GETTING SPONSORSHIP FOR YOUR BUSINESS IDEA
These is the most important thought, question or even challenge every young and aspiring entrepreneur must face in his or her quest for business success. How do I get a sponsor for my Business Idea?
The idea is good, profit is guaranteed but you do not have the necessary cash to implement it. Well you are not alone as today, we will be dealing with this challenge and also get possible solutions, all I advise you to do is drop that “I have tried it before mentality and keep your mind open for fresh ideas as you go through today’s article.
Whenever my clients approach me with this kind of problem, (idea, No cash) I always and will continue to recommend the following steps which off course I have practiced and will still practice whenever I want to birth any of my brain child.
PREPARE A LIST OF YOUR POSSIBLE SPONSORS
Different companies and individuals have different areas of interests and they produce goods and services for different classes of people in different strata of the society. List out companies or individuals that produce goods and services in line with your idea or Business and will be willing to sponsor you. Take for example; our Television programme which is centered on Children, you would do well to list out Companies or individuals and also Government bodies that render services that targets children. You will want to meet companies that produce products like Indomie, Bournvita, Chi-vita, Ribena e t.c. You could list out Churches; NGO’s that Focus on Children, Children evangelical Ministries and Government agencies that cater for Children, Women and Youths alike.
Such Individuals, Corporate bodies and Non governmental organizations will like to participate simply because “Your Idea Targets their Target”
BREAK DOWN YOUR GOALS OR NEEDS INTO SMALLER ONES AND FIX A SPONSOR PER SECTION
This makes your goal and needs easily accessible, surmountable and achievable. If you are planning a TV programme as discussed earlier, you probably would need, Airtime, publicity before commencing the programme, Resource persons e.t.c
When you have broken them down, approach a sponsor per segment. If you do not have a sponsor that agrees to foot the bill. Sponsors can never be too much but not all of them must have a financial reward. You can reward them with Publicity/moral reward.
PREPARE A SPONSORSHIP PROPOSAL
A Sponsorship Proposal is like a business plan for your idea. It is a well documented detailed on the purpose of your idea or Business. How it will run, its duration, your target audience, benefits of the idea to your would be sponsors and above all, a detailed Financial analysis. You can write your Proposal like a Business Plan, type it neatly, spiral bind it and make it attractive.
“Please do not make photocopies; use a neat printer so as to give you a good Image”.
If for example, you are seeking sponsorship from a Bank or Corporate firm to Launch a Television programme for Children, your sponsorship proposal should follow the Format below;
i. Cover page
ii. Declaration by the board of Directors or Management Team
iii. Executive Summary of your company/Outfit (About Us)
iv. Management Team (who they are and their Capabilities or expertise)
v. THE IDEA
v Theme or Purpose of your idea (Its aim and objectives)
v Organization (How it will run)
v Duration of your Idea
v Proposed Date of Kick off
v Choice Television Station
vi. Benefits of Sponsorship
v Why should they sponsor you
v What will they benefit
v Would it be better if they kept their money in a Banks fixed deposit account.
vii Financial Analysis/breakdown
This must be detailed, no assumptions. Conduct your research very well and do not overshoot as they may decide to pay for the service themselves and if they discover the overshoot, they may decline.
APPROACH THEM
This is the most challenging part of the game, meeting face-to-face with those stern looking people sitting across the desk obviously not interested in what you are talking about. They probably are not looking at you, rather they want you to “Talk and Go”.
Before approaching your sponsors, conduct a survey and get relevant contacts and phone numbers. (Try as much as possible not to make a cold call). Call them and book an appointment or if possible send them a letter requesting for a visit to the company. They do not know you and they will likely give you audience thinking you are a prospective client. Of course, you are, do not disclose you intent on phone, it makes them prepare a defence. Make the call, reserve the appointment and go meet them armed with everything you think you need.
Always go first to the Head/CEO or most important person in the organisation that can take a decision, even though he has to redirect you to a lower officer in charge.
It saves time and energy rather than coming from bottom to the top. “Sometimes, your Proposal might get Lost in Transit”. Never go to any company and just drop your proposal with the Company secretary or receptionist, it will end up in the Trash can or probably, they could grab your idea and implement it without your consent.
Talk your Proposal through before dropping it and more still, get relevant contacts so as to follow up on them until you succeed. Be courageous, determined and keep trying for not all sponsors will attend to you initially.
A manager once opened his door to an insurance agent and said to him; “you can count yourself lucky, I have refused to see 7 insurance agents today”. The Insurance agent replied him smiling “I know; I am them”.
He got his appointment because he pursued his goal unflinchingly.
ASK FOR WHAT THEY CAN EASILY GIVE YOU WITHOUT FEELING IT
I always recommend this to young Entrepreneurs. Try as much as possible to put money behind you. If you are too money conscious, your sponsors will notice this in you and that will make them skeptical about committing their funds to you.
Always ask for service if possible. Take for example, if you approaching a Transport company and you probably need transportation for your “children” to and from a location; it will be a lot easier for the Transport Company to give you a Bus for that purpose instead of giving you cash. At least fuelling the Bus can come from a Petrol Station (another sponsor).
This is a very important principle; ask for what they could give you easily without feeling it. It’s like plucking a leaf from a big tree.
SHOW THEM HOW THEY WOULD BENEFIT
Human beings are naturally selfish and corporate bodies alike have a nose for profit. They would likely not listen to you if they will not benefit anything from your idea or Business proposal. If you can show your sponsor in clear terms how your Business idea will benefit them, they will listen to you. If your idea will make them better off, they’ve got no choice.
“If you need anything from a man, show him how it will benefit him and he can do anything for you.”
DOCUMENT AN AGREEMENT
Definitely, we all know that no Business transaction should be done without proper documentation or a mutual agreement. Meet a Lawyer to help you draft a simple but encompassing one. Your sponsors or would be sponsors already have the money and can carry out or implement your Idea if not well Protected. I have tried it before and my fingers got burnt. It’s a bad thing for you to see your idea being implemented by another person you went to for help. Your idea is your Brain child; Guard it.
APPRECIATE THEM
Yes! Send them a thank you Letter; Publicize them before and after the event. Send them a Branded Plague, card, an Award, Write about them in your Magazine or do anything that Promotes their Brand. It will keep communication lines open and you can go to them again.
Remember, Never you burn the Bridge if you intend to cross it again.
Till we meet again,
Go be the Solutions to your World!
About The Author
Basola A. Victor is the CEO of BASH Concepts International, a Business solutions firm dedicated to becoming a one stop source for overall Business development.
P: +234(0) 703-5121-346
E: bashconcepts@yahoo.com
