A complete business plan helps you to identify your business goals and how you plan on reaching them. Whether you are a new business owner or an experienced entrepreneur, writing a comprehensive business plan can help you start, grow, and/or attract investors to fund your business.
How Much Does It Cost to Write a Business Plan?
Business plan pricing depends on what route you take to create it. However, there are a few essential elements that are common to all business plans:
- Executive Summary
- Business Description
- Market Analysis
- Customer Analysis
- Competitive Analysis
- Marketing Strategy
- Operations Plan
- Management Team
- Financial Plan
There are several ways to approach writing a successful business plan, but the cost of each way varies widely. The cost of a business plan can be a significant investment, but it’s an essential tool for any business. Below we provide some tips for what to consider and the costs for the various methods of completing your own business plan.
Considerations When Writing a Business Plan
There are several things to consider when writing a business plan. Depending on whether you’re in need of funding and how much, the costs for your business plan will be different.
Take into account:
- How long will your business plan be?
- How many hours does it take to complete the business plan?
- What kind of language is used in the business plan?
- Who will use the business plan?
- Who will fund your business?
- How much are you looking to raise or if you need funding at all?
According to our business consultants’ surveys of investor requirements, a 15- to 25-page business plan is the ideal length. Adding more pages may cause your time-constrained investor to skim portions of the plan, even if they are interested, which might result in important information being overlooked. However, fewer pages may lead potential investors to believe that the firm has not been thoroughly thought out or simply doesn’t have enough information for them to make an investment decision.
Business Plan Template Costs
There are a variety of business plan templates online that you can purchase for a one-time fee. These templates range in price but usually start at around $100. Remember, a bargain business plan template may not include all the information that you need, so it’s important to understand what is included with the template you purchase.
Many of these templates also come with instructions to help you fill in the template and make changes as needed. However, if there is something you want to be changed on the template, it may take time and money to have it done.
Be sure to do your research and find the right template for your business. The wrong template could set you back even further and change the face of your business entirely. If you purchase a template, make sure it’s from a reputable company with experience writing business plans in a variety of industries.
The template should be easily editable and customized for your specific business needs and industry trends.
If you do not want to pay for a template, there are companies that will charge by the page. However, these templates may not have been professional business plans written for your exact type of business.
Business Plan Writers / Consultants Cost
Hiring a business plan writer or consultant will help you get a comprehensive business plan written just for your business. A professional business plan consultant will help you identify your goals and how your company will reach these goals. This route usually costs more but can be worth it if you do not have the time or resources to complete the business plan yourself.
Business plan writers can be found through online directories, but be sure to do your research prior to engaging in business with them. Be sure to ask for references and read reviews before hiring someone.
If you choose to hire a business plan consultant, the cost varies based on the complexity and length of the plan. Generally, a consulting firm or private consultants charge between $1,000 and $5,000 for their services. However, a lengthy and complex plan can easily start at $10,000 based on the needs of the business.
Some experienced consultants also offer package deals that include additional services, such as market research, marketing plan, and realistic financial projections.
Business Plan Software Costs
There are business plan software applications that can be used for free or have a monthly subscription cost, which may work better for your needs depending on what you need in a business plan. These apps provide templates and make writing a business plan easier. They help organize the information you enter into the app and will sometimes offer advice on how to do things like financial projections.
The information that you put into the application can be used for several different types of business planning needs. These apps are great for startups and small businesses looking to raise capital or secure funding.
Each app or software varies in what it offers. Some are more customizable than others, some have more options for presenting your business plan, and some even offer investment opportunities.
Write Your Own Business Plan from Scratch
If you do not want to purchase a template or use software, the easiest and most cost-effective way is to write a business plan from scratch. This route takes time and effort to complete but can be done by anyone willing to put in the work.
When writing your business plan document, remember that this should be as detailed as possible. This document is your guide to starting and running your business. The more complete it is, the better off you’ll be.
There are a variety of free resources available online to help you write a business plan, including articles, templates, and even video courses.
When writing a business plan from scratch, it’s important to consider all of your business aspects. This includes management, production, marketing, customer service, operations, human resources, financials, and more.
Try to be as thorough as possible when writing the plan. While the task may seem daunting at first, you’ll find that putting together a business plan is not so bad once you get started. After all, if you can dream it, you can write it.
Cost to Write a Business Plan Conclusion
The cost of writing a business plan is dependent on the purpose, type, and length of the business plan. The amount of time it takes to complete a business plan, the language used, and who will be using the document also play a factor in the cost. You can find templates for a one-time fee or pay by the page, hire a business plan writer, or use software/apps to create your business plan. Whichever option you choose, make sure you do your research and find the best resource to meet the goals for your business.