If you’re looking to hire someone to write a business plan, you’ve come to the right place. Hiring a business plan consulting firm will allow you to more quickly and expertly create your business plan. But before hiring someone, you should know the aspects of creating a great business plan and the qualifications of the right business plan writer or firm.
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.
Growthink Business Plan Case Studies
McKesson Corporation is the leading provider of supply, information and care management products and services designed to reduce costs and improve quality across healthcare. Growthink assisted McKesson’s specialty marketing division in evaluating the target market and competitive landscape for an existing service platform via a combination of primary and secondary research. Today McKesson generates annual revenues in excess of $50 billion.
Paramount Parks is an operator of theme parks and attractions, which annually attracts around 13 million patrons. The company engaged Growthink to conduct a feasibility study to assess the validity of expansion into the Japanese market. The services that Growthink provided were as follows: Feasibility study, market research, land acquisition costs, and global expansion assessment.
Hooters of America
Hooters of America operates and franchises over 435 Hooters restaurants in 46 states. Growthink assisted in the development of Hooters’ franchise expansion plan for the island of Guam. During the project, Growthink conducted market research, surveyed the competitive landscape, built a detailed financial model and developed the business plan. Since working with Growthink, Hooters launched operations in Guam.
Digital Cinema Implementation Partners
Digital Cinema Implementation Partners (DCIP) is a joint venture owned by AMC Entertainment, Cinemark USA, and Regal Entertainment Group, representing more than 14,000 movie screens across the U.S. and Canada. Growthink was retained to develop the strategic business plan for the joint venture, which led to DCIP closing a $750 million round of financing.
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