Starting a Business Plan Writing Service – One of the hottest new business sectors is that of writing business plans for those who need them. More individuals than ever are relying on the assistance of highly-capable writers to take a skeletal business idea and craft it into a viable business plan; complete with financials, forecasts, and strategies. Why is this trend so predominant in this season? The easy answer can be found in looking back. During the pandemic, people were essentially confined to a residence, with very little leeway to go anywhere. Some were laid off due to closures at their places of employment; some had time to consider what they wanted in future years.
During the pandemic years, people were considering a sea change to their lives, which, in turn, because of changes in employment, meant many of them were taking the first steps to start their own businesses. According to the U.S. Census Bureau (www.census.gov), over 5 million new businesses were started in 2022, a startling leap of over 42% from prior years. With that percentage increase in mind, is it any wonder that individuals who are starting a new business, have now created an exponential need for business plans? If you are examining the viability of writing business plans for those who are starting a new venture, your goal will be to provide professional intellections; superior writing based on thoughts and ideas of another.
Before you can begin to prepare business plans as a professional service for others, you’ll need to create a concept for your own business and, sometimes, that is the most difficult task of all for business plan writers. Let’s wade into the process in the following:
Establish the Legal Entity for Your Business
You’ll want to set up the basic structure of your writing service before going too far into operation; your first step will be to establish the legal structure you prefer. The following are options to consider:
Sole proprietor – This is a simple business to set up because there is no incorporation to arrange and no separation of funds between the business and personal income and expenses.
C corporation – A C corporation is intended to be a large entity and, as such, the initial shareholder or shareholders will file the proper papers for incorporation within the state of residence. The corporation should also request a TIN or EIN from the IRS and establish a business bank account. On the positive side, the business is liable for all potential losses, while the shareholders carry none.
S corporation – An S corporation is actually a subset of a C corporation. The main difference between the two entities is that, while a C corporation is taxed at the business level and shareholders are taxed again with dividends received, the S corporation passes all income to shareholders at the end of each fiscal year and the shareholders are then responsible for taxes.
Limited liability company – An LLC is structured much like a corporation; however, a few differences apply. The LLC is intended to be established by a family or group of investors and, as such, has LLC rules and taxation requirements that correspond.
After establishing the legal entity for your writing services, it’s time to examine the process of creating your business concept. You’ll first want to ask questions to determine who your customer may be and what they want:
- Who is my ideal customer?
- What is my proficiency level as a writer?
- How does my background in writing create a professional reference for my business?
- How will I charge for my services: by scope and sequence of plan or project or on the complexity or need of each plan?
- What distinctive offer or unique service can I offer that will overcome the offers of competitors?
- How can I market my services effectively and maximize my value as viewed by prospective customers?
These questions relate to your target audience, the skill set that identifies you as an expert, pricing models, differentiation plans, and marketing strategies. After assessing everything needed to start your business, establish marketing strategies and contact associates for referrals. Create an operational plan for your business and consider inventive ways to possibly grow or even franchise your business. With the need for business plan writers at an all-time high; your business plan writing service will be poised for long-term growth and success.