You have an idea. AHA! Finally, you think you have a business idea that will be the next Tesla.
Okay, maybe not the next Tesla, but you’re excited about your idea and think it has merit.
The question is, what do you do about it?
Most business books will tell you that you first need to develop a business plan. And they are absolutely correct. Every business start-up needs a plan.
As Benjamin Franklin once said, “If you fail to plan, you are planning to fail”.
And well, Benjamin Franklin is one of the most influential figures in the United States history. Plus his face appears on the US $100 dollar bill, so it is safe to say he was a pretty smart dude.
Back to your amazing idea.
If you’re convinced that you need a business plan by now, the next question is should you write it yourself or hire a business plan writer to do it for you.
The answer is, it depends.
There are some situations where you should write your own business plan and others where you should get a professional writer to help.
Here are a few scenarios when you should do the business plan yourself;
- The business idea is not very risky and does not require a large investment
- You do not need to secure a loan or an investment to start your business
- You know the industry really well and have previously owned/operated your own business in this field.
- You have written good business plans and they were good enough to get loans and/or investments.
- You have lots of time to dedicate to writing the plan
If any of the above applies to you, you are likely better off doing the business plan yourself. In these cases, you have the experience to write the business plan yourself and will likely do a great job creating the plan on your own.
On the other hand, if none of these scenarios apply to you, perhaps getting some help with your business plan might be better.
To be very clear, there are no situations (that we can think of) where you should not have a business plan. Whether you write one yourself or get a professional writer to help, you should always have a business plan before launching a new venture.
Of course, the size and detail of the business plan will be different depending on the goal of your business plan, the size of the business, and the complexity of the industry of your business.
If by this time in reading this post you are thinking that you need the help of a business plan writer then it might be a good idea to look into getting the professional support that could help you produce a high-quality business plan that will get your business off the ground the right way.
Hiring a business plan writer is as important as hiring a business coach or a business consultant. We would argue it’s actually more important. Having a high-quality business plan can be the difference between getting the funding you need to start your business or not. We’ve written a blog post about the “important things to consider before hiring a business plan writer” but here are some key questions to ask about your business plan writer;
- How long have they been doing business plans?
- Can they provide samples of their business plans and will your business plan have all the sections in the sample plans?
- What is their process for writing the plan?
Whether you write the business plan yourself or get someone else to help you write it, it is your business plan, and you should know it inside and out. It should also be a good roadmap guiding you in the first few months or even the first few years of your new business.
Starting a business is hard, but it’s even harder without a business plan.
Do the work early on to map out and plan your new venture, and you’ll save yourself many sleepless nights when the business is up and running.
Here’s to your success.
Happy Business Planning 😊