Is there a difference between a business plan writer and a business plan professional?

Those who make their living writing business plans are definitely not created equal. When deciding to hire help for this very important document, you’ll need to be able to decipher between the writers and the professionals and which you would prefer to hire.

The key differences between a business plan writer and a business plan professional are their knowledge, skill sets, and often price.

A business plan writer:

• will range in writing ability from average to strong
• mostly works from a basic template
• possesses at least a basic knowledge of business terms
• may or may not have knowledge and/or experience in one of the following areas:  marketing, management, and accounting/finance
• is often cheaper

A business plan professional:

• will range in writing ability from above average to strong
• generally doesn’t work from a template and is able to create a customized plan
• often has knowledge and/or experience in at least two of the following areas: marketing, management, and accounting/finance
• has the ability to act as a consultant and help fill in the blanks or fix problem areas of the plan
• is often more expensive because of their knowledge and skill

Questions to Ask When Hiring a Business Plan Writer

Just like with any other service, not all that advertise themselves as a business plan writer is qualified to write one. If you’re not careful, you could end up with a plan that is poorly written, full of inaccuracies, and what amounts to little more than a relatively expensive pile of paper.

When choosing a professional to help with your business plan you should take the time to do a little homework and talk to a few different ones.  A business plan is a pretty personal document and you’ll not only want to choose someone who is qualified, but someone who will be the best fit for you and your business.

In order to find the right writer for you, it’s important to ask a lot of questions – here is a list to get you started:

1.)  How long have you been writing business plans?

This question won’t really tell you much about the writer, but if the answer is a year or less than you should definitely probe deeper.

2.)  What is your education and/or qualifications to write a plan?

You’ll want someone with some form of a business degree or practical business experience. You should consider it as a red flag if they only answer with how many plans they have written.

3.)  What is your process for writing business plans?

It’s extremely important that you be involved in the process. After all, this is your business and you’ll need to be able to sell the plan. If they answer that they only interview/meet with you once, then it’s time to move onto the next one.

4.)  Where do you get your information?

If they stumble on this answer or what they say doesn’t sound that credible to you, move on.

5.)  Do you guarantee funding?

If they say yes or make any kind of promise on this one, immediately move onto the next writer. No one can guarantee you funding because the possibility of it doesn’t rest on the plan alone.

6.)  How do you handle revisions?

Most legit professionals have a system in place for revisions and offer at least some of them for free.

7.)  When is payment due?

If they require payment in full upfront, this is a huge red flag. It is not uncommon for professionals to require a deposit (up to about 30%), but never hire anyone who wants to be paid in full before they do any work.

Recession = Business Opportunities

Recession (ri-sesh-uh n)

n. 1. Opportunity

A recession doesn’t have to be a dirty word. It can actually be the perfect opportunity to start a new venture or grow your business by earning a greater market share and increasing net income over the long run.

It may seem like starting a business during a recession is always a horrible idea, but for some it’s actually the perfect time. For businesses, a recession can mean lower costs and increased opportunity.

Costs

To attract new business during a recession, prices for some items such as rent and advertising rates are lowered. Also, vendors are more willing to negotiate for lower prices or increased benefits.

Opportunity

During a recession, there is an increased amount of market share up for grabs. This is because many competitors are forced to close their doors for good, close a few locations, or focus on other areas besides increasing or even maintaining their current market share.

Potential customers, who had been very loyal to their suppliers previously, are suddenly looking for new suppliers because of cost concerns.

Also, as competitors close their doors there is an increased supply of quality, highly skilled workers ready to be snatched up.

A recession may also be the perfect time to grow your business. Study after study has shown that businesses who increased their marketing efforts during a recession enjoyed a higher net income not only during the recession, but for at least 2 to 3 years following.

On the other hand, businesses who decreased or cut their marketing efforts completely during a recession lost significant market share and suffered a decrease in net income for several years.