You have four basic approaches to preparing your business plan:
- Prepare it yourself the old fashioned way. This means scouring websites and reading books to learn how to prepare a business plan.
- Prepare it yourself using business plan software. Most software packages cost less than $100. They guide you through the process by asking you a series of questions about your business.
- Hire an inexpensive business plan consultant to write the plan for you. Caveat emptor. You get what you pay for.
- Hire an excellent business plan consultant to write the plan for you. If you do your homework, what you get is worth the cost.
The advantages and disadvantages of each of these methods are as follows:
Do it yourself WITHOUT software
Do it yourself WITH software
Hire an INEXPENSIVE business plan consultant
Hire an EXCELLENT business plan consultant
You don’t have to choose just one of these, of course. You can create a draft yourself or use an inexpensive consultant to get the basics down on paper, and then have a more experienced consultant put on the finishing touches.
If you are a high-tech entrepreneur planning to raise equity capital, we invite you to contact us to schedule a free initial consultation.
If you decide to prepare your own business plan, whether with or without software, you may want to explore the resources in our Entrepreneur’s Library. You may also want to read about Why Business Plans Don’t Get Funded.