Table of Contents Hide
- What is a Business Plan?
- What key elements are needed in a business plan?
- Why is a Business Plan important?
- Why should I create a Business Plan?
- What are the different aspects of creating a great business plan?
- How much does it cost to hire a Business Plan Writer?
- What Should You Look for When Hiring a Business Plan Writer?
Let’s say for a moment that you’re a business owner or want to start a new business, have a business plan should be one of the first steps to take, and it may not be wise for you to create your business plan yourself. So, hiring a business plan writer to create your business plan is the right choice for you.
Creating a business plan can be quite difficult, but necessary. A business plan is used for various tasks, such as: determining the focus of your company, securing financing, and attracting new investors.
What is a Business Plan?
A business plan is a written document that details how a company (usually a new one) will achieve its goals. It describes the nature of your company, your sales and marketing strategy, and the financial background of your company.
It also includes a forecast income statement. Just as a contractor uses a design to make sure a building is structurally sound, the process of creating and writing a design for your company – called a business plan – will help you determine if your company will be strong from the start.
Without a business plan, you are leaving far too many things to chance. If you’re not sure how to create a business plan, hire a business plan creator to create one for you.
A business plan is not a one-time task; it is an ongoing practice. The writing, formatting, and makeup of a business plan are nowhere near as important as its content (although they are still important). and its content should change often.
Real companies with real business plans review and revise them frequently. When you have an event where a business plan is a requirement for a loan, investor, divorce settlement, or strategic ally, you need to go beyond the basics and formalize a business plan with well-written summaries and descriptions.
What key elements are needed in a business plan?
Regardless of whether a business plan is to be shared with investors or partners, the key elements of any business plan should include the following
- Executive Summary
- Business overview,
- market analysis,
- competitive analysis,
- Section on organization and management,
- Description of your product or service
- Sales and marketing strategy
- Financial plan.
Why is a Business Plan important?
People often believe that a business plan is for startups that need investment or companies that need credit. While a business plan is especially useful for new businesses, it will benefit any business.
Every business, from charities to non-profits, should have a clear business plan.
A business plan helps you get a clear picture of the whole company, prioritize your goals, stay accountable, develop a strategic course of action, and manage your cash flow.
It also helps you develop strategic focus for your business and make course corrections to prevent your business from going down.
Hire a business planner to understand how a business plan will help your company.
Why should I create a Business Plan?
Writing a well thought out and organized business plan will greatly increase your chances of success as an entrepreneur. A good business plan can help:
- Determine if your company has a chance of making a good profit
- Provide an estimate of your startup costs and how much you need to invest or fund
- Convince investors and lenders to fund your business
- Provide a sales estimate (by defining your market – who your customers will be – and the percentage of the market you are likely to reach)
- Make money from the start by developing an effective marketing strategy
- compete in the market (by analysing what your competition is lacking) and
- Anticipate potential problems so you can solve them before they turn into disasters.
What are the different aspects of creating a great business plan?
There are many aspects to creating a great business plan.
You need to do extensive research in the following areas:
- Customer research: Find out who your target customers are and what their wants and needs are
- Industry Research: Identify the size of your market and the trends that are influencing it
- Competitive research: identify your direct and indirect competitors as well as their strengths and weaknesses
- Financial Research: Understanding realistic growth rates and costs (salaries, etc.) so that a realistic financial model can be created
Armed with market research, you need to develop the optimal growth strategies. For example, if in your research you have identified an unmet customer need, you should develop strategies to take advantage of this opportunity.
Your financial model or projections may be the most important part of your business plan. Poorly founded financial models will deter most investors. Worse, if your financial projections require too much or too little funding, it will cost you a lot of money.
While it’s important to be a good business writer, it’s even more important to understand the needs of the audience. For example, the world’s best business writer probably didn’t spend much time with venture capitalists.
As a result, they have no idea what this audience wants and probably wouldn’t write a business plan that appealed to them.
How much does it cost to hire a Business Plan Writer?
Remember that good advisors are in great demand and charge accordingly. Far better to budget for the planning phase and only hire someone well when you can pay their fees than hire someone who doesn’t know what they’re doing and waste your money.
The cost of writing business plans varies between service providers, as well as in terms of length and difficulty. The typical business plan creation fees charged for an average business plan creation are between $600 and $1,000. Very complex business plans can cost more, but should rarely exceed $5,000.
A professional business planner will typically charge anywhere from $5,000 to $20,000 for a full business plan (although there are cases where $50,000 is warranted).
The lower end applies to “simple” businesses like a pizzeria, small retail store, hair salon, etc.
If your business plan involves new or complicated technology, unusual or multiple sources of income, or requires significant investment capital, expect fees at the higher end of this scale.
A good business planner has enough experience to find a way through complexity and find solutions.
What Should You Look for When Hiring a Business Plan Writer?
First and foremost in hiring a business plan writer, make sure that they are really professionals. Pay attention to the following:
- Do you have a credible website?
- Are you trained?
- Are you doing this for a living or is it just a hobby?
- Do they have satisfied customers and will they refer you to those customers?
- Do they understand your business?
- If the answers are yes to all of these questions, you might be in luck.
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