How Much Does a Business Plan Cost - Free vs Paid Options

How much does a business plan cost? Almost every entrepreneur comes across this question once in their entrepreneurial journey. I did too.

So, to answer your question, it can cost nothing to a few thousand dollars. I know that’s quite the range, but it is how it is.

It depends on several factors, such as how you write your plan (hire someone or do it yourself), what type of plan you create, and a few other things.

Don’t overthink it. We did all the research and compiled this article. Let’s get straight to answering your question. ?

How much does it cost to write a business plan?

The cost of writing a business plan can vary widely depending on several factors. It can cost as high as $25,000 and as low as $7 (or even free). It all depends on the complexity of your plan, the industry you work in, and, most importantly, the mode of creation.

While professional planners and writers ask for thousands of dollars, using an AI business plan generator can help you do it at much lower costs. So, it’s all up to you.

Here’s a breakdown of the typical average costs with various other factors:

Factors that influence the business plan cost

The cost of a business plan depends on multiple factors and what route you decide to take when creating it. Let’s take a deeper look at them.

1. Length and complexity: Longer and more complex business plans will cost more to write relative to shorter, leaner, and simpler business plans.
2. Size of your company: A business plan for a large-scale company is much more complex and requires a higher level of expertise, dedication, time, and length, making these business plans costlier.
3. Level of the experts you hire: The level of expertise involved in creating a business plan impacts the costs. Writers with high levels of expertise charge more whereas intermediate writers charge lower fees.
4. Turnaround time: If you want your business plan faster, it usually involves additional costs. Generally, for a small to mid-sized business, it takes 3 to 4 weeks to write a fleshed-out business plan.
5. Mode of creation: Hiring professional writers or consultants is more expensive compared to using any business plan software or AI business plan generator.

Different options to write your business plan

There are various options available to suit different needs and budgets. Here, we'll explore the different methods for writing a business plan, helping you choose the one that best fits your needs:

1) Business plan writers

Hiring professional business plan writers means utilizing the expertise and knowledge of writers to create your business plan. These professionals bring their experience to write a detailed and compelling business plan that aligns with your business goals and vision.

The cost of hiring a plan writer will differ based on your industry and the writer's experience. The starting cost of a writer is around $20-$25 per hour which can rise to $10,000 for the whole plan.

Best for: Mid-size companies needing a detailed business plan.

2) Business plan consultants

Startups or individuals seeking large sums of investment prefer to go to a professional business plan consultant.

These professionals analyze your business, industry trends, and market conditions to create a comprehensive and customized plan.

The cost for consulting services typically ranges from $5,000 to $25,000 or more, depending on the scope and depth of the project.

Best for: Large companies and enterprises seeking significant amounts of funding for their business.

3) Business plan templates

Using a business plan template is a popular option, especially if you're looking to create a comprehensive business plan without incurring high costs.

However, templates might not be suitable for every business, particularly if you need a highly customized or industry-specific business plan.

Business plan templates are often available for free or at a low cost, typically ranging from $20 to $200. The cost depends on the complexity of the template and the features it offers.

Best for: Startups and small businesses needing a structured plan to get started quickly.

4) AI business plan generator

With AI-powered business planning tools, you can easily create business plans with a few basic details and a list of simple prompts.

So, for entrepreneurs and startups, an AI business plan generator is the most reliable and cost-effective for creating business plans.

It is time efficient too. Especially, if you use an AI business planner like Bizplanr

nr, you can write your plan in minutes! Plus it only costs around $7 to $15.

Best for: Startups, students, small businesses, nonprofits, consultants, and busy professionals who need affordable and customized plans.

How to choose the right option

Of course, writing the plan is not easy and so is not the choice of how to write one. It depends on various factors and here’s a step-by-step guide to help you make an informed decision:

Assess your budget

The route you take to formulate your business plan heavily depends on the budget you’ve allocated for it. If you have a lower budget, it’s best to go for cheaper options. But within these cheaper options, too, an AI-powered plan generator is your best bet. Through them, you can opt for a highly accurate, yet inexpensive medium for business plan production

Evaluate the complexity of your business

If your business activities are complex, your business plan will need to be more detailed and longer. This includes having multiple products, targeting different markets, meeting regulatory requirements, operating on a large scale, handling complex finances, and having strategic partnerships.

Consider your own expertise and time availability

If you have a solid background in business planning and enough time on your hands, plan the draft yourself using guides and templates available online. However, using AI-powered software like Bizplanr is a more time-efficient option.

Balancing cost with potential return on investment

A well-researched business plan will attract potential investors, secure loans, and guide decisions. Investing in high-quality resources and professional help is worth it if it increases your chances of achieving business goals. The cost of creating the plan must be at most the potential ROI.

Why is an AI-powered business planning tool suitable for you?

Preparing a business plan is no easy task. It requires a lot of resources, the right tools, and additional support. However, AI-powered business planning software is a great alternative for business owners and entrepreneurs. With an AI-powered tool, you

• Make your business plan writing process quicker by automating data analysis and content generation.
• Create a highly personalized plan by analyzing input about your business goals, target market, and competition.
• Ensure that your business plan is based on current data and takes forecasted future market behaviors into consideration.
• Get a scalable and adaptable business plan that you can adjust when the business environment changes.
• Benefit from better financial forecasting and budgeting, and more accurate market analysis.

Plus, business plan consultants who draft plans are prohibitively expensive. With AI-driven services like Bizplanr, you get a cost-effective alternative without compromising on quality.

Reduce business plan writing costs with Bizplanr

Now that you know how much it costs to write your business plan, it’s clear that an AI-powered tool like Bizplanr is the most cost-effective solution to create business plans—be it a one-page business plan or a detailed one.

If you need a business plan that wins investors and sets a strong foundation for your business without breaking the bank, Bizplanr could be a great choice.

With its context-aware AI generator, Bizplanr streamlines the entire business planning process.

Get started with Bizplanr and write your first draft today!