If you have a project in mind that doesn’t depend solely on you, you might need to get other parties involved. This could be due to funding, resources, expertise, or maybe you want to help someone who could use a unique solution or service you offer.
Going from project idea to signed contract is a long journey in these scenarios. Before you can see dollars in your bank account and steady work, you must draft a Work Proposal and submit it to the interested parties.
A Work Proposal is a document describing a planned project and all relevant information: scope or goal, steps, and outcome. While often mistaken for a Letter of Intent or Project Contract, a Work Proposal only indicates intent to initiate a project with specific parties. Signing off on such a document only denotes interest but not an agreement to start implementation.
Depending on your state, you may also know a Work Proposal as a:
Any business or individual who wants to implement a project must create and submit a Work Proposal to an interested party. Someone who wants to implement a specific solution for someone in need would draft this document.
In addition, private lenders, banks, and other sources may require a Work Proposal to secure funding. For example, you may need this document if you want a loan for a real estate development project, capital to start a company, etc.
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Before creating a Work Proposal, you must clearly understand what the project entails to the tiniest detail. Furthermore, it’s wise to make it as comprehensive as possible and go beyond the standard talking points. You may also use separate sections to address potential questions from the lenders or businesses that receive your Work Proposal. While you may know your business and its plans inside out, there’s a lot you can miss if you lack experience drafting these documents.
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You should be of sound mind whenever you sign a document, whether it’s legally binding or not. A Work Proposal doesn’t need to be signed with witnesses and then notarized. The project manager’s signature or the signature of the CEO behind the company proposing the project is enough.
Once you have finished and reviewed the Work Proposal, you can send copies of it to the lenders or businesses you want to engage in a project with. If necessary, to obtain authorizations and other documentation, send it to the appropriate governing bodies.
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