How Much Does Business Plan Cost?

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Article General Business Plans

Experienced and aspiring entrepreneurs often ask the question, “how much does it cost for a professional business plan?” Well, the answer is not as cut and dry as you would think. Business plan costs vary greatly depending on the type of program you are seeking. Some plans are quite straightforward and require no more than a single financial worksheet.

On the other hand, some business plans can consist of more than fifty pages and have financial projections for several years. It would be best to decide the type of program your organization needs to determine its cost.

You may come across tons of people who write their business’s plans without assistance. They do so to save money and to ensure the program matches their preferred timeline. However, acquiring expert help could be an excellent long-term investment. Why? Because people skilled in creating business plans know the ins, outs, and technicalities of making a foolproof business plan, ensuring it contains all the necessary details and depth to execute your program the right way.

What Does the Price Depend on?

You might be asking yourself, “what is the cost of a business plan?”. As mentioned earlier, business plan price listsvary significantly depending on who is writing it. Every business needs a comprehensive plan to get started. Almost every program differs in detail, length, style, dimension, and industry – these are essential elements that make up a business plan’s price.

For example, a staffing agency generally requires thorough recruitment strategies in their business plans, especially when compared to a single operator and owner businesses like financial planning. Individual variations play a critical role in determining a plan’s price. The more details, research, and time a program requires, the higher its price could get. Let us look at some other factors that impact a business plan’s price:

Are you planning to choose a service provider ( auditor, lawyer, tax accountant) or a professional business plan consultant to create your program? Of course, the fee will be higher if the consultant has more skills and experience.
Quality requirements also play a massive role in deciding the plan’s price a semi-professional writer will cost less than a seasoned pro.
Business plan writers factor inthe program’s difficulty level (location, capitalization, turnaround plans, continuation type of organizational activities, etc.) when deciding the price.
Some entrepreneurs request special requirements (specific evaluation procedures, additional items, etc.) in their business plan. These aspects increase the program’s price.
Your plan’s cost could be higher if you ask for additional consultation (marketing consulting, calculation consulting, coaching the founders, etc.)

Franchise Business Plan

Helps the franchisee get business case approval from the franchisor

Typical Prices for Some Business Plans

As discussed earlier, business plan costs differ between the degrees of difficulty and length and service providers. However, if you are snooping for typical rates, it would help to know that these prices could be as low as $500 and as high as $15,000. Some agencies and solo plan creators even charge higher, especially if your business program is complex.

Hiring a traditional consulting service to write your company’s business plan would be the best choice and make the most sense. Why? Because while hiring someone to create a business plan might be costly, it will benefit your company in the long run. With your operations and procedures aligned, your organization will become a profit-generating machine, thanks to a well thought out and professionally made plan.

Remember, consultation and the scope of your work play a critical role in determining a plan’s price, so it would be best to keep these elements in mind before hiring someone to write the plan. Some consultants also charge fees by the hour, and you’d be shocked to learn that the business plans for some corporations can cost anywhere between twenty-five to fifty thousand dollars.

However, if you are a small business owner, there is no need to worry as you will find a service or consultant within the budget of your business plan preparation fees.

Formatting of Professional Business Plan

Fortunately, there is no wrong or right way to create a business plan. The needs of your business take center stage no matter how your format your company’s plan. Most business programs fall into the following categories:

Traditional Plans

These business plan types are quite popular. They utilize a standard structure encouraging you to provide details about essential sections of your organization. Most traditional business plans contain dozens of detailed pages and require more time to prepare.

A traditional business plan might be suitable if you want to focus on details and create a comprehensive program. You don’t have to stick to a particular outline when creating a traditional business plan. However, it would be best if you discuss the following elements:

Executive summary (include a mission statement, service or product details, information about the company and its employees)
Description of the company
Market analysis (discuss the target market and industry outlook with authentic stats and research)
Management and organization (explain your business’s legal structure and the people responsible for running it)
Product or service line
Sales and marketing (talk about how your strategies will achieve sales goals and how you will market your product)
Request for funding (outline your organization’s funding requirements by explaining why you need it and how you will return it)
Financial projections (use this section to convince readers that your company will succeed financially)
Appendix (provide requested documents and materials like permits, legal documents, patents, licenses, letters of reference, product pictures, credit history, etc.)

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Lean Startup Plans

Lean startup plans are not as common as traditional business plans. However, their structure is also pretty standard. They only summarize the most critical points of your program and require minimal preparation time (an hour or two maximum.) Some lean startup plans even end within one page.

People looking to start or explain their business quickly should use these plans. They are incredibly flexible and can describe your company’s value proposition, finances, customers, and infrastructure through straightforward charts. Here is a list of things you must incorporate in your lean startup plan:

Partnerships
Key activities
Resources (assets, intellectual property, staff)
Value proposition
Relationship with customers
Customer segments (describe your specific target audience)
Communication channels
Cost structure
Revenue streams ( how you plan to make money)

Are you an aspiring entrepreneur looking for a professional business plan writing service? Look no further than OGS Capital! We have been developing business plans for large and small organizations for a while, providing strategic guidance and advice to improve profitability. Get in touch with us, and our highly experienced team will help create a unique plan tailored for your business’s goals and aspirations.

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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.