Writing a Business Plan: Do It Yourself or Hire Someone?
If you are interested in starting your own business, you should carefully consider writing a business plan. This is a vital step in starting a successful business; it is a roadmap that outlines how you plan to maintain and grow your business. According to the US Bureau of Labor Statistics, 90% of businesses fail within the first 4 years. Even if you don’t need financing to start your business, you still need to write a plan for yourself. This will allow you to see if your ideas are realistic and if a profit can be made.
Preparing a business plan can be an especially complex, stressful, and time-consuming process. Whether you plan to write this yourself or hire someone, there are several things you need to know. Learning what components are involved in a business plan and where to find help will make this process less stressful and a bit easier.
Write a business plan yourself
While no two plans are exactly the same, the following are the necessary components that all plans need:
Company Summary: This is your mission and vision for your business, the company values, the products and/or services you plan to offer, and how the company is organized. More details should also be included about the company’s unique qualifications in serving its target audience.
Industry analysis: This is where you assess your company’s competition; can you compete? How big is the target market? What is the financial situation of your target customer? What are the prospective industry trends? Is it boosting the industry? All these questions need to be answered, which requires a lot of research.
customer needs: What are the needs of your target customer? This is one of the most important aspects of business success. Meeting customer needs is the only way a business can be successful; so it is extremely important to fully understand the lives of potential customers.
Marketing and Sales Strategy: A marketing and sales strategy is a particularly important part of this plan. This section should be easier to write after completing the industry analysis. Knowing everything about your potential customers should make it easier to put together a marketing plan. This section should include the marketing and PR techniques you intend to use, as well as things like cold calling, website advertising, etc.
financial review: This should be written at the end of your plan and is key to determining if your business idea is feasible. A financial review basically starts with a sales forecast; followed by an expense budget and a cash flow statement.
If you think you can write a business plan yourself, there are many companies that offer free resources to help you through each step. Also, you should consult with a lawyer and an accountant when preparing to start a business. Unexpected legal issues can arise that could land you bankrupt very quickly.
If you’re not sure if you can write a plan yourself, you may need to hire a consulting firm or professional plan writer. There is a very big difference in what each one will do for you; so it is extremely important to understand the difference.
consulting firm
Business plan consultants have access to statistics and databases; Which means they can offer financial advice and valuable feedback and recommendations on your chosen industry. They are extremely qualified in all aspects of business and business planning. A business plan consulting firm will do the research and then help you plan your strategy.
Professional Business Plan Writers
If you have done all the proper research on all aspects of the industry you intend to enter, costs, competition, and potential customers, then a business plan writer is what you need. A business plan writer will use his insight and research to write a business plan using compelling language and the correct structure.
