Many entrepreneurs take about two week (14 days) to write their business plans. Experts with established businesses and years of experience in the corporate world can take about 7 days give or take. Students can take anywhere between 4 weeks and 6 months depending on their professors’ instructions.
How long it takes to write a business plan depends on an individual’s experience and the depth of the information needed to get the job done. But the average time you’re likely to spend on writing is about 21 days.
On a more realistic level, how long it takes you to complete a business plan depends on how much time to invest in preparation, research, compilation, design, writing, editing, documentation, and documentation.
Preparation
Duration: 7 days (a week)
You’ll have to put research and verifiable facts into perspective before you start working on a business plan. Doing so ensures you avoid inconsistent descriptions and questionable conclusions.
This process can take up to a week for a standard business plan and 2 to 3 days give or take for lean and expansion plans.
Understand that the preparation phase is necessary because it helps make a business plan more practical and appealing to the target audience for meaningful contribution and investment.
Research
Duration: 2 to 3 days
A well-researched business plan saves time for all stakeholders because it offers a precise direction for the business to prosper.
You’ll more than likely spend 2 to 3 days to find the correct information and relevant statistical figure about an operational industry and use the information to define your plan.
It’s okay if your research takes longer than 3 days, especially if the specific descriptions that would attract investors aren’t as easy to come by or uncover.
Compilation
Duration: 1 day
The pace of compiling information for the business plan depends on how much research you’ve done, the information you’ve collected, and how fast you can organize that data.
You will have at least ten parts of a business plan that require data to complete. So spend a few hours organizing the information so that the plan is easy to write.
Each part of the plan should integrate critical information from the other parts for comprehensiveness.
You’ll more than likely spend 5 hours to a day putting this together.
Design
Duration: 1 day
You’ll need an effective business presentation to generate the desired outcome from investors and other stakeholders.
Keep in mind that the design can mean the difference between boring and engaging the audience to understand the content of your business plan. So take at most a day to go over some presentation options to find a pattern that suits the plan.
Writing
Duration: 7 days
The actual writing of the business plan can take up to 7 days depending on how much information you wish to present in the document. You shouldn’t find the writing phase difficult because you already spent a day for preparation, 2 to 3 days on research, and a day on compiling data.
Alternatively, you can hire someone to write the project for you if you don’t have enough time on your hands to do so yourself. For example, Help for Assessment is a professional company you can hire to provide the writing service, and we guarantee to deliver the kind of results that exceed your expectations.
Editing
Duration: 1 day
Your business plan needs more than just a solid structure. The information you present should also be free of grammatical and typographical errors.
Therefore, spend at most a day making sure your writing is error-free. Don’t hesitate to invite another party to offer guidance and honest review of the plan, as that can go a long way to give you a hint on the thoughts of the stakeholders and investors.
Identify and fix redundancy, typos, wrong statements, vague words, phrases, and sentences, and add missing reference links.
The revision stage serves the purpose of refining the business plan and further aligns the document with your business philosophy.
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