Businesses

How Much Does a Business Plan Cost

Cost to Create a Business Plan

It is one thing to want to start a business but it is another to actually put your plan into action. But the problem is, a lot of people don’t have a good plan in place. Writing a business plan can be a huge challenge if you haven’t thought it out and completed thorough research. If you have some knowledge in the field of business, already have investors, and have a completely thought out plan, writing a business plan may not be as difficult to do yourself.

Many times when writing a business plan, you are still in the first stages of your business and have not yet gotten any investors. A business plan is a great tool to attract investors but if that is your goal, it is best to have a professional write your business plan.

Factors of Cost

When starting a business, you may just need a simple plan written out if you’re only going to start out small. No matter how small of a business though, having a well thought out plan is key. To have a simple plan written out for you by a professional, the price will start at $500. As the complexity of your plan increases so will the price.

Many firms will charge by the hour which could give you a better deal than a package deal or a one sum rate plan. If you are paying by the hour you know that you are going to pay according to whether you need a short, simple plan or a long complex plan. Firms that charge by the hour will typically run between $50 and $150 per hour while a single rate package could cost anywhere from $400 to $1,000 for a simple plan. Smaller firms may charge around $2,000 for less complicated plans but more complex plans could cost as high as $9,000.

Additional Costs

When choosing a company that charges by the hour, the more work they have to do, the higher you will end up paying. They will have to do plenty of research and become familiar with your particular business venture. The time this takes will vary depending on the experience of the firm and complexity of your business venture so this part of the process will add to your final cost. With the amount of investments you receive from your professional business plan, it should easily pay for itself.

How to Save Money

Government agencies along with private agencies can provide you with training and information regarding writing your own business plan for a small fee averaging only $50. This small fee is a great alternative to spending the full cost of hiring a professional to write your plan for you. There is also software available for purchase to create a more professional looking plan and also to help outline the plan for you as well. This type of software usually costs around $100.