For example, you could complete the written portion of the business plan and then have someone else help with the financials. This can be a good option for entrepreneurs who can articulate their business idea clearly but may need help putting together realistic financial projections. I am a professional writer, editor and business consultant with a background in public education.
I launched my own business in July and now apply my valuable business and marketing knowledge to writing and editing business plans for start-up businesses. How much does a business plan cost? List of charitable contributions companies. How much does a columnist make? How much does a fashion journalist get paid in the UK? 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.
You will need to collaborate with the consultant on the project and you'll need to provide a lot of information, but the consultant can do the bulk of the writing. The consultant is also able to ask questions and guide your thinking so that you can formulate a comprehensive plan that best meets your needs. These figures are based on their hourly rate and on any other special services they may include. Although professionals debate the value of one method over another, choosing between a traditional plan or a newer "lean" plan, called a business canvas, will also be a determining factor in your costs.
A full business plan is a longer document that ranges from 30 to pages, depending on the complexity of the project. Obviously, it will cost a great deal more -- in time and money -- to compile a document of this nature.
On the other hand, a business canvas is a short snapshot of your company, typically only one page in length. It is a visual representation of your business, in which key points are summarized and presented.
Although creating a business canvas still requires thoughtful consideration, this type of document is often recommended for smaller businesses that do not need to spend their finances on creating lengthy documentation or in seeking out business investors. Templates for this type of plan are available free online. Elisabeth Natter is a business owner and professional writer. The business plan process begins with an analysis and outline, for which some companies will charge hourly rate, or a flat fee of several hundred to several thousand dollars.
The analysis fee is charged for the business plan writer to analyze all of the information you've provided. The resulting outline is a written report given to you that highlights and details the information before it is transferred to the business plan document.
If you are paying an hourly fee, you may save money by providing the company with as much detailed information as possible. Research, phone calls and other information-gathering activities will add to the hourly rate. If you are using your business plan to attract investors, obtain financing, venture capital or grants, a professional business plan company can provide plans with the necessary format and information needed to suit the particular objective.
This type of plan usually on the more expensive side and you may be charged hourly or an estimated flat fee depending on the providing company, your business type, and complexity and the nature and purpose of the plan itself. If you are a small business and do not require a professionally produced plan, the cost to produce one yourself is equal to the hourly rate you've placed on your time plus the cost of any training or software you choose.
Matt McKay began his writing career in , writing training programs and articles for a national corporation. His work has appeared in various online publications and materials for private companies.
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 .