WHAT DETERMINES THE COST OF WRITING A BUSINESS PLAN IN NIGERIA
What Determines the Cost of Writing a Business Plan in Nigeria
Many people in Nigeria often looked at the writing of business plans in Nigeria as a waste of money. They think that you can just get up and ask for the loan or line of credit from a financier without showing such a financier that you know your onions as regards the proposed business which you want to get into.
Some other folks also think that the hiring of a consultant to assist in the writing of a business plan is a complete waste of time. This is extremely important when considering the fact that you as an individual may overlook some salient factors involved in the process of you starting up your business or even getting the desired funding for your business. Hiring a business plan consultant to write a business plan is one of the best decisions which you can make when it comes to the start-up of your business.
Considering the cost of writing a business plan, you might want to look at “pocket-friendly” options for the hiring of the hands. But this could be very dangerous for you because if you hire the wrong hands then you are looking for trouble and the precious money that you are trying to save could be headed to waste. It is better to pay a price which may not be favorable to you at first but provides the best chances of your business taking off than for you to decide to do things cheaply and get your business grounded. The good news, however, is that we, Dayo Adetiloye Business Hub, provide an excellent option for you to be able to get your business started and this is at pocket friendly rates as well. Their business plan writing services are second to none and they give you the best in making sure that your business plan meets and surpasses all expectations.
The following points below depict the factors to consider when looking at the cost of writing a business plan in Nigeria:
- Objective of the business plan: When you’re considering writing a business plan, what is the objective of writing in the first place? Why is the business plan being written? If a coherent answer can indeed be provided, then the process of writing the business plan can then go ahead. It is of the uttermost importance to note that the higher the objectives of writing the business plan, the higher the cost and vice versa. You may have a higher numerical number of objectives to cater for when writing the business plan and these objectives may also need to be adjusted depending on what they indeed are.
- Degree of Difficulty: Some businesses are so complex that the writing of the business plan in the first place has enormous degrees of difficulty. This is quite true noting the fact that for a business plan to succeed, every detail must be taken into cognizance. The higher the degree of difficulty, the higher the cost. This of course is not a fixed rule as some business plans may indeed cost less due to several reasons that are best known to the consultant who is writing it.
- Content requirements: When it comes to the writing of business plans, what are the content requirements of the intended recipient of the business plans? How best can the business plan be interpreted by the financier or manager who is requesting or managing the firm respectively? Is the intended business a small one or a large one? Is it a one man show or a huge enterprise? These are the pertinent questions to ask when considering the cost of writing a business plan. The more intricate the content of the plan to be written, the higher the cost. High-level business plan, usually involving higher capital outlay, will require more work which in the writing of such. This is something that most people do not consider when their consultants who are writing their business plans charge them at higher rates than normal.
- Expertise of the consultant: The higher the consultant’s knowledge of the area of business, the higher the cost of writing a business plan. This is because a consultant who is well versed in the area of expertise for which the business plan is being written will be able to best interpret the vision of the client and also at the same time be able to put together the needs of such without sacrificing the quality of the business plan itself.
- Capital Volume requirements of the Start-up: Generally speaking, startups with a higher capital volume require longer periods of preparation and higher resources for market research in order to ascertain the viability of the proposed business. This is because the start-up in this case would require a significant amount of capital and as such no mistakes should be made when planning the business especially from an investment perspective. Higher costs would most likely be incurred when such projects are brought to consultants.
- Scope and scale of the project: Some projects are local, while other projects are global. Some are meant for narrow niches while others are meant for large scale industrial areas. The larger the scope and scale of the project, the higher the cost and vice versa. This is so because considerable resource would be put in place to determine the way the business plan will be presented. Accuracy is key; especially when pitching your business to decision makers who would most likely put up the funds for the setting up of such a project. Business plan writing is much more than just sitting down and writing. It also has to do with the consultants’ understanding of the project and the general business environment in which the project would be implemented. These are all hidden costs which the client may not see but which are borne ultimately by the consultant in question.
As you can see from the points mentioned above, the cost of writing a business plan in Nigeria depends on a whole host of factors. Hence getting professional business consultants who can best combine expertise with good pricing is important. At Dayo Adetiloye Business Hub we provide the best business plan writing services at the most affordable rates so as to enable to you to build the business of your dreams.
We presently have over 600 business plan summaries and more than 100 business plan templates that you can download immediately. Find our business plan here at our shop. Our business plan writing services cover almost every area of entrepreneurship which you can take distinct advantage of if you take action today!
If you want to make an order for a custom-made business plan, you can call any of our consultants on 08105636015 or 08076359735 or send an email to firstname.lastname@example.org. You sure will find our services appropriate for your need.
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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