Looking To Hire Professional Business Plan Writers – What Difference Does It Make?
So, you have finally decided to take the leap of faith and invest all your savings into a business? A good idea, if you are looking to come out from your boss’s shadow, however if you have not thought it through and are planning to just hand over your resignation, you might want to think again.
Opening a business requires a lot of thought and planning before you just go on an edge and start spending. You need to have a plan, which will lay the foundation of your business. Without a strong foundation, you may be inviting more losses than expected, in the early years of operation. Since people do not have a lot of time on their hands today, nor do they have the capacity to map out a thorough business plan, professional business plan writers can do the job for you.
Let’s start with:
Why do I need a business plan?
A research conducted for the importance of a business plan by a software company was reviewed by the University of Oregon for result validation, and the results pointed out that:
- 64% of the business plans that were created ultimately resulted in business growth.
- 43% of those who never completed their business plan faced difficulties in the market.
- Those who were able to create plans were in a better position to secure investment capital or a loan.
Therefore, as mentioned earlier, a business plan is a complete map of your foundation, a description of the key personnel, their duties and the operations that you will run in that business to make a profit / or meet your expenses (in the case of a not-for-profit organization). More specifically, a business plan gives your business:
- A direction
- Defines its objectives
- Maps out the strategies that will help in achieving goals
- Help you tackle the challenges in your path
- Allows you to work cohesively, and empower people to be accountable for their functions
If you think it is just a game of words, and you can jot down the above details by just spending an evening after office, with a glass of wine in your hand, you are mistaken. It requires plenty of research and detailed information about your strategies, the target audience you are willing to cater your product to, the staff, the obstacles that you expect or are certain about, and how you will manage to achieve your goals.
In addition to the above, one other key purpose of a business plan is to receive the necessary funding you will require to take the flight. It is not always a good idea to put all your savings into one investment, and wait for it to flourish. A better decision would be to find investors and pitch your idea to them, so that you are able to realize your dream of starting a new business, and also minimize the risk. You also have an option to take a loan from the bank, which is often deemed more risky.
What do professional business plan writers do?
Business plan writers are not just ordinary, unskilled people that are good with words and know how to write a convincing narrative. In fact, they are industry professionals who have spent years and years working in your particular industry, gaining knowledge and experience, and are therefore better able to write a draft that will win over the investors.
More specifically, a business plan helps you navigate the tricky waters with the help of the following eight components:
- Executive Summary – You can refer to it as the elevator pitch of your business. Although it is positioned in the beginning in a business plan, it is best to finish it last, so you are able to include all the important ideas from the different sections of the plan.
- Business Description – As the name suggests, it is basically a description of your business, and what it plans to do. This is where you tell a story that will help others connect to your idea. It is also a reminder of with what purpose you started your business, and answers several questions regarding your business, like your business model, location, principals, legal structure, products, customer base etc.
- Key Personnel
- Market Research and Analysis – This is an analysis of your competition in the market, on the basis of how much information is available or how much information you have gathered. Here you will analyze and explain the market trends, profiles of ideal customers, your core target market information and how you are superior from your competition amongst other things.
- Organization Management – In this section, you will show off your talented team, and how their experience will help you steer clear in the market. You need to convince the investors that you have a competent team, and that you have planned every function so that everyone works cohesively to promote the business.
- Sales and Marketing Strategies – This section will explain your price strategy, the relationship between price and everything else in the company, and how you are planning to make a profit. It includes all your marketing efforts and strategies to rise brand awareness.
- Funding Requirements – You need to be realistic when highlighting your funding requirements. If you are not sure, include information that points out the best-case as well as the worst-case scenario. You can also include a timeline to better educate investors on what to expect.
- Financial Projections – You should summarize all the above information in numbers, from expenses to income, and assets that will help you convince the investors that you are being realistic. Typically, your financial projections should be for 3-5 years, and in some cases, it should extend to 10 years as well.
- Planned Modifications – This section is optional and may include what you plan to modify along the way to adjust to the market trends, and any financial impact that it will have on your business.
Have you understood the difference?
Professional business plan writers are experienced industry individuals that can separate a mediocre business plan to one that addresses every detail an investor may be interested in. You may be busy, but investors tend to have an upper hand when they are taking out time to listen to your business plan and possibly invest in it. Therefore, you need to be prepared for everything, and what better way to do this than have a professional by your side.
Remember: A business plan is an on-going requirement to help you steer your business in the right direction.
For more information and blogs, visit www.businessplanwriters.co.uk.