The idea of the product or service
The main objective of a new company is to offer a solution to a problem in the market, meeting a need of your potential customers. Therefore the Business Plan should begin with the identification of this need and the proposal of a solution. We have developed an outline of some of the key elements of our future business, the customer benefits, market and the revenue mechanism “in the description of the Business Idea. Now we have to specify in our plan. What that will make this idea very compelling in the market?
Business Idea consider from a practical perspective, usually involves an iterative process in which new insights into an element of the plan may affect others. We must be open to criticism and will wish to consult experts, investors, businessmen, colleagues and potential customers.
Presentation on the Work Plan
- Identify the problem and its solution.
- Describe what the innovation of the idea, and explain how our solution offers customers a unique utility, and quantifies the latter.
- Indicate the status of the patent and, if applicable, the details of it.
- Communicating visually. An image of the product or service prototype in action, or an organizational system so that the reader will get an idea of what we have in mind. In addition, documenting the evolution of the product.
- Do not worry about the technical details, not relevant to investors, and is likely to influence his decision not to invest.
Checklist of Product or Service Idea
Our business plan offers an answer to the following questions:
a. What problem / s meets the idea? What customer need satisfied?
b. What type of product or service we sell? Which is exactly what gives?
c. What is innovative about the product or service?
d. Is it a unique product or service or not? How to protect in relation to the law?
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