Written by: Bhumi Patel
Edited by: Cheryl Chen
Before venturing off to start their own business, every entrepreneur must go through the process of writing a detailed proposal. While they are tedious and time-consuming, they are crucial to attracting investors and gaining valuable clients. Often, even with a mind blowing idea, the quality of your proposal is the determining factor as to whether the deal is successful.
Many young entrepreneurs are constantly wondering how they can write the perfect proposal to kickstart their business. Here are 10 effective tips that will guide you through the process!
Do what you are Asked
Writing a business proposal is like writing an exam in many ways. Simply answering all the questions can get you half the points. Regardless of whether your answers are of quality or not, providing the basic answer will likely guarantee a passing grade. In a business proposal, it is quite similar. When creating a business proposal, it is essential to include everything that needs to be mentioned. Because of the detailed nature of proposals, it is important to do the homework and become an expert on the topic.
Know the Business
You should know your own business and all the aspects of it. Many people fail to obtain the trust of their audience by not being well informed about their own business. Investors or clients may unexpectedly ask question that may throw business representatives off guard. Nonetheless, as long as you know your business inside and out, unexpected questions will not be a challenge.
Be Experts on the Audience
Establishing a new business is not an easy task. Knowing the basics of how to establish a business does not mark the end of your workload. An entrepreneur must thoroughly determine who is their target audience and understand the various patterns that set these individuals into a group. Therefore, before actually going out and proposing your idea, try to set up a meeting with your investor/client to get to know them. This will help you get a feel of who they are and what is their typical behavior. When proceeding to writing your proposal, keep in mind the investors/clients’ preferences. By developing a proposal to suit the client’s’ needs, it will increase the chances of the client approving of your proposal.
Think, Plan and Organize Before Writing
Having a plan to write your proposal may seem like common sense, but many people fail to follow this crucial step. Writing a proposal without any solid brainstorming or plan can lead to disorganized and unclear results. Start by creating an outline of what you want to write in your proposal and stick to it. This will help you stay on track and prevent your thoughts from jumbling together.
Put a Cherry on Top
Just like making any kind of banana split sundae, you want to put the most appealing item on the top. The bright and juicy cherry, or in this case your most engaging benefit, which will help attract your target with its appeal. Every product or service has its own unique benefits. Instead of following a logical order in which you describe your product, its use, and then its benefit, just jump straight to describing its benefit. Doing this will help grasp the reader’s attention from the start because it will create an interest to get to know more about the business.
Have Complete Transparency
Show your clients and investors exactly what is going on inside the management and functionality of the business. Let them know the sequence in which you plan to do things, who runs the processes, and how they are run. Allowing transparency between you and the investor/client will allow for greater trust and stronger relationships.
Speak your mind
Although it’s important you maintain a formal and professional tone when writing your proposal, you should be writing as if you are actually speaking. This means not using a thesaurus for every other word and trying to make it seem impressive through a larger range of vocabulary. Just simply write as how you would talk to your client, professionally but with character. Doing this will allow you to voice your opinions in a personal way and will also show the audience how passionate and connected you are to the business. This strategy proves to be more successful in compelling the target.
Get straight to the point
The key to writing a good business proposal is to be direct. Remember that you are not writing a multi-novel series in which the reader will slowly finish. The reality is, you are lucky if even 10 minutes are spent in the process of reviewing your proposal. Be sure to write down exactly what you are trying to say and get to the point. Although it is valuable to sugar coat a few facts here and there, try not to overdo it to the point where your thoughts are lost. Make sure your proposal explains exactly what your business is about. The important tip is to keep the proposal short and simple.
Spice it up
This tip ties hand in hand with writing as how you would speak. Have a variety of styles in your proposal which range from short but exciting sentences, to long yet grasping paragraphs that start with conjunctions. Writing a bit out of the standard confinement of professionalism will keep the reader interested in what you have to say. This will help keep the tone more natural and allows more personality into the writing style.
Don’t be afraid to ask for help
Sometimes you may just hit a writer’s block and be lost for words. At other times, you may even be incredibly sick of your own words that you need a break. This is the perfect time to get an outside opinion on your proposal. Usually, a fresh new mind and perspective is all it takes to get your proposal back on track and give it a new and unexpected edge. Try asking friends or family to edit and revise the proposal because they may catch errors that you have missed. Remember, two mind are always better than one.
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