Every product you launch for your company requires a business plan presentation. We’ll go over business plan design, presentation, and more below so you know exactly how to create your new product business plan.

Defining a Business Plan

Have you ever had an idea for a new product and wrote down a few notes on what you needed to do to make it a reality? If that’s the case, you’ve already produced a rudimentary business plan, or at least the fundamental components of one. At its core, a business plan is just a blueprint for how your product will work and what you will need to do to bring it to life and make it successful.

A business strategy might be as short as one page or as long as several pages. Most firms may get by with a very simple plan that includes a few bullet points focusing on your product strategy, techniques for developing and selling your product, and milestones to assist track responsibilities and tasks. It should also include financial estimates for your product, such as budget, cash flow, and expenses.

How to Create a Business Plan for a Product

You must first design and write your product business strategy before presenting it. We’ll go over everything you need to know in order to create a clear and strong product business plan that sells. The steps are as follows:

Step 1- Research,Research,Research

Analyze and investigate your product, target market, and objective expertise. Ideally, you should spend twice as much effort on this phase as you will on drafting the product business plan. Consider your product and what you want to do with it. You must be well familiar with your company, its products, and any competitors it may have. Don’t forget about the market in which you intend to sell it. It is your responsibility to learn everything you can about the industry into which your product will enter in order to develop a case for why your product will outperform the competition.

Step 2-Determine the Purpose of Your Plan

A business plan for a product is a written document that details the product, your marketing and sales strategy, the financial consequences, and a profit and loss statement. Consider it a blueprint or map that will assist you in avoiding hiccups in product creation. If you want to recruit investors for your new product, your strategy will be different. Now you must create a business plan that is as concise and clear as possible for your potential investors.

Step 3-Make a Product Profile

Your product profile should cover your target market, audience, resources, what makes your product distinctive, and how your solution will solve a problem. Use this profile to attract new customers as well as to describe your product plan and company. This is one of the first written elements of your plan, and having this product profile helps the rest of the plan come together much faster.

Step 4- Document Every Aspect of Your Product

Any potential investors or your firm’s board of directors want to know how your new product will create money for your company. As a result, investors and the board of directors seek to learn everything they can about the product. You should document everything, from your cash flow and expenses to any estimates you have, to help you with this process. Don’t overlook any tiny things, such as license agreements or location plans.

Step 5- Create a Strategic Marketing Plan

An aggressive and strategic element will always be present in a solid product new product business plan / marketing plan. You should outline numerous marketing goals, such as:

• Product description
• Creating business plan graphics that are relevant to your product and/or function
• Creating and expanding your product’s market
• Entering new markets with your goods
• Increasing sales of your new product, and being particular
• Selling your new product alongside another
• Signing a long-term deal with a certain customer
• Raising prices without reducing sales
• Improving your new product
• Putting in place a content marketing plan to attract interest
• Improve your product distribution and manufacturing processes.

Every new product strategy should include various goals as well as techniques for achieving these goals with new items. So, for the first year, concentrate on the “what” and “why” of your marketing strategy, followed by the “where”, “who”, “how”, and “when”. It’s now time to set aside money for each activity you intend to undertake in support of your new product. Make separate budgets for out-of-pocket expenses and internal or personnel charges.

Step 6- Make Your Product Plan Adaptable For Different Audiences 

Your proposed product strategy will be read by a diverse group of people, ranging from employees and venture capitalists to bankers and investors. Each sort of reader has distinct interests, and you must be aware of their interests from the start. This manner, you can consider them when writing your company strategy for certain audiences. For example, your employees will be more concerned with the plan’s objectives, whilst investors will be concerned with cash flow statistics and balance sheets. Make sure you can quickly adapt and tailor your business plan design to your target audience.

Step 7- Explain Why Customers Require This Product

Whether you want to discuss your strategy with a consumer, investor, or team member, your plan must demonstrate your dedication and passion. You must demonstrate that you are interested in growing your company’s product range, outline the challenges that the product will tackle, and explain what distinguishes your product from the competitors. Maybe your product makes people work more efficiently, or maybe it speeds up a certain procedure. By expressing what your product can achieve for your target audience, you may establish an emotional connection with people who will back your product from the start.

How to Present a Business Plan for a New Product

After you’ve written your new product business plan, you’ll need to select how you’ll present it. The presentation of your business plan is critical to getting your product off to a good start and attracting attention. Take a look at the seven phases to presenting a business plan.

• Generate References and Leads

You’ll need the phone numbers, names, and addresses of any outside investors who can aid you with your proposal. Begin networking and speaking with people you know who can assist you in launching your new product. Request referrals from people you know, and follow up with those you receive referrals from. You can also explore purchasing leads through new platforms to help your business expand.

• Research Your Target

Learn everything you can about the industries in which your product will be sold, how much money you or others will invest in the production process, and any other needs. Look through venture capital directories to figure out where to propose your goods.

• Present a Sales Pitch

Present an introductory letter to your target audience informing them of the plan you’d want to present to them. Sending an introductory letter is a subtle way of asking the audience if they’d like to read your product business plan. You should explain why you choose this person and what your product delivers in this introductory letter. You should also describe what you want from the person, such as a loan, an investor, or a long-term supplier connection. If you have a referral, specify who referred you at the beginning of the letter. Never underestimate the importance of a reference.

Finally, consider including the terms under which you present your product proposal. You may state that you are not sending your plan to any other investors, or you could state that you are contacting numerous investors. You should inform the receiver if the communication is private or if they can forward it to someone else. If you intend to include a non-disclosure agreement, submit it after the introductory letter and before the actual business plan.

If they don’t respond after a week, send a quick follow-up email, followed by another two weeks later. If they still do not reply, look for alternative sources of funding.

• Consider Face to Face Meetings

Despite the fact that we live in the digital age, you should try to meet in person. This is especially important if you want to actively seek investors because convincing them to invest in your items via email or texting will be difficult. Although Skype is an option, an in-person meeting is still the best way to make a significant financial commitment. Follow their lead if they want you to communicate solely through electronic methods.

• Be Ready To Face Objection

You may believe that your business strategy has addressed all of your audience’s concerns, but you haven’t. You must be prepared to refute arguments such as preconceptions about your product and potential competitors. Play the devil’s advocate by having members of your team, coworkers, and friends throw every potential direction at you and ask the tough questions. As a result, when it comes up for real, you’ll be prepared with your replies.

• Secure those Commitments

The new product business plan might assist you in obtaining funding for product development. You will not receive investments in your product unless you request them. After you’ve addressed all of the probable objections, be prepared to make one final concession. It could be anything as simple as a stake in your company or a seat on the board of directors. Make this your final concession before closing the sale.

• Reminisce on Time

Remember to keep time in mind when pitching your presentation. You want to give your investors a more formal pitch presentation. Cover all of the previously mentioned elements. Your entire pitch deck template should ideally run no more than 20 minutes, and you should have a slideshow that displays your business plan. Keep it to 10 slides or less, with a slew of business plan illustrations and diagrams to help you make your argument. Improve audience engagement with high-quality presentation slides.