Do you want to start a business plan writing service? here is a complete guide to creating a business plan for writing a research business with no money and no experience .
Ok, so we’ve provided you with a detailed example of a business service plan template for writing a business plan. We also took it a step further by analyzing and writing a sample business plan marketing plan backed by actionable guerrilla marketing ideas for business plan writing companies. In this article, we will cover all the requirements for starting a service business by writing a business plan. So put on your entrepreneur hat and let’s move on.
Why start a business plan writing service?
Any business that needs to find a comfortable niche for itself in a very strict and competitive business world needs a business plan. A business plan is a document that provides a roadmap not only for a new business, but also for a business that is considering changing its concept and direction.
This important document, for it to work, must contain a well-documented marketing, financial and operational perspective of the business. It should be noted that a bank or any other financial institution will never issue a commercial loan to a company that does not have a business plan.
Due to the delicate nature of writing business plans, many start-ups and even established businesses still choose to hire a professional planner to write their business plans.
If you know that you are a very accomplished writer and have been persistent in the business world and are also familiar with its intricacies, then starting a business services business plan might be the job. ideal for you.
Starting a Business Plan Writing Service The Complete Guide
- Industry overview
Contrary to the previously expressed belief that only new businesses need business plans, it has been found that existing businesses even more need business plans to respond to market changes and seize new business opportunities.
An older business may have a new business idea and need a new roadmap in the business plan form to implement the idea. These companies may also need business plans to help them attract financial institutions to fund their new ideas, as the funding they need for new business ideas can be overwhelming.
In addition, it is important that every company update its business plans at the start of each fiscal year. Again, if this was a significant market shift, a change in consumer behavior, or a change in government regulation, then business plans need to be updated or reversed. Additionally, if the business has reached a certain milestone or there has been a change in leadership, then there is sufficient reason to request a new business plan.
Companies with working business plans are known to grow 30% faster than their peers who run their business without any plans.
An effective business plan should contain a summary of your business, an overview of your business, a marketing plan, details about your product or service, a list of your business goals and objectives, key team members and their roles in the business, and the financial plan offered by your business.
The United States is one of the main markets in which business services thrive. The demand for business plan writing services increased due to the growth of new businesses and the increase in disposable income of consumers, which ultimately enabled them to purchase industrial services.
The business services industry in the United States comprises approximately 400,000 establishments (including a business plan writing service) and they generate over $ 810 billion annually in the US economy. Due to the emergence of the business market in Africa, the business plan writing sector is expected to gain more notoriety and patronage, a virtually untapped market.
The business plan writing service industry is growing. at some point because there are still many opportunities for planners in large and small businesses to thrive. Indeed, companies must revise, update and even modify their business plans to meet the demands of the industry.
Entrepreneurs are encouraged to enter the industry as there is still ample room to compete and new businesses can easily take market share for themselves if they know how to network and sell their services.
Launch of a business plan for the drafting of a feasibility study for the services market
- Demography and psychography
The demographic and psychographic makeup of those requiring the services of a business services writing business plan includes startups looking to establish themselves in their chosen industry and eventually obtain loans to fund their business; and established businesses that need to make changes in their operations to take advantage of new business opportunities.
List of niche ideas within a business plan writing service you can specialize in
Niches are what sets a business apart from the crowd. If you manage a niche in your industry, you would monopolize the market in that area.
There are no niche ideas in this line of business as all the companies in the business plan writing services industry are all focused on writing business plans for start-ups and entrepreneurs who intend to change the direction of their business.
But you can decide to carve out a niche for your business by deciding to write business plans for startups or already established businesses. You can also choose the type of business plan you want to focus on, for example:
- Standard business plan
- Business plan on one page or on a lightweight basis
- Feasibility study
- Internal planning
- Strategic planning
- Investor financing advice
The level of competition in the business plan writing services industry
Although this company is mostly young, it has a noticeable level of competition as the entrepreneurs understood the essence of having a business plan for their business. In this industry, your main competitors are already companies that write business plans that have made a name for themselves in the industry.
On a related note, you also have to compete with freelance business planners, part-time business planners, and even entrepreneurs who choose to write their own business plans.
To integrate into a business plan writing business plan despite the competition, you must be an experienced business plan writer who knows how to create personalized and original business plans, and you must have experience in business and finance. business. marketing and law.
List of famous brands in business plan writing services
In every industry there are companies that have checked both for themselves and for any other business. wants to follow their trail. In the business plan writing services industry, the following companies have made significant gains for themselves and achieved decent market share for themselves.
- Sound business plans
- Optimal think.com
- Business plans on favorable terms
- Strategic Element Inc.
- E-Council Inc.
- Joorney Business Plans
- Lucid professional writing
- Elite Visa LLC plans
- RL LLC Business Plan
- Xecute EB-5 Business Solutions
- EB5 Affiliate Network
- Shepin Finance Inc.
- Ground floor partners
The demand for business plan writing services depends on the level of income that the companies intend to receive. A company with a lot of funds is more likely to hire the services of a business plan writer, as opposed to a company operating on a very tight budget.
In the business plan writing services industry, large companies have the enormous advantage of being able to offer their clients other services in addition to the basic business plan writing services that they offer. This is because they can hire more people to serve the various niches that suit them. For example, large companies that provide business plan writing services may also offer consulting services to their clients.
Small or startup business plan creators can only compete in a tough business market, carving out a niche for themselves and offering a specialized and personalized approach. does services. They can also have an adjustable price list to fit the budgets of all customers.
Is it worth starting this business from scratch or buying a franchise?
When you start a business, you have the option of starting from scratch or buying a franchise. Both of these business practices have their pros and cons, and you need to choose the one that works best for your business.
Buying a franchise from an existing business gives your business a higher level of success as you would be working with an already proven and reliable system.
But, unfortunately, there are no franchise opportunities in the business plan writing service. This is also a good thing in itself, because from scratch you can get creative in your business. Plus, you have full control over the business and can make changes as often as you want. More importantly, you have the opportunity to save money that you would use to buy a franchise and use it for general business operations or even for expansion.
Threats and potential challenges you will face when starting a business plan writing service
Being an entrepreneur comes with many challenges, because the business world has its own rules and regulations. Launching a business plan writing service also comes with its own specific threats and challenges. In this business, you are most likely to face the following issues and threats:
- Find experienced business plan writers
- Competition with an already created business plan writing service
- Marketing your services
- Attract customers to your business
Launch of a business plan Drafting of a department Legal aspect
- The best legal entity used for this type of business
There are different legal entities available for your business plan. write a service business, but the ideal entity for you will depend on the size of your business. You can use sole proprietorship, limited liability company, or general partnership.
If you are starting out on a small scale with your home office, adopting a sole proprietorship legal plan will be the best option for you as it requires minimum social capital and less paperwork, but on the other hand you have the responsibility. main. If your business is having problems, you will need to pay in person without outside help.
Commercial services for business plan writing are low risk as you will be dealing with other people’s business so you should include your business writing service as a limited liability company to protect it from any accidents . Ideally, you can start your business as a sole proprietor and turn it into an LLC in the future as your business grows and becomes more successful.
The best insurance policies needed for that specific business
Every business, regardless of size, needs insurance to protect against business risks. It should be remembered that a start-up company may not withstand the shock of litigation, so it is necessary to take out insurance. The best insurance policies for your business plan writing service may include:
- General insurance
- Home Insurance
- Professional liability insurance
- Workers compensation
- Business owners policy
Protection of intellectual property
Intellectual property protection grants an inventor the rights to his invention, thus excluding others from the commercialization or use of the invention without authorization. Because a service writing service business plan is a service-oriented endeavor that does not involve any invention or production, you may not need to protect your intellectual property.
Does this particular business require professional certification?
As an entrepreneur, if you get certified in your industry, it will reflect your seriousness in the business. Having a professional certification increases your clients’ confidence in your skills. In a writing services business plan, you must obtain professional certification to promote your brand in a competitive market.
Here are the certifications you might decide to purchase;
- Business plan writing certificate
- Certification of business planning skills
- Certified financial planner
- SOSTAC certified planner
List of legal documents required to start a business planning service
It is very important for businesses in the United States to acquire legal documents for their business. It is almost illegal to run your business without the documents required by the state or the federal government. Additionally, legal documents protect your business interests, so they are primarily in your best interest.
A business plan for business service writing also requires legal documents and you can purchase the following documents:
- Non-disclosure agreement
- Operating Agreement for LLC
- Hiring contract
- Business plan
Every business needs financing, regardless of the scale at which you plan to start the business. When you start your small business writing services business plan, you can get your finances from personal savings or get small loans from family members and close friends.
But if you want to go big by renting or leasing an office and hiring business plan writers, you can go to your bank to get a loan, sell your shares, contact angel investors, or take advantage of the opportunity. your retirement benefits.
Before you do all of this, please note that you should write a business plan for your business, as it will make people and businesses listen to you faster.
Choose the ideal location for your business plan writing service
A business plan writing service can be started from anywhere as you do not need to meet your clients face to face while writing your business plans, you can always call them on the phone to make the necessary inquiries, or you can conduct video conferencing with them.
Again, most of the business plan writing services are online, so if you want to join the flow and also run your business online only, you might not need an external location. All you need to do is create a comfortable workspace in your home and then launch a suitable website that you can use to connect with your customers.
But if you want to start a large-scale business, you need to rent or lease office space. When renting or renting office space, you need to make sure that the office is located in the hot spot in your state or community.
This requirement is imperative because you need other businesses to survive. Contractors will easily hire your services if they know you are nearby and close at hand. If your location is far removed from your target market, you have to spend more money on logistics, like transportation, and it may be difficult for your employees to access the location.
If your budget cannot cover renting or leasing office space, you can also opt for shared office space.
Launch of a business plan writing service. Technical and personal data
Writing business plans is a service based service. you don’t need any complicated equipment. All you need is a laptop, an internet connection, a phone, a good business plan app or software, office furniture like tables, chairs and shelves for stacking papers and documents, etc. Since all of this equipment is a basic office requirement, they can all be used fairly.
To ensure reliable work in business plan writing services, you will need the services of a CEO (you can be in this position because you are the business owner), you will also need a business planner. company, a marketer, an accountant, a front desk clerk and a janitor. Basically, you will need around seven employees to run a medium to large business in order to write business plans.
When hiring staff to nurture your business plan writing service, be sure to recruit conscientious, dedicated, and highly talented writers for your employees. business so that they can satisfy your customers. If your clients are not getting their money’s worth, and if the business plan you wrote cannot get loans from banks and other financial institutions, they may refuse your service; therefore, the focus should be on creating experienced business plan writers. As a precaution, you should check the qualifications of your potential contributors and monitor any companies they have written business plans for in the past to see how they are performing.
Business plan writing service delivery process
The services that should be provided as part of business plan writing are writing business plans for startups and established businesses that need to change the direction of business. The first step is to set up your office and purchase the necessary software and applications, then you can start attracting customers with various marketing strategies.
After obtaining your clients, you agree on the type of business plan to write and the remuneration to be paid at the end of the service. It is also very necessary to sign some legal documents before starting work in case of any defect. Once an agreement is reached and the required documents are signed, you can write a business plan.
You must maintain an open line of communication with your client when writing your file. plan because you will always need to ask them questions and also ask for clarification on certain questions. Even if you have assigned a business plan in writing to an employee, make sure they produce quality business plans, as it is the quality and success rate of your business plans that will keep in business.
Launch of a business plan writing service. Marketing plan
In order for a business to grow, occupy a market niche, and ultimately make a profit, it must offer its services to its target audience. There is a saying that no one will know where you are unless you say, “I am here”. This is exactly what marketing does for you. It tells people where you are of the products you sell or the services you provide.
Marketing strategies are not a one-size-fits-all glove for all businesses. Every business has specific strategies that are right for it, and the same goes for a business writing service plan. In order for you to reach the target market required for your business plan writing business, you should use the following advertising strategies.
- Advertise your business plan writing services in local newspapers, preferably business newspapers and financial magazines.
- Since the internet is vast and very easy to advertise, you need to create a good website where you can talk about everything about your business including your contacts and then optimize it on the search engine to get a broader coverage of your business. …
- You need to open social media pages for your business in order to broaden your advertising.
- You should always visit your local business function to communicate with business people. You never know who will need your services in these places.
- You can also find a market for your business in online forums.
- You should also print your business cards and possibly flyers which you can share in strategic places of your target location.
Factors to help you get the right product / service price for that particular business
To Make a Profit When Writing a Business Plan In the service industry, you need to make sure you get the right price for every business plan you write. In order for you to be able to optimally bill for your services, you need to make sure that you hire the best business copywriters.
If your company has a reputation for developing great business plans that help entrepreneurs easily obtain loans and finance from banks and other financial institutions, your customers will always be ready to pay what you ask them. to pay. People always patronize the services that guarantee their results, and they don’t mind spending a lot of money to get these services.
Again, your customer service staff should be polite and respectful to your customers. No matter how good your business copywriters are, if your customer service is very poor or your employees are very disrespectful, you will lose customers to your competition.
Strategies to increase your brand awareness and create a corporate identity
In business, building awareness of your brand is one of the most important keys to your business success. No one will patronize a hidden business, so it’s imperative that people know about your business and the services you provide.
You need to do adequate research to find out which advertising strategies work for your business because if you use the wrong strategies it may not lead to your target market and hence you will not get customers for your business. In business, customers translate into profit, so you need to take this aspect of your business seriously.
If you feel like you can’t do it on your own, you should hire the services of a commercial advertising strategist. to help you. Below are some of the strategies you should use to build brand awareness and create a corporate identity for your business plan writing business services.
- Advertise in business newspapers and financial magazines.
- Attend business meetings where you can chat with clients and hand out your business cards.
- Use your social media platforms to draw attention to your business plan writing service.
- List your business in local business directories and online.
- Encourage your customers who are satisfied with your service to spread the word to their friends.