How to write Business Plan
Proposals that showcase your strengths...
and attract funding
Are you looking to start a new business? Do you have a product or
service you want to sell? Do you have a new invention or a better way to
service customers? Do you need an investment or a loan to get your
business started? Then you need a business plan.
Think of a business plan the same way you'd think of a
resume...
If you were applying for a job, you would present your
skills, experience and knowledge and tailor it to the position you seek.
You would 'sell' yourself to prospective employers. You would focus on why
they should hire you and what benefits and results you would bring
them.
You wouldn't apply for a job without putting forth the
most convincing resume, would you?
And if you're hired, your employer would pay you a
salary and expect a greater return from you than what you would be paid,
right? You bet. After all, they've invested in you!
Business plans are like resumes for your business. In
the same way you'd convince an employer through your resume that investing
in you is worthwhile, a business plan sells your business concept, product
or service to:
- Investors
- Lenders
- Suppliers
- Key members involved in managing,
marketing and financials of your business
So if business plans are so important, why do so many small
businesses avoid them?
That's a good question! And there are many answers to
that question...
Business plans take time - why bother writing a plan
when you can get down to business, right? Wrong!!
Business plans require research - many small business
owners don't know how to do the research, and many small businesses are
indeed afraid that that the research findings won't go in their favor. The
truth sometimes hurts!
Business plans involve financial accounting - apart
from the fact a lot of people don't like number crunching, the task of
forecasting numbers also scares a lot of people...again, the
truth sometimes hurts.
Not everyone knows how to write business plan
proposals - especially if the plan's purpose is to convince or attract
investors or lenders to your business, then it needs to be well-written. I
don't know about you, but writing never was one of my favorite subjects!
Writing a successful business plan is vital
to the long-term success of your business
Despite all the reasons mentioned, business planning
is a crucial skill for any business owner to have. And while you need to
take the time and make the effort, the rewards of learning how to write
business plan proposals effectively far outweigh the inconvenience.
Remember - a business plan is a resume for your business
concept.
Just as there is a standard format for a resume which you would tailor to
highlight your career achievements, business plans have a standard format
which can be tailored to showcase the key points of your business.
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