Using a private consultant to write your business plan can be a cost-effective way to get a strong plan written by an industry expert. A lengthy plan with three years to five years of financial projections may still cost several thousand dollars, but the total cost can be much less than hiring a firm because only one or two individuals are doing the work.
Some private consultants charge by the hour and let the client decide how many hours to budget for the work. However, fees for a business plan will still vary quite a bit. The cheapest way to get a business plan usually is to write it yourself. Small Business Administration offers guides, blogs and outlines, and the SBA's Business Plan Tool provides step-by-step assistance in building your own plan. For businesses with very low start-up capital, this can be the best option.
A business plan can cost less if you do the research and create a draft on your own, and then present it to a company or consultant for review and completion. To determine exactly how much your time costs, multiply the value of one hour of your time by the number of hours you invest in developing the plan. If you hire a professional business-plan consultant, the rate will vary from person to person.
Consultants not only write plans; they also review plans and make recommendations, based on work you have completed. If you choose to write the plan, a variety of software is available to make that an easy task. Many of these tools are free downloadable templates from organizations such as the U. Although these templates are fairly detailed and include instructions on how to fill them out, they are basic in design. If you want a business plan that has color charts for financials and a professionally designed layout, you can purchase software for a PC or an iPad.
Some packages include teaching units, as well as several example pages, in case you get stuck on a section. They may also include programming that calculates sales and growth projections, based on your actual figures, and they automatically create charts and graphs to include in the plan.
There are also business plan writing programs available from vendors who charge a monthly fee. Software from companies such as enloop and LivePlan, not only assist with researching, compiling data and writing the actual plan, they also maintain a dashboard for monitoring the health of your company, once you're up and running.
Financial data can be tracked, along with your budget and sales goals, so that necessary adjustments can be made. Costs for these programs vary, as to service features and whether you pay month-to-month fee or a year's service up front.
If your business plan looks like as if it is going to be more complex or if you really do not like to write, you may want to hire a professional consultant to do that for you. When hiring new analysts, we most often struggle with mistakes born out of carelessness.
Our quality assurance analysts are responsible for improving, logically validating and visually checking business plans one last time before they are passed on into the hands of our clients. These expensive, experienced and well-trained analysts must not be regarded as a sort of elementary school teacher responsible for correcting avoidable mistakes.
The time needed for this is priced into the budget for each plan, and again, I will have to call you up for a feedback session if you repeatedly forego diligent finalization of drafts. One smart step to reduce the chance of submitting a draft which will cause face palms and subsequent respective feedback is to always spell-check your drafts with the MS-Office function but do not slack off at manual proofreading even using spell-check.
In the same spirit, you can also ensure to be on the safe side of things by looking up certain phrases on the Internet if you are unsure about spelling, especially when it comes to capitalization of questionable words Germans: Aufpassen auf subjektivierte Adjektive und Verben! There are some things in life, which are unfortunately not optional, such as taxation, or dying for example.
That is why we call important delivery dates deadlines — never miss them. At BrainHive, we pride ourselves so much with being faster than our competitors when it comes to delivering stellar business plans, that we have decided to make delivery time part of our set of the six BrainHive Business Plan Guarantees. If you miss your deadlines, you not only bring disharmony into our workflow processes, you also could jeopardize the full payment of the business plan. Since many of our analysts are working remote independently located , adherence to deadlines is of even greater importance to iron out time zone differences.
Make sure you receive, check and read carefully your BrainHive email correspondence on week days. BrainHive never sleeps and I personally work on holidays and weekends more often than I would like. However, as a regular freelancing associate, you are of course not expected to work during off time. If you can beat deadlines and deliver with a cushion of time remaining before delivery is due to the client, you help us to achieve fuller client satisfaction. You will usually receive as part of the briefing two sets of deadlines.
One is the status report deadline, usually due within week days and the other one is the final draft deadline, usually due within week days after the briefing was delivered. The status is for us to check whether you're headed into the right direction, so you should have 1,, words ready for us to look at.
The final draft on the other hand is that what you want to give to the quality assurance analyst for evaluation and finalization before the plan is forwarded to the client.
Yep, and that's why we are both careful when selecting candidates to become business plan writing analysts and also have a lot of patience training you and giving useful feedback. In Germany we have a proverb saying "masters don't fall from the sky"- and they don't. So while I'd definitely like you to pay close attention to the instructions which I myself as BrainHives's founder outlined for you in this manual, I also want you to have fun working for us and not worry so much about perfectionism at first.
You learn a lot and you get to jump headfirst into ever-changing, current and sometimes more, sometimes somewhat lesser so exciting topics. And what's definitely always dazzling to think of is the idea that your work, if executed well, will impact someone's life tremendously, talking hundreds of thousands of dollars here, in some cases millions.
And that's something not everyone can say of their work. Have us directly calculate an offer for your business plan. BrainHive is known through our publications in:. BrainHive Consulting is a registered vendor with Unidos, the intelligence and resource sourcing hub of the United Nations. Here you will find answers for the most common questions concerning our business plan service. Calculate Offer Learn in this article: Rose Mae Turner Fashion Designer.
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To determine exactly how much your time costs, multiply the value of one hour of your time by the number of hours you invest in developing the plan. If you hire a professional business-plan consultant, the rate will vary from person to person. Thumbtack, an online service that matches consumers with local professionals, quotes the average rate for a business plan consultant to range from $70 to $ per .
Writing a business plan is supposed to cost time and effort, not money. Time is just a few hours for the first plan, then just an hour or two a month to keep it up. Effort is knowing and deciding, then reviewing and revising. If you know your business well you have less effort planning.
A professional business plan consultant will generally charge between $3, and $15, for a complete business plan (although there are cases where $50, is justified). The low end applies for “simple” businesses such as a pizza shop, a small retail store, a hairdressing salon, etc. The cost of a business plan varies greatly depending on what type of plan you need. Some plans may be as simple as an executive summary and a one-page financial worksheet, while others can be well over 50 pages and contain several years of financial projections.
Business Plan Proby Palo Alto Software Inc. comes with several sample business plans, a manual to help you understand what goes into a plan and software to walk you through the writing of each section. While it can't do your research for you, it can help you figure out what questions to . Business plan preparation fees depend on several factors including the complexity of the venture and how much research and writing has already been completed by the .