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You don’t want to earn the reputation of being an ill-prepared entrepreneur. If you take your business idea seriously, show it.
Just because you’ve thought of a business idea and have outlined every aspect of it doesn’t mean investors and banks will feel the same way. Banks mostly care about whether or not you can pay back a loan, while investors tend to back businesses they connect with.
The need for your business is much more important than it might seem. In order to pay back a loan, your business needs to be profitable. In order for that to happen, you need customers. To get customers, you have to offer something they can’t get anywhere else, whether that’s a product, a service, or an experience.
Be detailed and thorough in every idea you present since you’ll most likely have to explain yourself and your business idea. Here’s what should be included in your business plan if you’re seeking funding.
It’s important to think about how you plan on setting up your business -- and for more than one reason. Some things to consider:
Business structure also matters for paying back a loan. If your business is unable to pay back a loan, the legal structure can be the difference between you having to pay it back somehow (with your home or other assets) or splitting the remaining balance among shareholders or partners.
At the risk of sounding like a broken record, your business can’t make money without customers. Take your business idea and research different locations to find your customers, and ask yourself a few questions:
You could also pick your target audience first. Let’s say you want young adults between the ages of 25 and 40 to be your main customers. You need to find where those people are and ask the questions noted above. Either way, those questions need to be answered and in a lot of detail.
This is so much more than just saying, “by selling a lot of product,” or “having a long list of clients.” Anyone can say that. Ask yourself a few questions, just like you did with the market aspect above:
Even if your product is worth x amount of dollars in market terms, the harsh reality is it’s only worth what people are actually willing to pay for it. It’s best to underestimate and over-deliver -- as long as your plan still guarantees your ability to pay off a loan.
You need to have a firm grasp on how much funding you need to accomplish your goal, and don’t be shy about it. If you’re seeking a bank loan, it’s a little different because you will qualify for a certain amount based on a number of factors.
Some lenders also have use case limitations, where there are restrictions on what you can use the money for. Consider that, among all of the other qualifications, before deciding if that type of loan is the way you want to go.
If you’re going with an investor, it’s not usually a make-or-break factor to detail what you plan on using the money for, but the more information you provide, the better.
Now that you know why a business plan is crucial for funding and what needs to be included in one, let’s get to actually writing it. There are also business plan templates and sample business plans available online that are a good guide to get you started.
This is generally the first section of your business plan and your first chance to make an impression. As with most introductions, this is where you’ll summarize all the other sections of the business plan, such as your mission statement , general company information, products or services, and financials.
All that time you spent researching different business formation options will pay off in this section. You’ll explain the structure of your company, exactly what your business does, and the target market you plan on addressing. You’ll want to get into detail about the market you’ve chosen, why you fit into that market, and how you plan on expanding within it.
This is the section where you will dive into the nitty-gritty of your intended market. Explain the following aspects:
As anyone who has started a business knows, it’s not all gains. Letting investors know that you recognize there will be obstacles shows that you’ve really thought all of this out.
In this section, you’ll do more than just explain what you will sell, although that’s part of it. If you’ve invented something or patented something, include that in this section. Don’t only show what you’re offering but explain how it works and how it improves on what’s already out there. If it’s a service, explain how you will produce better results than others.
Additionally, if you have to source materials or equipment from somewhere else, outline whom you will work with and what the process will be to secure those materials.
Here are a couple of steps you’ll want to take to outline your sales plan.
This section should come fairly easily once you’ve completed the others. You should have an idea of what it will cost to produce your product or service, how much you can charge for it, your market share, and how you will spend money on marketing.
Do your projections in time increments for the lifecycle of your business , such as the first year, first five years, and looking ahead at 10 years and beyond.
The first couple of years you can be pretty specific about your projections, whereas your long-term projections can be offered up more as goals you would like your company to reach in a certain period of time and how you plan to achieve them.
Now that you have a firm grasp on what needs to be in your business plan, how you obtain that information, and how you actually create a business plan, here are some tips to make sure you’re getting the most out of it.
Leaving bits and pieces of your business up for interpretation or guessing will only hurt your chances of securing funding. If investors are left to fill in the blanks, you have no control over what they fill them with. Make sure you’re as thorough as possible in your research and writing so that nothing is left out.
There’s a scene from Parks and Recreation where Tom is presenting a business to a potential investor. His original idea, Tom’s Bistro, is one he’s extremely passionate about. Ben comes in with another idea that has a greater chance of being profitable. Tom starts presenting that and soon finds both he and the investor are bored. As soon as he switches back to Tom’s Bistro, the mood in the room completely changes.
Even though that’s a scene from a television show, it’s a good representation of how adding a little bit of your personality and passion into your business plan can pay off, literally.
Be as detailed as you possibly can. Use exact numbers, names, dates, etc. Doing this will not only show that you’ve done your homework, but that you’re committed to reaching those numbers by the dates you list.
It can seem daunting to feel like you’re committing to so much, but commitment is what investors are looking for. They need to see that you’re serious about your business, and the amount of detail you include in your business plan will reinforce that.
Don’t be afraid to ask for the amount you really need, even if it’s high. Being wishy-washy about the number might not present so well. As previously mentioned, bank loans are different in that you only receive an amount you qualify for. If you’re meeting with angel investors , it’s important to go in with a specific number in mind.
While the process doesn’t need to be as dramatic as Shark Tank , expect some back and forth once you present your business plan and offer up how much money you’re asking for.
A business plan is one of the most important documents you’ll create for your business. It’s where you introduce who you are, what your business is, and how it will be successful. If, as most people do, you’re using your business plan to secure funding, you’ll want to be as detailed and thorough as possible in your research and writing.
You want potential investors to be as serious about your business as you are, so convey to them why you’re serious and how you’re bringing something unique to the table that they would be lucky to be a part of.
Jennifer Post writes about marketing and software for small businesses for The Ascent and The Motley Fool.
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Table of Contents
Unique selling point, market research, competitors, objectives and strategy, target audience, customer profile, channels , qualifications, amount needed, projections, use countingup to manage finance beyond your plan.
Setting up a company comes with many hurdles to face. For example, you might look to buy equipment, stock or pay for marketing.
To help you secure the money you will need, you can apply for finance. That might mean you approach a bank for a small business loan or off an investor a share of your company.
When you decide to look for any form of funding, there’s one crucial document you need for the application — a business plan.
A business plan is not something to take lightly. It can go a long way to help you secure finance. So, before you start writing, it would help to know everything it can cover.
This guide discusses writing a business plan for funding application, including:
Your business plan for a funding application aims to encourage investors or lenders to believe in your business. These groups will only hand out their money for ideas that they can see being successful.
For that reason, your first section outlines what your business proposes. One of the key markers of a successful product or service is its uniqueness.
If your startup has something that only you offer, that is called a unique selling point . That could be the product that you sell or the service you provide.
Even when you sell something unique, you can demonstrate how knowledgeable you are about its market through market research .
You can research who will likely pay for what you sell and other competing businesses.
Research first-hand information through interviews and surveys sent out to the public. Alternatively, look at competitors’ websites and products or services to see how yours compares.
In your business plan, it’s helpful to include a few specific companies you see as competition . Showing that you know who they are can convince lenders or investors that you know the industry and can overcome competitors.
Provide successful businesses with something similar to show there’s a market for what you offer. But remember to clarify how your unique product or service will be more appealing to customers.
Another important section for your business plan for funding application is the objectives and strategy. Here, discuss what you aim to do and how you’ll get there.
Pinpointing some ambition for your business to aspire toward can help put across the direction you see it going. But also include short and medium goals in addition to long-term ones.
For example, a long-term objective may be to become the largest drinks company in the UK within five years. A short-term one could be to increase your social media following by 200 in the next month.
If you can share your target audience , you can provide your plan with a clear strategy to reach them. You could find a few similarities between likely customers during your market research.
To show your target audience in a way that is relatable and easy to understand, you can create customer profiles (sometimes called customer avatars).
These are summaries of hypothetical people who represent your ideal customers, and they can include:
If you outline who your audience will be, it also points to how you’ll meet any objectives through marketing. An essential part of how you market is your branding .
Your brand is the identity your startup will put across to the public. It can involve a few elements, including:
In your strategy, you can also mention which marketing channels you’ll use. Looking at your customer profiles will help you create a plan for reaching your audience.
For example, to target 18-25-year-olds, you might use Instagram competitions.
Writing a compelling business plan for funding applications may also benefit from a description of its leadership.
If you have any business experience or past in the relevant industry, it could help convince lenders or investors to trust your business.
Beyond experience, you could also have qualifications that back up your abilities. If you don’t have any relevant credentials, look at the online courses from the Open University .
In addition to experience or qualifications, just as important are skills you can bring. Mention where your strengths are that can help you run your business.
For example, you may have abilities in developing websites, which would help you set up your own.
As important as what you are good at, mention areas you look to improve. It can further benefit your plan if you can say how you’ll overcome weaknesses.
For example, if you have little experience in finance, you could write that you’ll use an accounting app like Countingup.
Countingup is a business account with built-in accounting software, making finance accessible for anyone, anytime through their phone.
To banks and investors, another important section in your business plan for funding application is your financial information.
The purpose of the plan and application is to seek money, so it’s essential to clarify how much you want. But it’s also crucial to lenders or investors what you’ll do with their funds.
Research and list the costs for each action you’ll take. An example for marketing could be to ask an advertising agency for a quote.
As well as explaining how much money you’d like to receive, it’s helpful to show how you’ll pay it back in your plan. To do that, you can put together a sales forecast .
A sales forecast calculates the estimated amount of sales you expect by the price you’ll charge for each. It gives you a projection for the amount of money that’ll come into the business over a month, quarter or year.
Now that you’ve written an incredible business plan, you are in a great position to seek funding. But once you get it, you’ll want to make that plan a reality.
To help you manage your finances, use Countingup, the business account with built-in accounting software. With features like expense categorisation, you’ll be able to sort costs quickly and make the best use of your funding.
Turn a business proposal into a marriage of ambition and management with Countingup.
Start your three-month free trial today. Find out more here .
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Need support creating your business plan? Check out these business plan examples for inspiration and guidance.
Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.
Here are some real-world and illustrative business plan examples to help you craft your business plan .
The business plan examples in this article follow this template:
Your executive summary is a page that gives a high-level overview of the rest of your business plan. While it appears at the beginning, it’s easiest to write this section last, as there are details further in the report you’ll need to include here.
In this free business plan template , the executive summary is four paragraphs and takes a little over half a page. It clearly and efficiently communicates what the business does and what it plans to do, including its business model and target customers.
You might repurpose your company description elsewhere, like on your About page , social media profile pages, or other properties that require a boilerplate description of your small business.
Soap brand ORRIS has a blurb on its About page that could easily be repurposed for the company description section of its business plan.
You can also go more in-depth with your company overview and include the following sections, like in this business plan example for Paw Print Post:
This section outlines how you registered your business —as an LLC , sole proprietorship, corporation, or other business type : “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
“Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
“Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
“Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ’signature.’”
“Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and to have expanded into two new product categories.”
“Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”
Your mission statement may also make an appearance here. Passionfruit shares its mission statement on its company website, and it would also work well in its example business plan.
The market analysis consists of research about supply and demand , your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan.
Here’s an example SWOT analysis for an online tailored-shirt business:
You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you which businesses you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:
This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post that explains its line of custom greeting cards, along with details on what makes its products unique.
It’s always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.
The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.
The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory. This includes any raw materials needed to produce the products.
The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.
Ecommerce brand Nature’s Candy’s financial plan breaks down predicted revenue, expenses, and net profit in graphs.
It then dives deeper into the financials to include:
You can use a financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.
Customer segmentation means dividing your target market into groups based on specific characteristics. These characteristics can be demographics, psychographics, behavior, or geography. Your business plan will provide detailed information on each segment, like its size and growth potential, so you can show why they are valuable to your business.
Airsign , an eco-friendly vacuum cleaner company, faced the challenge of building a sustainable business model in the competitive home appliance market. They identified three key customer personas to target:
The company utilized Shopify’s customer segmentation tools to gain insights and take action to target them. Airsign created targeted segments for specific marketing initiatives.
Put your customer data to work with Shopify’s customer segmentation
Shopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.
The appendix provides in-depth data, research, or documentation that supports the claims and projections made in the main business plan. It includes things like market research, finance, résumés, product specs, and legal documents.
Readers can access detailed info in the appendix, but the main plan stays focused and easy to read. Here’s an example from a fictional clothing brand called Bloom:
Appendix: Bloom Business Plan
This lean business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the same sections in one-page business plan, but make sure they’re truncated and summarized:
A startup business plan is for a new business. Typically, these plans are developed and shared to secure funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example:
Your internal business plan is meant to keep your team on the same page and aligned toward the same goal:
A strategic, or growth, business plan is a big-picture, long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each:
Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research:
Nonprofit business plans are used to attract donors, grants, and partnerships. They focus on what their mission is, how they measure success, and how they get funded. You’ll want to include the following sections in addition to a traditional business plan:
Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your business model .
Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.
How do i write a simple business plan.
To write a simple business plan, begin with an executive summary that outlines your business and your plans. Follow this with sections detailing your company description, market analysis, organization and management structure, product or service, marketing and sales strategy, and financial projections. Each section should be concise and clearly illustrate your strategies and goals.
The best business plan format presents your plan in a clear, organized manner, making it easier for potential investors to understand your business model and goals. Always begin with the executive summary and end with financial information or appendices for any additional data.
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BUSINESS PLAN PROPOSAL FOR FUNDING
A solid plan eases the intimidation of asking for money.
The point of your business plan proposal’s funding section is to break down your request for money. Provide a clear, concise, defensible description of why your business is going to be successful, backed up with the financial information that will demonstrate how you’ll repay your loan. This part of your business plan will include a summary of information contained elsewhere in your plan, especially in the financial projections, executive summary and market analysis sections.
For many new business owners, the top motivation for writing a business plan is to secure funding. M&T has the experience and expertise to help you assemble the information that’s going to be key to a successful proposal . Having a viable plan for business success can help you get the financing you need.
How much money?
Specify the amount of financing you’re seeking. You should consider your current costs as well as those you anticipate based on your business plan. Show that you’ve done your research and aren’t just guessing at a number.
How will the money be used?
Provide a clear description of how you intend to use any money you get from a lender or investor. Include an easy-to-understand justification for the funding. Don’t forget to demonstrate how the funds are going to increase your company’s profitability.
Financial plans
Include a summary of your business plan’s financial projections. Even if you haven’t yet made a sale, industry-accepted assumptions from your market research can help you develop a sales forecast, expense budget and cash-flow statement. Make it easy for lenders to see that you have a realistic plan for repaying your loan. If you’re writing a business plan for investors, show growth potential that’s going to lead to return on investment.
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You can’t create a business plan without first understanding what goes into it. Check out our resources to jump-start your draft. Learn more about Writing a Business Plan .
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The objectives and tactics of a construction company are described in a business plan for a construction company. For the creation of your business plan, use this Construction Company Business Plan Template.
Fashion Business Plan Template
Structural and action plans for a fashion firm are laid out in the fashion business plan template.
Daycare Business Plan
The creation of a business strategy is the first step in starting a daycare. Use this Daycare Business Plan Template to describe your company’s objectives, as well as your target market, potential rivals, and your financing strategy.
Convenience Store Business Plan
Do you need a Convenience Store Business Plan Template? This plan includes all the details and information needed to secure funding for a convenience store.
Startup Business Plan Template
We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.
Business Plan Template
This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.
A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.
Typically, a good business plan consists of the following:
Every section involved in a business plan is designed to help startup businesses reach their target market.
A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.
However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.
Yes. If you’ve never written one, a business plan can be challenging to write.
Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.
However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.
Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.
Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.
Grab a free template to get started!
How many pages should my business plan be.
This depends on the kind of business plan you need to write and how you intend to use the plan that you create.
For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).
These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.
Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.
Every business should have a business plan. This is an essential guidance document for any founder or CEO.
Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.
Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.
Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.
If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.
PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.
No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee. These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.
The reason for this is simple: You know the most about your business, and your business needs you to succeed.
A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.
Those ideas and guiding principles aren’t something you can outsource.
Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.
You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.
Being a founder is difficult. Managing the day-to-day as a founder while trying to secure capital for your business can almost feel impossible. Thankfully, there are different tools and techniques that founders can use to systemize their fundraise to focus on what truly matters, building their business.
One of those tools is a startup funding proposal. In this guide, we’ll break down what a startup funding proposal is and how you can leverage it to build momentum in your fundraise.
A startup funding proposal is a document that helps startup founders share an overview of their business and make the case for why they should receive funding. A startup funding proposal can be boiled down to help founders layout 3 things:
Related Resource: How to Write a Business Plan For Your Startup
Like any business document, there are many ways to approach a startup funding proposal. Ultimately it will come down to pulling the pieces and tactics that work best for your business. Investors are seeing hundreds, if not thousands, of deals a month so it is important to have your assets buttoned up to move quickly and build conviction during a raise. Check out a couple of popular types of funding proposals below:
The most traditional or “standard” standard funding proposal is generally a written and visual document that is created using word processing software and/or design tools.
A traditional proposal is great because it allows you to share context with every aspect of your business. For example, if you include a chart of growth you’ll be able to explicitly write out why that was and what your plan is for future growth.
This document is generally designed to fit your brand and will hit on the key components of your business is structured and predictable way. We hit on what to include in your proposal below.
The most common approach we see to a fundraise or proposal is the pitch deck. Pitch decks take the same components as any proposal and fit them into a visual pitch deck that can be easily navigated and understood by a potential investor.
Pitch decks are not required by investors by are generally expected and are a great tool that can help you efficiently close your round. To learn more about building your pitch deck, check out a few of our key resources below:
A 1 on 1 proposal or an elevator pitch is the quickest version of any proposal. Every founder should have an elevator pitch in their back pocket and is a complementary tool to any of the other funding proposals mentioned here.
As the team at VestBee puts it, “Elevator pitch” or “elevator speech” is a laconic but compelling introduction that can be communicated in the amount of time it takes someone to ride an elevator, usually around 30 seconds. It can serve you for fundraising purposes, personal introduction, or landing a prospective client.”
Another common way to share a startup funding proposal via email. While the content might be similar to what is seen in a “traditional” funding proposal this allows you to hit investors where they spend their time – their inbox.
The format will follow a traditional proposal with less emphasis on visual aspects and more emphasis on the written content. Check out an example from our Update Template Library below:
Related Resource: How to Write the Perfect Investment Memo
Lastly, there is an investor relationship hub or data room that can be used to share your proposal with potential investors. A hub is a great place to curate multiple documents or assets that will be needed during your fundraise. For example, you could share your funding proposal and your financials if they are requested by a potential investor.
Related Resource: What Should be in an Investor Data Room?
How you share your funding proposal might differ but ultimately the components are generally closely related from one proposal to the next. However, be sure that you are building this for your business. There is no prescriptive template that will work for every business.
First things first, you’ll want to start with a summary of your project or your business. This can be a high-level overview of what your proposal encompasses and will give an investor the context they need for the rest of the proposal. A couple of ideas that are worth hitting on:
Of course, investors want to see how your business has been performing. The data and metrics around your business are generally how an investor builds conviction and further interest in your business. We suggest using your best judgment when it comes to the level of metrics or financials that you’d like to share. A couple examples of what you might share:
Related Resource: Building A Startup Financial Model That Works
Inevitably investors will want to know who else you have raised capital from and partnered with in the past. Include a brief description of the different investors you have on your cap table and be ready to field additional questions if they have any.
Pro tip: The first place an investor will go to when performing due diligence is your current investors. Make sure you have a strong relationship and good communication with your current investors.
Investors will also care about your customer acquisition efforts and want to make sure you can repeatably find and close new customers. A couple of things that might be important to include in this section:
This is an opportunity to lay out your cap table and explain your current valuation, investment requirements, and what future valuations could look like. As always, we suggest using your best judgment when it comes to what level of detail you’d like to share about your cap table.
There is an inherent risk when investing in any startup. It is important to make sure potential investors are aware of this. Layout the common pitfalls your startup might face and stop you from achieving your goals. Next, lay out the solutions to these problems and how you plan to tackle them if/when they arise.
Below are 8 proposal templates to help you kick off your next fundraise. Note that some of these are technically investor updates and not designed for first-time fundraising. Keep in mind that a startup funding proposal could also be utilized for additional funding after the first round of funding.
Underscore VC is a seed-stage venture fund based out of Boston. As the team at Underscore writes :
“As part of this, we strongly recommend you write out a pitch narrative before you start to build a pitch deck. “Writing the prose forces you to fill in the gaps that can remain if you just put bullets on a slide,” says Lily Lyman, Underscore VC Partner. “It becomes less about how you present, and more about what you present.”
This exercise can help you synthesize your thoughts, smooth transitions, and craft a logical, compelling story. It also helps you include all necessary information and think through your answers to tough questions.
Check out the template here .
Our Standard investor update template is great for communicating with existing investors. If you are regularly sending Updates to their investors they should know when you are beginning to raise capital again and can almost be treated as an investment proposal.
Check out the template for our standard investor update template here .
Videos are a great way to give the right context to the right investors in a concise and quick way. Video is a great supporting tool for any other information or documents you might be sending over. For example, you can include a few charts or metrics and some company information and use the video to further explain the data and growth plans. Check out the template here .
The team at Revv put together a plug-and-play financial funding proposal. As they wrote, “A funding proposal must provide details of your company’s financials to obtain the right amount of funding. Check out our funding proposal template personalized for your business.” Check out the template here .
The team at Revv put together a template to help founders grab the attention of investors. As they wrote, “With so many Investing Agencies, this Investor proposal will surely leave an impact on your company in the long run.” Check out the template here .
Template.net has created a downloadable funding proposal template that can be edited using any tool. As they wrote, “Get your business idea off the ground by winning investors for your business through this Startup Investment Proposal. Fascinate investors with how you are going to get your business into the spotlight and explain in vivid detail your goals or target for the business.” Check out the template here .
Best Templates has created a generic proposal template that can be molded to fit most use cases. As they wrote, “Use this Simple Proposal Template for any of your proposal needs. This 14-page proposal template is easily editable and fully customizable using any chosen application or program that supports MS Word or Pages file formats.”
Another example is from the team at Morgan Stanley. The template is commonly used by their team and can be applied to most proposal use cases.
Being able to tie everything together and build a strategy for your fundraise will be an integral part of your fundraising success. Check out how Visible can help you every step of the way below:
Visible Connect — Finding the right investors for your business can be tricky. Using Visible Connect, filter investors by different categories (like stage, check size, geography, focus, and more) to find the right investors for your business. Give it a try here .
Pitch Deck Sharing — Once you’ve built out your target list of investors, you can start sharing your pitch deck with them directly from Visible. You can customize your sharing settings (like email gated, password gated, etc.) and even add your own domain. Give it a try here .
Fundraising CRM — Our Fundraising CRM brings all of your data together. Set up tailored stages , custom fields , take notes, and track activity for different investors to help you build momentum in your raise. We’ll show how each individual investor is engaging with your Updates, Decks, and Dashboards. Give it a try here .
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You've got a great idea. Now, make a plan to turn it into a great business.
Write your business plan, calculate your startup costs, establish business credit, fund your business, buy an existing business or franchise.
Small business funding is a vital step to start or accelerate the growth of your business. Learn how to get ready for funding, review your options, master the art of pitching, and more.
Explore Topics
40 Proven Ways to Fund Your Business
Angelique O'Rourke
Oct. 27, 2023
Every funding option differs in availability, terms, amount, eligibility criteria, and compatibility with your business needs. Check out our growing list of funding sources to identify the best option for your business.
Noah Parsons
Aug. 1, 2024
Jul. 2, 2024
How to Successfully Pitch Your Business Idea
You must know how to pitch your business, even if you don’t plan to pursue funding. Here’s what you need to cover to make any pitch successful.
11 Slides to Include in Your Pitch Deck
Use this proven pitch deck structure to increase your chances of generating interest from potential investors.
Free Download
Investor Pitch Deck Template
Investor Pitch Deck Template Create an engaging, persuasive, and memorable pitch deck with this free template.
How to Write a Convincing Business Plan for Investors
Did you know that you can fine-tune your business plan to better resonate with investors? Here’s what you should focus on to really show your business is worth investing in.
10 Things the Bank Asks for When Applying for a Loan
Do you actually need additional funding to start a business? How much do you need? How do you successfully get funding? We have answers to all of these questions, plus additional tips to improve your chances of getting funding.
There is a wide variety of funding and financing methods available to small businesses. Learn what makes them unique and how to choose the best option(s) for your business.
When seeking funds, you’ll likely have to pitch your business. Learn what you need to prepare and how to confidently pitch your business.
An often overlooked part of pursuing funding is how you will track and use it after you receive it. Learn how to get the most from your additional cash and track its use for you and any external stakeholders.
Funding your business FAQ
What is the best source of funding for small businesses?
The best source of funding for your specific business depends on numerous factors like the stage of your business, creditworthiness, and industry. Typically some combination of self-funding, friends and family and financing, and eventually some sort of business loan is your best funding source.
How do startups get funding?
Startups and small businesses typically secure funding through loans, friends and family, angel investors, venture capital, grants, or crowdfunding. To boost your chances you need to be actively networking, craft a compelling pitch, and write a detailed business plan.
How do you get funding for an existing business?
Existing businesses can seek funding through friends and family, loans, lines of credit, investors, grants, or revenue-based financing. To better your chances, it’s crucial to demonstrate financial stability and growth potential.
What is the most common startup funding?
The most common startup funding is often personal savings, friends and family, or loans.
How can you fund a business without a loan?
Businesses can be funded without loans through bootstrapping, crowdfunding, grants, angel investors, venture capital, or investments from friends and family.
Securing funding can be challenging, as it depends on factors like the business’s stage, financial health, and the investor’s appetite for risk. A strong pitch, business plan, and network can improve your chances.
How much should I ask for when funding a startup?
Determine the amount needed by creating a detailed financial plan, considering costs, projected revenues, and growth goals. Be sure to request a realistic amount to justify the use to investors.
Can you get funding with just an idea?
While difficult, it’s possible to secure funding with just an idea, particularly if you have a strong network, industry experience, or an innovative concept. While traditional options like a business loan will require more information and traction, some early-stage investors or incubator programs may be interested.
What are examples of funding?
Examples of funding include self-funding, bank loans, lines of credit, grants, angel investments, venture capital, crowdfunding, and investments from friends and family.
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Updated: May 4, 2024, 4:37pm
Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.
While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.
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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.
Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.
Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.
Download free template as .docx
Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.
Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.
These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.
This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.
As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.
For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.
Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.
There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.
Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.
However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.
Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.
Revenue Streams
Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.
For example, our cottage baker startup might consider these revenue streams:
Sales Channels
Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.
The product sales channels for our cottage bakery example can include:
Channels that support other income streams might include:
Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.
However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.
This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.
Our cottage baker example might use a structure and startup plan such as this:
Click to get started.
Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.
Cost Forecast
Our cottage baker’s forecasted lean startup costs might include:
Business Need | Startup Cost | Ongoing Cost | Source |
---|---|---|---|
Gross Profit Projections
This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.
Here are some examples of projected gross profits for our cottage baker:
Product | Retail Price | (Cost) | Gross Profit |
---|---|---|---|
Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.
You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.
A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.
Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.
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Startup Fundraising Checklist
Funding requests are one aspect where the “under promise and over deliver” phenomenon might not work.
Set your business valuation too high, and investors might not invest. In contrast, value it too low, and you might end up receiving way less than what you’re truly worth.
Moreover, if I were to invest in your business, I would want to know why you are raising funds and how they will be used.
In short, a well-planned funding request with the purpose of fund-raise and a realistic ask is key to securing funds. You cannot mess up.
Need help writing the funding request for your business plan ? Here’s our quick guide on writing a compelling and realistic funding request to ensure you don’t miss out.
Let’s dive right in.
The funding request section of a business plan is an official section for the organizations to ask for new funding. It outlines the amount of funding needed, the purpose of the funds, how they will be used, and in what timeline they will be used (generally for 5 years).
The main goal of a funding request is to secure the necessary capital to start or expand a business, fund a project, or achieve a specific objective.
How you write your funding request heavily depends on why you’re raising funds—the purpose. So, before you start writing, be clear about your requirements and the purpose of fundraising.
Your purpose can be hiring new staff, getting the latest equipment, launching a new product, or starting or expanding a business.
Once you do that, you may start working on your funding request; follow these steps:
Start by providing a brief overview of your business. I know—you’ve already included all the information in the prior sections, but adding it here would be an opportunity for you to give your investors a little recap.
No, it does not get redundant—It doesn’t have to be. So don’t worry.
Moreover, sometimes, you only need to send the funding request, not the entire business plan. In such cases, such information makes sense and comes in handy.
So, here’s what you will have to explain in the funding request section of your business plan:
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You might have provided some financial information in the financial section. But, you have to add some figures here anyway. Not only will it be contextual but easier to have a clear picture in one place.
Here are some financial details that you will have to include in this section:
When you explain the situation in brief and have all the facts and figures put aside, narrow it down to your requirements. Mention how much money you need.
For that, you will need to calculate your startup costs or the total costs of the activity for which you need funding.
Finally, justify your funding request by explaining how the investment will benefit your organization and contribute to its growth and success.
Here, you have to narrow down what you need the money for and how you are going to use it. Just list down the details and put the figure for it—so much like how you do your billing. If you are taking the money for multiple things, highlight every detail.
Some examples of various areas where you might use the funding are:
You must have explained a little about the inflow and outflow in the financial section of a business plan . But over here, you have to get into the details like:
As we now know what to include in the funding request, let’s see certain points that you need to keep in mind while writing it:
Target audience’s perspective . Applying for a loan is different from approaching an investor. Each of these situations involves different contract terms, types of funding, or amounts of money.
Clarity . Clearly explain with numbers how much funding is required, why you need it, and where you will use it. Also, keep your language for funding requests simple so that everyone can understand.
Realistic financial projections . Provide realistic financial projections so investors can feel confident about your business and trust you with an investment.
Call-to-action . Include a clear call-to-action that encourages investors to take the next steps, whether that’s scheduling a meeting or making an investment.
These may seem like simple tips, but they can help you write a strong funding request that gets investors interested in your business.
As a wrap-up, writing a compelling funding request requires a strategic approach and attention to detail. So, being carefully and include realistic projections.
If you are still confused about writing a funding request, you can leverage business planning software and make your business plan investment-ready.
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Do i need a business plan to get funding.
Yes, a business plan is necessary for securing funding for a business. It allows investors and lenders to grasp the company’s vision and mission. A well-thought-out business plan increases your chances of securing funding.
To determine the amount of funding, you will need to assess your organization’s startup costs, forecast cash flow, and consider growth plans.
Taking the help of an AI business plan generator or a financial advisor can help you determine a realistic funding amount based on your business’s needs and goals.
Yes, including financial projections in a funding request is important. It provides potential investors or lenders with a clearer understanding of your finances. Usually, you should add a crux of your finances for at least three years.
About the Author
Upmetrics Team
Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
10-minute read
Rosanna Parrish
Are you thinking about creating a business proposal template that you can use to sell more of your product or service?
And what is a business proposal, anyway? Putting a great one together can help you grow your business. Read on to find out what to include, plus advice from an experienced business owner, and download our free business proposal template.
Why do you need a business proposal, how to write a business proposal, how can you make your business pitch successful.
A business proposal is a document you send to a potential client to convince them to give you a particular job or contract.
It’s different from a business plan , which outlines your whole business idea before you start.
In some cases, a client will put out a request for proposal (RFP), asking you to state your case as to why you’re the best firm for the job. This is called a solicited business proposal .
In other cases, you might instigate the work by sending an unsolicited business proposal to a potential client. Or it may be something in between these two, where the idea comes up in a conversation and the client asks you to submit a proposal.
You may wonder why you need a business proposal, especially if you’ve put a lot of effort into marketing your business. But as well as acting as a business pitch, a business proposal can also protect you from potential disagreements down the line, as you’ll have expectations in place.
Richard Burle, owner of Richard’s Garden Services in West Sussex, believes that laying out both your and your client’s expectations early on can be helpful. He explains that rubbish removal isn’t a service he offers, so he’s always conscious to be upfront about that when pitching to new clients.
Richard says: “I’ve had to create business proposals for working on larger gardens before. They’ve wanted to know what I’m going to do, what services I offer, and how many hours it’ll be.
“I’ll include that I’m going to cut the grass, I’m going to trim back the small shrubs – but I’ll also include that I don’t take away rubbish. It’s just not cost effective for me to do so.”
This honesty can be important to your customer service practices and relationship building with potential clients.
We’ve created a business proposal template to help you create a professional-looking document and win new clients. Download it today and fill yours in by following the step-by-step guide below.
To help with sending future proposals, you might want to create a business proposal template. You can then edit it each time to make it specific to the business you’re pitching to.
For a business proposal to help you get the work you’re bidding for, it’ll usually need to include the following points. However, the client may have set out clear guidelines as to what proposal format they’ll accept.
If the layout hasn’t been set in stone, use these eleven points to create your basic business proposal template.
Include a title page to introduce your business and keep your document neat and tidy, giving a good first impression of the way you do business.
This should be well-designed, so include some imagery and text that addresses the client.
Visually speaking, this could be a great opportunity to show some examples of your work. Perhaps the front page image could be a house you renovated or a garden you designed? It’s important to use every page in your business proposal to your advantage.
Treat this as an introduction – instead of going in cold, include a letter outlining your business and your proposal, keeping it friendly and positive in tone.
Here’s an example of a contractor who is using a business proposal to pitch themselves for a job renovating and decorating a client’s home, using our downloadable business proposal template.
Let your potential client see at a glance what’s included in your document and, if possible, make this section clickable so they can easily jump to any sections they want to re-read.
As a small business owner, you understand better than most how precious busy working people’s time can be. Keep this short, making it a high-level overview of the problem, the expected outcome, an overview of the solution, and a call to action.
Make sure that you avoid jargon throughout your executive summary (and business proposal as a whole), instead being clear and concise. If you use a term that you know you’d have to explain to your friends who aren’t in the industry, try to reword it for clarity.
This is the part where you identify the gap that you’re going to fill. What’s your client’s problem and how are you going to solve it? It’s a good place to summarise your goals.
Don’t elaborate too much on your business, keeping it specific to your business proposal itself – and how it benefits your client.
Here’s how our our renovation contractor example would tackle writing the proposal:
How are you going to address the specific needs of the client? This is where you go into the finer details of what products or services the client will get out of your proposal and when they’ll get them.
Be clear and detailed about what you’re offering, as well as how you’re going to get the work done. Both parties should be able to refer back to the document during the work to make sure that what was agreed is being done.
Then draw up a timeline to bring your proposal to life for the client and focus on developing a realistic delivery plan. More time is always better for you. But if your client has a specific date in mind (perhaps they’re launching a new product and your proposal is going to support it), then be sure to work to that.
Our renovation contractor example may show their methodology this way:
It’s important to also show the customer how you’ll be held accountable – let them know how much involvement they’ll have in the project.
This is your opportunity to sell your business as the best one for the job. What sets you apart from the competition? Let the client know about your experience of working on similar jobs, by using case studies. They’ll also be reassured to read bios of the person or people they’ll be working with, as well as positive testimonials from customers you’ve worked with in the past.
Gardener Richard understands the importance of case studies and customer reviews in securing new business, revealing: “I’ve got a book with recommendations from my customers. So if I need to convince anyone, I’ll show them my book of what my customers think and I leave it up to them. They don’t have to take my word for it.”
You can also use social media to your advantage here, linking to your accounts if you frequently show your work online. This is something Richard does too:
“If you go on my Facebook page, you’ll see before and after pictures of gardens I’ve worked on. And once they’ve seen that, it normally convinces them.”
This self-explanatory section should let the client know how much it’ll cost to put your proposal into action and what you expect the return to be. It’s important to find the balance between overestimating, which can scare the client off, and underestimating, which can lead to disappointment in the future.
Richard believes that underselling yourself with a cheaper quote isn’t always the better choice, and that your price should reflect the quality of your work, saying: “You have to make your prices what you feel that you’re worth and they should represent what you can actually do.
“I think a lot of gardeners, even established gardeners, are worried about putting their prices up. But when all your expenses are going up, you’re working for less money.”
Richard believes that customers appreciate good quality work and will often pay more to make sure they get it. On losing out to bigger, cheaper businesses, he says:
“I’ve found most of the time when customers go for a cheap quote, they’d be there for a year, but after that the residents get fed up with the quality of work and choose somebody else.”
Read more: 5 ways to tell your customers about a price increase
Use this section to lay out what the client can expect from you and your business by agreeing to your proposal. This is a good place to set expectations as to payment and delivery dates.
Include a section where the client can formally agree to your proposal, with a gentle call to action to encourage them to sign.
You can make it as easy as possible for them to agree to your business proposal. For example, why not add a ‘Sign up today’ call to action, with a box that your client can add their signature to?
If you want to go for a less hard sell, let them know how to arrange a phone call to discuss your proposal further. Again, you can include a box that lets your client enter their availability.
Do you have any reports or other forms of evidence to back up what you’ve said in the rest of your proposal? This is the place to include them.
There are a few basic questions to ask when writing a business proposal. They may seem obvious, but it’s always worth double-checking.
Does your proposal make sense? Read it once, read it twice – and get a second pair of eyes to read it again.
Does your proposal provide value to the customer? The proposal that gives the client the greatest value will win the work, so make sure it’s yours.
Have you really understood what the customer needs? You may have a great idea, but it may not be aligned with what the customer wants – be sure to consider this.
Have you fully explained how you’ll fulfil those needs? If a client is going to give you work, they’ll need reassurance that you know what you’re doing – a detailed plan can help set their mind at ease.
Is your proposal visually appealing? If you send your proposal electronically, you can include visual content such as videos and images to bring your proposal to life for the client, and really set your document apart from the rest.
Photograph 1: Seventyfour/adobe.stock.com
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Rosanna Parrish is a Copywriter at Simply Business specialising in side hustles – as well as all things freelance, social media, and ecommerce. She’s been writing professionally for nine years. Starting her career in health insurance, she also worked in education marketing before returning to the insurance world.
This content is for general, informational purposes only and is not intended to provide legal, tax, accounting, or financial advice. Please obtain expert advice from industry-specific professionals who may better understand your business’s needs. Read our full disclaimer
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An official website of the United States Government
More in retirement plans.
Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).
Account owners in a workplace retirement plan (for example, 401(k) or profit-sharing plan) can delay taking their RMDs until the year they retire, unless they're a 5% owner of the business sponsoring the plan.
Roth IRAs do not require withdrawals until after the death of the owner. Designated Roth accounts in a 401(k) or 403(b) plan are subject to the RMD rules for 2022 and 2023. However, for 2024 and later years, RMDs are no longer required from designated Roth accounts. You must still take RMDs from designated Roth accounts for 2023, including those with a required beginning date of April 1, 2024.
Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73. If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. Notice 2023-23 PDF permits financial institutions to notify IRA owners no later than April 28, 2023, that no RMD is required for 2023.
If you reach age 73 in 2023, you were 72 in 2022 and subject to the age 72 RMD rule in effect for 2022. If you reach age 72 in 2022,
For defined contribution plan participants or IRA owners who die after December 31, 2019, (with a delayed effective date for certain collectively bargained plans), the entire balance of the deceased participant's account must be distributed within ten years. There's an exception for a surviving spouse, a child who has not reached the age of majority, a disabled or chronically ill person, or a person not more than ten years younger than the employee or IRA account owner.
The new 10-year rule applies regardless of whether the participant dies before, on, or after the required beginning date. The required beginning date is the date an account owner must make take their first RMD.
For more information on IRAs, including required withdrawals and beneficiaries, see:
The following frequently asked questions and answers provide general information and should not be cited as legal authority.
Required Minimum Distributions (RMDs) are minimum amounts that IRA and retirement plan account owners generally must withdraw annually starting with the year they reach age 72 (73 if you reach age 72 after Dec. 31, 2022). Retirement plan account owners can delay taking their RMDs until the year in which they retire, unless they're a 5% owner of the business sponsoring the plan. Owners of traditional IRA, and SEP and SIMPLE IRA accounts must begin taking RMDs once the account holder is age 72 (73 if you reach age 72 after Dec. 31, 2022), even if they're retired.
Retirement plan participants and IRA owners, including owners of SEP IRAs and SIMPLE IRAs, are responsible for taking the correct amount of RMDs on time, every year from their accounts, and they may face stiff penalties for failure to take RMDs.
When a retirement plan account owner or IRA owner dies before January 1, 2020, before their RMDs are required to begin, the entire amount of the owner's benefit generally must be distributed to the beneficiary who is an individual.
For defined contribution plan participants, or IRA owners, who die after December 31, 2019, (with a delayed effective date for certain collectively bargained plans), the SECURE Act requires the entire balance of the participant's account be distributed within ten years. This 10-year rule has an exception for a surviving spouse, a child who has not reached the age of majority, a disabled or chronically ill person or a person not more than ten years younger than the employee or IRA account owner. The new 10-year rule applies regardless of whether the participant dies before, on, or after, the required beginning date. The required beginning date is the date an account owner must take their first RMD.
See Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) , and Retirement topics – Beneficiary for more information on when beneficiaries must start receiving RMDs.
The RMD rules apply to all employer sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.
The RMD rules do not apply to Roth IRAs while the owner is alive. However, RMD rules do apply to the beneficiaries of Roth 401(k) accounts.
You must take your first required minimum distribution for the year in which you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). However, you can delay taking the first RMD until April 1 of the following year. If you reach age 72 in 2022, you must take your first RMD by April 1, 2023, and the second RMD by Dec. 31, 2023.
If you reach age 72 in 2023, your first RMD for 2024 (the year you reach 73) is due by April 1, 2025.
A different deadline may apply to RMDs from pre-1987 contributions to a 403(b) plan (see FAQ 5 below).
Generally, a RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) . Choose the life expectancy table to use based on your situation.
Joint and last survivor table II - use this table if the sole beneficiary of the account is your spouse and your spouse is more than 10 years younger than you.
Uniform lifetime table III - use this if your spouse is not your sole beneficiary or your spouse is not more than 10 years younger
Single life expectancy table I - use this if you are a beneficiary of an account (an inherited IRA)
See the worksheets to calculate required minimum distributions and the FAQ below for different rules that may apply to 403(b) plans.
An IRA owner must calculate the RMD separately for each IRA they own but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract they own but can take the total amount from one or more of the 403(b) contracts.
However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans, must be taken separately from each of those plan accounts.
Although the IRA custodian or retirement plan administrator may calculate the RMD, the account owner is ultimately responsible for taking the correct RMD amount.
Q8. what happens if a person does not take a rmd by the required deadline (updated march 14, 2023).
If an account owner fails to withdraw the full amount of the RMD by the due date, the amount not withdrawn is subject to a 50% excise tax. SECURE 2.0 Act drops the excise tax rate to 25%; possibly 10% if the RMD is timely corrected within two years. The account owner should file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts , with their federal tax return for the year in which the full amount of the RMD was required, but not taken.
Yes, the penalty may be waived if the account owner establishes that the shortfall in distributions was due to reasonable error and that reasonable steps are being taken to remedy the shortfall. In order to qualify for this relief, you must file Form 5329 and attach a letter of explanation. See the Instructions to Form 5329 PDF .
Q11. how are rmds taxed.
The account owner is taxed at their income tax rate on the amount of the withdrawn RMD. However, to the extent the RMD is a return of basis or is a qualified distribution from a Roth IRA , it is tax free.
No. Please refer to Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) , for additional information.
Yes, you must continue contributions for an employee, even if they are receiving RMDs . You must also give the employee the option to continue making salary deferrals in a plan that permits them. Otherwise, you will fail to follow the plan's terms which may cause your plan to lose its qualified status. You may correct this failure through the Employee Plans Compliance Resolution System (EPCRS) .
A defined benefit plan generally must make RMDs by distributing the participant's entire interest in periodic annuity payments as calculated by the plan's formula for:
If the 403(b) plan (including any 403(b) plan that received pre-1987 amounts in a direct transfer that complies with Treas. Reg. Section 1.403(b)-10(b)):
then the pre-1987 amounts (excluding any earnings or gains on such amounts):
If the plan includes both pre-1987 and post 1987 amounts, for distributions of any amounts in excess of the age 70½ RMDs, the excess is considered to be from the pre-1987 amounts.
If records are not kept for pre-1987 amounts, the entire account balance is subject to the age 70½ (or age 72 or 73) RMD rules of IRC section 401(a)(9).
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The vice president supports the tax increases proposed by the Biden White House, according to her campaign.
By Andrew Duehren
Reporting from Washington
In a campaign otherwise light on policy specifics, Vice President Kamala Harris this week quietly rolled out her most detailed, far-ranging proposal yet: nearly $5 trillion in tax increases over a decade.
That’s how much more revenue the federal government would raise if it adopted a number of tax increases that President Biden proposed in the spring . Ms. Harris’s campaign said this week that she supported those tax hikes, which were thoroughly laid out in the most recent federal budget plan prepared by the Biden administration.
No one making less than $400,000 a year would see their taxes go up under the plan. Instead, Ms. Harris is seeking to significantly raise taxes on the wealthiest Americans and large corporations. Congress has previously rejected many of these tax ideas, even when Democrats controlled both chambers.
While tax policy is right now a subplot in a turbulent presidential campaign, it will be a primary policy issue in Washington next year. The next president will have to work with Congress to address the tax cuts Donald J. Trump signed into law in 2017. Many of those tax cuts expire after 2025, meaning millions of Americans will see their taxes go up if lawmakers don’t reach a deal next year.
Here’s an overview of what we now know — and still don’t know — about the Democratic nominee’s views on taxes.
The most recent White House budget includes several proposals that would raise taxes on large corporations . Chief among them is raising the corporate tax rate to 28 percent from 21 percent, a step that the Treasury Department estimated could bring in $1.3 trillion in revenue over the next 10 years.
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IMAGES
VIDEO
COMMENTS
Business plans can help you get funding or bring on new business partners. Investors want to feel confident they'll see a return on their investment. ... Example lean business plan. Before you write your business plan, read this example business plan written by a fictional business owner, Andrew, who owns a toy company. Download Andrew's lean ...
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
Here are the core components of a successful business plan for funding. 1. An Executive Summary. The executive summary should cover the essential information about your business: what it does, who it serves, and what you're looking for from the people who read it.
Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you ...
Startup business plan example. An essential startup business plan should include a clear and compelling value proposition, market analysis, competitive analysis, target audience identification, financial projections, and a well-defined marketing and operational strategy.. For a typical startup, the need to appear disruptive in the industry is important
How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page:
Funding Example. While we've preached against redundancy in your business plan, an exception to the rule is using the Funding section to offer up a very brief recap that essentially says, "here are the biggest reasons you should invest in my company and why it will ultimately benefit you." 13. Financials Quick Overview
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
Tailor your funding request to each financial source: Lenders and investors need different information, such as loan repayment versus ROI, so create different reports for each.; Keep your funding sources in mind: Each resource will have different questions and concerns.Do a little research so you can address them in your report.
The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea. The structure ditches a linear format in favor of a cell-based template.
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
Step 5: Write out your sales plan. Here are a couple of steps you'll want to take to outline your sales plan. Have some branding ideas on hand: These might include a company name, logo, color ...
Financial forecasts. Investors will inevitably want to see your financial forecasts. You'll need a sales forecast, expense budget, cash flow forecast, profit and loss, and balance sheet. If you have historical results, you should plan on sharing those too as well as any other key metrics about your business.
Business proposition. Your business plan for a funding application aims to encourage investors or lenders to believe in your business. These groups will only hand out their money for ideas that they can see being successful. For that reason, your first section outlines what your business proposes. One of the key markers of a successful product ...
5. Marketing plan. It's always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you'll get the word out about your business, and it's an essential component of your business plan as well. The Paw Print Post focuses on four Ps: price, product, promotion, and place.
This section is the most important for most businesses, as it can make or break a lender's confidence and willingness to extend credit. Always include the following documents in the financial ...
For many new business owners, the top motivation for writing a business plan is to secure funding. M&T has the experience and expertise to help you assemble the information that's going to be key to a successful proposal. Having a viable plan for business success can help you get the financing you need.
This depends on the kind of business plan you need to write and how you intend to use the plan that you create. For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).
The team at Revv put together a plug-and-play financial funding proposal. As they wrote, "A funding proposal must provide details of your company's financials to obtain the right amount of funding. Check out our funding proposal template personalized for your business." Check out the template here. 5. Investor Proposal Template for SaaS ...
Fund your business. It costs money to start a business. Funding your business is one of the first — and most important — financial choices most business owners make. How you choose to fund your business could affect how you structure and run your business. Choose a funding source.
40 Proven Ways to Fund Your Business. Angelique O'Rourke. Oct. 27, 2023. Every funding option differs in availability, terms, amount, eligibility criteria, and compatibility with your business needs. Check out our growing list of funding sources to identify the best option for your business.
This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and ...
Mention how much return on investment can they expect. In the end, mention how will you pay off the loan or transfer the ownership of the business. 3. Announce how much funds you need. When you explain the situation in brief and have all the facts and figures put aside, narrow it down to your requirements.
How to write a business proposal. To help with sending future proposals, you might want to create a business proposal template. You can then edit it each time to make it specific to the business you're pitching to.. For a business proposal to help you get the work you're bidding for, it'll usually need to include the following points.
Rep. Rosa DeLauro (Conn.), the top Democrat on the Appropriations Committee, called for Johnson to abandon his GOP-only funding plan and begin negotiations with spending leaders from both parties ...
Retirement plan account owners can delay taking their RMDs until the year in which they retire, unless they're a 5% owner of the business sponsoring the plan. Owners of traditional IRA, and SEP and SIMPLE IRA accounts must begin taking RMDs once the account holder is age 72 (73 if you reach age 72 after Dec. 31, 2022), even if they're retired.
The tax plan would also try to tax the wealthiest Americans' investment gains before they sell the assets or die. People with more than $100 million in wealth would have to pay at least 25 ...