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5 Step Venture eMentoring Program™

Session 4: Business Proposal

Can I explain my idea so that it makes sense to others?

The business proposal is the place where you organize and present all of the ideas about what the business is, how it works, and what resources are needed to make it all work. It is your plan for how you are going to make money from your part-time self-employment venture.

It is important that you do the actual work of developing the plan. There are many resources that can help you develop the plan, but it will be your business and so it must be your ideas and your plan.

The plan or proposal for a part-time self-employment venture is an abbreviated version of the business plan for a full-time venture. Even though your venture may only be part-time, it is still essential that you take a hard look at all aspects of the operation to make sure that your business will succeed.

Guidelines for Writing a Business Proposal

Why should you go to the trouble of creating a written business proposal and plan?

By taking a critical look at your business, you can:

  • Identify areas of weakness and strength
  • Pinpoint needs you might otherwise overlook
  • Spot problems before they arise
  • Plan how you can best achieve your business goal
  • Provide the information needed by others to evaluate your venture
  • Support your request for outside financing

Many times, people are afraid of writing their own plan. They feel that it is a complicated process and that they do not have the writing ability to put their ideas on paper effectively. The process is actually quite simple. Start by addressing the issues in each section of the planning outline. The answers will provide the meat and potatoes of the actual plan itself. A good business plan shows how the business will actually operate, and will provide valuable guidance once the new business is started.

Business Proposal Questions

The following nine questions will help you to develop a clear and logical explanation of your business idea. You have already answered these questions in the earlier exercises that you have already completed. Now as you proceed to answer the questions it will be valuable to go back and review your earlier work. In fact you may decide to change some of your earlier answers based on information that you have gained in your later work. Your finished product will be a written business proposal that you can share with your counselor or mentor, refine your ideas through this process, and use to explain your business idea to others that you may need to be involved with has your venture moves forward.

  1. Description of Business
  2. Reasons to Start
  3. Your Qualifications
  4. Market Opportunity
  5. Pricing Strategy
  6. Marketing and Outreach
  7. Bookkeeping and Accounting
  8. Funding Requirements
  9. Profit / Loss Forecast
  10. Summary

Now - on to 4a: Description of Business

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