How to Start a Business Plan Writing Service

Part 1 - How to start a Business Plan Writing Service business - Background

Businesses looking for money need to present their research-based strategies to investors and lenders in clear and concise writing. Such information is detailed in business plans, which business owners can write themselves or have written by specialists. Business plan writing businesses specialize in this particular type of writing.

Writers who can compose effective business plans will always be in high demand. A business’ chances of successfully growing or securing funding almost double if there’s a business plan drawn up as opposed to when there is no plan in writing.

Our guide is in 3 parts:

• Part 1 - How to start a Business Plan Writing business - Background
• Part 2 - Our planner tool to see if this idea is the right fit for you
• Part 3 - Action plan to get started

What are the costs involved in opening a business plan writing service?

The expenses associated with starting a business plan writing business are minimal. Writers need a computer, internet access, website and place to meet clients. An office can serve as a meeting place, but shared coworking spaces and coffee shops also work and are more affordable.

Completed business plans have to be printed, and but this can be done at professional printing shops if the cost of a printer is too expensive. (Business plans should be printed in color and on high-quality paper for maximum visual appeal.)

What are the ongoing expenses for a business plan writing service?

The ongoing expenses for a business plan writing business are minimal. They include the cost of equipment depreciation, internet access and printing, as well as whatever expenses are associated with an office or meeting space.

Who is the target market?

Business plan writing businesses serve business leaders. Most often these are entrepreneurs seeking investments or loans, but they also can be investors who need visas to get into the U.S. Some writers also compose plans for non-profit organizations.

Importantly, the target market is not limited to new businesses only. Established businesses also need investments and loans to take advantage of new opportunities or shifts in the market.

How does a business plan writing service make money?

A business plan writing business makes money by selling completed business plans. Because writing plans is a lot of work, most writers require a deposit upfront and the remaining balance due upon completion.

How much can you charge customers?

A business plan may cost anywhere from a few hundred dollars to tens of thousands of dollars. On the low end of the range, BusinessPlans.com offers plans for $495. In contrast, Ground Floor Partners charges anywhere from $5,000 to $20,000 or more. Bargain Business Plan is in between, with options ranging from $899 to $2,799.

How much profit can a business plan writing service make?

A successful business plan writing business can bring in a six-figure revenue annually. For example, Joorney Business Plans has completed an average of 250 business plans each year. If each plan costs just $1,000 (and they likely cost much more), the company has earned a minimum of $250,000 annually.

Moreover, most of this is profit because the ongoing expenses for this type of business are low.

How can you make your business more profitable?

Many writers who open business plan writing businesses eventually get into consulting. As writers learn about a particular business, this is a natural service to offer the client.

Alternatively, some writers offer PowerPoint presentations that business owners can use for live presentations. Creating a presentation is easy after writing a business plan, and presentations complement plans nicely.

Day-to-Day and Growth

What happens during a typical day at a business plan writing service?

A typical day at a business plan writing business may involve:

• Meeting with business owners to learn more about their businesses

• Conducting research for writing business plans

• Writing business plans

• Delivering completed business plans to business owners

What are some skills and experiences that will help you build a successful business plan writing service?

Writers who start a business plan writing business must know how to write business plans, of which there are a few different types. The Balance has guides on writing simple business plans and traditional business plans, as do many other sites. For writers who would like more formal training, The Small Business Administration, Stanford and Entrepreneur are a few of the organizations offering online courses that detail the process.

While not necessary, writers who have a master’s of business administration (MBA) can distinguish themselves from most other writers in this field. Earning an MBA requires much more time and money than going through a class on writing plans, but the investment may pay off over the course of a writer’s career.

Alternatively, people who already have MBAs and are gainfully employed may opt to start writing business plans as part-time gigs. This is one way to earn significant supplemental income without leaving a day job.

What is the growth potential for a business plan writing service?

Many writers keep their business plan writing businesses small, serving only the number of clients they can personally help. A number or writers even do this work part-time when they can.

There are several larger companies in the industry, however. Some of the more established businesses in the industry are Ground Floor Partners, Bargain Business Plan and Joorney Business Plans. Journey Business Plans has written at least 2,500 business plans since opening in 2008.

What are some insider tips for jump starting a business plan writing service?

Many business owners will want to see a writer’s work before hiring them to write a business plan. Thus, writers need a portfolio of plans they’ve drawn up. To develop a portfolio, writers may want to offer family members and friends who own businesses free business plans. Having just two or three completed will help writers showcase their work.

How and when to build a team

Many writers in this line of work never hire employees, doing all the work themselves. Those that do bring on employees typically hire administrative assistance and/or writers, adding to the staff as workload requires and revenue allows. Writers are typically paid as independent contractors.

Part 2 - Is a Business Plan Writing Service business the right fit for you?

Part 3 - Action plan to launch your Business Plan Writing Service business in 90 days