If you are planning to start a new venture but do not have any experience of writing a business proposal, then it is best that you hire a business plan company that can assist you in developing a fund-ready business plan right from scratch. However, you should make sure that you choose a reputable firm for this task. How quickly you can raise funds for your business depends largely upon your business plan, therefore it is best that you take due care in choosing the right service provider.

Here are some tips for choosing a business plan company.

1. Experience and Reputation

Make sure that you choose a firm that has experience in handling projects similar to yours. Business planning is industry and project specific. If your business plan consultant has experience in developing business proposals in your business area, he or she will be able to provide you better research data and opinions. Another important thing to consider is the reputation of the service provider: how credible they are, what kind of clientele they serve, how long they have been in this business, and what their accomplishments are. You should ask the service provider to give some references so that you can get some feedback from their past and present customers. This will help you ascertain if the firm can meet your business planning requirements or not.

2. Team

It is important to check the credentials of the team that will be working on your project. Remember that business planning cannot be successfully accomplished by a single person. It requires inputs from professionals in different fields including marketing, operations, legal, and human resources. If your business planning team is strong, probably you will achieve your goals fast.

3. Understand the Process

The process of developing business plans varies from firm to firm. Ask your potential business plan company what approach they follow for developing business proposals. How do they ensure that the requirements of client are strictly met? How do they involve the client in the business planning process? At what stages is feedback taken from client to ensure that the firm is working in the right direction?

4. Time Required

Some projects make sense only if they are accomplished within the stipulated time period. If you want to kick-start your project soon, then how much time the consultant will take to deliver your business proposal could be an important criterion for selecting the right service provider.

5. Cost

You do not have to spend a fortune on developing a great business proposal. Get quotes from a few consultants in order to compare prices, and then select the one that can meet your requirements and expectations within your budget. While comparing prices, you should also consider reputation, experience, and work quality of the firm.

Nowadays, there are many business planning companies that make huge promises to deliver fund-ready business proposals within a day or two. Do not get trapped in to such claims as they are simply meant to mislead novice entrepreneurs. Beware of firms that guarantee you 100 percent success at raising funds because securing capital for a business depends on a range of factors including business management, risk, profit potential, and economic environment.