Professional business plan writers in the United States are known to charge around $2,000 and $25,000. Nevertheless, the exact amount you will charge will most often depend on factors like the required quality of the plan, the complexity of the business plan, as well as the length of the document.
You will most likely charge a few thousand dollars to write a well-detailed business plan for a small enterprise, while you can charge more when writing more complex business plans for larger companies.
The primary duty of business plan writers is to work with clients to ensure they get a well-detailed business plan written just for their business.
A professional business plan consultant will help clients pinpoint their business intentions and goals as well as how they want the company to reach these goals.
Keep in mind that a business plan consultant will charge more but will be in the best position to help entrepreneurs who barely have the time or resources to write the business plan themselves.
According to industry reports, the exact amount they charge will fall within $50 to $300 per hour or more, depending on the consultant and the complexity of the client’s business plan.
To get more revenue, you have to consider offering additional package deals that include market research, a marketing plan, and realistic financial projections.
Factors That Determine How Much You Should Charge for a Business Plan
1. Market Research
This is without doubt the first thing you should consider before setting the price for your business plan writing service. Take your time to research and evaluate the rates billed by competitors within your area or niche.
With the information you obtain, you will better understand the price range and then leverage that spectrum to make your own decisions.
2. Your Expertise
When setting a price for your services; you should evaluate the experience you have garnered over the years. In this line of business, keep in mind that your level of experience, education, and expertise can genuinely justify higher rates and your clients will be happy to pay because they know they will be getting first-class service.
3. Complexity of Projects
You have to understand that more complex business plans will mean higher fees. You can charge a few thousand dollars to write a business plan for a small enterprise but will charge more when writing more complex business plans for larger companies.
4. Client’s Industry
Since the plan you are writing is meant to serve as a road map for the client, it is also important you consider the client’s industry when charging for the writing service. Truth be told, different industries will possess varying expectations for business plans.
5. Scope of Services
It is possible to charge a few thousand dollars to tens of thousands of dollars for a lengthy and complex plan depending on the needs of the client. However, to get more revenue, you will have to consider offering additional package deals that include market research, a marketing plan, and realistic financial projections.
6. Client’s Budget
It is also important you consider your target demographic and what they can afford when deciding on your pricing structure. It would be pretty unrealistic to charge what your clients can’t afford to pay. As such, you need to properly evaluate what your potential clients are willing to pay, but be certain it’s fair for your expertise and experience.
7. Geographic Location
Same as with many other businesses, you have to understand that your location plays a vital role in numerous business decisions, particularly the amount to charge for the business plan services you provide. As such, take extensive care when choosing the best location for your business.
8. Delivery Time
Some clients want their jobs delivered in little or no time, and this will most definitely factor in when determining the right amount to charge. In this line of business, expedited services will most definitely warrant higher fees.
9. Your Overhead Costs
Don’t forget to consider this vital factor when evaluating or considering the right amount to charge. Ensure to consider your operating expenses, including software, office space, and marketing.