Do I Need To Hire A Business Plan Writer?

A business plan writer that is experienced in the skill of writing details business plans can be a great investment, which can pay huge dividends when seeking credit from lenders.

Every new business owner knows that a solid business plan is critical - it is drilled into every small business owner by potential investors and every banking officer they meet.

So why is something that is so important to the launch of a new venture, namely a solid business plan, so difficult to write?

It's a great question! So we will try to address when you should go out and hire a business plan writer versus taking on the task yourself.

First time entrepreneurs often cringe when sitting down to write their business plan. It's totally understandable given the sometimes complex issues that must be covered.

Too often a business owner will spend 6 months agonizing over each period and comma, and even worse others spend 6 months procrastinating and do nothing.

So lets break it down and see where and when a business planning company or business plan writer should be brought in to assist:

Determine who will read your business plan and why? First you need to really understand the purpose of your business plan and who your audience (reader) will be.

This is an important point as a business plan being written for a $100,000 loan request is very different than a document needed for a $10 million round of venture capital!

Since we are focused on first-time small business owners, let's focus on preparing business plans raising less then $1 million in capital.

For this "startup" business plan 30-35 pages is a reasonable expectations. You are not expected to deliver a thick book. (To be honest, it is possible that very few people, if any, will read the entire document anyway!)

Once you have this down, you can honestly assess which sections you are qualified and comfortable writing, and which parts of your business plan you may need added assistance from a knowledgeable business plan writer.

We recommend you attempt to write a basic draft of your business plan on your own. Without this initial direction you may be asking too much of your consultant. Once you have your thoughts organized on paper you can determine which sections of the business plan you are comfortable completing.

Here are a few suggestions:

Executive Summary

Draft the opening of your business plan - then hire a pro to come in and re-write it. Your executive summary will be read first and first impressions are critical!

Marketing

You need to write your own definition of your target customer. For the market research on industry growth and fancy charts go ahead and hire a business plan writer.

Competitive Analysis

You should put together the first draft of this section, as it is almost as important to understand your competitors, as it is your customers. If you find a consultant that is an expert in your field, then you can work together and add to your initial list.

The Dreaded Financials

This is the most difficult part of a startup business plan, as you are making projections on products and services that you have not even produced or sold yet!

If you are stuck on this section you can hire a business plan writer to assist you with completing your projections. (I.e., income statement, cash flow, and balance sheet)

Figuring out the cost of goods, delivery costs, and return rates can be simplified by breaking them down into a "light" spreadsheet.

Next you need to understand your startup and operating costs - items like electricity, travel, phone expenses, etc. Again, just organize these and your business plan writer can make all the fancy charts and graphs.

Make sure you understand all of the assumptions. For example, if you are opening a retail business, you should not look to your consultant to "guess" your rent - provide him with your written rental or lease agreement to ensure accurate numbers are used.

If you work closely with your consultant, the financials are a great section to bring in professional help.

Managing Expectations

Now that you know a bit more about when to hire a business plan writer you also need to manage your expectations.

You can't expect a $1,000 business plan to have 20 pages of competitive analysis and a full-blown marketing strategy!

If you carefully work through which sections of your business plan need outside help and then work with you consultant closely, your final document will be a success, and your cost will be minimized.

SPECIAL NOTE: For a better understanding of the level of complexity that is expected to be covered within a professional business plan, view this free sample business plan.

Business Planning Tools & Resources

Business management articles provide an excellent resource for every team leader and small business owner. Take action on your business plan goals today! Download our free business planning tools to achieve your business development plan.

More Articles on Business Management

» Business Letter Template - Apology Letter
Use our free Apology Letter Template tool to ensure that your next letter is written professionally with maximum effectiveness. One of thirteen in this business management writing articles series.

» Business Letter Template - Appreciation Letter
Use our free Appreciation Letter Template tool to ensure that your next letter is written professionally with maximum effectiveness.

» Business Letter Template - Complaint Letter
Use our free Complaint Letter Template tool to ensure that your next letter is written professionally with maximum effectiveness. Another free tool in this business management articles series.