It’s a well known fact in business: If you’re launching a company, you need to have a business plan.
It tells investors, partners and customers the story of who your business is. It explains how your product or service will help them. And it shows precisely how you’ll make yourself successful.
Creating such a comprehensive document isn’t easy. That’s why we have put together some advice for cheap and affordable business plans.
Why do you need to know about cheap and affordable business plans
We know that most potential entrepreneurs aren’t made of money. Most don’t have rich family or friends to fall back on for seed money. You shouldn’t have to spend all your hard earned capital on a needlessly expensive business plan. There are better options out there!
First thing’s first – choose your venture carefully.
The biggest budget buster for most startup business is overhead. Things like specialized equipment, retail space and inventory.
That’s why service businesses tend to be less expensive to launch than a product-based business.
If your dream is to be your own boss, consider some of these fast-growing, minimal-investment options such as:
- Doggy daycare
- Pet grooming
- Home childcare
- Home repair
- Bookkeeping services
Get Creative with Marketing
Once you’ve chosen your venture, you have to get the word out, right?
Easier said than done! Marketing is another big expense for small businesses. But if you are an entrepreneur strapped for cash, it’s also an area of your business you could save on.
Instead, establish a business Facebook page. Fire up the old Twitter account. Learn the in-and-outs of blogging. There’s a lot of free or cheap marketing information out there from small business conferences and workshops.
In the internet age, it’s easy to underestimate the power of word-of-mouth advertising. However, a 2019 survey by Nielsen revealed that more than 90% of people put more stock in recommendations from friends and family than any other form of advertising.
So don’t feel awkward asking for referrals when you know you’ve done a great job.
Don’t pay the big bucks, find cheap and affordable business plans
Here’s one area where outsourcing will actually save you money. Yeah, you can probably draft your own business plan from a free template. But when it comes to business plans, one size does not fit all.
You need a business plan customized to your brand.
Hiring an experienced business plan professional can save you money, stress, and time. Professional writers produce dozens, if not hundreds of business plans every year. That means the likelihood that they’ve written about your industry is very high.
A professional can give you advice and fill in the gaps in your knowledge – that gives you a serious leg up on your competition! Most offer more affordable packages for small, startup business.
But wait, doesn’t cheap mean low quality? Absolutely not!
When you’re shopping for an agency that advertises “cheap and affordable business plans”, here are some things to look for:
- A transparent pricing policy:
A good agency is always upfront about their final costs. Keep an eye out for services that offer a Money Back Guarantee. That’s a good indicator that you’ll be more than satisfied with their work.
- Professional authors with a track record:
As you peruse websites, you’ll come across a lot of big promises. Make sure you’re working with legitimate professionals (MBA writers) with relevant experience in your industry. They should supply references or their website should feature a review section.
- Easy communication:
Contact information should be readily available, with more than one avenue for communication. An experienced business plan professional will want to work with you to create your business plan. They won’t work from templates, so be wary if they don’t ask you a lot of questions.
- Realistic timelines:
It may be trite, but it’s true: time is money. You don’t have time to wait a month or more for a first draft on your business plan! Look for a company that offers a concrete timeline for drafts AND revisions. This is key!
- A development process:
Reliable companies have established development processes for working with clients. The whole point of hiring an agency is avoiding the “winging-it” method, right?
Some things to look for:
- An initial consultation – This should include a 1-on-1 meeting to cover your ideas. You should also get input on strategy and steps towards business development.
- Draft/revision stage – This is your opportunity to provide feedback to your writer.
- Design stage – While it might not be a necessity, you want a plan that looks professional and impressive. Look for an agency with a graphic design team.
You should also expect comprehensive features like:
- Market research – Including real-time data that reflects your target market.
- Industry analysis – With an investigation of your industry to pinpoint trends.
- Marketing strategy – Your writer should offer new insights for reaching your target market and setting yourself apart.
- Financial models – this should include a short term, as well as 5-year projections. Accurate financial models are crucial when you’re pitching to investors.
- SBA compliance:
The U.S. Small Business Administration has specific guidelines for preparing business plans. That includes what needs to be compiled and outlined for your business to qualify for funding from banks and investors. If the agency you’re considering doesn’t mention SBA compliance, be wary!
If you’re trying to write a cheap and affordable business plan, don’t go it alone!
You shouldn’t have to miss out on the amazing benefits of a well-written business plan, just because you aren’t rolling in cash.
At Bargain Business Plan, we can help you evaluate your audience and research important market trends. Our team of expert writers will take the time to get to know you and your company.
Don’t waste your hard earned funds on anything less than the best. If you have questions, or need more resources, don’t hesitate to Contact Us Today.