How to Start a Business Plan Service


Providing a business plan service is very lucrative. This is because there are millions of startups and established businesses. To offer this service you need to master different disciplines.  The business is practicable from home or a dedicated office.
You can work part time or full time and have few competitors. The demand is high and you could start from scratch or buy into a franchise. To start a service you need to register your business, secure finance and develop a marketing strategy to get clients.
Register the Business
Register your business as a limited liability company. You need liability insurance, intellectual property protection and professional certificate. Legal documentation include business plan, non-disclosure agreement.
         Limited liability Company
         Liability insurance
         Intellectual property protection
         Professional certificate
         Business plan
         Non-disclosure agreement
Business Plan
Funding the Business
The amount of startups funds is small compared to other businesses. You need funds to rent and office, basic furniture, office equipment.
You can try target saving, borrow from friends and family or try partnership. Make sure the location is in a business district and build an online presence. You can hire qualified staff and develop an effective marketing strategy.
Marketing your Service
Use newspaper, financial magazine advertisement to attract patronage. Build a website for the business and use social media. Print flyers, posters, banners, billboards and signboards to get customers.
         Newspaper adverts
         Financial magazine ads
         Build a website
         Use social media
         Print flyers
         Posters
         Banners
         Billboards
         Signboards
Niche Ideas
As a service provider there are a few niche ideas to consider. You can focus on writing plans on investor financing, standard business plan or strategic planning. Others are one page plans, internal planning, feasibility study and research.
         Investor financing
         Standard business plan
         Strategic planning
         One page plans
         Internal planning
         Feasibility study and research
What is a Business Plan?
A plan is a formal statement of objectives and business goals of a company. It contains financial information, company structure, team and organization. The purpose is to formulate a cohesive blueprint of operational model, financials, staffing and operations.
The plan is essential for startups, branding and major changes in the company. The plan is generally structured to cover first 5 years of business.
The plan could be externally or internally targeted for stakeholders, investors. It could focus on obtaining loans, expansion and new direction.
Challenges
It is a known fact the 60% businesses fail in their first year. Therefore a business plan should be conservative in growth projections and expected income.
The reason for the plan is to carry out feasibility study, surveys and product testing. A plan should not be static and adjustment is needed as market trends, direction or technology changes.
Questions a Business Plan Answers
The plan should answer many questions and present a clear, concise answer. It should show the niche, products, service and customer base.
Answers include marketing solutions, business model, competitors and find a competitive advantage. It needs to define the staff’s qualifications, management operations, require capital and financial projections.
Uses
A plan is written for different purposes like raising funds, internal use or education. Internal use plans focus on business management strategy, management objectives and strategic planning.
Fundraising targets venture capitalists, business loans, angel investors, startup funds and grants. Some plans are developed for non-profit organizations, government agencies.
         Fund raising
         Internal use
         Education
         Business management strategy
         Management objectives
         Strategic planning
Preparing a Business Plan
To prepare a business plan you need a vast knowledge of different disciplines. The disciplines cover intellectual property, accounting and marketing. Understanding human resources, finance, operations and supply chain is essential.
Business Plan Purpose
The plan is goal oriented and written to determine financial needs, best location and equipment. Other parameters include staff requirements, how to get a competitive advantage and study the competition.
Business Plan Content
To succeed as a business plan service provider your plan should cover certain elements.  The plan is to aid decision making, determine goals and audience. The format also depends on content such as an elevator pitch which essentially is a teaser or summary.
Other formats are a pitch desk or slide show that presents an executive summary, graphs and benchmarks. More formats are internal operations plan and detailed written presentation.
Common content includes an executive summary, mission statement and leadership. Others are business description, market analysis, marketing plan. Others are market analysis SWOT analysis.
It should provide cash flow analysis, staffing, operations and financial projections. An investor interested in sustainability, feasibility, and growth potential of the business. It should list legal concerns, financial liabilities that might affect an investor.
The plan would provide proper evaluation and an exit plan for the investor. Financial institutions are generally concerned about default on loans. Therefore the plan should have a repayment strategy for the loan provider.
Content of Business Plan
         Executive summary
         Mission statement
         Leadership
         Business description
         Market analysis
         Marketing plan
         Market analysis
         SWOT analysis
         Provide cash flow analysis
         Staffing
         Operations
         Financial projections
Legalities
Business plans are generally limited to a specific audience. They are highly confidential, regarded as a secret and require full disclosure to interested parties. However there are also open business plans, open to unlimited audience.

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