When you write a business plan that you plan to send to various parties for review, you must enclose a cover letter as you would with any other business communication. The cover letter reveals the main purpose behind your concept and why you believe it will be successful.
Instructions
1. Plan to keep the cover letter to two or less pages. The plan contains complete details you want the reviewer to look over-just summarize with the most important points of the plan in the cover letter. Give enough information to entice the reader to open the business plan itself.
2. Identify yourself in the first lines of the business plan cover letter. Give your company name, title, and a little background on your business that demonstrates to the reader that you're well connected or established. If you have met the other party before and he specifically requested more information from you about this matter, refresh his memory off the bat.
3. Describe the reasons why you decided to embark on this new business idea. For instance, you saw a need in your community for a new family restaurant or there's a high demand for a specific type of product as determined by marketing research.
4. Identify the benefits or advantages you have over others when it comes to this business concept. For instance if you have 20 years of experience in the field, a client list ready or you own a property in an ideal location to help the business thrive, this is important information to hold the interest of a potential investor or partner.
5. Mention a few key statistics, demographics data, focus group responses, or results of marketing research you've done on the idea. This shows that you've done your homework while writing the plan and you're not simply relying on assumptions or dreamed up projections.
6. Discuss briefly how you plan to manage and thwart threats from competitors. Tell the reader why this new product or service is superior to that of the competition.
7. Close your business plan letter with an upbeat and optimistic short paragraph that reiterates your confidence in the idea. Ask the reader to call you directly after reviewing the information for questions or to set up an in-person meeting to discuss the situation further.
