Hiring a Professional Business Plan Writer
Finding a Professional Business Plan Writer Made Easy
In this article, we will discuss how to hire a professional business plan writer, how to audit the competence of the consulting and business planning work received and what is the typical price for hiring a professional business plan writer. Some of the information in this article will be geared towards explaining the process we chose to implement in our own consulting practice. These may then be specifically valid for our company, but we understand most of the practices are industry-wide.
Before we jump in, take a moment to compliment yourself for wanting to research articles on finding the appropriate business plan writer for you and your precise business idea instead of indiscriminately approaching your nearest CPA or lawyer. It is always a better idea to look for an experienced business plan writer or specialized start-up consultant if you are really looking for quality, which can only happen if you go through the trouble of having a truly professional business plan written for your project.
The Steps of Hiring a Professional Business Plan Writer
If you are reading this then you are already on step 1 of finding a professional business plan writer: You have begun your research and you are looking for more specific information to make the best decision for your startup.
Always look at the following things when choosing business plan writer:
- ► Decide whether or not you want to go with an agency or a freelancer. While a freelancer might be a lot more inexpensive, you usually do not have the same quality guarantees and other perks like free correction loops.
- ► Track record and formal certifications such as Chamber of Commerce acknowledgments or formal higher graduate education in the area of Business Administration or Finance and Accounting and other papers that emphasize your writer’s official and formal qualification.
- ► Look at some samples of the work of the business plan writer and make sure you will receive the open MS Doc and Excel documents for maximum value.
- ► Make sure to audit properly the offer documents and the terms and conditions which should always be submitted to you by the writer as part of the prospecting process. Usually, a business plan creation will require a money down payment. Make sure there are clear descriptions of the duration and the business planning elements included.
- ► Consider whether or not the business plan writer should perhaps serve you also as a business consultant for later stage startup needs. Sometimes it can be advantageous to look for a specialized or otherwise industry-related consulting company to help you further your growth!
- ► Make sure you have ample opportunity to give a full briefing to the business plan writer. Only if you have the right format in the briefing can you expect that the business plan (both the written portion as well as the financial plan) will include all the aspects that make the success story of your business idea plausible to your business plan recipients.
Congratulations, the hiring is complete and you will now have to wait usually around 2 to 4 weeks for your business plan writer to come up with the first draft. At BrainHive we have a set process and usually produce our draft within 10 to 14 business days. However, every professional business plan writer has their own way of working and so we would not be able to describe how the rest of the business plan creation is processed at other consulting companies. If you are interested in understanding how we write your business plan at BrainHive, please read our article on how to write a professional business plan.
How to Determine the Professionality of a Business Plan Writer
Generally, is a very good sign for the professionality of the business plan writer when they respond quickly and the appearance of the correspondence as well as the website indicate a clean and transparent design in the company’s thinking and doing. Questions are answered politely and comprehensively and there is a lot of showcasing material as well as further referential ground such as online and offline publications and reviews. During the briefing, you always have the feeling that all your information which is most important for the quality of the business plan is processed and perhaps a series of clarifying questions will be asked by particularly diligent business plan writers. You have the feeling that the business plan consultant is excited about the project and really wants to understand what is the red thread of the company model’s success.
A red flag for a business plan writer’s competence is if the correspondence or the marketing material contains errors of writing, orthographic, grammar, formatting/presentation or otherwise. You cannot trust a business plan consultant that is so sloppy to write a proper business plan which is supposed to get you hundreds of thousands of dollars of funding. Therefore, do pay attention to everything from the business plan writer that is written communication because it can give you early warnings that this particular professional does not live up to the highest standard of error-free text creation. Chances are the errors will also be in your business plan and writing a business plan is tricky enough as it is without having someone put in avoidable orthographic errors!
The Cost of Hiring a Business Plan Writer
Since the monetary cost of business plan writers (anywhere between 500 to 5,000 US dollars depending on what exactly it is that you are looking for, also heed this article here on business plan costs in the UK) is already explained in other articles and even the required budgets are justified through a transparent demonstration of how professional business plan writers calculate the budgets for any given business plan, we will focus in this section of this article on the holistic cost of having a business plan writer involved when you are in need of professional business planning assistance.
First of all, you have a certain risk when you get a professional involved such as that investment might not yield a business plan of the sufficient grade. You will of course also have to share your business secrets with someone else. And you will have to organize your thoughts according to the briefing of another person. There is also a risk that if you do not really understand what the business plan writer has produced, it is impossible for you to make a credible presentation of the business plan case before the scrutiny of an audience like bank and credit officials or business angels. They will look right at a start-up entrepreneur who was not willing to do his own homework and truly understand his own but professionally analyzed, calculated and formally worded business dream. That always is a sad reason to lose a funding opportunity, as the eligibility of the founder was essentially just lost in translation!
Another soft cost of the business plan writer is of course the amount of delay that you would be waiting extra until you receive the draft documents. If you are a reasonably good writer business administration professional it should be possible for you to write the whole business planning and financial planning on a weekend (assuming a realistic work duration anywhere between 12-20hs for an average business plan).
If you hire a business plan writer you will usually wait at least two weeks until a good draft set is submitted due to the capacity planning of the individual consultant or agency. In some cases, a month will pass until you hold the complete business planning documentation in your hands and you can go forward and step into your funding negotiations or other business objectives for which you decided to hire a professional business plan writer. Quite a waiting time for the motivated founder who’d rather have commenced operation the day before yesterday!
Last but not least there is a small cost in not creating your own business plan yourself and going through the work and learning processes involved with it. There is always a special edge to an entrepreneur doing their own research and grinding out the details of his financials himself. It will also make it more likely that the founder is enabled to continue using the business plan for his own orientation. If the business plan is only a document which was not organically grown but purchased from an analyst, chances are it will not have so much impact and value on your mind as a decision maker and captain of your enterprise.
Conclusion: The Professional Business Plan Writer is an Asset in the Startup World
Even though there is value in coming up with the business plan documentation yourself, for many founders it can still be useful to hire a professional. If you do not have the business administration and finance knowledge or you are currently pressed due to a lack of free time, then you will profit from someone who will simply just get the job done for you so you can have your funding and get started with your operation. Or if your business project is so complex that it really would be of value to have a professional look at the planning and pitching documentation instead of wasting a chance to impress your targeted investors or lenders, that’s also an example of a fair case when hiring a professional business plan writer makes good sense.
Generally, it is definitely possible to get very good value when hiring a business plan writer for your project. You will only need to diligently analyze whether or not the business plan consultant in question is truly professional and qualified to yield satisfying results for your specific business case. Go through this work at least, even if you want to outsource the bulk of the work associated with coming up with some comprehensive and convincing business planning documentation. It is an effort well invested and if you have found us, it might just mean that you have already stumbled upon one of the more suitable professional business plan writing services in the industry.