Qualifications of the Board of Directors

An unpaid advisory council’s main advantage is that it can provide expert opinions for the company that your company cannot provide from anywhere else. A list of well-known, successful business owners or managers can bring far-reaching results to increase your company’s perception of credibility and management skills. If you have a board of directors, be sure to collect the following information when developing your business plan outline. Names. Board position. Boundaries of involvement with the company. Background / History. Historical and future contributions to the success of the company.

Services or products

After completing the organizational and management chapter of your business plan, the next step is to determine where to describe your product or service, emphasizing the benefits to existing and potential customers. In this case, focus on why your product will meet the needs of the intended buyers. Your product or service needs to be covered in this chapter—a description of your product or service.

Connect the specific features of your product or service to the needs of the buyers.

You should describe your product or service capabilities, any additional benefits, and current product development trends (e.g., ideas, concepts, etc.) to meet customer demand—a detailed description of your product’s life cycle or production process. Be sure to include information on where your product is being manufactured, as well as the factors that could affect it.


Make a list of existing, unresolved, or anticipated copyrights. Also, disclose any one significant aspect of the product that is recognized as commercial privacy. Lastly, include any information with existing legal agreements such as the Privacy Agreement or the Non-Competition Agreement.

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