Businesses seeking funding must convey their research-based ideas in clear and succinct language to investors and lenders. Such information is documented in business plans, which may be created by company owners themselves or by professionals. Business plan writing companies specialise in this form of writing.
Effective business plan writers will always be in great demand. When a firm has a written business plan, its odds of successfully developing or receiving finance almost quadruple compared to when there is no written strategy.
Follow these ten steps to launch a business plan writing service:
Make a plan for your Business Plan Writing Service.
Create a legal entity for your Business Plan Writing Service.
Tax registration for your Business Plan Writing Service
Create a Business Bank Account and a Credit Card
Establish Accounting for your Business Plan Writing Service.
Obtain the Required Permits and Licenses for Your Business Plan Writing Service
Insurance for Business Plan Writing Services
Create a brand for your Business Plan Writing Service.
Create a website for your Business Plan Writing Service.
Configure your Business Phone System
Starting a company entails more than just registering it with the state. This straightforward guide to launching your business plan writing service has been put together by us. These stages will guarantee that your new company is well-planned, correctly registered, and legally compliant.
STEP 1: Make a business plan.
A well-thought-out strategy is vital for entrepreneur success. It will assist you in mapping out the intricacies of your organisation and uncovering some unknowns. Consider the following crucial topics:
What are the initial and continuing expenses?
Who is your intended audience?
How much money may you charge your customers?
Fortunately, we have done a lot of the legwork for you.
What are the expenses associated with starting a business plan writing service?
The costs of establishing a business plan writing service are negligible. Writers need a computer, internet connectivity, a website, and a location to meet with customers. An office may be used for meetings, although shared coworking spaces and coffee shops can function well and are less expensive.
Completed company plans must be printed, but if the cost of a printer is too high, this may be done at professional printing businesses. (For optimum visual appeal, business plans should be printed in colour on high-quality paper.)
What are the continuing costs associated with a business plan drafting service?
The continuing costs of a business plan writing service are negligible. They include the cost of depreciation on equipment, internet connection and printing, as well as any other expenditures connected with an office or meeting space.
Who is the intended audience?
Businesses that write business plans assist business executives. Most of them are entrepreneurs looking for investments or loans, but they may also be investors seeking visas to enter the United States. Some authors also create ideas for charitable organisations.
Importantly, the target market does not simply include new firms. Established enterprises need investments and loans in order to capitalise on new market possibilities or developments.
What is the revenue model of a business plan writing service?
A business strategy Selling finished business plans generates revenue for the writing firm. Because producing plans is time-consuming, most authors request a deposit ahead before, with the remainder payable upon completion.
How much money may you charge your customers?
A business plan may range in price from a few hundred to tens of thousands of dollars. BusinessPlans.com provides plans for $495 at the bottom end of the price spectrum. Ground Floor Partners, on the other hand, costs anything from $5,000 to $20,000 or more. Bargain Business Plan is somewhere in the middle, with prices ranging from $899 to $2,799.
What is the profit potential of a business plan writing service?
A successful business plan writing company might earn six figures per year. Joorney Business Plans, for example, has completed an average of 250 business plans every year. If each plan costs $1,000 (and they most certainly cost considerably more), the corporation has made at least $250,000 each year.
Furthermore, since the continuous expenditures for this form of company are modest, the majority of this is profit.
How can you increase the profitability of your company?
Many authors who start enterprises producing business plans end up consulting. As authors gain knowledge about a specific industry, this is a logical service to provide the customer.
Some authors, on the other hand, provide PowerPoint presentations that company owners may utilise for live presentations. After generating a company plan, creating a presentation is simple, and presentations complement plans well.
STEP 2: Establish a legal entity
Sole proprietorship, partnership, limited liability company (LLC), and corporation are the most frequent business structure forms.
Creating a formal company organisation, such as an LLC or corporation, shields you from personal liability if your business plan writing service is sued.
STEP 3: File your taxes
Before you can begin for business, you must register for a number of state and federal taxes.
To register for taxes, you will need to get an EIN. It’s really simple and completely free!
Taxes on Small Businesses
Depending on the business form you choose, you may have multiple choices for how your company is taxed. Some LLCs, for example, may benefit from being taxed as a S company (S corp).
These guides will teach you more about small company taxes:
Taxes on LLCs
LLC vs. sole proprietorship
Corporation vs. LLC
S Corp vs. LLC
How to Form a S Corporation
S Corporation vs. C Corporation
There may be state taxes that apply to your company. In our state sales tax guides, you may learn more about state sales taxes and franchise taxes.
STEP 4: Establish a company bank account and credit card
Personal asset protection requires the use of distinct business banking and credit accounts.
When you combine your personal and business accounts, your personal assets (your house, vehicle, and other possessions) are at danger if your company is sued. This is known as penetrating your company veil in business law.
Furthermore, understanding how to develop corporate credit may help you get credit cards and other financing in your company’s name (rather than your own), lower interest rates, larger lines of credit, and other benefits.
Establish a business bank account.
Opening a business bank account is not only required when asking for business financing, but it also:
Separates your personal assets from the assets of your firm, which is required for personal asset protection.
It simplifies bookkeeping and tax reporting.
Create a net 30 account.
Net 30 accounts are used to develop and grow company credit while also increasing cash flow. Businesses use a net 30 account to purchase items and refund the whole debt within a 30-day period.
Many net 30 credit suppliers submit information to the main business credit agencies (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how firms establish business credit in order to get approved for credit cards and other lines of credit.
Apply for a business credit card.
Obtaining a business credit card benefits you in the following ways:
Put all of your company’s costs in one location to separate personal and business spending.
Build your company’s credit history, which will be important for raising funds in the future.
STEP 5: Establish business accounting
Recording your numerous costs and sources of revenue is crucial to assessing your company’s financial status. Keeping precise and thorough accounting also makes yearly tax filing much easier.
STEP 6: Obtain all required permissions and licences
Failure to get appropriate permissions and licences may result in significant penalties or possibly the closure of your firm.
Requirements for State and Local Business Licensing
To run a business plan writing service, some state permissions and licences may be required. Visit the SBA’s reference to state licences and permits to learn more about licencing requirements in your state.
For information on local licences and permissions, visit:
Check with the clerk’s office in your town, city, or county.
Contact one of the local organisations mentioned in the US Small Business Associations database of local business resources for help.
Occupancy Certificate
A business plan writing service is usually conducted from an office. A Certificate of Occupancy is often required for businesses that operate from a physical site (CO). A certificate of occupancy certifies that all building rules, zoning laws, and government requirements have been satisfied.
If you intend to rent a space:
In most cases, it is the landlord’s obligation to get a CO.
Before leasing, ensure that your landlord has or can get a valid CO for a business plan writing company.
A new CO is often required after a big remodelling. If your location will be refurbished before opening, incorporate wording in your leasing agreement saying that lease payments would not begin until a valid CO is given.
If you intend to buy or create a location:
It is your responsibility to secure a valid CO from a local government entity.
Examine all building rules and zoning standards for the area of your business to verify that your business plan writing company will be in compliance and able to receive a CO.
Contracts for Services
Before beginning a new project, business plan writing companies might consider asking customers to sign a services agreement. By defining payment terms and conditions, service level expectations, and so on, this agreement should explain client expectations and reduce the possibility of legal problems.
STEP 7: Obtain commercial insurance.
Insurance, like licences and permits, is required for your company to operate safely and legally. In the case of a covered loss, business insurance protects your company’s financial well-being.
There are several sorts of insurance plans designed for various types of companies with varying risks. If you are unaware about the hazards that your company may encounter, start with General Liability Insurance. This is the most popular coverage required by small companies, so it’s a good place to start for yours.
Workers’ Compensation Insurance is another important insurance product that many companies need. If your company will have workers, your state may require you to purchase Workers’ Compensation insurance.
STEP 8: Establish your brand
Your company’s brand is what it stands for, as well as how the public perceives it. A strong brand will help your company stand out from the crowd.
How to Market and Promote a Business Plan Writing Service
Business owners employ company plan writers for their knowledge and talents, and the best method to demonstrate these qualities is to meet with business owners in person. Local small business associations, entrepreneurship conferences, and networking events may help writers advertise their services. Cold calling in person may also be beneficial. Once one company owner has gained a customer, their reference will almost always result in further jobs.
How to Keep Customers Returning
Writers may differentiate their business plan writing services from the competition by focusing on a certain specialty. They may specialise in a certain form of business plan (for example, standard plans, E-2 visa plans, or franchise plans), concentrate on a specific sector (for example, manufacturing or food service), or serve consumers in a specific geographic region (e.g. city or county).
STEP 9: Create your company’s website.
After you’ve defined your brand and designed your logo, the next step is to build a website for your company.
While developing a website is an important step, some may be concerned that it is out of their grasp due to a lack of website-building skills. While this was a fair concern in 2015, online technology has made significant advances in recent years, making the lives of small company owners considerably easier.
The following are the primary reasons why you should not put off developing your website:
Every genuine company has a website, period. When it comes to bringing your company online, it doesn’t matter what size or sector it is.
Social media accounts, such as Facebook pages or LinkedIn company profiles, are not a substitute for your own business website.
STEP 10: Install your company phone system.
Getting a phone for your company is one of the finest methods to keep your personal and professional lives distinct and private. That isn’t the only advantage; it also helps you automate your company, provides it legitimacy, and makes it simpler for prospective clients to identify and contact you.