Having a clear plan in place is essential when starting or growing a business. One way to achieve this is by writing a business plan, which can help you outline your goals and sales strategies. A well-crafted business plan can also be a valuable tool when seeking funding from potential investors, such as venture capitalists or a bank loan.
Professional business plan writing services can be a great option if you don’t have time to write your own plan or need help getting started. However, it’s important to consider the cost and whether it’s worth the investment.
How Much Should I Pay For a Business Plan Writing Service?
Generally, professional business plan writers and consultants charge between $2,000 and $25,000, depending on the required quality, complexity, and length of the document. Private consultants may charge an hourly fee ranging from $50 to $300 or more, depending on the consultant and the complexity of your plan.
Regardless of whom you choose to write your business plan, ensure that the service includes a comprehensive plan with an executive summary, market analysis, marketing plan, financial plan with 3-5 years of financial projections, and other essential components required by potential investors. The plan should also be customized based on your business model and specific needs and well-researched based on relevant industry information and a thorough competitive analysis.
It’s important to note that the quality of business plan writing services can vary significantly, and you generally get what you pay for. Choosing a cheap plan writer may result in a low-quality plan that could make it harder for you to secure funding or attract investors. Therefore, choose carefully and prioritize quality over cost to ensure that your business plan is strong and professional-looking.
How is the price of a business plan determined?
The pricing of business planning services is influenced by various factors, including the length of the plan, the size of the company, the level of expertise of the writer, the turnaround time, and additional services.
Longer and more complex business plans typically cost more than shorter plans. Similarly, business plans for larger or more complicated companies may be more expensive to write. Companies may opt to hire less experienced writers who charge lower prices, but this may not be effective in achieving the desired outcomes such as funding and growth.
Shorter turnaround times generally result in increased prices, and some companies may offer additional services such as business plan presentation and pitch deck editing and support for an extra fee.
To increase the likelihood of securing the necessary funds to start or grow a business, it’s crucial to have a well-written business plan created by an experienced professional. However, it’s essential to conduct thorough research and choose carefully when selecting a consultant to hire.
Who Can I Hire To Write My Business Plan?
If you’re considering hiring someone to write your business plan, it’s crucial to select a writer or consulting firm with extensive business experience and proven expertise in business plan development. It’s recommended to choose a company that has been in the industry for at least five years and regularly provides business plan writing services. Additionally, they should be able to offer references from other companies they’ve worked with.
A Business Plan Writing Company vs Consultant
When hiring a business plan writing service, you have two primary options: working with a single writer or a dedicated team of experts who will be responsible for the entire project. The price of the service may vary depending on which option you choose.
While a business plan writer typically costs less than an entire team, it’s important to note that you may have less control over the outcome. However, your business plan will be written by an expert with a deep understanding of the writing process. When choosing this route, it’s crucial to ask for references and examples of previous work, as well as ensuring the writer has the necessary credentials and experience to meet your needs. You should also inquire about any fees associated with revisions or updates.
Many businesses opt to work with a business plan consulting firm that offers a collaborative team of experts. This type of company provides the best of both worlds, as you can utilize the knowledge and expertise of all the experts involved in the project while still retaining control over the direction and vision of your business plan.
When determining the cost of working with a business plan writing service, take the time to explore all of your options and consider both pricing models and the qualifications offered by various service providers in your area. Doing so will help you find the most qualified choice for your business planning needs.
You Can Write It Yourself
If you’re a newer entrepreneur or trying to save money, there are various free resources available online to assist you in writing your business plan. The Small Business Administration (SBA) and your local Chamber of Commerce offer business plan services, workshops, or courses to help you get started. Using a business plan template is also an excellent way to quickly and easily complete your plan, especially if you’re unfamiliar with the business planning process.
While some business owners may be comfortable writing business plans without outside help, it typically takes more time than they have to spare. For this reason, experienced business owners are recommended to not write their own plan, even those with plenty of business plan writing experience.
In most cases, experienced business owners who write their own business plans have a better understanding of what elements are needed and how they should be presented. However, it can still be time-consuming to compile all the necessary information into a cohesive business plan that meets your audience’s needs. Additionally, it’s important to note that writing a business plan is one thing, but writing a business plan that can persuade investors or lenders to provide a large funding check is another thing.
If your budget doesn’t allow for hiring a comprehensive business plan service, combining outside services with writing your own plan may be the best option. This approach offers complete control over the process while still benefiting from expert advice. It’s also a great option for entrepreneurs who lack the time to write their own plan but aren’t yet ready to hire someone else.
Other business services that can be helpful include market research, copywriting assistance, startup/growth opportunities identification, and business plan review. Market research can help identify viable business opportunities, while copywriting assistance can help create a compelling marketing message. Identifying potential opportunities for startup or growth is also critical, as is having an expert review your business plan for gaps or logic errors.
When choosing a business plan consulting service, take the time to explore all of your options and find the best fit for your budget and needs. Ensure that the service provider can meet your expectations and deliver quality content on time and within budget. Ultimately, taking the time to choose the right combination of services can help ensure the best possible outcome for your business plan.
Whether or not it’s worth it to use a professional business plan writing service depends on several factors. Professional services may be a good option if you’re short on time or lack the necessary writing skills to create a business plan on your own.
Working with a professional writing service can help you complete the necessary research and planning to develop a comprehensive business plan that aligns with your company’s goals and objectives. However, it’s important to note that professional writing services can be costly, and the quality of work can vary dramatically.
Before deciding to use a professional business plan writing service, it’s important to consider your budget, timeline, and the complexity of your business. You should also research and choose a service provider carefully, ensuring that they have the necessary experience and expertise to meet your specific needs. Ultimately, the decision of whether or not to use a professional service should be based on your individual situation and goals.
How Business Plan Experts Can Help Your Business
Business Plan Experts has a wealth of experience in developing business plans for entrepreneurs and business owners looking to start or grow their businesses. Our services cater to the needs of each client, from small business owners to Fortune 500 companies.
We offer a variety of business planning services, including business plan consultants who help identify new opportunities and develop plans, as well as business plan writers who are committed to delivering results. Our market research team can also conduct independent research, giving you an advantage over competitors in your industry.
In addition, our experienced business consultants can help prepare private placement memorandums, which can be used to raise capital from accredited investors. We also offer a simple business plan template, which can be customized to fit your needs and sent to lenders and investors.
Finally, our website offers a Business Plan Writing Help Center, which includes over 200 business plan examples specific to various industries, as well as articles on business planning and funding.
No matter which service you choose, we wish you success in your business venture.