Is the business plan writing service industry lucrative right now? If so, who is the new target market for business plans?
Does it make sense to stay as a business plan writer?
I love what I do, but it seems that I am not in the sweet spot for finding clients right now....any suggestions?
No. A napkin can contain a solid business plan. You can help business owners or entrepreneurs plan and map out strategy, but writing business plans probably isn't going to be around much longer if it still is due to lack of caring from investors.
If you think of changing your business, you may look into your clients' pains with their business plans. It may relates to execution issues or something else, but you could ask your clients what do they like most and least with their business plan, and start from there.
All the best.
Thank you all for your input. I am still trying to figure out how to revampu my management consulting firm. Writing business plans for over twelve years has been great for me. I am noticing that the industry is slowing down because it is not as easy to open business in the state where I live now, also business owners do not have the same money to invest in consulting services at the start up phase. Things were great when the banks were lending. Also as many of you mentioned, consumers are getting more savvy when it comes to writing their own plans. There is many software programs that have changed the industry.
Overall, it is bittersweet, but I belive that I am going to add more services, or change industries all together. I appreciate all of your input, thank you.
Your field is too narrow for a likely business success if its focus is business plans. First, you are competing with software available cheaply or free. Second, you are dealing with people who usually believe they can either do it themselves or don't need a "plan." Third, most people who most need the plan have little money to invest and no success (not a great prospect model). Businesses have much stronger initial need for an accountant's view of a business plan than a writer/marketer's view. Writing offers many opportunities, I would think about having business plans as one leg on your stool. Of course, you could also write a book about how to write a business plan and that can give you marketing credibility as well as potential income. You might also try to network with people from your local SCORE, they give free advice so get a stream of "clients" and don't do the nitty gritty but do give referrrals.
Yes it is, of course to those that have the right contacts in their network. I do a lot of Business development for different companies, and what I found is that many people like myself ,and companies I do business with need someone that can write our ideas/business palns in a professional way. In other words we lack the writing skills. I'm very good at what I do, but I always needed to put my ideas, plans, reports on paper, so having someone good in your industry is very important to me, and many people that I have dealt with in the past.
What I have done , and encourage many to do the same, is to form a group of business people that offer different services. In one of my groups I have real estate investors, builders, renovation companies, real estate people, banks, high end homes, lawyers, business plan writers,marketing company, moulding company and those that have access to investors worldwide. The reason I created this group ,was because I heard them all crying the blues, that business is not the way it used to be,blah blah blah, now we have created a network that believes that a shared deal is better than no deal, one has the investor, the other has the building and so on. My advise to you is to create a network of businesses that are crying the blues ( not hard to find) bring them together, have one of them pick up the luncheon bill, :) , present the vision and offer your services to them. People are good at some things but not everything, I love to have someone in your kind of business working WITH me, but best is to have one local. So create a local network you want to service and make it happen, I did and does not have to be real estate, investors. Networking is the way to go these days and make sure you can offer a great product and have the passion for it ( which I believe you do) After all my writing you will notice I desperately need someone like you, people need YOU Mia, go and get them.
Writing a business plan is no more lucrative for any industry now a days. You can't expect to get new clients by writing business plans until you are having a in-person discussion with your client about GTM of product / solutions and territory your client is wish to target. The best approach is to understand the nature of business and present a business model and get into a consultative mode.
Mia, so long as companies are starting up and existing companies are moving from one stage to another in their biz development -there will always be a market for business plan writing .THe thing is for you to be creative in the way you package your services especially to your identified target market
-Business plans are so personal and require information that is from the internal workings of the companies. It requires the some of the knowledge of pending changes and twist that a company may have on the radar. When we would write business plans, there was always a contingency plan to deal with the unknowns and surprises that may come our way. Only an inside person would have the knowledge to make such an elaborate plan.
Jerry M. Graves
Mental Toughness/Critical Thinking Speaker/Coach
Business Model Canvas has really made business plan writing services a difficult field to be in. Some young entrepreneurs are going into business with simply an idea and enough money to get it done or enough money so they think they can get it done. Sadly, sustainability isn't even an afterthought for young start-ups with a great deal of cash to burn threw.
Maybe talk to old clients, see if any of your specialties are still needed.. or if they know any people that are looking for your services.
it's a difficult question to answer not knowing your past business affairs.
I'd also recommend Business Model You.