Section Five: Products/Services

Purpose

In this section, you will describe in detail, the products and/or services which you plan to offer.

Guidelines

Table 8 lists some questions you might ask yourself when preparing this section of your business plan.

Table 8: Guidelines for Products/Services Section

Guidelines for Products/Services
  • Are you offering the right product/service?
  • Does your product/service address the market?
  • What is your competitive position?

Example

Table 9 shows how Fay wrote up her section on Products/Services.

Table 9: Products/Services for Fay’s Variety

PRODUCTS/SERVICES
Products

Fay’s Variety will offer groceries, meats and produce. The deli is strategically positioned beside the baked goods in order to influence the impulse shopper to purchase deli products while selecting baked goods. A review is underway to determine what other products we might be able to offer from this area.

More work on merchandising is required from the deli department.

An outdoor fruit and vegetable stand will be set up next summer for locally grown, organic foods.

Services

A shoe repair depot has been set up at the front of the store. The shoes are picked up and repaired at another location, then returned for customer pick up. This service is currently under review to see whether or not it is beneficial.

Essentially, the surrounding merchants can be viewed as additional services provided by Fay’s Variety since they are so close that they become transparent to Fay’s Variety. A downtown trip is viewed as a “one-stop shopping trip” with little difference between one store and another.

A permit to operate a postal service has been obtained. This will be located at the back of the store.

As well, a DVD rental service will be available. One corner of the store has been allocated as a display area.

Click on Worksheet 8.4 to describe your products and services.

BizShift Loans

Self Employment Program

Partnerships & Opportunities

Business Planning Workbook