The development of the business plan is often perceived as the most forbidding stage in the creation of a business. And yet, as we have shown in many of our fact sheets on the subject, a solid and rigorous business plan is an essential prerequisite for the success of your entrepreneurial project. But it is also an exercise that can be difficult. Some, therefore, prefer to subcontract this task to external service providers. Consequently, a legitimate question arises: how much does the development of a business plan cost?
The Cost of Market Research
According to Professional Business Plan Writers, a business plan must contain market research. The complexity of this market study will depend on the project, its scope, whether it is innovative or not, and its competitive environment.
The more detailed and creative a proposal is, the more complex the consumer analysis will be to prove the validity of the bid. Bear in mind that market analysis is highly pricey. This is not for lack that the expertise of research firms specialized in these studies are provided mainly by big corporations. In total, a full and critical business analysis requires at least $5,000.
But luckily, for smaller projects, there are great inexpensive alternatives: students. Indeed, most business schools and IUTs with a DUT in marketing (or marketing techniques or other) offer to carry out affordable market research. The students are supervised by their teachers and must deliver the study to the client during a presentation in which the teachers are also present. The principle: the client accepts to be delivered a less precise work than if it were done by an agency but in return he pays much (much) less. These studies range from $500 to $1,500.
The Cost of Developing the Business Plan
The development of the business plan itself is much less expensive. It is generally necessary to count between $1,000 and $4,000 for a business plan carried out by an accountant, a business lawyer, or a consultant specializing in business creation. The price again depends on the complexity of the project. It is obvious that a creation project in a sole proprietorship in a standard sector will not require a business plan of $4,000. Conversely, a project to create a high-tech industrial company needs a more complex and solid business plan.
The Home Made Business Plan: The Low-Cost Version
And of course, there is still the low-cost solution, because as daunting as the task of carrying out your business plan may seem, it is not only far from insurmountable, and it is also an excellent way to take stock of your project to assess its relevance. You will also find on petite- entreprise.net many practical sheets that will give you all the necessary elements for you to be able to do this work yourself: basic questions to ask yourself to online tools to do it. And if you need help and want the intervention of a specialist, use our matchmaking service.