Business Plan Experts…Are They Worth Your Money?
In the past, we have talked about the importance of business plan experts countless times. However, this time, we are going to go one step further and perform a critical analysis of hiring these professionals. Not only will we talk about the benefits that you could reap by acquiring the services of business planning professionals, but we will also discuss some disadvantages, and then conclude everything to provide you with a simple answer. So, if you are about to kick-start your business, need a business plan, and not sure whether to chip your money on consultants/planning experts, then keep reading!
What is a business plan – And why do you need it?
Most entrepreneurs who are inexperienced in running their own business ventures or do not have formal education in business administration and operations, usually aren’t aware about the importance of having a formally written business plan in place. Some tend to confuse it with the simple “mission and vision statements” of their business, not knowing that it should ideally contain a number of other elements. Below, we have mentioned the main features of a decent and complete business plan:
The executive summary, as the name suggests, is the complete summary of your overall business plan. It should include basic elements like the proposed name for your business, where you intend to operate (geographically), your mission and vision statements, and the reason why you have prepared your plan (either to get loans, attract investors, etc.).
Description of your company
The second element of your business plan, the description of your company, should include some more details of your company. You have to mention whether you are going to operate it as a sole proprietorship, your business goals/objectives, what you are going to offer to the market (details about your products and/or services).
Another crucial feature of your business plan is your market research. You need to carefully study the industry and the market that you are about to enter (or have already entered) and perform in-depth SWOT and PEST analysis. This is to show potential investors that you understand your market well. It will also help you in creating your strategy.
Other elements include:
- Long-term strategies
- Structure of your organization
- Financial forecasts/projections
The above-mentioned features must be kept in mind while creating a business plan. But, why does one need to hire business plan experts to create said business plan? Well, the main reason is that (as discussed above) most entrepreneurs do not know how to create one. In order to actually kick-start their business and grow their organization, they need some funding. And to get funding, they need to convince investors and loan sharks at financial institutions that their business idea is promising. They need to show the world that whatever they are offering to the market is going to sell. And to do that, they need a brilliantly crafted business plan, with highly accurate reports, which can only be provided by a professional business plan writers.
Things aren’t always black and white. The answer to the question of whether to hire a business plan writer or not depends completely on the entrepreneur, their business idea, and the situation at hand. To help you decide, below, we have discussed pros and cons of hiring a professional business plan writer:
Pros of hiring a business planning expert
Here are the benefits that you can reap by acquiring the services of a professional to help you with your business plan:
- Embellish your reports with accurate information – Professional business planning professionals have fantastic researching skills and are equipped with accurate knowledge of the market. They will embellish your reports with highly accurate data, ensuring that your overall business plan is meticulous.
- Make it a delightful read– Professional business plan writers know their way around grammar and business vocabulary, and can create the perfect business plan that it delightful to read.
- Increase your chances of getting loans/investments – Last, but not the least…by acquiring the services of professional business plan writers, you can significantly increase your chances of getting approved for loans and investments.
Cons of hiring a business planning expert
As mentioned above, not everything is black and white. Here are some possible disadvantages of hiring business plan experts:
- Costly – Professional business planning experts can cost a fortune. This could really harm your initial struggles, especially if you are short on capital.
- Risk – There are many con-artists in the market, who can seriously harm your business by either stealing your ideas or creating sub-standard business plans and charge you hundreds of dollars for their services.
So, what should one do in such a case? The best course of action would be to conduct a thorough market research to find the perfect business planning professional. Read their reviews, inquire about their previous clients, and ask them about their total number of experience and qualifications with proof. By doing this, you can easily determine whether the professional you are dealing with is the real deal or just another con-artist. We wish you best of luck!