This can be a rewarding opportunity, finding work as a freelance business plan writer. Who hires freelance business plan writers those who need a business plan – these are entrepreneurs, mostly first-time businessmen and businesswomen who are just starting out. They have absolutely no idea what a business plan (which is why they cannot come up with one themselves so this is where you can be of assistance. If you have specialized knowledge of business, you can put that to use, helping others. Done right, your clients will remember you when they achieve success and recommend you to others as well. How lucrative is it being a freelance business plan writer? We weren’t kidding when we said rewarding, neither was it a figure of speech – the average cost of a business plan is $4100, according to the results of a survey undertaken a few years ago. There are cheap business plan writers who charge $100 and produce something that only requires them to spend five hours of their time.
But such a business plan is not solid or detailed enough, and for someone who requisitions it, such a plan only ends up costing them much more in the long run. Then there are those who charge $1000 and spend 20 hours on it, but even then, this is hardly enough. Determining your payment structure Because a business plan is the blueprint for a business, it requires a lot of research. You could do well to charge accordingly and not have any flat fees, because every business is different, and seeks to thrive in a different business environment. So when someone reaches out to you, acknowledge them instead of replying with a standardized-template style reply. Thank them (when you really mean it, it is bound to show in your writing) sincerely for contacting you. Instead of mentioning your rates, even if they ask for it, tell them politely why you do not have any flat fees. Ask them for a few days so that you could determine how much it is going to cost them.
Then do your initial research, assess the level of difficulty involved, estimate the time it would take, add a buffer to take care of any unforeseen delays (like power or internet outages and/or personal problems that may crop up), and get back to them with a quote that would be adequate compensation for your effort (you do not want to feel that you are being underpaid at any point of time during the process). If it is too much for them, let them move on. You do not have to worry about ‘lost’ business. It is expected to take two months to break even, with the average daily expenses being around $50. Understanding the competition There might be MBAs in the market who charge $400-$600, and if you are wondering how you could compete against them, remember this – these are usually fresh graduates who have no or very little real-time experience. The business plans they generate needn’t always necessarily be of high quality.