Writing a comprehensive business plan is, without doubt, a time-consuming process, and a good number of business owners and entrepreneurs get quickly turned off by it. Depending on the amount of information and resources you have at your disposal, it might take from an hour to a few weeks to put together a thoroughly researched and well-detailed business plan.
If you are writing a basic business plan, one you will readjust over time, then note that it wouldn’t take more than 3 hours to put together. Know that putting together a business plan is a necessary step in the growth of a business. A thoroughly researched and properly written business plan sets out the framework for the company’s vision and its financial future.
Indeed, putting together a properly written business plan takes time, especially when you don’t have a clear framework to adhere to or the tools necessary to facilitate the process. However, a business plan no longer needs to be a long document that takes weeks or months to put together.
Factors That Will Dictate How Long Writing Your Business Plan Takes
Indeed, putting together a properly written business plan takes time; however, numerous factors and variables will dictate how long writing your business plan takes. These factors include;
Format and Structure
Truth be told, writing a detailed business plan is a time-consuming process because it involves a very substantial amount of work. Formatting a business plan can be quite straightforward and most often wouldn’t create any form of issue, especially if you have access to a proper template.
The structure of your business plan will be subjective and will most often depend on your primary aim of writing the plan. Nevertheless, do not forget to start with the basics, which is having a thorough understanding of what your final reader expects from the plan.
How Deep You Want the Plan
The time it takes to put together your business plan will also depend on how deep you want to go with your research. For instance, if you intend to put together a one-page business plan that is quick, concise, and doesn’t go into many details, then you can probably round up the plan in a few days.
Note that carrying out extensive research will take more time, but it will ensure you develop genuine insights concerning your business and industry.
Who is Writing the Plan
Note that this is one critical factor that will surely influence how long it takes to produce your business plan. Have it in mind that putting together your business plan yourself will take time if you are not a professional. The process can take you between a couple of days and a few months.
It will take a few days if your ideas are very clear and all you have to do is format your information. But it will take months if you can barely explain what your business is all about, what your business model is, and what traction you have.
You will also have to note your financial projections and many other vital components of your plan. This, most definitely, will add to the work you need to do in addition to your writing, and you quickly get to invest a couple of months of work.
Note that having someone else develop your plan for you will also take time, but for different reasons. This expert needs to know your business well enough to be able to come up with anything tangible. It also means they will have to invest time in data compilation and clarification. You will also have to go through the work and be certain that it reflects your market and positioning.
Another very important factor to take into consideration when wondering how long it will take to put together your business plan is the preparation time. Whether you choose to develop your plan yourself or outsource it to someone else, you still need to learn to defend it yourself.
You need to be conversant with all information in the plan to be able to effectively dish out that pitch until someone bites. This will take a lot of time, especially when someone else develops the plan for you.
How Long Does It Take Using a Software and Without Using a Software?
There are two viable ways to develop a business plan: either by using software or outsourcing to a plan writing service. Business plan writing software is developed to guide business owners through the process of writing their business plans. Coupled with word processing, most software tends to feature mind-blowing finance and accounting tools so users can analyze numbers quickly to create multi-year projections.
Meanwhile, business plan writing services are known to carry out most of the daunting tasks that come with writing the plan for you. With turnaround times ranging from 10 days to a few weeks, these services will review your company’s data, carry out deep research and put together your plan.
When it is done, there is usually a revision period where your company can review and propose edits to the plan. Depending on how quickly you need your business plan, various services offer varying turnaround times, and this can range from 10 days to up to 6 weeks.
When you are starting a business, developing a strong business plan will be one of the first steps to take. It could take several working hours or even days to develop a well-detailed business plan, especially since it requires a lot of readjustment and research.
It is important to understand the components of a good business plan and how long it takes to complete as it ensures that you can make an informed decision about whether or not you have enough time for the exercise.