There is an abundance of budding entrepreneurs out there with great ideas but who lack the writing and organizational skills to produce a professional business plan. The Internet is the ideal medium to provide this service, so why not create a business plan writing service online?
Start-up businesses pay thousands of dollars to have business plans developed when they are trying to get a loan or receive funding for new projects. A poorly written business plan can seriously hinder the chances of receiving money from anyone, which is why most businesses choose to have their business plans written professionally.
Since this market refreshes itself, there is a tremendous opportunity to make a lot of money with this business.
What skills do you need to start a business plan writing service
Expert writing skills and knowledge of regular business practices are a minimum requirement for operating this type of business. The ability to develop financial projections can be developed through your business, maybe outsourced, or would be provided by the client. Knowledge of how to work with bank officers and lenders is also an asset.
What is the cost to start a business plan writing service
The costs associated with starting this type of business range from $500 to $2,500. This covers the cost to design, build, and host your Website as well as the necessary investment in computer hardware and software. Additional costs may result from promoting your services online and offline, as well as overhead costs such as office supplies and telecommunications bills.
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Number of employees needed to start a business plan writing service
One full-time capable writer is needed to run this form of business. It can initially be started as a part-time endeavor.
Marketing techniques for business plan writing service
- Develop a comprehensive link strategy. Establish links from as many business- and entrepreneur-related Websites, meta-indexes, and directories as possible.
- Participate in newsgroups and discussion forums related to online business, entrepreneurship, or business financing.
- Develop a sponsored listings campaign to bid on appropriate keyword phrases with the popular search engines.
- Launch a small-business advice column on your website to draw repeat traffic from entrepreneurs. Ask site visitors if they’d like to be notified when it is updated or if they’d like to receive a copy via e-mail. You could provide your advice column or articles to appropriate e-zines or opt-in mail lists as long as they provide you and your website with exposure.
This business has some international potential. Not only will people in your country be interested in this service, but internationals looking to invest in your country may also need a professional business plan prepared.
A common problem with start-up operations is that banks and other lenders are unwilling to invest in the business idea. When this happens, entrepreneurs often abandon the business idea along with any commitments they have made while trying to start the business.
This could seriously affect your business, so to avoid this problem you should ask for a 30 to 50 percent deposit upfront.
You can collect the remainder of the fee when the business plan has been completed.
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In addition to writing business plans, you could also develop a referral service to other business service providers such as bookkeepers and tax preparers. You can receive a referral fee for every company that you refer to these businesses, and they could do the same for you.
This is a great way for your business to receive some additional income.