How to Start a Business Plan Writing Service In Nigeria
Business plan writing service is one of the most selling services offered in recent years. This is because more people are becoming entrepreneurs and are in need of an inevitable business plan for a start.
The ailing global economy y and a global orientation change towards self-dependence and entrepreneurship are making entrepreneurship a preferred destination and a global hot cake. As more people are becoming businessmen on a daily basis, they will definitely need to lay a plan for their business, hence, the need for a business plan.
Also read: A guest house business plan and design
Business plan writing service is now a lucrative business. You can make as much as $100,000 or even more per year with the requisite skills. However, business plan writing business isn’t for anyone, as it requires certain skills.
The good news here is that you don’t need to be a university graduate in the relevant field, though that is an added advantage. You can acquire these skills on your own and be a success in the business.
What do business plan writing service providers do?
A business plan analyzes the feasibility of a business idea as well as the chances of the business to survive competition and other harsh market conditions. It also estimates the costs of running the business as well as marketing costs.
For entrepreneurs who need additional funding from a third party to start their business, a good business plan will help them get the required funds from the interested investors or banks.
A business plan writing service sells because most entrepreneurs can’t draft a good business plan on their own. They need someone who is skilled in the act to help them put their ideas into writing.
Those who are able to grasp of business and finance matters, present solid business writing skills, and the ability to work with entrepreneurs, are making a fortune from this business. You don’t need to bother about the opportunities in this business because more people are becoming businessmen, as I pointed out earlier.
What do you need to start a business plan writing service?
- The first thing you need to start a business plan writing service is to update your knowledge of business and finance issues and tools because they all come in handy here. Also, cultivate the habit of teamwork as you will be working with a number of people
- You need to present a professional front in this business to be able to convince people to hire you. You can do this by acquiring the vital equipment needed in the business. This can cost within $1,000 and $5,000.
- You will surely need a PC with a good internet connection, a color printer, a business plan software package, letterhead envelopes and other office supplies, as well as a website for collecting client information through a form. So make provisions for them.
- There are hidden costs you may have to take care of, such as insurance and business association dues. However, these costs have a lot to do with your location, it can still be avoided.
- There is business plan software package which you can acquire to help make your job easier because it automates the whole process for you. This package does cost as much as $300. Do well to acquire some.
- A quality website can serve you the purpose of getting vital information from clients as well as that of receiving payment and sending them a copy of their finished business plan. However, these quality websites that can carry out such multiple functions are always expensive. You can start with a basic website for marketing your services while communicating with your clients via email if you can’t afford these quality websites.
How to Market your Business Plan Writing Services
- Do well to advertise your services in a couple of media such as local newspapers, business magazines, business associations and entrepreneurship centers, online entrepreneurship forums.
- Always network with other professionals such as bankers and the rest while using your website to promote your services.
- You can also use business cards, flyers, and brochures to help spread the word about your business plan writing services.
4 Tips on How to Succeed in the Business Plan Writing Business
- Endeavor to always stay current on business matters in general and to create a strong referral base for yourself by networking with career counselors, seasoned entrepreneurs, bankers, and schools.
- You have to incorporate a bit of flexibility in your business.Do understand that various business models require diverse templates of the business plan. Do not commit the error of using a generic template for all your works. This can be a turn off for clients who may not ring you up again for a business.
- You may need some time to pick up on this business, but once you are up, you automatically become a business plan counselor and a business plan consultant in one person.In your wisdom, you can turn these qualities into separate services and earn quality incomes from each of them.
- Sometimes, a client may change his mind and decide to abandon a work midway and you end up losing. To avoid these circumstances where you lose it all, always demand some upfront payment. This will leave you with something to hang on and not lose it all if you get abandoned halfway.