Most business owners find that sponsorships give companies a larger return than advertising. There are several ways to fund your small business using corporate sponsorship. Below are some tips on how to approach corporate and larger companies for financial support.
Research Prospective Sponsors
Start by researching corporations you believe may be of benefit to you and your business. Once you have made a decision on the sponsors you would like to approach, call the prospective company and follow up with a well-written proposal. The sponsor proposal should include a summary of your business plan, such as your mission statement, demographics, and benefits of your business and sponsorship fees.
Showcase Benefits to the Sponsor
Make a list of how a corporate sponsor can benefit from sponsoring your business. Research and become familiar with the company you plan to approach. Corporate sponsors want you to know their goals and visions. Research their website and their social media. If the sponsor you are about to approach is a public entity, order their annual reports. Offer the sponsor value and put together a package and presentation for them. Include product and service reviews, advertising and promotions, and find ways to build that long-term relationship with that particular company. Show that your business has extended contact with many people or with a loyal group of customers. Larger companies are interested in connecting with markets that they have a hard time reaching.
Include Community Benefits
Make sure to include how your business is involved with the community. Larger companies want to be involved with the community and want it known. People tend to purchase more through cause-related marketing. The guarantor wants to be recognized as a good corporate sponsor, helping the community. Sponsors want to partner with a business that has honesty and integrity.
Wrap Up With a Creative Proposal
Put together a snapshot of your business. Create a compelling document showcasing all benefits, community involvement, and history of your business. Clarify why it is you are asking for sponsorship. Include how your business impacts customers and the community, not just a description of your products and services. This is the time to really sell your business. The sponsor will want to know what is beneficial to them by partnering and sponsoring you.
Corporate sponsorship is a great way to increase your business. Start by researching those larger opportunities and come up with a partnership plan. Don’t get discouraged and always follow up with that company you’ve approached, they are busy too.
For more information on ways to obtain a corporate sponsor, contact us at info@karenjonesconsulting.com.
