If you decide to engage the service of a professional business plan consultant, what are the skills and qualifications you must look for? How can you find out? How much would you have to pay in the end? Take a look:
How big is the company? And how crucial is the launch to you?
If for those of you who are just experimenting or haven't done much planning and research, many business plan consultants may not be a good fit for you. In the end, you will end up wasting everyone's time and your money - if you don't devote yourself to your business idea.
Are you going to need bank financing or alternative funding to start the business?
Normally, you get one shot at investors in this place, and it's fraught with risk. Generally, they go to another prospect if they are not happy with what they see during the very first experience. With the help of a professional adviser, you can increase your chances of getting financing for your enterprise, and increase your chances of success afterward. In order for any strategy to be effective, I believe it is essential to ensure that it is based on fact and not fantasy.
Would you like to capture a significant amount of the market for your small business idea?
If a company wants to grow to some large proportion of the market, and you do not get everything right from the start, the risk far outweighs the cost of hiring a consultant to be sure that it gets done right. Employing someone who actually adds value, however, is the key.
When you decide you need some expert help, you must consider a different set of questions.
- If you are hiring a professional adviser, what should you look for?
- Ensure they are professionals first and foremost.
- Has their track record and skills been proven?
- Can they refer you to satisfied customers?
- Is your industry understood by them?
Is this person or group comfortable with you?
It is important that you feel comfortable asking questions to your consultant. It is imperative that your business consultant is committed to your success and is willing to go above and beyond to assist you and educate you. Without this, you cannot succeed. You also have to trust them. It's best to leave if you feel they aren't listening or are playing games.
Your business plan will be worked on by how many people?
Your results might be less than optimal if the answer is "one". No one can excel at everything. As a general rule, the best results occur when there is one project manager leading the project but supported by two to three additional people with different skill sets. In this case, you really need one chef, but having too many cooks spoils the broth.
What does a business plan consultant charge?
A business plan from a professional consultant will typically cost anywhere from $3,000 to $15,000 (although $50,000 is sometimes warranted in some cases). Companies that fall into the low end include pizza shops, small retail stores, grocery chains, etc. You should plan for fees at the top of the scale if your organization plan involves new, complex, or several revenue streams. It may also need substantial investment funds.
How do you ensure high quality while saving money?
To ensure that you are doing what you are good at, you must understand what you are capable of. As an example, consider you have little expertise in marketing or finance but have a strong background in technology. If you need finance and marketing expertise, you should find a consultant. The person still needs to understand almost every aspect of the business, but if they can provide the details, you can focus on what you do best while they fill in the gaps. Thus, you save money while creating a much stronger company plan than if you were to do everything yourself.
