How to Choose A Business Plan Consultant
Every entrepreneur sets out with a plan at the start of a new business. Sometimes it works out from the onset, other times it doesn’t, but they go on with it anyway. This plan may be based on a verbal conversation they had with a person, an article they read online, or the fact that an entrepreneur they know already runs that type of business successfully.
While many factors can motivate an individual to start a business, not going about it the right way will tank your finances and make your efforts a total waste.
So Then, Why Do You Need A Business Plan?
If you haven’t already heard, you will eventually get to hear a popular emphasis on the fact that you don’t need a business plan to start a business. This is largely true for some type of businesses, but for many others, you must draw out a plan to follow, else, you’ll make a lot of mistakes and lose a bulk of your capital. This is the same reason banks, financial institutions, and many startup competitions around the world always requests that you submit a business plan.
The business plan will contain a road map for your new startup or growing business. It will show the opportunities in the market, the keys to success, how your products and services fit in, the existing competition, the size of the industry, an execution strategy to take a part of the market, the experience of your team, and the core financial projections that shows how your business will scale and break-even within a certain period of time.
These pointers will all be stated in your business plan and will serve as an industry guide for any new entrepreneur. It will show the bankers or investors you submit them to, the value of your industry and promise of your business, and will go on to form a yardstick for your business to meet up with.
With the complexity, attention to detail, comprehensive research, financial projections, and the purpose of the business plan, it is crucial that any plan you intend to submit for a bank loan, an investment, or a startup competition, should and must be prepared by a highly experienced business plan consultant.
Why Should You Hire A Business Plan Consultant Instead Of Writing The Business Plan Yourself?
As earlier stated, the nature and purpose of the business plan is the first and most important reason to outsource the writing and preparation of the business plan to a business plan consultant.
A good business plan consultant has a broad experience in helping people carry out highly detailed market researches, preparing a market plan, closely accounting the financial figures in or for an organisation, and has extensive experience preparing a lot of bank and investor-ready business plans.
They know what the banks and investors want to see in your plan, depending on the industry, and will tailor a professional business plan that greatly increases your chances of securing a bank loan or an investment.
What Exactly Will A Business Plan Consultant Do For You?
An experienced professional business plan consultant will listen to you talk about your business idea, send you a series of questions to answer based on what you want to achieve, and will give you a timeline for the completion of your business plan. The consultant will also contact you if anything else comes up and will be willing to offer at least one revert after the business plan is completed and delivered.
How Can You Afford A Professional Business Plan Company Or Consultant Even If You Have Very Little Cash?
Some business plan consultants charge anywhere from 25,000 Naira ($80) to over 15,000,000 Naira ($50,000). Sometimes, the prices are bloated by the business plan consultants to appeal to larger companies, whereas, they may be delivering results that are poorer than even a business plan consultant that charges just 25,000 Naira ($80).
Startuptipsdaily.com’s business plan writing service for instance, offers too much value for a competitive price, which makes it one of the most affordable business plan writing services delivering extraordinary value in Nigeria, Ghana, Kenya, South Africa, across Africa, and in many other countries around the world.
But above all else, spending money on a good business plan should be viewed as an investment and not an expense because, if you make a compromise on the quality of your business plan for whatever reason you may come up with, you could end up at square one, right after losing a lot of money and probably not getting the funding you anticipated.
How Careful Should You Be When Choosing A Business Plan Consultant?
As earlier stated, before you choose a business plan consultant, check to see if they’ve been in the business for a while. This will determine how bank and investor ready your business plan will be. Also ask to see a sample financial plan they have previously prepared. Most business plan consultants won’t be able to show you a sample business plan because it is practically an act of giving out a free plan, but they’d gladly show you a sample financial plan and also a sample document showing the stages your business plan will go through.
If they can’t show you any of them, thread with caution, and only proceed if they offer a no-questions-asked money-back guarantee.
See Also: 10 Reasons To Write A Business Plan
Are You Guaranteed To Get Funded If A Professional Business Plan Consultant Writes Your Business Plan For You?
Writing a business plan through a business plan consultant doesn’t guarantee you’ll get funded. It only guarantees your plan won’t be easily overlooked and will increase the chances of investors or bankers taking a key interest in your business.
When they review business plans in Nigeria, Ghana, Kenya, South Africa, across Africa, or anywhere else around the world, the reader looks out for key metrics like the size of the market opportunity, the execution plan, the strength and experience of the team, your financial projections, and a lot more.
A business plan consultant will help you get these well written and prepared, and will give you a business plan that will make you stand out from many other business plans submitted.
Why Must You Use A Business Plan Consultant?
From everything stated in this article, a professional and highly experienced business plan consultant is the best chance of you getting a bank and investor-ready business plan that won’t easily get overlooked.
They’d verify with other business plan consultants before your plan is fully delivered, and they’ll do everything to ensure your business plan is completed on time!
Must The Business Plan Consultant Be In Your Province, State, Or Country?
The location of the business plan consultant doesn’t matter, although it would be great if the business plan consultant is domiciled in your country. The quality of the content instead, is more important, and will go a long way to determine how much attention your business plan will get.
If you’re in the same country but in different states, there’re still no problems because you can build a highly effective communication channel via email and phone calls. The business plan questions, as usual, would be sent via email and the reply would be done via email and phone calls. The final written business plan would also be delivered via email to the client.
Writing a professional business plan can be challenging, especially when you have no experience writing a bank and investor-ready business plan. If you find it difficult learning how to write a business plan in Nigeria or anywhere else around the world, you should rather have an affordable professional business plan writing service write you a bank and investor-ready business plan. Not all businesses will require a business consultant, it’ll all depend on what the business will be doing.
For instance, if you wanted to run a website selling products on behalf of another company. This can give you the flexibility you need as it’s a type of business structure which you have the ability to stay at home and enjoy clean living. That’s an example of when it wouldn’t be cost effective to pay a consultant however, there are many occasions where this would be a good idea. StartupTipsDaily’s MBA standard professional business plan writing service is perfect for every small business.
With this, you don’t need to worry about how to write a business plan in Nigeria or structure your business plan into something investors or banks will accept. All you have to do is request an understanding of your proposed business model, and you’d have a professional MBA standard business plan ready in anywhere from 5 to 14 working days. You can click here to get started with using StartupTipsDaily’s business plan service to create a professional business plan that’d get accepted anywhere.
What are your thoughts on how to choose a business plan consultant in Nigeria, Ghana, Kenya, South Africa, across Africa, or in the entire world? Let me know by leaving a comment below.
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