Creating a Business Plan – Do I Need To Hire a Business Plan Consultant? Why?
When Do I Need To Hire A Business Plan Consultant?
Every new business owner knows that a business plan is critical it is drilled into them by potential investors and every banking officer they meet.
So why is something that is so important to the launch of a new venture so difficult to write?
Good question!
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.
Howard Schwartz can be reached at http://www.hjventures.com.
Howard Schwartz is a partner in several business strategy groups, including HJ Ventures International, Inc. Howard has worked with hundreds of entrepreneurs worldwide with a focus on writing business plans for companies interested in raising capital from Venture Funds and Angel Investors. Howard’s business plans have secured several million dollars in funding.
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