Business Plan Consultants – Do You Really Need to Look for One?
Have you ever woken up with your heart racing faster than a Bugatti Chiron and your mind running all sorts of gears it never ran before? While this could very well be a medical condition, it could also simply be the result of coming up with a killer business idea! Maybe the idea magically came to you in a dream (if you believe in such things) or it came to you before you went to sleep. Or maybe it popped into your mind during a boring office meeting while you were daydreaming and contemplating your reasons for working for someone else. In any case, this is a positive start and the first step in working towards your dreams and discovering your hidden potential.
Next Step? Create the Roadmap to Success!
Putting the basic idea of your proposed business into words is easy enough; just write down what you have in mind and you’re good to go, right? Wrong. This is where complications begin to arise and you need to get serious. You must realize that in order to help your business really take off, whether you’re planning to start your own brand of candy or an accounting firm, you need capital. And to obtain capital, you need a loan, sooner rather than later. Regardless of whether you’re rich and can get a small starting loan of a million dollars from your father, or are simply broke, in which case you have good reason to worry, you definitely need a loan. In order to get one, you need a professionally written, persuasive business proposal, a blueprint for your business or simply a roadmap to follow.
People with business backgrounds such as business administration, marketing, and finance among others, usually do not face difficulties with this task, but those with no business knowledge need business plan consultants to help them out.
Wait, “Business Plan Consultants?” Is That a Made-up Profession?
While the term might seem intimidating and made-up to some people, business plan consultants are very real, have been in demand since forever, and will continue to increase in popularity. These ‘rock stars,’ belonging to the different business-related fields mentioned earlier, utilize their vast business experience to offer their perspective on the proposed business plans, offer tips and professional advice on how to proceed with the ideas, create feasibility reports, and even help prepare formal business proposals.
Do I Need to Look for Professional Consultants?
This is a really important question every aspiring businessman/entrepreneur needs to ask themselves. If you can relate to even one of the following points, you definitely need a consultant for your new business plan.
- You have no knowledge and/or experience of running a business.
Having a business background is a plus point. But having studied business does not necessarily mean that you possess the level of astuteness and experience required to start a business successfully, let alone run it.
- You are not 100% sure about your idea.
Taking risks is admirable. Often, we are reminded how great things are achieved by taking risks and having faith. While all that is true to some extent and a good base for a motivational post for Instagram, the harsh reality begs to differ. Sometimes, not taking a serious risk, especially with a business idea that you are not 100% confident about, is a good call. Consult a professional, mention your concerns and listen to what they have to say about it; you will thank yourself one day.
- Your plan is solid, but you don’t know how to get financed.
Exploring business financing options requires you to have patience and a level of knowledge related to finance, lest you end up with a loan requiring you to pay off heavy interest. Even experienced professionals oftentimes need help to find lenders willing to give them loans, especially if their business credit history is in bad shape. Professional consultants can help you determine the minimum amount of initial investment needed to kick-start your business and help you repair your credit score.
- You are unaware of the market.
Assuming that you are optimistic about your business plan and have all your finances in order, if you don’t have a clear picture about the market you are about to enter, then all your efforts will go to waste. Having sound knowledge of all the competitors, the demand, and all the other factors that might directly affect your business, is necessary to come up with a viable marketing plan and stand out in the industry. Hiring a consultant will not only help you to familiarize yourself with the market you are about to enter, but will also help you to develop a competitive edge.
- You are not aware of the legal implications.
Starting a new business is full of threats and risks, which, if not paid attention to, could become a living hell for the businessman/entrepreneur. The biggest threats are the legal implications of starting your business in your country or some foreign land. Is it okay to use this ingredient in this candy? What is the minimum number of aircrafts I need to start my own airline? What would be my profit after paying tax once I have sold X units of Product Y? And so on. These are just small examples of the type of questions you should be asking yourself before drafting your business plan. It is highly recommended that you consult a professional to help you with these queries.
All in all, it is never a bad idea to look into the option of hiring business plan consultants for help with the basic steps in the early stages of launching your business.