The business plan writing industry has been growing substantially over the last several years because of an entrepreneurial trend of people seeking to start their own businesses. This business plan writing boom has led to some questionable practices by business plan writers. Some writers have started to charge exorbitant fees for polished, publication-ready manuscripts. Other business plan writer companies have started to rely on templates for sound writing structures to ensure low-cost opportunities. Through these changes, ethical challenges have become prominent within the industry. The objective of this discussion is to examine some ethical challenges within the business plan writing industry.
Do I Need A Published Manual as a Business Plan?
Our business plan writers have found that some business plan companies have started to offer published, bound business plans for excessively high fees. Some of these plans cost $7,500 or more. Granted, the look and feel of these business plans are publication ready. Unfortunately, these business plans are also static. In other words, when the business environment, either internal or external, changes, then the business owner cannot update their business plan. From this, the business plan may be utilized for fundraising. However, for operational purposes, their business plan becomes obsolete relatively quickly. So, in the end, it really depends on whether you need a published document to raise funds. Or, for less money, you can have a more versatile document.
Should I Go with A Low Price Business Plan?
Low-price business plans are often based on predefined templates. Business plan writing companies utilizing templates are helpful for small business owners just starting off and need to get their thoughts and ideas in order. Further, the structured documents also have been shown to be beneficial for fundraising, for relatively small dollar amount. Unfortunately, utilizing business plan templates does constrain creativity. For example, some small business owners have found using business plan templates confusing because they are usually one size fit all. In other words, some business plan writer is will use the same templates for a restaurant business as they were in a manufacturing business. As a result, finished products using business plan templates may seem choppy and out of order. A better strategy is to utilize a professional business plan writer that allows for business plan upgrades. The strategy enables small business owners to start their plan small and gradually work up as the company grows.
In summary, small business owners have been continually seeking out the services of business plan writers over the last couple years. The demand for business plan writers has also increased service options provided by business plan writers. Some business plan writer’s offer professionally polished documents whereas others utilize business plan templates. From this review, utilizing either option really depends on the end objectives for the business owner.
Author: Paul Borosky, Doctoral Candidate, MBA., Author