ESYB2 039 - The Product Section of a Business Plan
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[00:00:00] After you've completed the executive summary of your business plan, the very next section of your business plan in which you start to have the meat and potatoes of your ideas is the section where you describe your product or service. I created a little outline for you of what it should have. Be clear, explain what the product does in a little more detail, explain who it helps, how, and hint at the differentiation.

Now, obviously, this is a small checklist. This is just for you to keep in mind. And when you finish writing your product or service section, reread your product or service section to see, does it contain all this? For now, I'll delete it and I'll show you mine and we'll go over it and see how I accomplish all this.

This is my product or service section. The first line basically explains that it's an app for entrepreneurs and the apps act as coaches throughout the journey of the entrepreneurs starting and growing their business, meaning it's a long term use app. Everybody in the app world knows that the [00:01:00] longer the app is used, it's easier for that app to get promoted.

It's easier for that app to make money. When anybody who understands the app business reads that statement, like a ka ching goes off in their head, like a dollar sign, like, Oh, this is our advantage. And notice that I accomplished this in only one sentence. Then I explain the four different ways the apps help.

The first way is by just providing software tools for planning. The second way is by allowing the entrepreneur to invite their team and use the apps collaboratively with their team to plan together and use it as almost like a repository. At this point, another aha moment should occur in the reader. Oh, social sharing.

So like one person downloads it, shares it with others. Aha, virality. Now, this app is not too viral, not like a game, but nevertheless, While we're explaining the product, we're hinting at all these good things. Then the third way the app helps is educational tutorials by [00:02:00] helping entrepreneurs understand about business ideas, business planning, marketing, and fundraising, which basically keeps entrepreneurs on the apps longer.

And then number four is really important. Perhaps the best feature of the app, and that is. Live expert help by an actual expert, an actual human. I don't know of any app that does this for business. So this is tremendous differentiation since then I've actually removed a few of the features from this app.

Like there is not a lot of collaboration now and there's no expert help just because I was providing it for the most part and I just don't have the time. As a vision, as a product explanation, this is a fantastic example. So now you can try to write yours and as you write it, don't overthink it. Just write something that's clear, not too long, and doesn't go on too many tangents and explains the core of your product.

As long as you explain the core of your product, you should do fine with this section and you always have a chance to edit it later. So don't [00:03:00] overthink it. Just make sure you create it and write it.

