How long does it take to write a business plan?
It’s not just you; many entrepreneurs think of this when they first start creating a business plan. And it’s pretty obvious to have that curiosity.
After all, you can’t just sit around and plan forever.
Preparing a comprehensive business plan often seems intimidating and time-consuming as it involves market research, financial calculations, and several drafts.
However, things can be managed wisely to have your final draft ready in time. Still, in how much time?
Here’s the answer: right on the money. 👇
How long does it take to write a business plan?
The time it takes to write a business plan can generally vary from several weeks to a few months. Particularly, it depends on the complexities of the business, the type of business plan, and the experience of the person writing the plan.
However, using AI-powered business planning software can considerably reduce the time required. You may end up finishing your first draft in just a few hours.
Traditional vs. AI-powered business planning
The traditional method of writing a business plan involves using templates or hiring a business plan writer. In contrast, AI-powered business planning uses AI tools like Bizplanr to do it for you.
Let’s see how both the methods compare to each other:
What’s more efficient, traditional methods or AI tools?
As traditional methods require significant manual efforts, they can be more time-consuming and take several weeks or months. In contrast, modern AI tools can quickly analyze vast amounts of data and create business plans in minutes.
Which is more accurate and error-free?
Whether you hire a business plan writer to create your plan or do it yourself, we humans are prone to some errors. Identifying and fixing these errors requires more time and effort.
In contrast, AI-powered tools help you automate manual tasks, ensuring reliable and accurate results. Further, you can quickly review, edit, and refine your plan using AI itself, making it a better and faster approach.
So, what’s the better deal—traditional methods or AI tools?
While traditional methods have been used for planning for a while now, it seems high time for you to make a switch to AI tools to streamline your planning process.
Factors that affect the time to write a business plan
Now, let’s consider a few factors that might impact how long it takes to create a professional-looking business plan.
The size & complexities of the business
The size and complexities of a business play a vital role in determining the time required to write a business plan. Startups or complex businesses like tech or healthcare ventures require more detailed strategies and planning. In contrast, established businesses need to just focus on expansion or new products along with existing data & processes.
Comprehensive market research
Conducting thorough market research is a key element of a good business plan but it can be time-consuming. It involves an in-depth understanding of industry size & growth potential, target market, customer preferences, competitors, and market trends. It even includes reviewing industry reports, client feedback, or interviews.
Details of financial projections
The level of detail included in the financial plan also impacts the time needed to complete a business plan. Creating detailed financial projections requires analyzing and estimating various financial aspects, including revenue forecasts, profit margins, cost estimates, and cash flow statements. It also involves accurate calculations & scenario planning, which can take considerable time.
Writing experience and skills
The experience and skills of a person writing a business plan can significantly affect how long it takes to finalize. Professional business plan writers or experts can draft key sections quickly and accurately, while people with less or no experience may spend more time understanding what to include or how to write.
Collaboration and review process
Involving team members in the planning process can greatly enhance the business plan quality, but it takes more time due to coordination and review cycles. Also, seeking external feedback from advisors or potential investors can bring different perspectives and valuable insights. However, integrating these inputs implicates multiple iterations & revisions.
At the same time, using AI-powered business planning can address all the above factors effectively. And they help develop comprehensive yet investor-ready business plans quickly.
Average time to write a business plan (based on the type)
Well, the time consumed while writing a business plan might differ greatly based on the type of business plan created and its purpose. Here is a list of the several types of business plans, along with their average time & length:
Traditional business plan
The traditional business plan is often the most detailed type of business plan. It helps you cover all the business aspects or pointers necessary to attract investors or stakeholders as your business evolves.
Time required: At least 2 weeks to 1 month
Length: 35-50 pages
Lean business plan
A lean business plan is a streamlined and well-crafted document that is a condensed version of the traditional plan. It focuses only on the essential sections like business strategy, key milestones, metrics, and basic financial projections.
Time required: 2-3 days
Length: 1 page
Strategic business plan
A strategic business plan includes every detail of the strategies and their implementation to reach the business goals. This internal plan will focus only on specific strategic priorities and KPIs rather than market research and financial details.
Time required: 3-5 days
Length: 15-25 pages
Internal business plan
An internal business plan focuses on business day-to-day operations. It outlines the implementation process, key milestones, project deadlines, employees’ responsibilities, and operating budgets.
Time required: 6-10 days
Length: 20-40 pages
Growth or expansion business plan
Growth plans or expansion plans are specially designed for businesses looking to expand or enter into new markets. This includes a detailed market analysis, growth strategies, and financial projections.
Time required: 10-20 days
Length: 30-50 pages
By knowing the average time it takes to write different business plans, you can set realistic timelines for your plan.
Now, it’s time to explore a few tips to make your business planning process more efficient and faster.
Tips for efficient and faster business plan creation
Drafting a business plan often feels like an intimidating and time-consuming process. But with the right tactics and strategies, you can simplify this planning process and make it more effective.
So, consider following some tips that help you with efficient and faster plan creation:
Use AI tools
Having tools like an AI business plan generator can be a great help while writing a business plan. These tools help you streamline the process and create a simple plan in just minutes.
Gather necessary data in advance
Before writing, collect all the market analysis data, financial statements, and operational details. Doing so will smoothen the writing process.
Divide the plan into sections
Break down your plan into small sections and prepare each section individually. This section-by-section approach will make your process easier and more effective.
Clearly define objectives & deadlines
Define what you want to achieve with your plan and set deadlines for each section of your plan. This will make your process less overwhelming and keep you on track.
Ensure effective collaboration
Try to delegate different responsibilities to team members based on their roles and expertise. Also, conduct regular meetings to track their progress and address any challenges.
Conclusion
Now, you’ve got a clear understanding of how long it takes to write a business plan. It might take hours, weeks, or even days greatly depending on your business idea, the type of plan you write, and the methods you use.
So, after exploring the above guide, we hope you pick what fits best with your business-specific needs and start planning. Get your first draft ready in minutes using Bizplanr.
