Writing a Business Proposal
A business proposal is the foundation of all business. It communicates your idea or product to potential investors and customers alike. Though the proposal is tricky, it’s not that difficult if you follow a few guidelines. Fortunately, pain management specialist Jordan Sudberg provides tips for writing a good business proposal.
1. Start with the title page. Include basic information such as your legal name, company name, address, phone number, and business proposal title.
2. Put together a table of contents. Doing so allows readers to scan your proposal more easily and quickly find the necessary information. If you have more than three main sections to your proposal, consider breaking it up into multiple proposals.
3. Write the executive summary. An executive summary is usually two or three pages long and highlights the main points of the business proposal in one page or less. It’s a short overview designed to grab attention and makes it easier for readers to decide whether they want to read the full proposal.
4. Write a problem or need statement. Clearly express your idea to the potential customer or investor compellingly. Explain what’s wrong with the current situation and how your solutions are better than the competitors ones.
5. Propose a solution. Outline how you intend to fix the problem or satisfy the need in a detailed manner. At this point, include examples of past work to illustrate what you can achieve should your proposal be accepted and acted upon by those with whom you seek an agreement.
6. Share your qualifications. These may include education, experience, published credentials, awards, achievements, etc. Be sure to include any pertinent information. Sharing your qualification is a great way to let potential customers and investors know you will be an asset to their business.
7. Include pricing options. If your proposal relates to a product or service, you may offer one or more pricing options for potential customers and investors. This section’s information should include all the details needed for each option, such as quantities, prices, or fees and what is included in each option. This will help prevent the customer or investor from requesting changes that could require additional time and resources on your end, making it easier to negotiate a final agreement with them.
8. Summarize with a conclusion. This is the last part of your business proposal. Summarize the main points in a short, concise fashion and emphasize them for the reader to understand. A good summary should restate your main points, outline the next steps, including the risks and reflect on how the customer or investor will benefit from accepting your business proposal.
According to pain management specialist Jordan Sudberg, a business proposal can be used to raise money for a new idea or start-up company or obtain a loan from a bank or company. Banks generally prefer that you have already provided proof of income from a previous job(s) and proof of financial viability before they will consider lending money. A personal guarantee (held by you as opposed to a third party) is required (usually between 5% and 10% of the project’s total value).