Do I need a business-plan writer?
Would you trust a professional with your business idea, as suggested in a May 9 Ask FSB column? Did you write your own successful business plan? Post your thoughts.
From Eddie Thompson, NYC, NY Writing your own business plan is like cutting your own hair. It's Easy to do. You can do it, but will it look good?
Wouldn't you rather just trust a professional with the task? Afterall you're going to need all your time to devote to your business. This is the single most critical phase in starting a new business, why start off on the wrong foot! I have been writing business plans for my clients and have never once stolen their ideas, or "leaked" intellectual property. A Non-disclosure Agreement is always in your best interest.
My advice to entreprenuers is: Business plan consultants are not people to fear, especially if you are not scared of VC's or Banks stealing your ideas when you submit them for approval.
If you have any other business planning questions, contact me @
Eddie Thompson
http://www.ceo2go.biz
info@ceo2go.biz
From eric brooklyn ny minixfromscratch.org has all the answers
From Vilay -Charlotte, NC. Thank you all for your input and advice. I am an aspiring entrepreneur with what I believe is an idea to solve a problem. On paper this idea/concept works and makes absolute sense and very feasible. I have never written a bplan and am very cautious as you can imagine, afraid the "consultant" will run off with the idea. I have thought about contacting a local bplan writer or even Growthink for help.
The next thing is I am an unproven entrepreneur. Will Angels/VC's even want to work with me?
Any feedback or comments?
From Wyn Lydecker, Darien, CT The process of developing a business plan with a professional can be as valuable as the plan itself. At least, that’s what most of my clients have told me. I’ve been writing business plans for entrepreneurs since 1999, have contacts with angels and VCs and know what questions investors want answered. During the process of planning, the entrepreneur or inventor gets a better picture of what it will take to realize success and to raise capital. My current client just raised $5 million.
If you’re afraid of losing your idea, just have the consultant sign a “Do Not Disclose” agreement. I’ve signed many and am very careful with my clients’ intellectual property.
Wyn Lydecker
Upstart Business Planning
From Michael Zakkour, China BrightStar, NY, NY I wrote my own business plan and had trusted friends who are business owners as well, review and improve it.
From Kathy, Sanford, Florida At the very least, writing a business plan helps you clarify your thoughts and ideas, so you can act on them more easily. At the most, a well-written business plan can help you get a lot of working capital.
If your plan is fairly straightforward and you don't need a lot of technical business advice, consider writing the plan yourself. If you'd like a polished presentation or if you don't have the time or ability to write well, consider hiring an experienced freelance writer.
I think people worry too much about consultants and other outsiders "stealing" their ideas. Unless you have discovered a way to get to Mars in less than a day, or have a prototype car that gets 100 miles to the gallon, I wouldn't worry about "idea theft." But if you are that concerned, talk with an intellectual property attorney first.
From Douglas L. Long, NY, NY Are business plans necessary? As a management consultant, I am asked this question regularly. My answer – It depends on its purpose. A business plan forces the business owner to think about his/her business in terms of what are the goals, objectives and strategies to achieve them. Howeever, it doesn't mean that a business owner needs to spend the time and effort creating an elaborate business plan that no one may read.
As a general rule, I advise my clients to first consider who is going to read it then write for that particular audience. If the audience is financial institutions then the plan should be heavy on the financials. If its for the company itself then focus on writing on a series on one page statements detailing how the firm will achieve its goals.
A business owner concern should not be on the business plan per se rather it should be on the owner's ability to run and grow the business and he/she envisions. Having a perfectly worded 50 page business plan is useless if the owner/management team can execute.
A great reason to hire a professional business plan writer is her/his ability to exclude unnecessary details and information by deftly and objectively cutting right to the persuasive essentials. To be succinct and provide solid financials with supporting market, industry and demographic research provides investors the information to make decisions while showing respect for the value of their time. Never underestimate the importance of the first impression your business plan makes. It is likely that will be the only chance you get.
Linda Groves
The Business Plan Store
Professional Business Plan Writers
Linda@TheBusinessPlanStore.com