Business Plan FAQ
Business Plan FAQ
When starting a new business, there is no denying the fact that a business plan plays a vital role in ensuring the overall business longevity and success. An effective and comprehensive business plan aims at in-depth market research while developing targeted strategies for achieving optimum success. A good business plan will cover all areas that tend to potentially affect the overall feasibility and profitability of the business model. The idea of a business plan is to highlight and outline a realistic image of the business, its assets, and projected business and financial goals for the future. As a business plan writer, I often get asked multiple questions regarding the business plan before my clients hire me. Here are some of the common business plan FAQs:
Do I really need a business plan?
The short answer here is, yes! Even if your business idea is clear in terms of how you’re going to start and grow the business, you will still need a business plan. A business plan is a clear game plan that helps business owners assess whether they have taken everything into account. By having a business plan, you are setting out a clear plan for the business and a business success barometer.
Do I only need a business plan for external investment or a bank loan?
Not at all, many business owners make this mistake of thinking the business plan is only required for financing from investors and that’s it. The benefits of a business plan far expand this and the person that benefits from a business plan is the business owner. A business plan will help to obtain a true picture of your own capabilities and your target market and help to set out strategies for the business. This is important when your business is up and running, as you will be able to determine if your goals are still being met or whether a business strategy calibration is needed.
When should I write a business plan?
The sooner you start the business plan preparation, the better! A clear path for your business will be visible as soon as an effective business plan is developed. It is fair to say that it is never too late to develop a business plan even after launching your business. If you are still planning your business and feel like a business plan is required, there is still plenty of time to have an effective business plan done. This can help change the course or success of your business. The sooner you do this, the better this will be for your business overall.
Why should I write a business plan?
Any entrepreneur or business owner should write a business plan as it dramatically increases the chance of success. A good business plan allows business owners to understand the likelihood of making a profit and determine initial start-up costs. Another key reason for writing a business plan is that it allows you to seek investor funding and see how much investment you need from potential investors.
Do I really need professional help to write a business plan?
To ensure the business plan captures the most important points of the business, the short and long-term goals, it is always advisable to hire a professional business plan writer. A business plan writer can spend some time with you to fully understand the business from different angles and capture this in a way to appeal to potential investors or banks. A business plan writer can also ensure correct terminology is used with the clear presentation of financial and company information.
How much does it cost to have someone write a business plan?
It depends on the business idea, timeline, amount of investment needed, and purpose of the business plan. I charge between $1500 and $5000 plus applicable taxes for a comprehensive business depending on the scope of work. If you want to discuss the exact quote, please contact me here and I will be happy to work with you.
Who writes a business plan?
A professional business plan writer can help you with your business plan. Whoever you decide to work with should have experience in business plan writing. A lot of entrepreneurs hire business plan consultants to draft their business plans. It’s always good to have a kick-off meeting before hiring someone to write your business plan. At the end of the day, the business plan is a written document of your dreams, ambitions, and ideas, and thus, it’s a good practice to get involved in the initial stages of business plan writing. I always start with a discovery call followed by a business plan questionnaire to get to know my clients and their business plan needs. Next, we sign a business plan service agreement and NDA. Finally, the hard work of business plan writing begins! I keep my clients informed about the progress all along the way.
How long does it take to write a business plan?
I usually take 2-3 weeks to deliver a comprehensive business plan.
How do I find someone to write a business plan?
Looking for a Vancouver-based business plan writer? Got more questions? Let’s connect here, and I’ll be happy to answer any questions you may have about your business plan requirements.
How many pages is a good business plan?
Most business plans are from 25 to 30 pages. There are also smaller business plans that are only a few pages in length. It depends on the purpose of the business plan.
What is a business plan format?
A business plan contains a standard scope of work unless a client has provided a different scope of work. I work with my clients based on their specific needs and develop a customized business plan for multiple audiences and various funding purposes.