Business Planning Services ad Business Plan Writing

Too many new business owners and would be entrepreneurs think that business plan writing is something that is beyond their skills or abilities.

However, while it’s true that not everyone is a wordsmith, or an accountant, who can create great text, and flawless financials, business plan writing really is something you should have a very big, very hands on role in doing.

Think about it this way – who else but you knows exactly what you want your company to be? What you want to do and where you want to go? You’re the only person out there who knows everything about your idea, which makes you the only person truly qualified for business plan writing for your business!

If you are worried about the writing or numbers portions of the business plan writing process, it’s easy enough to hire a professional to clean up your prose, and go through your spreadsheets, or you could use business planning software or templates to ensure a professional result.

There are plenty of options out there that will give you a professional result – just don’t abdicate the business plan writing totally. It’s a great learning experience, and it’s a given that a plan you prepare will be more in depth and personal than anything you pay someone to do for you.

Things to Do Before You Start Business Plan Writing

If you thought business plan writing was a matter of sitting down in front of your computer, and just writing whatever pops into your head, then you’re in for a nasty surprise.  There’s plenty of work and research that happens before business plan writing starts, and you’ll need to put in some effort before you start to make sure your plan turns out the way you want it to. 

Here are a few of the things you should do before you settle down to business plan writing:

• Learn about the basic format and layout that all business plans adhere to.  There are certain sections and information that goes into every plan, regardless of what type of company, and for what purpose you are writing the plan. 
• Find out about the specifics for your type of business, and your business stage. Different types of business require additional information, and you’ll write slightly different plans for start-ups, mature companies, business growth, and other stages of your business life. 
• Research your market, investigate your competition, think about pricing, and do as much research as you can about your potential business area.  The more you know, the better prepared you’ll be for business plan writing. 
• If you’re unsure of your abilities, hire a freelancer to clean up your writing, find yourself templates or sample plans, or invest in business plan software. 

Once you’ve got all your information ready, and a plan for creating a professional business plan, you should be ready to get down to the business of business plan writing, and have more confidence doing it. 

What You Gain from Business Plan Writing

If you still think of business plan writing as a chore, then it’s probably time that you found out what the benefits of business plan writing are, and what you will gain from writing your own business plan. 

The first benefit of business plan writing is that it forces you to think harder about your business idea. You’re forced to consider all the risks and rewards, your budget and all kinds of other things that you might not have thought of while you have the rose coloured glasses of early entrepreneurship on!

If you’re applying for finance or investment, business plan writing also helps you to crystallize your thoughts, and really get to know the nuts and bolts of your business idea, which prepares you for the meetings and presentations to come. 

Finally, there’s the sense of accomplishment you’ll get from successful business plan writing.  It may just be the first concrete thing you do to get your business started, and putting the final touch to your business plan is something that will give you the confidence boost we all need to keep going during the early, uncertain days of entrepreneurship. 

If there’s any way to avoid outsourcing business plan writing, whether it’s using templates, a software package, or hiring an editor to correct your work, then it’s always a better idea to undertake the task yourself. 

Business Plan Writing – Can You Do It?

Business plan writing, for most people, is daunting.  You may feel that you aren’t a good enough writer, or that you don’t know enough about financials.  While that may be true, there are several reasons that suggest that you can accomplish business plan writing on your own – or almost alone. 

The first thing you need to realise is that in most cases, investors or financiers that will be reading your plan aren’t looking to grade you on grammar – they’re looking for a sound idea, that’s well thought out, and for your stamp of creativity or personality. That being the case, a sanitised, impersonal, yet perfectly professional business plan may do less for your company than your own efforts!

The second thing to remember is that these days, you’re not alone.  The internet is full of business plan templates, samples and software, and there are plenty of professionals out there who are happy to proofread, and make minor changes to your plan – so you can still get professional results, while completing the plan yourself.  So don’t think that business plan writing is not something you can achieve – just about anyone can do it and you will probably sur

Early Stage Investent Do’s and Don’ts

For most people who want to start a business, just getting early stage investment is the ultimate goal. It’s the one thing you’re focused on, and it’s the one thing (you believe) that’s standing between you and long-term business success. Working with the right business plan consultants can be a huge advantage. 

However, business finance may not always be the solution to all of your problems, and there are a few things you should remember when you’re looking for it. 

DO Vet Potential Investors As Carefully As They Do You

When someone offers you business finance, the first instinct is to leap at it, without asking any questions. However, while it’s tempting to take every possible offer of the money you need to start your business, you do need to take the time to examine the investors who are doing the offering. Make sure they are above board, and look into their reputation. You want to be dealing with people you can trust!

DON’T Turn Down Equity Investment Options without Careful Consideration

Often, entrepreneurs are so wrapped up in their ideas, which they don’t want to share them with anyone. That’s often why equity investment offers, particularly those that require you to hand over a significant ownership proportion, are turned down by entrepreneurs. However, while you might not like giving away 20, 30, or 40% of the equity in your company, you should also remember that 100% of nothing is still nothing. If you don’t have the money to finance your idea, then you don’t have a business. 

DO Make Sure That You Get Enough Business Finance

When you’re starting a business, the natural inclination is to look at your idea through rose tinted glasses. However, while it’s good to be positive, underestimating your financial needs can leave you in a sticky situation, where you have to ask for more – and that never looks good! Apply the old adage, and hope for the best but plan for the worst, and you should be fine. 

DON’T Take Too Much Money Either!

Sometimes, particularly when you are dealing with a venture capitalist, the investor you are dealing with will try to turn your business idea into a mega moneymaking machine. One of the ways they do this is by offering you more money than you need. Don’t take it, or if you do, keep it in an account for emergencies only. Fancy offices, flashy cars and all the rest of it can come later. For now, you need to start your business as frugally as possible!

DO Cover Yourself

When you deal with a venture capital firm, or even a traditional lender, in many cases, you will be required to have a separate business entity, which protects both your assets and the institutions if something goes wrong down the line. 

It’s ALWAYS a good idea to make sure that it’s not you personally that’s getting business financing, but a company or corporation. If you don’t set up the deal that way, then your personal assets could be at risk if your business fails. 

There are many other do’s and don’ts when it comes to business finance, but as long as you keep a cool head when faced with an offer, and investigate the pros and cons of each one, you should be fine. Don’t be too hasty to secure finance, make sure you’re repaying a loan at a reasonable rate if you go that route, and always be frugal when you start a business.