In an ideal situation, the more business you can take on, the more money you make, but it isn't always possible to take on every business offer that comes your way. You can work more efficiently when you choose the right types of projects, so it's OK to be choosy when considering proposals. If you've determined that an offer isn't right for you, let the person know.
Methods
The best method of rejecting an offer to do business depends on the way that you were asked. If the other business owner approached you in a casual situation, making a verbal suggestion, it's fine to turn them down verbally at that time. If you ask for time to consider the proposal, you can follow up later with a phone call. However, a more formal request to do business, such as a proposal in writing, deserves a more formal response. Write a letter rejecting the offer and send it directly to the person who sent you the proposal.
Being Polite
You may not be able to take on this project, but you don't want to burn bridges if you may be interested in working with the person at a later date. The safest approach is to simply state that you aren't able to do business with the person "at this time." Avoid criticizing the other business or the offer.
Giving Reasons
Some business owners will be happy with a simple "no," while others will want to know more about why you are rejecting the offer. Again, take care not to criticize the offer unless specifically asked, even if the real reason that you don't want to do business is that you don't think that the idea will work or you don't enjoy working with the person. Instead, offer reasons like not having the time or that the particular offer is out of line with your current business goals.
Offering Alternatives
One of the best solutions for keeping the other person happy when you reject his offer is to give him other resources that might help him. For example, if you can't take on the business because you are too busy, suggest the names of others who are in the same line of work; if the offer doesn't fit with your product lineup, suggest a company that may be more appropriate.
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