Last updated on February 15th, 2019 at 11:35 pm
There are lots of important things to consider when starting a business to make sure it becomes a success. The most important and basic elements are a good team and a business plan.
Comparing the Best Business Plan Writing Services[table “57” not found /]
Best Business Plan Writing Service for Small Businesses
Since writing a business plan is a complex task that requires excellent analytical skills and a strong business sense, not everyone can do it efficiently. Keeping in view the complexity and necessity of the task, many business plan writing services now help those who either don’t have the skills or the time to get it done.
Here, we will discuss the 3 top-most business plan writing services for small businesses, to identify which one offers the best overall package.
1. Wise Business Plans – The Recommended Service
Wise Business Plans is the recommended service for small businesses. Not only does it take the data from you and simply formulates a plan on its basis, it also listens and implements your input.
The team of Wise Business Plans knows how to create a perfect balance between your ideas, facts and figures, and their own knowledge and research. By working on your ideas, they only improve them in such a way that results in producing a well-detailed and professional business plan.
Although all 3 services that are being discussed and reviewed in this article provide complete business plan writing services, what makes Wise Business Plans rank at the top is its perfect level of consultation. It neither entirely influences and/or challenges your ideas nor completely abstains from giving feedback.
Wise Business Plans also ensures that your financial information is analyzed by the experts of the fields so that any gaps and miscalculations can be identified and rectified.
How Wise Business Plans Works?
When you contact Wise Business Plans for getting your business plan written, you are provided with a questionnaire that contains questions about your business and your requirements regarding the business plan.
Once you submit the questionnaire, one of the expert writers from the team of Wise Business Plans contacts you via phone call to discuss everything in detail. During this discussion, the writer also gives you suggestions and advises regarding the financial aspects and any changes required to improve your business plan.
Wise Business Plans makes sure the writer remains in continuous contact with you through phone calls and/or emails during the whole writing process.
Depending upon the complexity of the task, Wise Business Plans takes around 1-2 weeks to formulate and deliver the business plan.
Wise Business Plans is a widely acclaimed business plan writing company that not only has an efficient team of experts, but is easily approachable as well. Since you are directly connected with the writer, there are less chances of communication gaps or information distortion.
The company also provides excellent customer service. It also enjoys excellent customer reviews on Better Business Bureau (BBB) and on Google as well.
Wise Business Plans offers different packages according to the type of the business plan a client needs. They start from as low as $1,650 for business plans specifically written for securing bank loans.
The plans designed for startup companies or for those looking to get investments in their businesses are more complex than those formulated for bank loans and hence, cost a bit higher.
No matter how complex a business plan a client needs and how unique the requirements are, Wise Business Plans’ price does not go higher than $5,000.
Optimal Thinking provides idea services to those companies who need a higher level of consultation in almost every area of their business plan. There could be many reasons for a company to go for in-depth consultation and advice with regards to multiple areas of business.
A startup company formed by an budding entrepreneur who does not know about the dynamics of business world and the tactics to survive in this highly competitive field is likely going to need suggestions, advice and consultation related to many different aspects. Also, a business may need in-depth consultation due to its unique operational issues.
For all such businesses, Optimal Thinking provides a really good business plan writing service. However, one should note that there also some downsides of this service as well.
How It Works?
As mentioned earlier, Optimal Thinking looks into each and every part of your business plan and provides consultation and advice with regards to all the components, whether it is your selling strategies or legal issues or tactics to receive investments.
However, not all businesses that contact Optimal Thinking get a chance to receive this in-depth guidance. This is because Optimal Thinking has its own procedure of determining the probability of a company’s success and failure, and it only works with those companies that are likely to become successful businesses in the future. Others simply get rejected.
The chosen ones are provided with a questionnaire to determine the nature of their business, their needs and requirements etc. At Optimal Thinking, the entire consultation process with clients takes place via emails to avoid the chances of miscommunication as there would be written proofs of every claim and commitment.
Optimal Thinking has a team of expert professionals who work on a business plan from every possible angle. It also provides assistance with regards to present and potential legal issues.
Time Taken by Optimal Thinking to Write Business Plan
The average time period taken by the Optimal Thinking to formulate a well-designed and well-written business plan is about 2-4 weeks. However, the time period may vary depending upon the complexity of the plan and the requirements of a client.
Companies that have not done any research or do not even have an outline of their business plan may get their business plans in more than the average time period.
Optimal Thinking also provides urgent service which is subject to additional charges.
Optimal Thinking is praised by customers for providing high quality and extensive consultation which takes every single aspect of a business plan into account. It can be understood from the clients’ reviews that Optimal Thinking lives up to its claim of having the team of highly knowledgeable and informed experts from the business world.
However, price is one of the downsides of Optimal Thinking. Depending on the requirements of a client and the complexity of the business plan, the prices may range from $5,000 for companies that have the basic data and facts and figures to $30,000, for plans that need extensive market and industry research. The price range of Optimal Thinking is not ideal for small businesses.
Businesses that do not need any consultation or advice and just need someone to take their ideas, facts and figures and put them together in form of a professional business plan should go for Bargain Business Plans as it does just that. It simply formulates a well-rounded plan using your ideas and statistics, without giving its own input into your business affairs and strategies.
How Bargain Business Plans works?
Companies that choose to work with Bargain Business Plans first receive a set of questions to determine the nature of a business, facts and figures, and what its business plan should be like.
The team of experts at Bargain Business Plans does not challenge or negate your ideas as their only job is to produce them on paper in a professional way. However, this does not mean that they do not do their own research. Bargain Business Plans claim to produce high quality, customized business plans for every client after an extensive market research.
Bargain Business Plans offers the quickest service out of all three business plan writing services discussed in this article. It only takes 7-10 days for generating a majority of business plans. Those companies that opt for the ‘Optimum Package’ receive their plans with 10-14 days.
Bargain Business Plans enjoys a positive reputation in the business world. The business plan writing service has only received positive reviews on the website of Better Business Bureau (BBB).
Bargain Business Plans offers 3 fixed packages:
- The Bargain Package – It costs $445 and includes a business plan specifically designed keeping in view the requirements of the Small Business Administration (SBA) and banks. The package also includes financial projections for 3 years.
- The Economical Package – In addition to the SBA and banks’ requirements, companies that buy this package also get their plan designed for securing investors. The financial projections are also provided for a greater period of time (5 years) in the economical package. The price of this package is $700.
- The Optimum Package – This is available for $950 and includes a business plan, with enhanced formatting and color tables and charts which can be used for any purpose. It also includes a customized business logo. A complementary Power Point Presentation is also provided to all the clients that opt for the Optimum Package.
Despite the fact that now we know which company has the best team and formulates an excellent business plan writing service, it is important to have some knowledge regarding what a business plan actually is so that you know what to expect from the service provider.
What Is A Business Plan?
A business plan is a document or a set of documents that describe a business; its financials, marketing and sales strategies, and other numerous functional aspects in detail.
In simpler words, a business plan does exactly what its name implies: It provides your business with guidelines and a roadmap to follow in order to achieve its goals. It tells us what and how you plan to do in future with regards to your business.
It also discusses what problems you are going to face in achieving your business goals and what can be done to avoid them or to minimize their effect.
A business plan basically provides answers to all the questions that your partners, team, and clients may have in their minds, such as;
- What your business is all about?
- What are its short-term and long-term goals?
- How are you going to achieve them?
- What finances do you have right now and how are you going to manage them in the future?
- How much profit is likely to be earned by following the highlighted strategies?
- What hindrances and problems are likely to come up down the road and how are you going to avoid or deal with them?
Who Needs A Business Plan And Why?
This is one of the most common questions asked from experts of the business world. Therefore, before you hire a business plan writing service, it is important to know whether you need a business plan or not in the first place?
Also, knowing why you need a business plan will make the process of finding the best business plan writing service that suits your needs and requirements a lot easier because in this way, you would know what you are looking for.
Businesses That Need Business Plans
Every person who is either starting a new business, is planning to expand the already existing one, and is going to use a substantial amount of time, energy, money and other resources to generate revenues needs a business plan.
Like all other areas, good planning is critical in making your venture a success.While startups present the most classic scenario for business planning as their needs are more pronounced, they are not the only ones.
Already existing businesses also need a business plan to explore new market opportunities, address changing trends, increase customer base, and expand the business.
Practical Implications of a Business Plan
A business plan is not a document like hundreds of others that just keeps lying in a file and does not have any practical implication. Rather, the whole purpose of writing a comprehensive business plan is to let a business person know what’s coming his/her way down the road.
It allows him/her to know what path to follow, the strategies and tactics to use, management of finances, and how to eliminate or reduce the chances of failure and/or losses without trial and error. A business plan is formulated for a specific time period, such as a year (short-term) or for 5-10 years (long-term).
Thus, it keeps on changing, modifying and growing with the business. It also allows you, after the end of term, to look back and review your performance and achievements and see what, out of the goals highlighted in the plan, have you achieved and what have you lost.
By doing this, you can learn from your mistakes and try to avoid them in the future. Also, you would know what strategy or tactic has worked best for your business.
Following are the most common reasons for developing a business plan:
To Secure a Bank Loan – Businesses need to provide all their financial information to the bank they are applying for loans. And this information needs to be presented in such a way that there is no doubt or distrust regarding your capability to repay the loan. This is important because before granting a loan, banks undertake certain measures to ensure that the loan will be returned within the prescribed time period.
To Get Funds from the Investor(s) – Similar to banks, investors need to make sure their money does not sink. For this, businesses have to prove their competency, uniqueness, marketing and selling strategies and methods, and their potential for development. Whether a person or organization invests in your business or not depends, it solely on how well your business plan is formulated.
To Understand The Market – Understanding the market you are working in or going to step in is one of the crucial elements in a business’ success and failure. The better you understand the market, the better you are able to plan out your strategies.
To Outline Your Own Functioning – An important part of a business plan is to outline the methods, approaches and resources needed to achieve your desired goals. It helps you determine the necessary steps and daily processes to reach your target and grow as well.
Key Sections of a Business Plan
A business plan consists of the following fundamental sections:
- Company Analysis – This section discusses the products and/or services a business is offering right now and/or what it is planning to offer in the future.
- Industry Analysis – This section entails analyzing the market in which you are operating. The current trends, changes that are likely to come, and how the existing and forthcoming changes will affect your business.
- Competitive Analysis – Here, the business plan identifies a company’s major competitors and their weaknesses and strengths. Also, this section discusses the areas where your business is likely to gain an edge over its competitors, and how?
- Customer Analysis – A business needs to identify its existing, potential and targeted customers, their needs and preferences, and also their demographic profiles to understand their lifestyles and choices.
- Team – This includes developing a team of competent individuals whose talents and skills match your business’ requirements. Also, this section entails the hiring needs of the business.
- Marketing Plan – No business can succeed without having a highly effective marketing plan because marketing is the only way to reach out to your customers and let them know about your offerings. Promotional methods, marketing strategies and channels, and the ideal brand positioning for your business is included in this section. Also, the method of pricing your products and/or services is also discussed here.
- Financial Plan – No matter how well you have planned everything, how great an idea you have, and how competent a team there is to put those ideas into practice, all this will not be of any use in the absence of finances. Therefore, discussing the financial plan for a business is probably the most important part of a business plan. How much funds you need and how and from where are you going to get them are some of the areas which need to be discussed in this section. Also, it includes discussing the investment area and method and expected revenues and losses.
- Operations Plan – This section of business plan highlights the actual ways to put all the ideas, strategies and planning into action. It includes setting milestones (yearly and long-term) and ways to achieve them.
Our Final Take on Business Plan Writing Services
Although Bargain Business Plans offers the quickest service at the lowest rates and Optimal Thinking provides in-depth consultation, both of these business plans writing services have downsides that make them rank lower than Wise Business Plans.
Wise Business Plans provides just the right amount of consultation and advice according to the needs and requirements of a majority of small businesses at an affordable price. Wise Business Plans not only gives you a well-written, well-formatted and professional business plan, it also provides you just the level of financial consultation that you need.
This is why Wise Business Plans is recommended by the experts of the business world, especially for small businesses.
The WiseSmallBusiness Team is full of industry experts and successful business owners willing to contribute important business articles.