11: Business Plan Writing Strategies
Writing a business plan can be a time-consuming and challenging task, but there are several strategies that you can use to complete your business plan more easily.
|On Your Own||Highest||Highest||Lowest|
|Using a Book||Med-high||Medium||Low|
|Using a Professional Business Plan Writer||Lowest||High||High|
On Your Own
While writing a business plan on your own is the most difficult strategy, you will benefit from the opportunity to customize your plan as you see fit while saving money compared to the other strategies. There are many quality free resources available from organizations like the Small Business Administration (SBA.gov) and SCORE (SCORE.org). These organizations are in place to help you succeed, so getting the most you possibly can from them should be a priority.
Using a Book
Following a book is one of the most common and affordable ways to write a business plan. The main drawback to using a book is that it will take a lot of time and energy to find and compile all of the necessary information. You will most likely have to find support and guidance from other sources if you have questions about what the book is trying to teach you. There are dozens of business planning books available, so take the time to find one that will provide the appropriate information for your business.
Software is a bit more expensive than using a book, but it will guide you through the business plan writing process in a quicker, more automated fashion, and automatically set up the format of your business plan. Like books, the main drawbacks of using software to write your business plan are the limitations of using an automated template and the lack of personal support.
Using a Professional Business Plan Writer
Using a professional business plan writer is usually the easiest way to complete your business plan, but is also the most expensive. These professionals typically create a complete business plan for you based on the information you give them about your business. Enlisting a professional to prepare your business plan can give you the advantage of a custom strategy and a presentation geared toward investors. If you find a business plan writer who is also an experienced entrepreneur, the strategic input that you gain could be very valuable. Understanding the milestones investors look for is like having studied all the right material for a test. It gives you an edge in your fund-raising efforts. Before you hire a business plan writer, make sure they will work with you to create a business plan that truly reflects your business and vision, and has a strategy you can execute. To learn more about professional business plan writing and consulting services from The Startup Garage, go to TheStartupGarage.com/Business-Plans.
Regardless of the method you choose to create your business plan, the content should still be similar. A complete business plan contains an executive summary, a strong research foundation, a detailed description of your product(s), plans for marketing, operations, and management, as well as financial projections to show how your business will be profitable.