Should You Write Your Own Business Plan ?

Should You Write Your Own Business Plan?

If you are just starting a company and looking for funding,Should You Write Your Own Business Plan ? Articles
or looking for additional funding for growth, you will need
to develop a traditional business plan. Creating a business
plan is a business hurdle that entrepreneurs seem to dread.
Do you do it yourself? Do you hire someone to do it? How
do you get it done quickly, but without spending too much
money on it? Will what you do yourself be adequate to get
funding?

In this article I will discuss the pros and cons of
do-it-yourself business planning versus having a business
planning consultant do it for you or with you.

The Do It Yourself Business Plan

Particularly if you are seeking capital of less than
$200,000, consider creating the plan yourself after taking a
class or reading some books or getting some coaching for
someone who has written successful business plans.

Consider taking a three-hour business planning class through
SCORE or the local Small Business Development Center. Even
if you decide afterwards not to write your own plan, you
will have a much better idea of what you want out of the
process and what to expect.

There are some good reasons for an entrepreneur to do the
business plan:

•First of all, because you can. If you’ve read sample
business plans and find their accounting jargon
intimidating, you are not alone. But as long as you can
clearly get your message across and have other people such
as you accountant look at the plan before it goes to lenders
or others, you can do this work yourself.

•It is in learning the business planning process https://pracabiznes.com/ that you
develop analytical thinking skills necessary to run your
business with an intimate understanding of your own business
model. Going through the planning process is an invaluable
business experience.

•You need to know the plan inside and out and really
understand the variables involved. You are the one who will
be asked the tough questions by potential investors or
lenders, such as “What will you do if only half your
expected revenue comes in?” or “What will you do if you find
out that direct mail is not working for you as your primary
marketing tool?”

Outsourcing the Business Plan Process

Entrepreneurs are fire fighters. One of the most important
jobs of an entrepreneur is to manage time, and do those
things that you are best skilled to do. Many entrepreneurs
decide to hire someone else to do their business plans,
often because they have an urgent need for the funding and
can’t afford the learning curve to be able to develop a
high-quality plan that will meet the needs of lenders or
investors.