Just as you need a resume to get a job, you require a business proposal to get your loan approved, or get angel funding. Therefore, it is important that you know how to write a good proposal. There are different business proposal formats too. For example, the format of a grant proposal or grant application is different from that of a funding proposal. Read this article to understand the concept of business proposals.
What is a business plan proposal?
A business plan explains your vision about your business to institutions (such as banks) and individuals (such as angel investors). Investors and banks do not accept project proposals that do not clearly explain how the business would make money. The Returns on Investment (RoI) is an important factor that determines the acceptance of a business proposal.
How to write a proposal?
Before you embark on the journey of writing a business plan, it is good to go through some proposal samples. You can find proposal writing samples on the internet. You may also like to read grant proposal samples or research writing samples if you are into academics. Prepare the outline of your business plan This is the first and the most important step. The outline of a business plan should consist of three sections, namely introduction or executive summary, body and conclusion. References can also be included in your plan. Executive summary You should present an overview of the content in the body of the business plan. Write the summary in simple language. The summary should entice the reader into reading the entire business plan. The body Divide the body into sections, such as, company description, industry analysis, target market, competition, investment considerations, marketing and sales strategy, technology, management, finance, accounts, and exit strategy. Each of these sections should clearly reflect your thoughts about your business projection.
Readdress the key points mentioned earlier in the various sections of the body. The “conclusion” section is important as it recollects the information given in different sections of the main body of the business proposal. Remember, it would take you a few weeks to create the final draft of your business plan. Hence, do not lose patience while working on a business plan.