You’ve done what initially felt impossible: you’ve created a joint venture project you KNOW will succeed — AND you’ve identified the right person to get it done.
Now all you need to do is take the crucial step of writing a compelling JV proposal that will get them on board.
No pressure, right?
While everyone has their own flair for writing proposals, there are some essential guidelines you should follow.
Frame Your Proposal In Terms of Benefits
When explaining the intended outcome and goals, explain it in terms of benefits. Explain not just what the project will achieve, but concretely what it will do for their business. It should be clear to the other party how your project will benefit them.
You should also emphasize how it will benefit both your audiences. Businesses seek to help their customers, so demonstrate to your potential partner how the JV will bring value to the people they serve.
Do Your Research
Before you reach out, you should research the potential partner well so you know whether or not they’re the right fit. Your proposal should show them that you know who they are, you’ve done your homework, and decided they’re the right fit. This makes clear the suitability of the project but also demonstrates that you’re someone worth working with.
Lay Out The Details
Explain the details of the project as much as possible. At the very least, give an outline of the project’s goals. In addition to a big picture view, explain any details that are already decided or essential to the project. There are many things you’ll negotiate with them later once they’ve accepted, but try to list anything that is crucially important so they can decide if the project is right for them.
Answer Questions & Address Objections
Try to anticipate any questions they might ask and answer them in the proposal before they have the chance. This will save time and make it easier for them to decide whether or not they want to be involved.
Take a minute to imagine any potential objections they might have and address these as well. For example, they might wonder if there’s a market for what you’re proposing. You can quell this by offering some quick statistics on market demand.
Start With A Hook
Once you’ve fleshed out your proposal, write a good hook as an opening. Start with a quick statement or question that piques their curiosity and gets them interested in reading more. The subject line and first paragraph of an email play a huge role in determining whether the person reads on.
Keep It Concise & Clear
Although your joint venture proposal should include all of the above, it should be as short and concise as possible. Write a rough draft and then go through it erasing anything absolutely non-essential and tightening up the language. You don’t want your proposal to be a huge block of hard-to-read text.
In addition to getting in the mind of your JV partner, it’s also important to understand your customer. Check out my Market Research Mastery System, which teaches you the A to Z of target market research and how to use it to increase your sales.
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