Wise Business Plans Review
By Chad Brooks, Business News Daily Writer | Updated Feb 19, 2020
Your business plan could make or break your business before it ever gets started. An impressive business plan versus an average one could easily be the difference between finding investors to fund your startup and being left on your own to come up with the necessary money. That's why, instead of trying to do it all on their own, many entrepreneurs look for help creating their business plans.
That's where Wise Business Plans comes in. Unlike DIY software, Wise is a full business plan service that handles all of the heavy lifting for you. You tell the company what you want, giving it the necessary details and data, and it does everything else necessary to create a comprehensive and notable business plan.
To understand how we selected our best picks, you can find our methodology, as well as a list of business plan software solutions on our best picks page.
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Wise Business Plans Pricing
Unlike business plan software, which has set prices, the cost of working with a business plan service like Wise depends on the scope of your project. Before you get started, you will have a consultation with Wise representatives to discuss the type of plan you are looking for and what you intend to use it for. This will help the service determine what direction the business plan needs to take.
Following the consultation, Wise gives you a formal quote that details the extent of the project. No actual work on the business plan will begin until you've signed a contract. The representative we spoke with said pricing truly varies but that, on average, its plans typically run from $1,850 to $5,000. To get an accurate price quote, you are encouraged to speak to a Wise representative and go over what you are specifically looking for.
You may incur a few additional costs too. Once you receive a draft of the plan, you are allowed time to make revisions, but any revisions you request after that first go-around will cost $199.
Additionally, it costs $199 if you want Wise to handle the printing and binding of your plan. For this, you will receive two professionally printed and bound business plans, plus a digital copy on CD. This is not required. Everyone, whether or not they pay for the professional printing, receives a digital link to their downloadable plan. This gives you the option to get it printed on your own.
Wise Business Plans Process
Wise Business Plans works with a wide range of businesses and has written plans for companies in more than 400 industries. The company focuses on startups as well as small and midsize businesses. The representative we spoke with said there isn't a business type Wise wouldn't be able to serve.
Unlike business plan software, Wise handles all of the work for you. As mentioned above, the first step is to have a free consultation with a Wise representative to discuss your goals. In this initial meeting, you will talk about the business you plan to open and whom the business plan will target. Will you use the business plan to try to get a bank loan, secure real estate or get an angel investor? How you want to use the plan will drive the type Wise develops for you.
Based on this initial consultation, Wise will prepare a formal quote for you. It will also send you, among other things, examples of business plans it has created to give you a better sense of what the final product will look like. If you approve the contract and send in the first payment, you are logged in to Wise's system and provided a conference call line for future use and a secure link to a questionnaire. Wise will use your answers to the questionnaire to help shape the business plan.
Once that is complete, you will have a call with your business plan's writer. All Wise business plan writers hold a master's degree or higher, and nearly all have been writing business plans for Wise for at least five years. During your call, which typically lasts about an hour, you and the writer will dig into some of the granular details. The writer will use these details to deliver a product that meets all of your end goals.
Following the meeting, before they start writing the business plan, the writer will conduct their own market research. They will look at the industry you plan on entering to develop industry benchmarks. They will then blend your financial goals with the industry benchmarks to make a five-year financial projection.
The research and writing phase of the plan can take 7-14 days. The length depends on the type of business plan. Wise then sends you the plan in Word and Excel documents for your review. You have opportunity to make any necessary revisions. Once the revisions are complete, the Word and Excel documents are sent off to the graphic designer. The graphic designer then turns the plan, which typically ranges from 25 to 35 pages, into a presentable document complete with charts and graphs.
When all of that work is finished, you receive a link to a downloadable version of the business plan. If you want Wise to print it, there is an additional $199 fee.
There are many benefits of using Wise's business plan services. The biggest is the experts who work on your business plan. You get a professional writer who conducts in-depth market research using industry-leading sources, like IBISWorld. Each writer has years of experience working on this type of project. They know what questions to ask and the best way to help you make your case to banks, investors, or whoever else you want to present your plan to. Wise also has graphic designers to turn your business plan into an appealing final product.
Another benefit of Wise is its experience working with businesses in all different industries. It can help with your plan whether you want one for a staple industry, like a restaurant or a technology or consulting business, or in an up-and-coming industry, like cannabis.
Additionally, Wise can assist you if you ever want to update your plan down the road. For example, if you get to year three of your business and decide it's time to go for another round of funding, Wise can work with you to insert your actual financial data. It can then take those three years of hard data to come up with a new five-year financial projection. Depending on exactly how much needs to be updated, Wise can typically do this for a fraction of the cost of the original plan.
Besides its business plan services, Wise offers other services that businesses may find useful:
- Bookkeeping services
- Design services
- Logo services
- Brochure and flyer design
- Concierge services
- Management consulting
- Social media design
- Restaurant menu design
- Website design
- E-learning resources
- PPC optimization and SEO
There wasn't much we didn't like about Wise. The biggest potential negative, especially compared to business plan software, is the cost of the services. While business plan software may cost you a few hundred dollars for a year of access, a business plan service cost significantly more. It comes down to a situation of getting what you pay for. While the best business plan software makes the process an easy one, doing it yourself is still more stressful than having someone else do all of the work for you. In addition, some business plan writing services cost significantly more than Wise does. So, if you prefer a service to do the work for you, Wise does make sense from a financial perspective.
What's nice about partnering with Wise is that you have a dedicated business plan writer working for you. This ensures you have one point of contact throughout the process. It's nice to know you can turn to the same person with any questions you have. Should you meet with your writer and not feel comfortable with them, according to the representative we spoke with, Wise will take any steps necessary to rectify the situation. Wise will assign a different writer to you if necessary in the end.
While the Wise website doesn't have a ton of helpful resources, it does have a business term glossary that you may find valuable. The website also includes answers to some frequently asked questions, and you can find several sample plans to get a better idea of what to expect from the completed business plan.
Ready to choose a business plan solution? Here's a breakdown of our complete coverage: