A professionally written business plan is essential for any aspiring entrepreneur or business owner looking to raise financing for their venture. Hiring a suitable business plan writer to develop your plan could be the most critical decision in the young life of your business.
Although many people claim to be able to write Business Plans, the reality is writing a Business Plan is a skill that few people can do well.
This article will look at some essential things you should consider before hiring a business plan writer.
Process for Writing Your Business Plan
A business plan is a clear, written and organized way to communicate your vision and ideas regarding your business and how it will grow. To capture your vision for your business plan, the business plan writer needs to work closely with you every step of the way.
Generic templated business plans do not work. That’s why it’s essential to ask about the business plan writer’s process for completing your business plan.
How do they complete the plan?
What information do they require from you, and what information will they develop independently?
The process should include working with you every step to get your vision for the plan, understanding the financial projections and assumptions made and finally, the ability to edit and refine the business plan once completed.
No Business Plan will be perfect on the first draft, so you must be able to request edits and changes after the plan is complete.
Experience Writing Business Plans
Writing Business Plans is a skill, and the reality is the more experience a writer has, the better business plans they will be able to produce.
One of the biggest mistakes that rookie business plan writers make is thinking that a large business plan is the best. In reality, the best Business Plans are comprehensive but free from fluff, realistic, and include visuals that support the plan’s theme.
An experienced business plan writer should tell you precisely what sections will be in the business plan, not just how many pages.
Look for business plan writers who have experience writing different types of plans, not just one industry. One mistake that people make sometimes is to think that they need a business plan writer that has done business plans in their specific industry.
A good business plan writer should be able to produce a high-quality business plan from any industry.
Sections of the Business Plan
Regardless of what industry the business is operating in, there are some standard sections to every business plan. Here are some critical areas that every business plan must address;
- Executive Summary
- Business Overview
- Products and Services
- Market research and target markets
- Marketing Strategy
- Operations, Management and Staffing
- Strengths Weaknesses Opportunities Threats (S.W.O.T) Analysis
- Financial Statements
- Pro-forma Income Statement
- Cash Flow Statment
- Pro-Forma Balance Sheet
- Complete Financial Assumptions, including sources and uses of funding.
Make sure you understand precisely what will be in the business plan if you choose to work with the business planer.
Ask for examples of their work.
When interviewing potential writers, don’t be afraid to ask for specific examples of their work. This will give you an idea of what they can do and whether or not their style fits yours and your company’s.
Another good question to ask or confirm with the business plan writer is if your business plan will have all the same sections that you see in the sample plans. Asking this question will give you a good idea of how detailed your plan will be.
Cost of Writing a Business Plan
One of the first things people often think about when researching a business plan writer is the cost. Like any industry, business plan writers have varying rates for their service. It is essential to research and determine what price point makes the most sense for you.
Keep in mind the pros and cons of choosing the lowest cost or the highest cost writer. Writing an excellent custom-built business plan takes time and effort, so be careful going with a lower-cost provider as you may not get the best plan for a lower price. Every business, especially start-ups, needs to consider operating efficiently, so choosing the highest cost writers may not be the best option either.
To avoid choosing the wrong business plan writer for your business, do your research. You cannot wing this if you want to impress investors and lenders with how serious and prepared you are for this venture.
A relationship between a professional business plan writer and an entrepreneur can ultimately be the difference between success and failure. To know more please visit our website.
Happy Business Planning!