Become A Business Plan Writer
This can be a rewarding opportunity, finding work as a freelance business plan writer.
Who hires freelance business plan writers?
Those who need a business plan - these are entrepreneurs, mostly first-time businessmen
and businesswomen who are just starting out.
They have absolutely no idea what a business plan (which is why they cannot come up with
one themselves), so this is where you can be of assistance.
If you have specialized knowledge of business, you can put that to use, helping others.
Done right, your clients will remember you when they achieve success and recommend you
to others as well.
How lucrative is it being a freelance business plan writer?
We weren't kidding when we said rewarding, neither was it a figure of speech - the average
cost of a business plan is $4100, according to the results of a survey undertaken a few
years ago.
There are cheap business plan writers who charge $100 and produce something that only
requires them to spend five hours of their time.
But such a business plan is not solid or detailed enough, and for someone who requisitions it,
such a plan only ends up costing them much more in the long run.
Then there are those who charge $1000 and spend 20 hours on it, but even then, this
is hardly enough.
Determining your payment structure Because a business plan is the blueprint for
a business, it requires a lot of research.
You could do well to charge accordingly and not have any flat fees, because every business
is different, and seeks to thrive in a different business environment.
So when someone reaches out to you, acknowledge them instead of replying with a standardized-template
style reply.
Thank them (when you really mean it, it is bound to show in your writing) sincerely for
contacting you.
Instead of mentioning your rates, even if they ask for it, tell them politely why you
do not have any flat fees.
Ask them for a few days so that you could determine how much it is going to cost them.
Then do your initial research, assess the level of difficulty involved, estimate the
time it would take, add a buffer to take care of any unforeseen delays (like power or internet
outages and/or personal problems that may crop up), and get back to them with a quote
that would be adequate compensation for your effort (you do not want to feel that you are
being underpaid at any point of time during the process).
If it is too much for them, let them move on.
You do not have to worry about 'lost' business.
It is expected to take two months to break even, with the average daily expenses being
around $50.
Understanding the competition There might be MBAs in the market who charge
$400-$600, and if you are wondering how you could compete against them, remember this
- these are usually fresh graduates who have no or very little real-time experience.
The business plans they generate needn't always necessarily be of high quality.
Besides, if they are so great, why aren't they in full-time employment already?
Surely they didn't do their MBA in order to become freelance business plan writers working
from home?
Professional business plan writers charge $3000-$5000 per plan - this is the segment
where you should be competing.
Because there are several business plan writers around (some of them designate themselves
as business consultants who also write business plans), quality is the only differentiator
that is going to make you successful in this field.
The ratio of good business plan writers to the ones that produce low-quality plans has
been estimated at one for every four.
So you know how much of the 'competition' really counts as competition.
It might be unfair to term them as competitors - there is enough demand in the market for
the good ones.
Getting clients Listing yourself on freelance work sites as
a contractor is your best bet when starting out in the field.
It might take time to get your first assignment, but don't worry.
Use the downtime to read all about writing a business plan, the markets in general and
update yourself with all that data.
You could upgrade your spreadsheet and financial knowledge skills as well, in addition to your
writing and image design skills - there are plenty of free online courses around.
Then when you get your first client, you can use this wealth of information to deliver
better and faster.
If you have a satisfied client (you could always ask for feedback a month or two later),
you can leverage this to your advantage - you could ask him/her if she/she would be willing
to review your services if contacted, and if he/she gives his/her assent, you could
list that client as a reference when talking to other clients.
Remember, learning is a lifelong process - it always helps to keep yourself up-to-date.
You could do this even when you are in between clients.
It pays!
There is also the chance that you will be tasked with writing two or more business plans
at the same time.
If you ever find yourself in such a situation, there are two options - you could choose to
work on one at a time, and then start working on the other when you have finished the first
one (you need to explain this to the second client, how you pay attention to detail, and
why it might take some time to deliver, but how he/she can be assured of a high-quality
business plan at the end), and so forth.
This might put off some clients, but it is never a good idea to compromise on quality.
This only affects your reputation and your business in the long term.
Add value Anybody who has run a business will tell you
that sticking to a dated business plan is a major mistake.
Any business plan needs to constantly reviewed and revised to accommodate changes in the
business environment.
This also presents a new market segment.
You could offer to update the business plan periodically (who better than you, who wrote
it in the first place) for a fee; or even update existing business plans written by
others.
Another way of adding value is offering to answer for free any questions the client or
his/her employees might have at any point of time later, even months after you have
submitted your business plan.
When you engage yourself with your clients constantly in this fashion, asking them questions
about their business, their vision for their enterprise and how they see themselves achieving
it, you position yourself as more than just a business plan writer - you are seen as a
business consultant, truly worthy of the fees you charge.
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