Knowing how to write a proposal for business idea is an important skill in business. If you can’t create one yourself, you will have to employ someone that can. Every successful business started with an idea. There are lots of potentials around you and your ideas are potential game-changers. If things work out the way you planned them, the results will be a massive win for your business.
But how can you go about it? How can you use your potential game-changers i.e. your ideas to tap the potentials around you?
Easy! Write a proposal for your business idea. Business proposals bridge the gap between you and your potential clients. A compelling business proposal can summarize your value intention and convince a client or a company to do business with you.
But then, what is a business proposal? What are the elements required for writing a proposal? How can you create a compelling one? What are the things you need to write inside a business proposal to convince your prospects?
You may have a lot of questions like this especially if you aren’t well acquainted with a business environment or you’re just starting up your own business.
The answers to the questions aren’t far-fetched. They are right here in this article. You will learn about a business proposal and how to write a proposal for a business idea in the next few paragraphs. Read on.
What is a business proposal?
A business proposal is a formal document given to a prospect to secure business management. It is designed by business owners to persuade an organization or individuals to buy a product or service.
A business proposal is different from a business plan. This is a common misconception. A business proposal targets the sale of your product or service. It helps you to seek new customers.
A business plan sells your business itself. It is the framework of how your business itself is crafted.
That’s cleared. What more do you need to know? The types of business proposals.
Types of business proposals
A business proposal can be solicited or unsolicited.
|Solicited proposal||Unsolicited proposal|
|A solicited proposal means that the purchasing company is actively seeking proposals that meet a specific need. They need you to come and fulfill a purpose in their company.||An unsolicited proposal is not sought by the company. You are the one making an offer to provide a service. Take, for instance, you attend a business shower or a conference where you meet a potential client. Then you offer to provide a solution to a problem that the client is currently facing. That’s an unsolicited business proposal.|
Depending on the type of business you’re in, your business proposal elements will vary based on the need of your prospect. Irrespective of the variance, the steps to writing a proposal are similar.
You can write a proposal with 3 core elements:
1. The problem that your client is facing
2. Solution you’re proposing
3. The pricing information
How familiar are you with the problem? What does your client already know and what do they not know? What solution are you proposing? How can you convey your proposal in a way for them to better understand? What are you going to take in return for this offer?
Highlight the positive impact your business ideas are going to make. Show them the reasons why they need to accept your proposal. To create a compelling proposal for your business idea, follow the following process. Number 7 is the real maker of your proposal, be careful while you read it.
How to write a proposal for your business idea
1. Conduct a research before you write a proposal
You can’t just wake up and decide to write a proposal. To who? You need to acquire facts, figures, statistics, and charts to validate your proposal. You need to learn about the client that you are writing the proposal to. What they want and what they do not want. Learn about their pain points.
2. Start your business proposal with an outline
An outline is very important. Before you dive into writing, break your proposal into divisions. Outline the major sections of your business proposal and the relevant information you want to include. This will ensure you stay focused and your message stays intact as you write.
The next few steps are the major part of your proposal. They include the important things that make up your proposal.
3. Title page of your business proposal
This section is where you introduce yourself and your business. Be sure to include your name, your company’s name, the date you submitted the proposal, the name of the client or individual you’re submitting to.
4. Table of content
A table of content is an organized listing of the chapters and major sections of your proposal. It will let your prospect know what will be covered in your proposal.
5. Summary of your proposal
This is where you explain the purpose of your proposal. Explain to them why your solution is the best. Be specific. Tell them that they deserve the best and this is what you offer. Let them know that you are the best option for them.
6. State the problem
This is where the data research you’ve done comes to use. Take a close look at the specific issues your clients are facing that you can help solve. Address their pain points. Include data and visuals. Let them know that you know the problems that they are bothering them.
Show them that you have the opportunity they need to solve these problems. Put yourself in the picture, make them see that they need you.
7. Propose your solution
Remember I said that this is the real maker of your proposal? Here’s why.
After making your clients see that they need you, they will listen more to you. So far you’ve addressed their pain points, the problems they’re facing, they’ve become vulnerable.
Be very careful here as this can decide whether or not your proposal will be accepted.
Put up your solutions as a strategy that will solve their problems. Make sure your proposal is tailored towards the need of your client. Let them know that you created the proposal specifically for them. For every problem, they show vulnerability to, proffer a solution.
8. Disclose your qualifications when you write a proposal
Are you qualified to solve your prospect’s problem? Show them. After identifying their problems, and providing them with solutions, they will come to a stage where they will doubt you.
They will come to a point where they will question your trust.
A lot of inexperienced lots are out there claiming to have experience in a particular field. Clients depend on trust and if they can’t trust you, they won’t accept you. So why lie when you’re trying to build trust?
9. Pricing information
This section is a bit tricky. You don’t want to under or overprice your product. So be sure you include your pricing information to make your client aware of your prices.
10. Terms and conditions
This section contains a summary of what you and your client are agreeing to if they accept your proposal. Be sure to clarify your terms and conditions. Here you give them the details about your working timeline, pricing, and payment schedules. Make sure you clear the terms and conditions with your legal team before sending the proposal to the client.
11. Signature and agreement
Before agreeing, make your client know exactly what they are agreeing to. Include a signature box for the client to sign. Don’t forget to include a prompt for the client to reach out to you if they have unanswered questions.
Finally, before submitting your proposal, carry out quality control. Proofread your proposal for possible errors and grammatical mistakes. Make your client feel the vibe of professionalism.