If you just need a marketing plan which covers fundamentals such as message, market segments, channels to market, ideal clients and a full year of tactics to support your overall objective — that sort of plan is going to be at the lower end of the price range.
So, just how much money do you have to pony up for a customized marketing plan? That type of document should be a free download on a website, it is not a marketing plan. They are also used for obtaining business loans, securing investors and for other analytical purposes, and may be modified as the business matures to better outline and guide future operations.
The main factors that determine the total cost of producing the plan include the length of the plan, the amount of time the business invests in the document, and the tools or services used. Combining Services A business plan can cost less if you do the research and create a draft on your own, and then present it to a company or consultant for review and completion.
There are also business plan writing programs available from vendors who charge a monthly fee. Marketing PlanMarketing Strategy The cost of a marketing plan developed by a seasoned marketing strategist will vary depending on the nature of your business.
Some plans may be as simple as an executive summary and a one-page financial worksheet, while others can be well over 50 pages and contain several years of financial projections. Private Consultants Using a private consultant to write your business plan can be a cost-effective way to get a strong plan written by an industry expert.
Although creating a business canvas still requires thoughtful consideration, this type of document is often recommended for smaller businesses that do not need to spend their finances on creating lengthy documentation or in seeking out business investors. However, you will get a comprehensive business plan written by a dedicated team of specialists in marketing, finance and industry.
Decide what type of business plan your company needs in order to help determine the cost of the plan. A simple company structure led by an entrepreneur is very different for a marketing company to navigate versus herding multiple decision makers in a complex corporate structure.
Business plans written by firms can cost many thousands of dollars. Financial data can be tracked, along with your budget and sales goals, so that necessary adjustments can be made.
Additional Considerations If you are using your business plan to attract investors, obtain financing, venture capital or grants, a professional business plan company can provide plans with the necessary format and information needed to suit the particular objective.
To determine exactly how much your time costs, multiply the value of one hour of your time by the number of hours you invest in developing the plan. For larger business or entrepreneurs with limited time, professional business plans from a consultant or business services firm can cost anywhere from several hundred to many thousands of dollars.
This can be a good option for entrepreneurs who can articulate their business idea clearly but may need help putting together realistic financial projections.
Analysis And Outline The business plan process begins with an analysis and outline, for which some companies will charge hourly rate, or a flat fee of several hundred to several thousand dollars. Consultants not only write plans; they also review plans and make recommendations, based on work you have completed.
Some firms charge by the hour, with others charging a flat fee based on the complexity of the plan. Cost in Time The old adage that "time is money" is certainly true when putting together a business plan.
On the other hand, a business canvas is a short snapshot of your company, typically only one page in length. A full business plan is a longer document that ranges from 30 to pages, depending on the complexity of the project.
For example, you could complete the written portion of the business plan and then have someone else help with the financials. Although these templates are fairly detailed and include instructions on how to fill them out, they are basic in design.
Templates for this type of plan are available free online. Cost of Professional Services If your business plan looks like as if it is going to be more complex or if you really do not like to write, you may want to hire a professional consultant to do that for you. More complex plans can range into the high thousands, depending on the firm, the number of team members working on the plan and the scope of the plan.
If you are paying an hourly fee, you may save money by providing the company with as much detailed information as possible.
What does Business Plan Include? Business Plans From Private Companies Business plan providers and business consultants are available for hire to complete your business plan. Hiring a Firm You can hire a consulting firm to write your business plan, but this is often the highest-cost option.
However, fees for a business plan will still vary quite a bit.
What does it entail? The very nature of a marketing plan implies that it is customized for your business, just as having a business plan implies it is specifically created for your company.
Business Canvas Although professionals debate the value of one method over another, choosing between a traditional plan or a newer "lean" plan, called a business canvas, will also be a determining factor in your costs.
If your business plan looks like as if it is going to be more complex. Using a private consultant to write your business plan can be a cost-effective way to get a strong plan written by an industry expert. A lengthy plan with three years to five years of financial projections may still cost several thousand dollars, but the total cost can be much less than hiring a firm because only one or two individuals are.
such as business use, tax credits, and time savings.
But don’t forget that the actual purchase price is just one factor in the cost equation. Operating Costs. Should You Bring In A Consultant To Help Develop Your Business Plan? You’ve decided you need a business plan, but you’ve been struggling so much with it that you’re ready to drop the whole thing.
then the risk of not getting things right from the beginning far outweighs the small cost of hiring a consultant to make sure you get it.