How much does it cost to write a business plan? Let’s find out.
Every worthwhile action needs a plan. Profitable ventures require this too. A business plan is an important document no business will survive without.
Writing one for your business can be handled personally (if you know) or given to a contractor or writer.
AVERAGE BUSINESS PLAN WRITERS COST
Our focus is more on the writer of the plan and the charges or costs you must pay such a person for this service.
Type of Plan Determines Business Plan Cost Estimate
Business plans aren’t all the same. In other words, Some are much more detailed than others. This is one of the first questions a good writer will ask. You’ll need to specify the type and scope of business. Certain businesses have a much bigger outlook.
Thus, an elaborate plan should cover several years of projected growth and profits.
These targets or goals are mere estimations. Yet, are effective in setting targets and charting the path for the proper implementation of growth policies.
On the other hand, are brief plans which constitute from 1 to a few pages.
How Much Would It Cost You To Write One Yourself?
Everything comes at a cost. Even writing your business plan yourself. Are you surprised? You shouldn’t be.
The time you need to spend or dedicated to this project could have been put to other uses. There’s also the fact that you need to undergo a quite laborious process. This includes extensive online research among others.
The monetary cost of writing your own business plan isn’t that significant when compared to paying others to do this for you. There are tons of free online materials and templates that can assist you in this endeavor.
However, you can go a step further by purchasing software specifically designed for this purpose.
The cost of this software can start from as low as $5 to as much as $600. This software is almost inexhaustible and is very useful in helping you put together a solid business plan.
Cost of Hiring a Business Consulting Firm
Major business consulting firms have built a reputation over several years. These are large organizations with clients in the thousands. Among these clients are major corporations and business entities. As such, you shouldn’t expect their services to come cheap.
The bigger the client is, the more costly the fees are likely to be.
However, we’ll need to clarify what a costly service means. Cost is relative. Thus, the cost of writing a business plan for a large big business might be considered quite cheap.
On the flip side, small businesses might consider this to be too steep. Major business consulting firms are likely to charge higher fees. Hence, the typical cost for a writing job may vary.
Variations in cost will range between $2,000 to $11,000 for individual clients. This doesn’t apply to corporate writing gigs. The cost of writing a business plan can range from $20,000 to $50,000.
Factors that Influence the Cost of Writing a Business Plan
Whenever you hire a professional to write a plan for your business, they won’t just begin to write. Questions will need to be asked to have an idea of what is required by you. You may require certain criteria to be followed.
So, while following the general format of business plan writing, your plan is being customized to fit your business needs. This can either reduce or increase the cost.
Basic Questions You Must Answer
In preparing your plan, a writer will need answers to specific questions.
These questions will border on the number of employees, possible expansion of the business, profit and growth projections, as well as marketing strategies among others. The answers you provide help put together a unique and solid business plan.
Not every business can afford tens of thousands of dollars as expenses towards writing a plan. This is why there are smaller writing services that will charge less. You only need to provide all the information required for the job to begin.
This won’t cost you much as your business plan prices can start from $1,500.
Will, It Cost More to Be Involved in the Process?
One way or the other, you’ll have to be involved in the writing process of your business plan. This is irrespective of what option you choose. A professional will require all of this information. So, don’t get your hopes high of a cost reduction.
However, other types of inputs can indeed reduce cost.
You may have started the process yourself or gotten midway. At this point, hiring the help of an expert won’t be as expensive as when they start from scratch. Thus, you can get a significant cost reduction.
So, in providing an answer to the question, yes! The cost of writing your business plan can be reduced substantially when you’re very much involved in the process.
Reviewing Your Plan
A business consulting firm or professional writer will handle this part of the job when such plans are produced by them.
On the other hand, writing your business plan yourself will require reviewing your work. You should let someone do this for you, but such a person must be knowledgeable and conversant with the proper structuring of plans.
Reviewing your plan may cost you some money. Nevertheless, this will be much cheaper when compared to giving the entire job to a professional. Why? Because of its limited scope.
Which is Preferable?
When the cost for writing a business plan is being discussed, questions dwelling on preference usually comes up.
This is quite tricky and totally depends on what options you feel will work best for you. You’ll have to strike a balance between cost and the quality of service you seek.
This should give you a clear idea of what option best fits your needs and budget.
Business plan services writing cost as we’ve seen is dependent on multiple factors. You can significantly cut down on cost by writing your business plan yourself or handling a section of the job.
On the other hand, it will be best you allow the professionals to write one from scratch. This is the best option if you have no experience in this area.