Cost of Hiring a Business Consultant and Fees

AVERAGE SMALL BUSINESS CONSULTING FEES

How much do business management consultant charge per hour? Before any business could spring up and establish itself for real success in our ever-growing business world today, it must first require some sort of business plan. A business plan is more or less like a blue-print which is responsible for guiding a business towards its goals, and consequently lead to its success.

Without a good business plan, a start-up business would most likely fail before it even gets started. Think of a business plan as the map which guides you on your journey to a new city; or a compass which leads you to your destination when treading an unfamiliar path.

A typical business plan includes some or all of the following: Executive Summary, Business Objectives, Vision Statement, Mission Statement, Products and Services, Business Structure, Sales Forecast, Financial Plan, Sales and Marketing Strategies, Market Analysis, Milestones, Exit Plan, etc. Each aspect of the business plan provides useful description about the business.

A good business plan could be a simple document which would require anywhere from two pages to several pages, depending on a whole lot of factors. Depending on how time consuming it would be for you, you could decide to write your business plan all by yourself, or you could seek the services of a professional.

For a small to medium scale business, you will not necessarily have to seek the services of a professional; you could write it by yourself without hiring any professional services.

When thinking of getting a good business plan to be written for your business, you must be very mindful of the quality; it is a major determinant of the cost. Also, the complexity of the business plays a huge role in determining the cost you will have to pay for it to be written by a consultant.

Also, depending on the type of business plan you have in mind to be written, you could receive some special discount. For instance, consultants at BrainHive give special discount offerings for some business plans such as foundation of companies which have certain bearing with charity, student and young foundations, etc.

So far, we have succeeded in mentioning the factors which affect the cost of a typical business plan, but now, let us discuss them in details:

Choice of Service Provider

Your choice of service provider would go a long way towards affecting the cost of your business plan. For example, the cost you would pay for a business plan written by a lawyer would vary from the cost you would pay when that same business plan is written by a tax accountant, an auditor, or a business plan consultant.

Quality Requirement of your Business Plan

The cost for a business plan also has a lot to do with the quality requirement you would want for it. Do you want it to be very professional, semi-professional, or just a simple business plan which would take only a few pages? The quality of your business plan would however depend upon who you plan on presenting it to, i.e. who the reader would be.

Difficulty Level of the Business Plan

The difficulty level of your business plan would also play a role in determining the cost you would have to pay for your business plan to be written. The difficulty level entails number of pages required, the type of business activities which would be detailed in the business plan, etc.

Special Requirements

Any special requirement which would have to be given attention to in the course of writing your business plan such as scope of your business, urgency of the business plan, how much market research is left to be carried out on the business plan, how much assistance and information would be made available by you as the business owner, the nature and type of business, etc.

For instance, it would take a lesser time to research and write on a start-up business with only a particular consumer product, and a market niche which could be identified easily, seeking to obtain only a small loan from the bank than it would to research and write on a start-up which has a lot of complicated technology products in a sparsely researched market niche, which is intended to seek for loans from investors and large venture capital firms.

Cost of Hiring a Business Consultant and Fees

Getting a typical business plan written by a consultant would cost you anywhere from US$600 – US$1,000. This price is for an average business plan. In an hourly rate, you could get your business plan written for an hourly fee which ranges from US$120 – US$150.

However, to get a very complex business plan written by a consultant would cost you anywhere around US$3,000 – US$8,000, or around US$25,000 for really a complex business plan where the start-up fund that you seek to obtain is as high as several millions of dollars. As mentioned already, business plans vary in cost, depending upon several influencing factors.

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