If you come up with a wonderful idea for a brand-new service or product, you might decide to make a business out of it. There are plenty of ways to break into the world of entrepreneurship, from starting a gym business to launching your first side hustle. Then I also found this awesome gym management software recently which is absolutely brilliant for running a gym and keeping members, so definitely check that out if you run a gym. If you don’t have the money to invest in such a venture, then you need to convince an investment firm or a bank to agree to lend you money to start your business endeavor. You will have to write a comprehensive business proposal in order to do that. Here are simple steps to build a business proposal.
Steps
- Locate an experienced professional. Find someone who has created noteworthy business proposals and discuss the process with him. Ask what made his business proposals successful and what lessons he learned from his experiences.
- Plan a two-sectioned proposal. Create an outline to make the actual composition of the business plan easier. The first portion should describe the opportunity that you foresee and how you plan to pursue it. Then present important financial data in the second part. This section will contain things like tax returns, a balance sheet and a summary of operating plan.
- Create the proposal based on the outline. The document should be clear and concise. The first part should be 10 pages at the most. State sources related to the description of the market opportunity.
- Explain thoroughly what differentiates your company from other competitors. List a new technology you may have, industry achievements, various experiences, special skills and anything else that positively sets you and your company apart from everyone else.
- Provide a description of the target market of your business.
- Determine who your prospective customers are. According to this great entreprenuer advisor, you should Elaborate on why you chose to target them in particular.
- Include a synopsis of your marketing plans. It should have details that will help the audience of the document easily understand how you plan to market your business. Keep it brief though so as not to overwhelm the reader.
- Identify potential regulatory issues you will have to address in the business plan.
- Name the company’s management team. Identify the people at the top of the infrastructure in your company and provide brief biographical descriptions.
10. List your expectations related to cash flow and revenue for the initial year. Detail the amount of money your company will likely need to start operation, where you plan to obtain it, and how you will make use of the money.
Tips & Warnings
- Remember to always be rational and realistic. Being too optimistic and wide-eyed might make the bank or investment firm think you do not know the real risks you’ll need to take when you start your business.
- Make sure your document contains the truth and is based on facts. If you have done market research, include that in the document and list the sources. If you were not able to secure thorough market research, state that as well.
- Compose your business proposal yourself. Hiring someone to do it for you is a waste of money since he will get the information for the business proposal from you anyway.
