Business proposal is written to prospective clients to convince them that the business being proposed is profitable. In case of business idea proposal, it is a proposed concept for the business. It can be a one page written document that contains the proposed idea or business concept. It is simply a putting business ideas into written words. The most important part about business idea is turning it into a business proposal.
Here are some steps for business idea proposal
- Make research
Make sure to research for your target market to know if there is enough demand for your proposed business idea and later on can be used this research in your business proposal. Also, your should know your competitors.
- Get feedback
This is the time of knowing the strength and weakness of your business idea. It is good to listen to the insights of other person. You can discuss your business idea to your partners, friends, potential investor and even to your competitors Their feed backs are important to improve your business ideas.
- Create business concept
Creating a business concept or business idea is essential and incorporate into business proposal. In this case, you have to gather data and statistics from the market research and how your bsuiness idea put into action. You have to discuss and describe your business idea to a potential investors.
- Recognize potential investors
You should know who will addressing the business proposal by identifying and recognizing the potential investors. Make a list of potential investors and know their needs and interest so that you may know who will be interesed in your business idea.
- Finalize your business idea proposal
Once you are determined with your business idea. Finalize your business idea proposal by providing information to your prospective clients including the strengths and weaknesses of your proposal, business background, and among others. You have to convince your prospective investor that you are the right person to execute the project.
- Prepare for the presentation
After sending your business proposal, you have to prepare for your verbal presentation that you must likely to do if an investor takes interest in your business idea. You should present a clear outline which includes the financial budget and where this funds plan to spend. In this way, you will turn your business idea into an effective business proposal