How to Start a Business Plan Writing Service
Producing a business plan involves a significant amount of time spent on researching the market and analyzing the data collected for generating strategic options for your business clients.
Although much of the research and analysis is done for the business owner, the business plan writer will present the results to the business owner and his or her senior staff to ensure all of the decision makings is done by the business.
The primary role of the business plan writer is to lead the stakeholders within the business through the business planning process, through brainstorming, undertaking SWOT analysis, and determining the appropriate strategies for the business.
Finally, he or she takes all of the information gathered about the business, and all of the decisions made during the process and summarizes it all into a coherent, concise but comprehensive business plan.
Although you do not necessarily need to have formal qualifications in business or strategic management for starting a business plan writing business, it certainly wouldn’t hurt.
At the very least you would need to have a good understanding of financial statements, excellent oral and written communication skills and an ability to get people to ‘think outside the box’. Experience in writing business plans might be a good idea as well!
If you are going to be successful in starting a business plan writing business, you will need to present a professional image in both the products you create and personally.
To do this you will need a computer and one of the better quality business plan software packages. The software will set you back up to $800. Your finished product will have to be of a high standard, and if you are going to ‘publish’ the plans yourself you will need a high quality color printer, in all probability, a laser rather than an ink jet. A printer and a computer will cost you anywhere from $1,500 to $4,500 each.
You may also need to purchase equipment to bind the plans into a report format, depending on the type of binding you choose this could cost between $150 – $1,000. Generally, the higher the cost of the binding equipment, the more professional the finish.
Apart from the equipment mentioned in the section above, you will need to purchase office supplies for your own use, and also for use as ‘inventory’, or the raw materials for your plans.
You should also set aside some money for advertising and producing promotional materials, including business cards, letterhead, and envelopes.
Depending on the client, Business Plan Writers can charge between $2,000 to $6,000 per completed plan. Each plan will take around two weeks to complete. If you allow 48 weeks per year the potential earnings range between $48,000 to $144,000 per year.