When Do I Need To Hire A Business Plan Consultant

Every new business owner knows that a business plan is critical ? it is drilled into them by potential investors and every banking officer they meet. So why is something that is so important to the launch of a new venture so difficult to write? Good question! In this article I will try to address when you should go out and hire a business plan writer versus taking on the task yourself. First time entrepreneurs often cringe when sitting down to write their business plan. Some spend 6 months agonizing over each period and comma, and even worse others spend 6 months procrastinating and do nothing. So lets break it down and see where / when a business planning company should be brought in:

Who will read your business plan and why?

First you need to really understand the purpose of your business plan and who your audience (reader) will be. This is an important point as a business plan being written for a $100,000 loan is VERY different than a document needed for a $10 million round of venture capital! Since this article is focused on first-time small business owners, I will focus on preparing business plans raising less then $1 million in capital. For this "startup" or "seed" business plan 30-35 pages are perfect. You are not expected to deliver a thick book (and no one will read it anyway!). Once you have this down, you can honestly assess which sections you are qualified / comfortable writing and which may need consulting help.

Here is what you should write on your own

It is important for you to write a basic draft / outline of your business plan. Without this direction you are probably asking too much of your consultant. Once you have your thoughts organized on paper you can see what you are comfortable completing. Here are a few suggestions:

Executive Summary: Draft the opening of your business plan ? then hire a pro to come in and re-write it. Your executive summary will be read first and first impressions are critical!

Marketing: You need to write your own definition of your target customer / audience. For the market research on industry growth and fancy charts go ahead and hire a consultant.

Competitive Analysis: You should put together the first draft of this section, as it is almost as important to understand your competitors, as it is your customers. If you find a consultant that is an expert in your field, then you can work together and add to your initial list.

The Dreaded Financials

This is the most difficult part of a startup business plan, as you are making projections and assumptions on products / services that you have not even produced or sold yet! If you are stuck on this section you can hire a business plan consultant to just assist you with completing your projections (income statement, cash flow, and balance sheet). Figuring out the cost of goods, delivery costs, and return rates can be simplified by breaking them down into a "light" spreadsheet. Next you need to understand your startup and operating costs ? items like electricity, travel, phone expenses, etc. Again just organize these and your consultant can make all the fancy charts and graphs. Just make sure you understand all of the assumptions ? for example if you are opening a retail business, you should not look towards your consultant to "guess" your rent ? go out and meet with a realtor and come back with real data. If you work closely with your consultant, the financials are a great section to bring in professional help.

Managing Expectations

Now that you know a bit more about when to hire a business plan writer you also need to manage your expectations. You can't expect a $1,000 business plan to have 20 pages of competitive analysis and a full-blown marketing strategy! If you carefully work through which sections of your business plan need outside help and then manage your consultant closely, your final document will be a success! My next two articles will focus on "How to Find / Hire a Business Plan Consultant" and more importantly "When to Fire your Business Plan Consultant!"

Howard Schwartz is a partner in several business strategy groups, including HJ Ventures International, Inc. Howard has worked with hundreds of entrepreneurs worldwide with a focus on writing business plans for companies interested in raising capital from Venture Funds and Angel Investors. Howard's business plans have secured several million dollars in funding.

For more information: http://www.hjventures.com

housekeepers near Buffalo Grove ..
In The News:

Analysts at Silent Push have uncovered a widespread scam that uses counterfeit retail websites to steal the credit card information of online shoppers.
Chrome users need to update their browsers immediately as Google addresses a critical vulnerability that hackers are actively exploiting. Additional security measures are recommended.
A study found teens glance at phones for dangerous two-second intervals while driving, using devices primarily for entertainment, texting and navigation despite crash risks.
Security researchers uncovered a flaw in Windows 11 that allows attackers to disable Secure Boot using Microsoft-signed tools, requiring manual updates to protect against bootkits.
Carnegie Mellon's noninvasive brain technology allows users to move robotic fingers by thinking about the motion, offering new possibilities for people with motor impairments.
Multi-factor authentication (MFA) adds an extra layer of protection to your accounts. Instead of relying only on a password, MFA requires you to verify your identity using two or more methods.
Scientists from Duke, Harvard, and the University of Otago have unveiled a game-changing tool called DunedinPACNI. It uses a single AI brain scan to reveal how fast a person is biologically aging.
A disturbing wave of fake agent phone scams is sweeping across the United States, catching people off guard and draining their savings.
Emojis aren't just playful add-ons; they're powerful tools for building stronger connections in our increasingly digital world.
Google has taken a major step toward the future of clean energy by partnering with Commonwealth Fusion Systems (CFS), an MIT spin-out working to build one of the world’s first commercial fusion reactors.
If you create and share art online, you might have seen messages warning that Facebook's parent company, Meta, claims the right to use or even sell anything you post, whether it's pictures, poems, or artwork.
Cybercriminals hit Qantas in a major data breach that exposed information from up to six million customers.
Having reliable, loud, and timely emergency alerts on your phone or device is important because when severe weather strikes, every second counts.
Here's how your daily brew is becoming the foundation for greener buildings.
Artificial intelligence (AI) and large language models (LLMs), such as ChatGPT, are transforming how we learn. But what does this mean for AI and learning retention?
Modern AI data centers use much more electricity than traditional cloud servers. In many cases, the existing power grid cannot keep up. One innovative solution is gaining traction: repurposed EV batteries for AI data centers.
Microsoft 365 and Outlook users are being targeted by a tactic that injects fake billing alerts directly into their calendars.
Researchers are now showing us that old smartphones as data centers could be the next big thing in sustainable tech.
Scientists have created micro-robots for sinus infection treatment that can enter the nasal cavity, eliminate bacteria directly at the source, and exit without harming surrounding tissue.
Let's examine how your data is collected in everyday life, who is buying and selling it, what happens to it afterward, and, most importantly, what you can do to protect yourself.
Researchers at the University of Sheffield in the U.K. developed small robots called "Pipebots" that can travel inside water pipes to find and potentially repair leaks, all without any excavation.
A groundbreaking new study has uncovered disturbing AI blackmail behavior that many people are unaware of yet.
Four teams of autonomous humanoid robots competed in China's first AI soccer tournament, demonstrating advanced capabilities in ball detection and independent decision-making.
The ID. Buzz autonomous van features self-driving technology with 13 cameras, nine LiDAR units and five radars after Volkswagen partnered with Hamburg and Uber for 2026 deployments.
Social Security phishing scams use urgency and impersonation to steal personal data. Learn how to spot fake SSA emails and implement 10 protective measures.

Describing Intellectual Property in Your Business Plan

Most companies that are worthy of raising venture capital have... Read More

When Do I Need To Hire A Business Plan Consultant

Every new business owner knows that a business plan is... Read More

Menu Driven Business Planning

A menu is the foundation of any restaurant; Guests will... Read More

Balanced Scorecard Strategy Map

With the help of balanced scorecard strategy map, it is... Read More

What is a Shared Vision?

So what makes a vision successful? Everyday companies try to... Read More

Titanic Precautions

Many movies have been made about the tragic story of... Read More

Are You Ready To Go International?

Although North Americans were the dominant population on the Internet,... Read More

Clearing the Path: 4 Ways Fear Wreaks Havoc on Your Dream and What to Do About It

Please take a moment before you read any further and... Read More

Invalid Excuses for Poor Business Results - The Economy

Note to Rite Aid and CVS: It's not about the... Read More

Do You Have A Customer Identity Crisis?

The trick is to determine what uniquely identifies your best... Read More

How Good Is a Business Plan To Your Business?

You know you need a business plan. You probably realize... Read More

3 Undercover Ways to Make Big Profits from Your Competition

You have heard that there is extra money on the... Read More

5 Strategies That Will Boost Your Business Productivity Today! - Part 2

Growing your own small business can be one of the... Read More

Memo: Sustaining Growth in Your Business

What gets measured gets done.How do you keep your business... Read More

TQM Total Quality Management, the book

Every decade we seem to come up with a buzz-word... Read More

The Best Entity to Hold Real Estate

Possibly THE most frequently asked question of me is "What... Read More

Art of Succession Planning

Succession planning, like any business acumen, is both an art... Read More

Own Your Niche by Building a Niche Community

In 1997, David Steele was making the transition from a... Read More

Connecting Your Offline Business to Your Online Business

These may sound like no brainers, but you'd be surprised.... Read More

The Chasm of Change---- Restructuring ----- The Goliath

Richard L. Daft one of the country's recognized academic leadership... Read More

Benefiting from Strategic Thinking

I recently took an organizational behavior class where my professor... Read More

Bounced Checks in Your Business Location Outlets

The new check cashing instant clearing will take some time... Read More

Five Crucial Components of a Business Plan

The format of a Business Plan is something that has... Read More

How to Grow Your Business by Clearing the Way to Growth

Is your business growing as fast and effectively as it... Read More

Could You Be Setting Your Business Plan Up For Failure?

David E. Gumpert, author of Burn Your Business Plan, often... Read More

custom home cleaning Mundelein ..