You should provide a full description of your product/service, consider planned developments and assess any competitors.

Recommendations

• Use charts where appropriate to compare your proposed products/services with those of your competitors
• Do not make this section too technical;  if necessary attach an appendix
• Describe the advantages of your product/ service

Key elements

Fully describe your product/ service:

• What need does it fulfil?
• What features make your product/ service unique?
  (Cost?  Quality?)

Discuss the development of your product/ service range:

• How fully developed are your plans?
• Are there opportunities to expand scope and scale of operations?

Discuss competitive products/ services on the market:

• How do they compare in quality and range with your product/ service?
• What pricing strategies are pursued for these products/ services?
• Is it normal to offer discounts?

Research and development:

• Discuss the influence of new technology.
• What are the technical risks?

Financial considerations:

• Explain your pricing strategy;
• indicate the required levels of equipment for hire; and
• consider cash flow requirements.