Have you noticed the increasing demand for business plan writing services? Do you want to learn how to start a business plan writing service?
If you’d like to get started as a freelancer or a small business owner and provide business plans for clients in various areas, you’ve come to the right place. Let’s discuss the reasons why this might be a lucrative niche to get into and examine the steps necessary to start your business plan writing service.
Why are business plan writing services popular?
There are multiple reasons behind the increased need for business plan writing services, but the primary ones include the rise in small business ownership and the availability of funding. In the past few years, millions of new businesses have been created, as many workers realized that now it’s possible to earn more money by starting a small business than working for a steady paycheck. The ability to work from anywhere and the flourishing of coworking spaces also fueled this trend.
The change in work patterns created a pivoting series of thoughts that led independent minded individuals to new ideas for solving the wants and needs of the market. With further extensive thought came the desire to implement these ideas and, from there, business considerations developed into a concrete intention to get started. With that determination in place, the need to start a business came to fruition, which then created a necessity for a solid business plan.
Another reason behind the new surge in requests for business plan writing services is that the business plan, when complete, can serve as a presentation for interested investors or lenders. The final document contains several elements that specify the current condition and the future forecast of the business.
With startup funding secured, a new business has a much better chance of succeeding, which led to this interest in business plan writing services. There are other reasons for this, of course, such as personal interest in developing new business ideas and having professional writing skills; however, these two are the primary drivers of the new attention given to business plan writing services.
What to consider before starting a business plan writing service?
With an understanding of the reasons behind the increased call for business plan writing services, it’s a good time to examine the foundation behind your interest in this sector. Questions to consider might include whether you have an interest in coaching others who are starting a business, as much of the business plan will need to draw out those skills.
If you plan on hiring staff to work directly with clients, what professional writing skills do they bring to the table? You’ll want highly capable writers with a strong affinity for business and knowledge of several business models.
Another question might be whether your business will limit the category of writing to certain business sectors. For example, will your business help only startup financial companies or online retail businesses? Creating a niche for your business plan writing service can provide an optimal experience for customers when the addressable market is well known to your staff members.
And, finally, examining your background and capabilities may indicate where, on an operational chart, your name should be placed. Knowing your role in the startup of the business plan writing service will help cement the remaining part of the structure. For example, are you going to write the business plans yourself, or you’ll be just managing the process and taking care of making the clients happy?
After taking a snapshot of the popularity of business plan writing services and addressing the questions regarding your role and interest in your startup, let’s look at the steps needed to start your service. Not all of these are required; recognize the steps that are critical for your business and adjust accordingly.
Here are the steps required for starting a business plan writing service:
1. Make an assessment of your target audience
Come up with a demographic consisting of the typical customers you’ll want to serve. Use background information and research to formulate your answers. You can use many market research tools for this and most of them are free.
2. Conduct research on your competitors
Many business plan writing services are available online, which gives you a huge opportunity for conducting research and crafting a unique offer. Try to obtain the pricing offered to clients, the extent of services offered, the amount of time to be spent coordinating the document and working with the customer, and the timeframe within which the document is to be delivered. With these answers, you can formulate some of what you will and won’t offer.
3. Differentiate your service from that of your competitors
In a highly competitive sector such as this, you’ll need to ensure you differentiate your business and come up with a unique selling proposition (USP). Offer a unique service or product package and create a way to stand out from other services by combining storytelling with data-driven insights.
4. Prepare your offer carefully and create an attractive website
Put together your business plan by leaning on your research and the unique aspects of your business that you came up with. Create a marketing strategy that addresses the potential customers seeking business plans; market through social media, develop a lead generation model, and get active in other places where business plans are needed, such as LinkedIn.
5. Build a diverse portfolio of business plans
Prepare sample business plans for various industries and business types to show your capabilities to potential clients. If your samples are great, you’ll have a much higher probability of landing a deal.
6. Include the financial plan and market forecast in your service package
These are critical as indicators of the strength of your service in the coming months and years. Investors and lenders will be particularly interested in this portion of your business plan. Plan to defend it, if necessary, as many investors will have experience and may offer questions that are complex to answer.
7. Include an executive summary as an overview within the business plans that you write
This will belong on the first page of your business plan because investors and lenders will want to examine it first. Include all relevant information about your startup business; however, you’ll want to limit the specifics, offering only an overview of the business on this page.
8. Establish your online presence
Developing a strong online presence is crucial for reaching potential clients and showing your expertise. Use various social media platforms, such as LinkedIn, Facebook, Twitter, and Instagram, to share valuable tips, success stories, and unique insights about business planning. Engage with your audience by responding to comments and messages, and by sharing relevant content from other industry experts.
9. Come up with a competitive pricing strategy
As you establish your business plan writing service, it’s essential to research the market and set competitive prices for your services. To do this, begin by analyzing your competitors and identifying their pricing structures for various types of business plans. Consider factors such as plan complexity, industry, and the level of customization offered.
10. Provide superior customer service
Delivering outstanding customer service is vital for building strong relationships with clients and fostering long-term success. To achieve this, make sure you understand each client’s unique needs and expectations by actively listening and asking questions. Tailor your approach to their specific requirements, ensuring that your plans are both personalized and relevant to their industry.
Frequently asked questions about business plan writing services:
How much does a business plan writing service cost?
Typically, as a professional business plan writer or consultant, you can charge anywhere from $2,000 to $25,000. The price largely varies based on the desired quality of your plan, the intricacy of your planned business operation, and the overall length of the document.
How much time does it take to write a business plan?
The time to write a business plan can really vary. For a simple plan, it might take just a few days or up to two weeks. But for a more complex one, it could take weeks or even months. Just give yourself enough time to create a solid plan that clearly explains the vision and strategy that your client wants to implement.
Who usually writes a business plan?
Crafting a business plan can be a team effort or a solo mission. It’s often the brainchild of entrepreneurs or business owners who pour their vision and strategy into the plan. But sometimes, a company’s own employees join forces to create it. And when time or experience is in short supply, there’s always the option to call in the pros—business plan writers or consultants—to lend a hand. That’s where your services can shine.
What are the typical ingredients of a business plan?
A typical business plan blends several key ingredients to create a comprehensive roadmap for success. It usually starts with an executive summary, capturing the essence of the business.
The plan then dives into details about the company, its products or services, market analysis, and competition. Finally, it outlines the marketing and sales strategy, organizational structure, and financial projections, creating a solid foundation for decision-making and growth.
How much profit can a business plan writing service make?
The profit potential for a business plan writing service can vary significantly based on several factors, such as the number of clients, pricing structure, operating costs, and the level of competition in the market.
To estimate potential profit, first determine your average revenue per project. This depends on your pricing structure, which could range from a few hundred dollars for simple plans to several thousand dollars for more complex and comprehensive plans. Then, estimate the number of clients or projects you expect to handle per month.
With the surge of new interest in business plan writing services and no shortage of customers, your strategy to succeed will include differentiating your services from those of your competitors, and understanding and successfully addressing the wants and needs of your customers.