Getting a business proposal funded is far from easy. If it lacks vision, it will not attract any visitors. But if it is too visionary and new to nonexperts, the idea implies imminent risks.
There are three keys to boosting the possibility of your business proposal to get funded. First, you must build a track record. Second, you must write an eloquent proposal. Third, you can diversify your funding sources.
Building a track record
People measure your quality based on your past performances. Veteran investors, who will be most likely to allocate a significant amount of capital if convinced, all have sharp eyes for entrepreneurs. They can differentiate funding applicants who are seriously confident with their words from those who are not.
Statistics are indeed the fundamental aspect of a convincing business proposal. But if you put statistics on your goal, it will still show nothing of your capacity. Numbers that link to your achievements are the ones that matter in a business presentation.
As the example of the case, you were working as a supervisor in a convection industry. And after seven years, you decide to open your own business. If your performance were poor, even if your reason were perhaps that of your dissatisfaction toward your employer’s lack of vision and innovation, it would not be an appealing manner to investors. It just shows your lack of responsibility.
On the contrary, if you were good at your previous profession, and now you decide to start a business of the same field from zero, the chance for you to get investors is higher than the example above. People assess you by what you have done instead of what you will do.
Written language reflects best a person’s mind. If you do not have an adequate analytical and rational capacity, no visitor will look twice at your business proposal. And you would be wrong if you can rely solely on creativity for the matter.
For a safety reason, you can start by learning the conventions of a business proposal from a trusted source, like Microsoft Word. There are interesting designs there that can accommodate charts and numbers efficiently.
As an alternative, you can also hire a third party to prepare the business plan. Online services with business plan writer specialization have an enormous database of business proposal conventions. You can also compare the flow of the analysis and rationale of the one that you write on your own with the one from the service. It will enrich your knowledge of business writing.
Diversifying funding sources
There are many ways to get funded these days. You must not fixate on one way if you want to be successful. If colleagues from the same industry as yours think that your business plan is not worth their attention, then you can try your customers.
Customers can be a vigilant observant, whose knowledge of the industry might surprise you. And here is when having an established track record in the same business for years can come in handy. Along with your experience, you should have noticed who the returning customers are and what has made them retain the loyalty. And with the knowledge, you will know what the best way is to approach them to invest in your new business. Also, if you are confident enough with the number of customers who are willing to support you, you can start a crowdfunding campaign.
Families and close friends are also alternative candidates for becoming the investors. The challenge is that how you can be responsible with your plan after you get the modal. Some people avoid working with families and friends because they realize there can be too much leniency, which can be bad for your professional morale.