Start a business plan writing service by following these 10 steps:
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your business plan writing service. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Check out our How to Start a Business page.
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
- What are the startup and ongoing costs?
- Who is your target market?
- How much can you charge customers?
- What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a business plan writing service?
The expenses associated with starting a business plan writing business are minimal. Writers need a computer, internet access, website and place to meet clients. An office can serve as a meeting place, but shared coworking spaces and coffee shops also work and are more affordable.
Completed business plans have to be printed, and but this can be done at professional printing shops if the cost of a printer is too expensive. (Business plans should be printed in color and on high-quality paper for maximum visual appeal.)
What are the ongoing expenses for a business plan writing service?
The ongoing expenses for a business plan writing business are minimal. They include the cost of equipment depreciation, internet access and printing, as well as whatever expenses are associated with an office or meeting space.
Who is the target market?
Business plan writing businesses serve business leaders. Most often these are entrepreneurs seeking investments or loans, but they also can be investors who need visas to get into the U.S. Some writers also compose plans for non-profit organizations.
Importantly, the target market is not limited to new businesses only. Established businesses also need investments and loans to take advantage of new opportunities or shifts in the market.
How does a business plan writing service make money?
A business plan writing business makes money by selling completed business plans. Because writing plans is a lot of work, most writers require a deposit up front and the remaining balance due upon completion.
How much can you charge customers?
A business plan may cost anywhere from a few hundred dollars to tens of thousands of dollars. On the low end of the range, BusinessPlans.com offers plans for $495. In contrast, Ground Floor Partners charges anywhere from $5,000 to $20,000 or more. Bargain Business Plan is in between, with options ranging from $899 to $2,799.
How much profit can a business plan writing service make?
A successful business plan writing business can bring in a six-figure revenue annually. For example, Joorney Business Plans has completed an average of 250 business plans each year. If each plan costs just $1,000 (and they likely cost much more), the company has earned a minimum of $250,000 annually.
Moreover, most of this is profit because the ongoing expenses for this type of business are low.
How can you make your business more profitable?
Many writers who open business plan writing businesses eventually get into consulting. As writers learn about a particular business, this is a natural service to offer the client.
Alternatively, some writers offer PowerPoint presentations that business owners can use for live presentations. Creating a presentation is easy after writing a business plan, and presentations complement plans nicely.
What will you name your business?
Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Business Plan Writing Service Name Generator
When registering a business name, we recommend researching your business name by checking:
- Your state's business records
- Federal and state trademark records
- Social media platforms
- Web domain availability.
It's very important to secure your domain name before someone else does.
STEP 2: Form a legal entity
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your business plan writing service is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.
Small Business Taxes
Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).
You can learn more about small business taxes in these guides:
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
Open a business bank account
- This separates your personal assets from your company's assets, which is necessary for personal asset protection.
- It also makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more.
Open net-30 accounts
When it comes to establishing your business credit, net-30 vendors are considered the way to go. The term "net-30," which is popular among vendors, refers to a business credit arrangement where the company pays the vendor within 30 days of receiving goods or services.
Net-30 credit terms are often used for businesses that need to obtain inventory quickly but do not have the cash on hand.
Besides establishing business relationships with vendors, net-30 credit accounts get reported to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended: Read our guide on the best net-30 vendors so you can start building business credit now, so you never have to worry about cash flow in the future. Keep in mind that poor cash flow is the #1 reason businesses fail!
Get a business credit card
- This helps you separate personal and business expenses by putting your business' expenses all in one place.
- It also builds your company's credit history, which can be useful to raise money and investment later on.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
State & Local Business Licensing Requirements
Certain state permits and licenses may be needed to operate a business plan writing business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.
For information about local licenses and permits:
- Check with your town, city or county clerk’s office
- Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources.
Certificate of Occupancy
A business plan writing business is generally run out of an office space. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.
- If you plan to lease a location:
- It is generally the landlord’s responsibility to obtain a CO.
- Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a business plan writing business.
- After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
- If you plan to purchase or build a location:
- You will be responsible for obtaining a valid CO from a local government authority.
- Review all building codes and zoning requirements for your business’ location to ensure your business plan writing business will be in compliance and able to obtain a CO.
Business plan writing businesses should consider requiring clients to sign a services agreement before starting a new project. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and so on.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Learn more about General Liability Insurance.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we'll give you helpful tips and advice for creating the best unique logo for your business.
How to promote & market a business plan writing service
Business owners ultimately hire business plan writers for their expertise and skills, and the best way to show these attributes is by meeting business owners in person. Writers can promote their services through local small business organizations, entrepreneurship conferences and networking events. Even cold-calling in person can be effective. Once one business owner is secured as a client, their referral will frequently lead to additional work.
How to keep customers coming back
Writers can set their business plan writing business apart from others in the industry by specializing in a certain niche. They may offer a specific type of business plan (e.g. traditional plans, E-2 visa plans or franchise plans), focus on a particular industry (e.g. manufacturing or food service), or serve customers in a specific area (e.g. city or county).
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our website building guides, the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use.
Recommended: Find the best phone system for your business; check out our review of the Best Business Phone Systems 2021.
Start A Business Plan Writing Service In Your State
Select your state below for an in-depth guide on completing each of these steps in your home state.
Is this Business Right For You?
Anyone who enjoys writing and is an entrepreneur at heart may enjoy running a business plan writing business. Much of the work involves writing, and having a love for business will help writers stay motivated while working on plans. Writers should also be detail oriented, as much of the writing process includes in-depth research.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at a business plan writing service?
A typical day at a business plan writing business may involve:
- Meeting with business owners to learn more about their businesses
- Conducting research for writing business plans
- Writing business plans
- Delivering completed business plans to business owners
What are some skills and experiences that will help you build a successful business plan writing service?
Writers who start a business plan writing business must know how to write business plans, of which there are a few different types. The Balance has guides on writing simple business plans and traditional business plans, as do many other sites. For writers who would like more formal training, The Small Business Administration, Stanford and Entrepreneur are a few of the organizations offering online courses that detail the process.
While not necessary, writers who have a master’s of business administration (MBA) can distinguish themselves from most other writers in this field. Earning an MBA requires much more time and money than going through a class on writing plans, but the investment may pay off over the course of a writer’s career.
Alternatively, people who already have MBAs and are gainfully employed may opt to start writing business plans as part-time gigs. This is one way to earn significant supplemental income without leaving a day job.
What is the growth potential for a business plan writing service?
Many writers keep their business plan writing businesses small, serving only the number of clients they can personally help. A number or writers even do this work part-time when they can.
There are several larger companies in the industry, however. Some of the more established businesses in the industry are Ground Floor Partners, Bargain Business Plan and Joorney Business Plans. Journey Business Plans has written at least 2,500 business plans since opening in 2008.
TRUiC's YouTube Channel
For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe below to view later.
Take the Next Step
Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting a business plan writing service?
Many business owners will want to see a writer’s work before hiring them to write a business plan. Thus, writers need a portfolio of plans they’ve drawn up. To develop a portfolio, writers may want to offer family members and friends who own businesses free business plans. Having just two or three completed will help writers showcase their work.
How and when to build a team
Many writers in this line of work never hire employees, doing all the work themselves. Those that do bring on employees typically hire administrative assistance and/or writers, adding to the staff as workload requires and revenue allows. Writers are typically paid as independent contractors.