In this article I will try to address when
you should go out and hire a business plan writer versus taking on the task yourself.
First time entrepreneurs often cringe when sitting down to write their business plan. So
lets break it down and see where / when a business planning company should be brought in:
Who will read your business plan and why?First you need to really understand the purpose of your business
plan and who your audience (reader) will be. This is an important point as a business plan
being written for a $100,000 loan is VERY different than a document needed for a $10
million round of venture capital! Since this article is focused on first-time small
business owners, I will focus on preparing business plans raising less then $1 million in
capital. For this "startup" or "seed" business plan 30-35 pages are
perfect.
Here is what you should write on your own
It is important for you to write a basic
draft / outline of your business plan. Without this direction you are probably asking too
much of your consultant. Once you have your thoughts organized on paper you can see what
you are comfortable completing. Here are a few suggestions:
Executive Summary: Draft the opening of your business plan – then hire a pro to come
in and re-write it. Your executive summary will be read first and first impressions are
critical!
Marketing: You need to write your own definition of your target customer / audience. For
the market research on industry growth and fancy charts go ahead and hire a consultant.
The Dreaded Financials
This is the most difficult part of a
startup business plan, as you are making projections and assumptions on products /
services that you have not even produced or sold yet! If you are stuck on this section you
can hire a business plan consultant to just assist you with completing your projections
(income statement, cash flow, and balance sheet). If you work closely with your
consultant, the financials are a great section to bring in professional help. |
