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How to Write a Business Plan Funding Proposal
You have a great idea for starting a new business or expanding your current one. You’ve thought through all the issues and created a road map for success. Now all you need is funding to make your dreams come true. But how are you going to secure this funding? You can’t just walk into a bank or sit in a committee meeting and hand them your notes and spreadsheets. You must write a business proposal to outline your plans and request funds.
You are an entrepreneur, you think, not a writer! You’ve never written more business letters and meeting agendas. Do not worry. It doesn’t have to be an intimidating process because every business proposal has a basic structure. Here are four parts, in order: Just 1) introduce yourself; 2) demonstrate that you understand your customers/clients and their needs; 3) describe how your goods and services meet these needs and present your expected costs and profits; and 4) convince the bank or committee that you have integrity and can be trusted with money.
You also don’t have to start with blank pages. You can speed up the proposal writing process by using pre-designed templates and samples using simple automation software.
The length of your proposal will vary depending on the complexity of the project you are proposing and how much funding you need. It is obviously easier to describe an expansion plan and present the financials of an existing business than to describe how you will build a new business. Your proposal may be only ten pages long, or it may need to be dozens of pages long.
The secret to creating a successful financing proposal is to show your prospective clients/customers a need or want and then show how you will meet that need and make a profit by providing the solution. When applying for funding, you should also consider the needs of the bank or funding committee. Put yourself in the other party’s shoes. What does your future funder need or want? What are their concerns? How did you gather this information? What kind of information about your business experience and financial know-how does the financing institution require from you before handing over money? Lending institutions and grant committees want to understand your story and your plan to determine if your business is successful. The bank or investor will also want to see your plan for their return.
Begin your business plan funding proposal by introducing yourself and your proposal with a cover letter and cover page. Your cover letter should be brief: just explain who you are, include all relevant contact information, and print the letter on your company’s letterhead. The title page should simply introduce your proposal and the specific project you are proposing. Some examples might be “Business Plan for New Panne Bella Italian Bakery,” “Proposed Expansion of Greeley’s Hardware Store,” or “Funding Proposal for New Downtown Art School.”
After the introduction section comes the section where you talk about your customers or customers: the people who want or need your goods or services. Here you will include topics that demonstrate your business’s understanding of the market. Depending on the complexity of the project you are proposing, you may or may not need to start with a detailed summary (called an executive or client summary). In this section, describe the market need you intend to fill and provide statistics and data to back up your claims. You need to impress your proposal readers with your market knowledge. This is not yet a place where you talk about your goods or services. This section is about proving your business need or desire.
After the market-oriented section comes a section where you explain how your product or service will solve the need you have described. You will add pages with headings such as products, services provided, benefits, price list, service cost summary, etc. Depending on the type of business you are applying for funding, you may also need to include descriptions of the facilities, equipment and personnel you need for your proposed project.
At each step in this section, you will need to describe your expected expenses and income. Depending on whether you are asking for financing for an existing business or asking for money to start a new venture, you will need to prove your evidence by including pages such as financing request, revenue projection, interim analysis, project budget, annual budget, cost. Management, cash flow analysis and return on investment. Also be sure to include a repayment plan to show the bank or investor how they will be reimbursed and potentially make a profit by financing your business.
After you describe what you propose to do and how much it will cost, comes the final section where you provide information about your company and your financial history. If you already run a business, you will need to provide a financial overview of that business, including pages such as a profit and loss statement. Your goal is to conclude your proposal by convincing the prospective client that you can be trusted to deliver the goods or services you describe, succeed in your business, and secure financing. In this section you will add pages such as About Us / Company History, Awards, Testimonials, References, Qualifications, Opportunities, Our Clients, Experience, etc. Include everything you need to convince the bank or financing committee that you know what you’re talking about and can deliver on what you’ve promised.
After you’ve written your proposal, take some time to make sure the pages look good too. You might consider adding color and graphics by incorporating your company logo, choosing custom bullet points and fonts, or adding colorful page borders. However, do not overdo it – keep the overall tone businesslike.
Be sure to read all pages carefully and check spelling. If your proposal seems sloppy, the reader may conclude that you are unprofessional and lack attention to detail. Hire a proofreader who is not familiar with your proposal to do the final proof, as it is almost impossible to spot errors in your work. Note that spell check cannot catch words that are spelled correctly but used incorrectly.
Save your proposal as a PDF file or print it and then deliver it. If the bank or funding committee has specific rules, follow them. Emailing PDF files is common these days, but a hand-delivered printed proposal can impress lenders more. If you have a lot of competition for limited funds in your area, use your best efforts to bid and deliver.
You can see that each business plan financing proposal includes several pages because each one must describe a market need, how the proposed project will meet that need, and why management is credible and can be trusted with financing.
But you can also see that all business plan funding proposals follow a similar format and structure. And remember, you don’t have to start from scratch—you can find templates for all the pages mentioned in this article in the Proposal Kit. The template set includes instructions and includes sample information on each page. The set of proposals also contains various funding requirements. Starting with the Proposal Template Kit sample business plan proposals will give you great guidance in creating your own profitable business financing proposal.
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