The need for business plan writers in the US continues to grow, thanks in large part to the booming US economy. According to a 2018 report by FreshBooks, potentially 27 million Americans intends to leave traditional work in favor of self-employment by 2020. As more people enter the business world, the bigger the requirement for professionally written business plans becomes.
If you’re one of those thinking of leaving your office job to strike out on your own, you’d probably need a way to fund your venture. Unless you can bootstrap your own operation, chances are, you’d need help from investors or banks. This is where business plan writers come in as they can help prove the profitability of your business idea to your would-be financiers.
What is a business plan writer?
A business plan writer is someone who can communicate his or her client’s business goals in written form. A business writer is passionate and knowledgeable about a wide range of businesses and industries and has a clear understanding of how to launch and operate a business. Business plan writers can work independently as a freelancer or as part of a team of consultants under a consulting firm.
How much do business plan writing services cost?
The cost of producing a business plan will vary depending on the type of plan that you need. Some plans are short, consisting only of an executive summary and a financial plan. Others will require 30 to 50 pages of research and years of financial projections. The cost of the latter will, of course, be greater than the one-pager.
Business Plan Writing Services
Firms dedicated to crafting business plans are found all over the country. The cost of hiring these firms typically starts at $1,500 for shorter plans. Cost can go up as projects increase in complexity.
Consulting Company
Traditional consulting companies can prove to be more expensive, but they are often employed by those requiring complex plans with many years of financial planning or research. The reason for the high cost is that traditional consulting firms charge by the hour, so longer projects are expected to cost more. A typical engagement with a consulting firm can set one back $5,000 to $20,000.
Writing the Plan Yourself
Doing it yourself is the cheapest option, and is often the ideal route for companies with low startup capital. Free resources and templates can be found in the internet and business planning software only ranges from $50 to $500.
Combining Options
If you’ve got neither the writing chops nor the budget, you could try doing the initial leg work first. What this means is that you do the market research and the draft on your own, and then let an expert review and complete the plan for you.
How long does a typical business plan engagement last?
The length of your engagement with a writer or a consultancy will depend on the type of plan you require. Most drafts can be completed within two to four weeks. More complicated plans whose supporting data are difficult to procure could take longer to produce. After the initial draft, you should expect another two weeks to polish the draft, so all in all, expect somewhere between four and eight weeks in total.
Should I hire a business plan writer or write the plan myself?
The answer will depend on a number of factors, chief of which is your budget for the plan. Can you set aside at least $1,500 to pay a professional writer? If not, you may want to follow the Combining Options suggestion we laid out above.
What are the things I should look for when hiring a business plan writer?
The flexible nature of the business plan should tell you that the idea of a canned business plan is something to be avoided as much as possible. Sure, a number of business plan sections are mandatory, but the content of those sections should be tailored to your business’s unique needs.
Like the business plans they write, no two writers are cut from the same cloth. If you’ve decided to seek help from a business plan writer or a consultant, you’d want to look for certain qualities that are more likely to indicate that you’ve found the real deal.
1. Look for a long-term partner
A business plan fits the description of a living document. The completion of a business plan does not mean that your work is done. Due to changes in the market and the economy, you may need to revise your business plan periodically to reflect those changes.
A competent business plan writer will not blow you off immediately after the check has cleared. A competent one should be ready to help you after your initial engagement is completed, ready to help you improve the work they did for you as new data comes in. Find a business plan writer who thinks and acts more like a coach than a contractor—one who wants to see your business succeed.
2. Look for someone with industry experience
Business plan writing is not the typical writing done by bloggers or copywriters, so farming out your plan to just about anybody can end up badly. If you’ve finally decided to seek help in writing your business plan, you’d want to invest your hard-earned budget in someone or a group of people who know what they are doing.
One important indicator of a competent writer is industry experience. Does the writer have actual experience in your industry? If not, has he written a business plan about your industry before? Has that plan been useful for his or her client? If the writer you are talking to has no idea how your industry works, then it’s a good idea to talk to someone else.
3. Look for financial know-how
A business plan is a serious document that is presented to an equally serious audience. After reading your summary, some investors would likely flip ahead to the last pages to see your financial plan. At the end of day, they want to make money, so you need to prove that they can with the opportunity you’re presenting.
The financial part of your business plan is as essential as the colorful descriptions of your new product or service. The writer you’d need to hire does not necessarily have to have an MBA, but he or she should know how to create financial statements that can prove to investors that your business is viable. Fancy images, typefaces, and designs won’t make up for the lack of a credible financial plan.
What are some of the best business plan writing companies in America?
Those looking for business plan services can seek the aid of a number of dedicated business plan writing companies and consulting firms in the US. Among the most frequently mentioned ones are the following companies:
Go Business Plans
One of the most established business plan writing companies in the US, Go Business Plans has won Business.com’s best company for four consecutive years beginning in 2016. So far, the company has serviced over 3,000 companies across 150 industries, helping them acquire over $1 billion in debt and equity funding.
If you need help with your business plan, please don’t hesitate to contact us for a free consultation. Our business plan writers have successfully completed more than 3,000 business plan projects for companies in sundry industries and look forward to working on your business plan project.
