Step By Step Business Proposal
It is essential for all businesses to possess a business plan. Therefore before one can even begin thinking of starting a business there must first be initial planning that is presented through a business proposal.
People nowadays crave to establish their own respective businesses, and why not?
You get to run the business the way you want to, apply changes or advancements according to your tastes and to top it all off everything is yours. The financial stability of owning a business is relatively high compared to working for another establishment other than your own. There are just endless possibilities when it comes to your own business that people can tend to get carried away sometimes. Considering these factors it is important to keep to a business plan.
The business plan is an essential and be it initial part of starting a business. You need to gather your thoughts, write them down and organize them to formulate your business plan. This business plan is directly equivalent to your business proposal as it identifies that you are interested in starting a business which possess the enclosed criteria. It is a guide to what the business is all about, what it does or intends to do and how it is expecting to accomplish all the stated goals.
Since you will be starting your own business, indicate your budget. True you have the option of considering loans from financial firms and banks, however you must remember that these must only be within your payable capacity since you would not want to end up in debt so early into the business, if by a stroke of bad luck it fails.
Indicate your intended audience. You will want to determine and verify who will be reading your business proposal so as to adjust certain aspects of it in accordance to what they expect to see from your documentation. The business proposal could be directed to audiences to attract finances or investments. Other business proposals however could be within a particular company or enterprise. With this you must make the corresponding adjustments.
The writing of the business plan consists first of the executive summary, which serves as the formal introduction to the business plan. It is followed by the company history and background, clear description of the business concept and its corresponding value proposition, the marketing analysis including its competitive analysis and market development, the production and operations assessment and development plan, financial assessment and projections, management and human resources assessment and plan, implementation plan, identification of resources, proposed deal structure for investors if it is appropriate, the survival strategy describing inherent risks and mitigation strategies, the growth strategy, exit strategy and the appendices.
It is important that the audience or reader of your proposal will get to understand what the business is all about and the value and potential it possesses to succeed. With that it may be a good idea to consult with a lawyer to read and revise your work accordingly. An accountant may also be consulted to review the financial estimates you put on your business. With this you must therefore keep things realistic, brief and within the minimum of 20 pages.
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