieved with it
the current legal structure
your vision for the future
Then describe your products or services as simply as possible, defining:

what makes it different
what benefits it offers
why customers would buy it from you instead of your competitors
how you plan to develop your products or services
whether you hold any patents, trade marks or design registration
the key features and success factors of your industry or sector
Remember that the person reading the plan may not understand your business and its products, services or processes as well as you do, so try to avoid jargon. It’s a good idea to get someone who isn’t involved in the business – a friend or family member perhaps – to read this section of your plan and make sure they can understand it.