You have a great idea for a new product or service. Before a bank or investment firm will lend you money to get off the ground, you'll need to craft a solid business proposal. Follow these relatively simple steps to get your foot in the door on getting enough mullah to survive the arduous task of developing your product and making your dream a reality.

1

Talk with somebody who has written several successful business proposals. Ask what worked and what didn't.

2

Outline a two-part proposal. The first part will describe the business opportunity and your plans to take advantage of it. The second will present financial data - tax returns, a balance sheet and a summary of your operating plan.

3

Write the proposal. Limit the first part to 10 pages. Make it concise and clear. When describing the market opportunity, cite sources.

4

Explain what makes you and your company different from competitors. Perhaps you have special skills and experiences. You might have a new technology. Talk about your achievements in the industry.

5

Describe the segment of the market you will pursue. Discuss what you will do to take market share away from competitors.

6

Identify prospective customers. Explain why you are targeting them.

7

Summarize your marketing plan. Offer details, but be brief.

8

Discuss any regulatory issues your company might have to deal with.

9

Identify the management team. Who are the top three people in the company? Give brief biographical sketches.

10

Describe your expectations regarding revenue and cash flow for the first year. Discuss how much money you think you will need to get started, how it will be used, and where you plan to obtain it.

Tips

Be hard-nosed and realistic.

If you haven't done thorough market research, say so. If you have done research, mention the sources by name.

Write your own plan. If you hire someone else to do it, you'll simply be paying a fee to have someone regurgitate the information you provide.