Even the most well-known and established businesses need to introduce innovative concepts and new additions from time to time in order to stay relevant amongst their target audience. Being on trend, up to date, and on the cutting edge is essential for businesses to succeed. According to Bill Schantz, when a business comes up with an innovative new idea or product, it’ll need to write a business proposition in order to sell its concept to potential investors.
Business Proposition – Explained By Bill Schantz
A business proposition is a document that outlines the main points of an idea for a new product or service. The proposition should include information on what the product is, how it will benefit consumers, how much it will cost, and when it will be available. Business propositions need to be clear, concise, and persuasive in order to convince investors to support the new venture.
Writing a Strong Business Proposition
There are certain key elements that every strong business proposition should include. By following these steps, you can be sure that your proposition will have everything it needs to make a convincing case for your new product or service.
Do Your Research
Before you start writing your proposition, it’s important to do your research. This means understanding the needs of your target market and knowing what kind of products or services they’re already using. It’s also important to be aware of any trends in the industry that might impact your new venture. Doing your research will help you make a stronger case for why your product or service is needed and how it will benefit consumers.
Keep It Simple
Your proposition should be easy to understand and free of any jargon or technical language. Remember, you’re trying to sell your concept to investors who may not be familiar with your industry. Keep your language clear and concise so that anyone can follow your argument.
Make a Compelling Case
Bill Schantz believes that in order to convince investors to support your new venture, you’ll need to make a strong case for why it’s needed and how it will benefit consumers. Be sure to include information on the problem your product or service will solve, the needs of your target market, and how your product or service will meet those needs. You should also include information on any unique selling points that make your product or service stand out from the competition.
Include a Budget and Timeline
When you’re writing your business proposition, Bill Schantz points out that it’s important to include information on the costs of your new venture. This includes the cost of research and development, production, marketing, and distribution. It’s also important to include a timeline for when you expect your product or service to be available. Having this information will show investors that you’ve thought through your concept and have a plan for how to make it a reality.
Get Feedback from Others
Before you submit your business proposition, it’s a good idea to get feedback from others. This can help you identify any areas that need clarification or further explanation. Ask people who are familiar with your industry for their thoughts on your concept and whether they think it has potential. You can also ask for feedback from people who aren’t familiar with your industry to get a different perspective.
According to Bill Schantz, by following these steps, you can be sure that your business proposition will be well-researched, clear, and convincing. By taking the time to craft a strong proposition, you’ll increase your chances of getting the funding you need to make your new venture a success.