When you decide to take a leap and start a new business or perhaps you are already engaged in one, but you want to expand or modify your existing product or services, the best place to start is by creating a new business proposal to secure and attract new clients. It would be such a waste not to share with the world your great idea for a product or service. And with the help of a new business proposal, you can outline your value proposition and persuade a company or organization to do business with you. Learn more about new business proposal and how to write one in our article and don’t forget to check out our free new business proposal samples below:
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What Is a New Business Proposal?
In order to capture a new client or a prospective business partner to sell your product or service you will need to forward to them new business proposal. A business proposal is a formal document is forwarded to a prospective client, outlining the service or product you or company is offering, explaining why they would have to choose your company in the purposes of securing a business deal or agreement. There are two types of new business proposals, these are unsolicited or solicited. Unsolicited business proposal where you intend to approach your potential clients first and forward to them a proposal without the latter party requesting. Solicited business proposal on other hand are are requested by a prospective client. A client might have issued an RFP, or “request for proposal” for these type of proposal.
How To Write A New Business Proposal?
Once you have that fantastic idea and plans in place, it is about time to get started with your new business proposal. Remember, this is the first step in what could be a great and promising business agreement so your new business proposal must written in a precise, complete and convincing manner in order to win your client. The proposal should address the following subject matter: problem statement, proposed solution to this problem and the pricing. Now let us check the step-by-step procedure at how to format your new business proposal.
1. Business Proposal Title
The title page should include some basic information such as your name, the name of your company, the name of the person to whom you’re submitting your proposal, and the date submitted. Although this may just seem like a title page, make it captivating to the reader since this is the first thing they would be reading.
2. Executive Summary
The executive summary should outline the benefits of your products or services, preview of your company’s goals and overall vision and mission and your company’s future plans. Keep the executive summary clear and concise in order to set the right tone for your proposal.
3. Table of Contents
A table of contents will give a layout of what the client is expected to read in the incoming pages of the new business proposal. It makes your proposal scannable and easy to read.
4. Overview or Summary of the Problem or Need
First and foremost, your business proposal’s objective is to introduce your product or service because you thought of a problem that you might help solve. The goal is to outline the problem statement as clearly as possible. This develops a sense of urgency in your prospect. Make sure you understand why they want the product or service they’re seeking. If the proposal is for developing a new delivery service, make sure you understand what they want from it, better sales, cost-effective, timely delivery, etc. You should go over a lot of areas, research and brainstorm in order to identify specific issues your client is facing that you can help solve.
5. Strategy or Approach to Solving the Problem
In this portion explain how you plan to deliver this solution, by offering your strategies. Details about what steps you’ll take to solve their problem, your proposed timeline and deliverables you will be providing.
6. Company Qualifications
You have presented your proposed solution to the problem with the help of your new products or services. Now it’s time to convince why your clients why they have to choose you amongst the others who may also offer the same kind of product or services. Indicate your qualifications, what makes you different and highlight what your company and your team does best. You may want to indicate testimonials, industry awards and other relevant matter to help you convey your qualifications.
Set a specific and detailed timeframe so your client would be able to identify the process flow and expect when the deliverables would be accomplished.
8. Pricing, Billing and Legal Matters
Indicate your pricing options for that would fit their budget, payment schedule, payment terms, as well as legal aspects involved in this deal. If there are any legal issues to attend to, such as permits or licensing, include this information here.
9. Terms and Agreement
Summarize all the important details in the business proposal and what you expect from your prospective client in return. It helps to consult a lawyer or legal team to make sure that what you have stated does not conflict with any legalities.
Include a portion where your client could affix their signature or any other relevant information should they come in terms and agreement with your proposal.
How Long Should a Business Proposal Be?
This would solely depend on what type of product or service you are to offer your potential client. This can go from fully comprehensive to a simple direct to the point business proposal. The length depends on the scope of the work as well as the complexity of the proposal. Whatever you may choose, the important thing is the details and how you choose to present your proposal.
What Are Some Tips in Writing a Business Proposal?
Know your audience, add some graphics or visuals but in a minimal level, create a sense of urgency as to entice your clients that they may want to highly consider your company, keep it simple and direct to the point and lastly proof read your proposal before submitting.
What Is the Importance of Business Proposals?
Business proposals could help a company secure a deal with clients. This is to persuade the reader to make a change that will make your proposed idea a reality. It works both ways for you and your client as this proposal can benefit you both.
Don’t let your great ideas go to waste, come up with an effective and credible new business proposal in order to put your brand out in the market and eventually grow your business successfully.
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