An important part of developing a business plan is clearly defining and describing your product or service offering. Investors are more likely to buy into your company if you can effectively tell the story of your products and how they will impact the market. Here are some key considerations when articulating your products in your business plan:
Startup 101: Getting Investors to Believe in your Product or Service
A business plan isn’t just about the facts and figures. It’s also about selling the story about your products and services. But how do you convey that in an engaging way to connect with investors?
Published by Singtel myBusiness
on 19 Oct 2015
1. What are you selling?
Investors need to know what you’re selling and why. Did you see a problem in the market you didn’t think was being addressed? Or were competitors doing a poor job?
To make your story more compelling, illustrate to the investor the need for such a product by consumers and how the solution came to be. Highlight the challenges faced by consumers due to the lack of suitable solutions and how you came up with your product to meet the need.
Telling your individual story means the investor is more likely to relate to you than if you only explained your products and services. Clearly convey what makes your product unique or how this is addressing a different need in the marketplace.