How to write a business proposal for funding. Are you ready to get funded and someone has asked for
a business proposal or you need a business proposal in order to get the funding that
you need? Well, that is really simple. I'm going to share with you exactly how to make the best
business proposal so that you can get the most amount of funding and how to do it fast. Let's go.
In this video, I'm going to share
with you an easy three step process to writing the best business proposal and how to do it in
less than an hour, I'm going to share with you the five important things that you need to put
in this business proposal so that you can get the most amount of funding. And last but not least,
I'm going to share with you what not to put in that business proposal so that you don't get
rejected as soon as you send it over. So in order to get business funding, you're going to need an
actual business. I know it goes without saying. But literally, you have to have a business in
order to get business funding, you literally going to have to go to your Secretary of State's website
and get your business registered as an LLC, or as a for profit corporation. Now, you definitely can
do this with a nonprofit corporation. But having an LLC, or a C Corp or an S Corp is going to be
the best way to get the most amount of funding. nonprofit corporations actually are very amazing.
And they do great work, but they have a different bucket when you are trying to get funding. So when
we're talking about getting business funding, for the purpose of this video we are talking about
for profit corporations, like a limited liability company, or an S corp or a C Corp. The next thing
that you're going to need, of course, is to have the business with an EIN, in order to get funding
without using your social security number, you can get an employer identification number and you can
get this absolutely free. Just go to irs.gov, I'm literally going to put a screenshot right here,
where you can see on the IRS website, what button you click in order to get an EIN for free. And
again, you can do it yourself. I know there are companies out there charging people for an EIN
with no well Randall does not recommend that you pay to get an EIN, you literally can take
a couple of minutes and go do it yourself and have everything that you need to start
getting business funding. The next thing that you're going to need is a professional website,
a professional phone number and a professional email, you literally can do all of these in one
step. So for example, if your business is named ABC properties.com, you will buy that as a domain,
you will get that as the website. And then you will also buy the email that comes with it so
that you can have a professional email, instead of using a Gmail or Hotmail, you can then have
your professional email that says something like info at ABC properties.com. And you can buy that
at the same time that you buy the domain for your website, this will set you apart so that you can
get more business funding because lenders like to see that they're dealing with a big business. And
if you're not a real business, if you're not found in Google, so you need to be on the internet, you
need to be found in Google and having a website with a professional website, professional email,
and a professional phone number will take you to that next level so that you can get approved for
a lot of business funding. So let me tell you how to do that part. So when it comes to writing a
proposal for funding, lenders are looking to see what you're going to do with the money. This is
actually the point of you writing the proposal. Many people think that the proposal has no real
use, and they tried to just throw it together really quickly. And then they realize that the
lender really did look at it, and it is a part of the approval process. And the reason why is it an
it is a part of the approval process is because they want to know what you intend to do with the
money. So before you ever actually send this over to any lender, think about what it is that you're
going to do with the money, have a plan for it. Many times we want money, but we don't necessarily
know exactly what we're going to do with it. And before you ever go apply for this money,
you need to think about that. So let me tell you what you should say. The first thing is your
budget. If you're asking for a line of credit, for example, for $100,000, you would then break
that down and think about that as your budget, would you use the whole $100,000 As your budget,
I would suggest that you do not you would probably say $75,000 and make your budget based on that and
then put that you're going to take 25,000 and put that in capital reserves. banks and lenders love
to hear that you are going to have reserves, okay? They want to know that you're not going
to just spend all the money on ads or whatever you're going to do. They want to know that you're
going to keep a portion of it for reserves. So make sure that whatever you do in your budget,
you leave a portion aside for capital reserves. Okay, literally capital reserves. Now let's talk
about what you're going to do it now the $75,000 For this example, your marketing plan. The biggest
thing that you want to talk about in your business proposal is your marketing plan. Literally you
need to have a plan plan of action as to how you're going to grow your business. So when
they asked you what you're going to do with the funds, they're going to say the purpose of it. And
so many people will say working capital, that's an answer. But that's not a great answer. The better
answer is expansion. banks and lenders love to hear that you're growing. And they love to be
a part of funding that growth. Because if you are growing, that means you're already successful. If
you need working capital, for example, that means you're struggling to pay your bills. And that's
not a sign that your business is doing great. So even if you want the money for business for
working capital, my suggestion is to say expansion or growth, okay. And then you use your marketing
plan to describe how you're going to get more clients, or more customers or more leads into your
business. So your marketing plan should outline two or three different things that you're going
to do to bring in more business to your business. For example, are you going to run ads? Then put,
I'm going to take $10,000? I'm going to run ads and be very specific. Are you doing Facebook ads,
Instagram ads, LinkedIn ads, Google ads, pay per click? Are you doing television commercials,
radio commercials, like what type of ads are you running, you will, then you will outline it that
way that is very important, paid advertising. The second thing of marketing that you want to talk
about is different promotions. For example, you can say things that have already worked,
like, hey, we did an event. And when I ran this coupon code, or if I did this sale, we made X
amount of dollars. So saying that you're going to do some type of promotional event or promotional
thing. That's an amazing thing to say, and put into your marketing plan. Events, live events,
virtual events, classes, things that you could teach on, those types of things are absolutely
amazing. And banks and lenders love to hear that, especially if you can tie it to another successful
promo or event that you did in the past. And you can say, hey, when I spent 5000, I made 10,000,
or I spent 5000, I made 50,000. Put one of those types of examples in your marketing plan,
organic advertising. So one of the categories in your marketing plan should be about organic
ways that you get leads and customers. Maybe, for example, you have a referral program. And so some
of your clients that have already done business with you, you offer them a promo code where you
give them 500 or $1,000. And you can talk about in the marketing plan, how you're going to use that
to get more business. And so you're basically you don't need the money, you're basically going to
use that money to send emails to use organic traffic to send out flyers. And you're going
to market to your existing base of clients, the bank, or the lender is going to want to
see different categories or how you're going to market. But how you're going to market to get more
business is going to be one of the biggest part of the business proposal in order to get funding
banks and lenders like lending to businesses that are growing. And they really like businesses that
are advertising and doing things actively to get business in the door inventory. So another area
that you can put in your business proposal is if you need inventory, for example, are you going to
buy wardrobe with your logo on it? Do you sell inventory? What exactly does your business do,
if you have a product or a product business, you can talk about what the ways that you're going to
use the money to buy more inventory. However, in 2024, banks are not really looking to buy a
lot of inventory. And they feel like you should be able to buy inventory with products that you have
already sold if you're already selling it. So I would not make this a big part of my my proposal,
because again, that is saying that I can't afford to buy inventory. As we're if you're selling you
already should be able to. So I would not spend a lot of time or a lot of effort saying about
the inventory that I'm going to buy. Unless it is for marketing material. Like for example,
I'm going to buy shirts with my logo on them. And I'm me, my employees, my contractors,
we're going to wear these shirts and these T shirts and these hats, and we're going to use
it as promotion. That's something that banks and lenders like to hear. And they see that as a sign
that the business is growing, you want to give all indications that your business is growing.
And that's why you need this money. Hiring people. This is an amazing thing to put into
the business proposal. Even if you're not sure of how many people you're going to be able to hire,
you want to put some aspects of growth and hiring into the business plan. banks and lenders love to
hear that you're hiring more people because that is job creation that is great for the economy. And
that is an indicator of a strong business when you need more people. So when you put in your funding
plan that you are going to hire more people in it, you can even be very specific, like I'm going to
hire a social media person or I'm going to hire an event person aren't going to hire a marketing
company that goes in line with what you said in the marketing part of your business proposal,
which is the most important part of the business proposal how you're going to grow the business
through marketing. As a bonus, an easy thing that you can do to help write this entire business plan
as you've kind of thought through it is to use chat GPT chat GPT is AI that we have been using
and students have been using but to create lots of great things that you have to write where you
don't have to write those things yourself. Chat GPT is absolutely free. And using some of the
things that I told you like the marketing plan the advertising and being very specific with
some of the numbers that you've already outlined, you can use chat GPT to write an amazing business
proposal. And it will help you write this in a matter of minutes. You don't have to spend a lot
of time which had GPT. But the better information that you give it, the better output that it will
give you. So if you actually go through the exercise that I taught you in this video, where
you really think about the marketing plan, and you don't just let chat GPT give you a marketing plan.
So your business proposal will be better overall using chat GPT if you can put in some thought into
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