The business plan cost is an issue that bothers many of us. And many of us think in how much business plan cost. Here in this article we will answer the question that goes in your mind. In order to answer this question let’s explore together the pricing components of the business plan.
Pricing Components Of the Business Plan
There are four pricing components for the business plan which are: market analysis, competitor analysis, marketing plan & financial plan.
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Market Analysis
It consists of two sections: defining the target market & target customer profile.
a) Defining the target Market
It includes determining the target market. Besides analyzing its characteristics, searching its opportunities & risks. And this part needs a lot of work to gather all of the required information. Also it may need a field work which can be costly depending on many variables such as the market volume, the time available & the industry type, etc.
b) Defining the Target Customer Profile
It includes determining who will buy your product and Whether they are consumers or businesses? If they are consumers we will collect information about their demographic characteristics such as: gender, age, income, regions, etc. And if they are businesses we will collect information about their regions, needs, time of purchase & factors influences their decision of buying.
In general the average cost of this stage will start from 1000 USD to 5000 USD for a small or Startup Company according to the data you will require. And that affects how much does it cost to get a business plan.
2. Competition Analysis
This section defines your competitors, analyzes their strength & weaknesses. Besides their products or services features & their relationship with their customers, etc.
The average cost of this part will range from 1000 USD to 5000 USD depending on the type of industry, the number of competitors, and the volume of data you will require. Accordingly this affects how much does your business plan cost.
3. Marketing plan
This stage will depend on the information previously collected in the previous two stages. Wikipedia stated that marketing plan includes a description of the current marketing position of a business. Then a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing goals . So, the marketing plan defines and analyzes four parts: the product or service you offer, its price, the promotional efforts & the distribution methods.
This stage will cost you from 1000 USD to 5000 USD according to the industry type & your budget.
4. Financial plan
It includes preparing the financial statements such as the income statement, balance sheet & statement of cash flows. Also preparing a financial analysis to calculate the rate of return or the time that you will need to retain your invested capital.
The cost can vary between 1000 USD to 5000 USD according to the complexity of the operating model in the financial model that you will require.
We offer you many types of business plans.
They are:
1 – Entrepreneur business plan
2 – Investor grade business plan
3 – Non-profit organization business plan
4 – Custom made business plan.
Each has its characteristics & price.
Business plan cost
The Conclusion
Determining how much does your business plan will cost is totally based on you needs. So you should analyze your needs and determine your weakness point that requires a consultant help before making the buying decision.
We at SME Consulting offer you a wide range of consulting services. That will cover all your business management consulting needs. And in a very reasonable pricing that matches your budget.
You can check from here our pricing and you can always contact us for a customized quotation.
We welcome any type of questions you may have.
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