How Much Does a Business Plan Cost?
Table of Contents
- How Much Does Business Plan Writing Services Cost?
- Hiring A Professional Business Plan Consultant
- BANK BUSINESS PLANS
- INVESTOR BUSINESS PLANS
- FRANCHISE BUSINESS PLANS
- STRATEGIC BUSINESS PLANS
- NONPROFIT (501 (C)(3) BUSINESS PLANS
- FEASIBILITY STUDIES – Starting at $10,000
- PRIVATE PLACEMENT MEMORANDUMS (PPM) - – Starting at $5,000
- IMMIGRATION BUSINESS PLANS
- Hiring an Accounting or Law Firm
- FAQs:
A business plan is essential for every new business, from home operations to multimillion-dollar corporations. The cost varies depending on the type of business plan you need.
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Companies with specific planning needs such as market research, financial projections, or limited time can hire a business plan company to prepare a business plan.
Generally, a professionally written business plan company will charge between $2,000 and $20,000 for a professional business plan. Business plan costs vary depending on the type of industry, location, market size, business funding, and time in business.
Rates can be higher for companies that plan to use new or complicated technologies, disruptive models, have complex revenue streams, or require substantial investment capital.
You should decide what type of business plan you need to determine the average cost to write a business plan.
How Much Does Business Plan Writing Services Cost?
DIY Business Plans
A Do-It-Yourself (DIY) is an inexpensive option for writing your own business plan. You can buy software or business plan templates to speed up this process for $20 to $300, but you can also find free resources on the web that provide business plan templates and suggestions. DIY business plans are an excellent resource for startups with very low startup capital.
Sample Business Plans
You can use our sample business plans to create a business plan that follows a complete structure and format, so you won’t be left with an empty page wondering what to write.
Business Plan Template
Make your vision a reality! A Wise Business Plan template includes everything needed to WOW your audience. Includes business plan in Word and business plan financials in Excel. Simply fill in the blanks and print. Make your vision a reality! A Wise business plan Template includes everything needed to WOW your audience. Simply fill in the blanks and print. In addition, you can download our 300+ free business plan templates covering a range of industries.
Business Plan Writing Guide
Business plans can be challenging to write. However, with our “how-to-write a business plan guide, ” you will surely be able to complete your plan. You can use these resources to learn what to include in your business plan and the types of language used in these professional documents.
Freelance Business Plan Writer
Business plan writers range from $79 to $149 an hour. Most projects will take a minimum of 20-30 hours for the business plan writer to complete.
Hiring A Professional Business Plan Consultant
You can hire a professional business plan writer to write your business plan. Some larger, more complex plans can run higher in price, depending on the type of project and the number of staff members involved. For simple projects, costs start at $2,000 and can go up to $20,000+ depending on the scope.
A Bank Business Plan includes every piece of the planning puzzle that a bank loan officer would need to see before signing off on the funding. This plan focuses on professionally developed financials to show the ability to repay a bank loan successfully.
Ideal for: Anyone seeking traditional bank funding or looking to secure a Small Business Administration (SBA) loan.
An investor business plan will showcase Return on Investment (ROI) and offer a compelling description of the company’s leaders’ experience, commitment and business acumen. This plan seeks to instill confidence in investors while also getting them excited about your company. An investor business plan will show that the company has strong potential to reward those who invest while mitigating risk.
Ideal for: Anyone looking to work with venture capitalists, angel investors or private investors that provide funding in return for equity in the company.
Bonus Tip: 5 Best Places to Find a Venture Capitalist
A franchise business plan will demonstrate how the location being funded is supported by the strength of the parent organization, while also demonstrating that the new location adds value to the over-arching company. Franchise business plans are a mix of information on the parent company and the franchise being funded. They place heavy emphasis on the market that would support the new location.
Ideal for: Anyone looking to fund a franchise. This kind of business plan can also help make a case for a new franchise location to the parent company, increasing the chances that your location will be approved.
Bonus Tip: Discover how to buy a franchise with no money?
A strategic business plan is a valuable tool for business builders, allowing them to prepare for the future by aligning their business goals with their market, industry predictions and plans for structuring the company as it grows. This kind of business plan is a true roadmap to success that can help a savvy business owner define and meet goals more quickly by staying one step ahead of growing pains and economic turbulence. The plan is also commonly used for Mergers & Acquisitions (M&A).
Ideal for: Anyone who wants a goal-oriented strategy for growing a business quickly and strategically while minimizing distractions and dead-end side projects.
Description: Rather than focusing on Return on Investment (ROI) or profit margins, a Nonprofit (501 (C)(3) business plan is created to demonstrate good stewardship of funds received in support of the company’s mission. As with any other business plan, a nonprofit plan will include goals and market needs assessments, along with financials, but the mission of the plan will be to show that those leading the nonprofit have the experience, knowledge and goals in place to manage funds received from any source.
Ideal for: Those looking to start a Nonprofit (501 (C)(3) organization.
Understanding the viability of a business concept or project ahead of time saves time, money and stress. A professional feasibility study from Wise is like a window into the future of the client’s business.
A vital business document, a PPM is the key that opens the door to private investment transactions. Our writers work closely with business owners to ensure that each client’s Private Placement Memorandum is both compelling and compliant.
IMMIGRATION BUSINESS PLANS
Description: The United States offers several different visa programs allowing immigrants with valuable business skills to enter and work in the United States (Read below to learn more about each type of visa.) Immigration business plans must show that the person seeking a visa and the company sponsoring the applicant or being created meets very strict government guidelines about required skills and job creation.
Ideal for: Those looking to bring talent from another country to boost growth or those seeking to immigrate to the United States for the purpose of creating a business.
L-1 visa: An L-1 visa is a non-immigrant, short-term visa often used to allow company leaders or specialists to assist in specific initiatives. L-1 visas are available to employees of an international company with offices in both the United States and abroad.
E-2 visa: An E-2 visa is an investor visa that allows investors to enter and work in the United States to direct and control a substantial investment in the company. This is a renewable visa.
EB-5 visa: An EB-5 visa allows investors to begin becoming a permanent United States resident. This visa requires an investment of at least $1,050,000 and the creation of at least ten jobs for American workers. In areas of high unemployment, the investment requirement drops to $800,000.
Hiring an Accounting or Law Firm
Are you looking to go public? Hiring a CPA or law firm to write your business plan may be a good option. Securities attorneys and CPAs will require a retainer to start your project. Most projects begin between $50,000 to $100,000 with an hourly rate of $250-$500, depending on how many people are working on the project and their skillsets.
FAQs:
The cost of a business plan can vary depending on various factors such as the complexity of the business, the level of detail required, and the experience of the business plan writer. On average, a professionally written business plan can cost anywhere from a few hundred to several thousand dollars.
Yes, there are free and low-cost options available for creating a business plan. Many online platforms offer business plan templates and resources that can help you create a basic plan at no cost. However, if you require a more comprehensive and customized plan, hiring a professional writer or consultant may be necessary, which can come at a higher cost.
Several factors can influence the cost of a business plan, including the size and complexity of the business, the industry, the target audience (such as investors or lenders), the level of research and analysis required, and the timeframe for completion. Additional services such as market research, financial forecasting, and industry analysis can also impact the overall cost.
It depends on the specific needs and goals of your business. A professionally written business plan can provide valuable insights, help secure funding, and serve as a roadmap for your business. It can increase your chances of success and make a positive impression on investors or lenders. However, if you have the necessary knowledge and resources, you can also create a solid business plan on your own.
Assessing the importance and potential benefits of a business plan for your specific business is crucial in determining the right budget. Consider your business goals, the complexity of your business model, the amount of research and analysis required, and the level of expertise you need from a business plan writer. It’s recommended to research and compare costs from different sources to make an informed decision about your budget.
