Home Electrical Contractor Free Electrical Contractor Business Strategy Questionnaire 3.1 Product Description Questionnaire
How does a business like Lights On Electrical, Inc. benefit from this section of the business plan?
Especially in the case of small businesses like Lights On Electrical, Inc. the Product description section of the business plan is an excellent opportunity for business owners like Andy Powell to tell the reader of the business plan just what kind of products the business offers. Although it may seem like an obvious question, not everybody who is reading your plan has the familiarity with the nuances of your business. Also, we think that is very important that the business owner make the distinction between products offered and services offered - covered in the next section of the business plan.
I am only a wholesaler and don't have any products of my own?
You are still a part of the chain that serves as the delivery mechanism to get that product into the hands of the end consumer - as a business owner you need to take a few words to let the reader of the business plan know what products you deal in - are these products perishable or are they durable? Are these large bulky products or are they small items? - That of course has implications on your ability to store them and the size of the inventory that you can carry.
What about online businesses that don't carry an inventory?
There are many businesses that serve as an online store front on the internet using drop shippers and third party service providers to maintain their inventories and warehouses and never deal with the physical product themselves. Even though their business model never requires them to actually carry or own the product that they sell - they still have to take some time to explain what it is that they are selling to their customers since they are an integral part of how the consumer gets the product.
What about manufacturers?
This section of the business plan is very easy for the manufacturing industry since this is where they get a chance to talk about their products. Just as we had recommended that Andy Powell take advantage of every opportunity in the business plan to talk about their products, we would likewise recommend to manufacturers that they list their product range and market the virtues of their products over those of the competition.
How about a small business whose product is a special process?
Many small business manufacturing shops do not manufacture the entire product in house but instead farm out all or part of the manufacturing process to outside shops who in turn work on the product or use a special process and then return the product back to the manufacturer. If you have a business that has a niche, we recommend that you describe in great detail your special process and how it gives you a niche in your market You will also need to describe the special machinery or infrastructure that you use to complete that special process.
We feel that every business has a product and or service that they sell. How you create a platform that delivers the product or service to your client is what separates you from the competition. Just like Lights On Electrical, Inc. operating in the Electrical Contractor you should take some time to write about your products and services with passion - that is what banks and venture capitalists are looking for as they evaluate your business plan.
The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!
The Business Loan Application covers every item you will need in your loan package and tells you how to get approved for business loans.
Fire your loan broker and use our Free Business Loans Bank / Lender Directory to find every bank in the country lending to small businesses.