A product needs a name and description where you say a few words about the product (what type of service and/or what it contains). Then, then product also needs a price (which can be a one time fee or a recurring setting). Here is an example of these settings on your Console back-end:
The product name, description and price are setup in Billing > Products > Add/Edit product > step 'Details' & 'Payment options':
Note: You can add multiple payment options for one product.
And this is how potential buyers see the product from their point of view on the purchase page: