Aspects of Creating a Great Business Plan
Creating a great business plan includes many aspects.
The first is market research. You need to conduct considerable research in the following areas:
- Customer Research: learning about who your target customers are and their wants and needs
- Industry Research: identifying the size of your market and trends affecting it
- Competitive Research: figuring out your direct and indirect competitors and the strengths and weaknesses of each
- Financial Research: understanding realistic growth rates and costs (salaries, etc.) so a realistic financial model can be created
The second aspect of a great business plan is strategy.
Armed with the market research, you need to create the optimal growth strategies. For example, if you identified an unmet customer need in your research, you should create strategies to capitalize on this opportunity.
The third aspect of a great business plan is financial modeling.
Your financial model or projections are perhaps the most important part of your business plan. Poorly reasoned financial models will dissuade most investors. Worse yet, if you’re financial projections call for too much or too little funding, it will cost you dearly.
The fourth aspect of a great business plan is writing.
While it’s important to be a good business writer, even more important is to understand the needs of the audience. For example, the world’s best business writer probably hasn’t spent much time with venture capitalists. As a result, they have no idea what this audience wants, and would probably fail to write a business plan that appealed to them.
When Not to Hire a Business Plan Writer
The right business plan writer will 1) conduct market research for you, 2) work with you to create the best strategies to grow your business, 3) create your financial projections, and 4) write your plan geared to your audience. With regards to your audience, it could range from yourself, your team, partners, banks. angel investors, venture capitalists, landlords, etc. In any of these cases, when hiring someone to write a business plan, make sure they have a working knowledge of the needs of your intended audience (e.g., investors, partners, employees) in order to write a plan that appeals to them.
If you have expertise in each of these areas, a deep understanding of the needs of your audience, and 100 hours of spare time, then you may not need to hire a business plan writer. If not, keep reading…
When to Hire a Business Plan Writer
If you are lacking time, and don’t have significant expertise in the four areas listed above, consider hiring a business plan writer.
The best business plan writers:
- Have a long track record of success in and outside of your industry (outside of your industry is most important as that allows them to give you strategic ideas that have worked well in other markets that can apply to yours)
- Can conduct market research and subscribe to market research databases that give them access to expensive industry reports
- Know how to create sophisticated and valid financial projections
- Understand the wants and needs of lenders, investors and other audiences so they can tailor the plan accordingly
We hope this article has shown you the keys to hire someone to write a business plan for your company. Our company has successfully written thousands of business plans. Read and click below for more information on our business plan writing services.
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Since 1999, Growthink’s business plan consulting team has developed business plans for thousands of companies who have gone on to achieve tremendous success.