How to Start A Business Plan Writing Service

How to Start A Business Plan Writing Service - Background Info:

Did you know that venture capitalists, loan officers, and even angel investors have a very specific way they want and expect a business plan to look?

If any part of your plan doesn't match what they want and are used to, that's it. They'll never look again, and they certainly won't invest. This is where a business plan writer is desperately needed for any small business owner or entrepreneur.

If you have any formal education in business plan writing services, that's great, but you don't necessarily need a formal education to run a successful business plan writing service.

Instinct, creativity and a sharp sense of economic trends and opportunities is what really counts towards a successful business plan, and so, that's what goes into a successful business plan writing service.
One other thing you will need for your business plan writing service is the ability to adapt to several different areas of business plan writing services.

Not everyone requesting services from your business plan writing service is going to have the same idea in mind, and even if they do, they still might have different needs, they might have different end goals in mind.

To operate a successful business plan writing service, you need to be open to what your client wants. A business plan writing service is actually a part of the business consulting industry. The only difference is that instead of simply "counseling," you are providing a vital service to write a business plan---the single most important tool for a business.

Okay, to be honest, you'll probably have a few clients who will be unrealistic, and it's sometimes your job to help your client develop a new, more practical idea, but in general, your task is not to tell your client what kind of business plan they need, but to deliver the optimal kind of business plan they desire.

This is the primary goal of a business plan writing service. Not to come up with new business concepts, but to facilitate the ideas of the client.

When a new client enlists your business plan writing services, be willing to do your research. Understand the market your client is getting involved with and share your expertise and experience with them.

Luckily, a business plan writing service isn't usually as high risk an investment as certain other businesses. This is because, as mentioned before, a business plan writing service thrives on the experience of its owner and employees, and what you're really investing is your time more so than your money, especially since online advertising is relatively affordable.

The market can be competitive, but if you have the knowledge potential clients are looking for, you can gain a strong reputation in the business communities.

How To Start A Business Plan Writing Service - Tasks And Skills Needed:

Business Specific Tasks:

If you are planning to do all the business tasks or hiring or subcontracting tasks, here's a list of tasks that need to be attended to when it comes to the business side of running a business plan writing service:

Bookkeeping

Payment processing

Scheduling

General office

Correspondence

Industry Specific Tasks:

Same as above if you plan to do everything yourself or get help, here are some of the tasks necessary to operate a business plan writing service:

Counsel small business owners and entrepreneurs

Complete each part of a business plan thoroughly

Make sure all statements are lawful

You may assist in preparing a business plan presentation for your client, especially in funding situations.

Help the client formulate all concepts and goals of the business in written, easy-to-understand format.

How To Start A Business Plan Writing Service - Approximate Daily Hours Needed:

General Hours of Operation: - When your business is open - Generally, this business holds "bankers hours" from 8 a.m. to 4 p.m. every work day. However, some business plan writers find it easier to meet with their clients during evening and weekend hours.

Hours Needed to Prepare - Before Opening and After Hours Activities - Check scheduling, correspondence, and prepare paperwork for each client you will see that day, along with all handouts with information for them to take home to review. In fact, some business plan writers begin by preparing packets with information for clients to take home and "fill in the blanks" with their information and return it at a later date to go over with the writer. The writer then creates the professional and complete business plan.

Number of Employees Needed To Run This Business:

Minimum Number of Employees -During the Start Up Phase: You can start this business yourself on a full-time basis.

Number of Employees - Once Your Business is Up and Running Successfully:

Website maintenance

Record/Bookkeeping

General office

Consulting/Intake

Courier

Researcher

Skill Requirements for This Business:

Great organizational skills

Excellent written and verbal communication abilities

Patience with explaining terms to clients

Have a strong business sense and background

Previous business ownership experience a plus

Understanding of business law to the degree of knowing what should be in a business plan to protect the client

Business knowledge

Understanding of all phases of business startups

Understanding of each section of a business plan

Licenses:

If you are running the business from your home or a local leased space, you will need a business license, tax i. d. number, and any permits that apply according local, state, federal and zoning laws.

Approximate Minimum Start up Cost:

Bare essential: - $500-2,000. Luckily, a business plan writing service can be run right out of your living room. If you wish to expand the scale of your business, you may wind up wanting to rent office space, but you can even hire employees online, as well.

This is great for your startup costs, as domain names are cheap, and email addresses are usually free. It's your experience and expertise that your clients will be after, not your impressive waiting room, so it's easy to start a business plan writing service without a lot of money.

Minimal exposure - There are several ways to advertise for free online, but most business plan writers put an ad in the newspaper, have a yellow pages listing, and become members of their local network groups and Chamber of Commerce in order to find and meet their customers (business owners). Flyer and brochures, along with business cards, can also be distributed to various businesses as most business owners know other business owners or people who are starting a business. Also be sure to leave information with accountants as well.

Necessary Equipment to Run this Business:

Necessary Start-Up Equipment & Supplies:

Computer

Printer

Cell phone

Website

Internet connection

Fax

Paper shredder

Envelopes

Files/folders

Supplementary Equipment: - Equipment or helpful products that you can acquire to once your business is off and running:

External hard drive(s)

Copy machine

Scanner

Laptop

Mobile phone with internet capability

Filing cabinet

Monthly Expenses To Consider:

Wages
Phone/cell phone
Internet access
Permits
Advertising/Marketing
Electricity
Postage
Paper/envelopes

Special Requirements and Considerations For This Business:

Find out all you can about the trends in the industry. Know your competition, in particular, their strengths and weaknesses. This will help you identify your competitive advantage. In other words, this will help you figure out what you can give your customers that they're not getting from the other businesses. And keep from emulating the competition's strategy. Instead, make the most of your own advantage points.
Remember that a business plan is as important as a business license to an existing or startup business. And, it can either make or break a company's chances of getting funding.
All information should be digitized to a secure location, such as disk or external hard drive, and all paper shredded as it is privileged information.
All digitized information should also be copied to another storage medium and secured at an off-premise location such as a security box at a bank.
In lieu of a scanner, photos of documents can be taken with a digital camera and stored on a smaller SD disk for each client.

Pros And Cons of Opening A Business Plan Writing Service:

The Pros of Running a Business Plan Writing Service:

Easy and fairly inexpensive to start

You're providing an essential and welcome service

You offer a more affordable option to a business attorney

This business can be operated from anywhere

You can easily expand this business into a full business consulting or other busies-related service

Easy to market and promote through many types of business gatherings

The Cons of Running a Business Plan Writing Service:

It can be difficult to keep your excited clients in the realm of reality when it comes to the fine points of the business

Depending on your location, you may have a lot of competition

You need written and signed terms or you may find it difficult to collect payment

You can be held liable for any 'leaks' of information---and can be sued

Type of Customers You Need to Attract:

It takes an entrepreneur 400 hours to complete the research, writing, editing, and financials of a standard business plan, according to the Small Business Administration. So, your customers will be entrepreneurs and others wishing to start their own business.

Your customers will also include those business owners who started out without a viable business plan and need one prepared to present for investment capital.

Business Plan Writing Service Statistics:

Businesses certainly understand what consultants are. In 1997 U.S. businesses spent just over $12 billion on consulting [alone]. According to Anna Flowers, spokesperson for the Association of Professional Consultants in Irvine, California, the association has recently noticed an increase in calls for information from people who want to get into the business. "The market is opening up for [the consulting-for-businesses] arena," Flowers says.

To date, the business plan writing service industry has thus quadrupled since 1997 due to technological advances that have enabled more people to start their own businesses easier than ever before.

Revenue:

The average revenue is $300 to $500 per plan, per client.

Business Plan Writing Service Resources:

Industry-Specific Websites:

Business Plan Help and Advice

Business Plan Writer and Consultant Help

Center for Business Planning

Courses:

My Own Business

PlanWare

Equipment and Supplies:

Business Plan Pro

BizPlanIt

Forums:

MIT Enterprise Forum

Business Ideas Forum

Franchises:

Caycon Consulting

Associations:

Authors Guild

National Writers Association

The National Writers Union

Books:

Start and Run a Profitable Consulting Business: A Step-By-Step Business Plan (Self Counsel Business Series) [Paperback]

Software:

Business Plan Pro

Business Plan Software

Other:

Business Plans

How to Start a Consulting Business

Businesses To Related to a Business Plan Writing Service:

Business Consultant
Accountant
Entrepreneur
Business Owner
Business Law/Attorney
Banking/Loan Industry
Business Writing