Two solutions allow a project leader to draw up a business plan: either to take care of it himself or to delegate its design to a professional (chartered accountant, consultant, etc.). So, is it better to do it yourself or outsource it to someone else? Each solution has advantages and disadvantages. You have to have them in mind before choosing. Here they are in detail.
You are doing your Business Plan alone: Advantages and Disadvantages
Setting up a business plan yourself allows you to benefit from many advantages. First of all, at the level of validation of the business creation project. Doing it yourself will allow you to intelligently and carefully structure your approach.
If you haven’t already, you will learn about the area of financial management and forecasting. Then you are in the best position to talk about your project. By writing your business plan yourself, you will be sure to be fair and precise in what will be written, especially in the economic part (description of your offer, presentation of your strategy, of the team, etc.).
Finally, by building your business plan without the help of a professional, you will realize significant savings. The budget for making a business plan starts around 300 euros in case of support. Without it, it can be zero. Indeed, there are now many free online business plan platforms.
The greatest danger that awaits you if you choose to do everything yourself is making the wrong choices. The business plan usually comes at the end of the business creation process. It considers essential parameters such as the choice of legal status, a tax system, a social security system, etc.
Also, in terms of form, be careful not to get lost in too technical and sharp details. A project leader tends to be proud of his project and to want to explain everything, down to the smallest detail, in his business plan. Unfortunately, this is a mistake. It is necessary to limit oneself to the valuable information to the reader of the business plan.
The isolation is the last drawback of the “do it yourself.” To do it alone does not mean to remain so. You have to be careful not to cut yourself off from the world. To do this, be open-minded, have your loved ones (friends, family) proofread your document and discuss it with them. It would help if you had critical, neutral, and objective looks.
Getting support to make your Business Plan: Interests and Limits
Without a doubt, getting support to make a business plan allows you to acquire a significant asset: advice. The professional who will accompany you (chartered accountant, consultant, lawyer, etc.) will be able to provide you with unparalleled support at different levels, not only in the document’s design but also in the design of the document and – and above all – in its presentation. He will be able to help you convince your partners.
An accountant can also help you validate your creation choices (legal status, profit tax regime, etc.). He is the only professional, along with the lawyer, who can do this. He will then be able to draft your articles of association and proceed with filing the registration application for your company.
Establishing the financial part of a business plan is usually problematic. Indeed, the construction of financial tables requires the mastery of many accounting knowledge (calculation of WCR, CAF, depreciation, etc.). By being accompanied, you put aside these problems and concentrate on the essentials.
Finally, the professional who accompanies you already has a network and an address book, which he can share with you. Also, it has probably accompanied, in the past, projects similar to yours. He will know how to use his previous experiences to your advantage.
Outsourcing the design of your business plan is usually a costly solution. It is even more so if you seek a professional specializing in a field of activity (fundraising event, for example). Prices vary depending on the person selected. Allow between 200 and 1,500 € per day for a specialist consultant.
Also, delegating the construction of your business plan will not exempt you from all work on it. You will still have to intervene on the economic part. The generation of financial tables will also give rise to numerous discussions with your interlocutor. In other words, don’t expect to do anything by being accompanied.
Finally, for your business plan to reflect the reality of your project, the professional must listen to you and specify your expectations.