business plan consultant freelance

Hire your Freelance Business plan Consultant in 48 hours

No signup fee. Prefer to talk? Book a call .

Access our network of tier-1 Business plan consultants

12 years experience | Manager

United Kingdom

Olivia Jackson

Freelance Business plan Consultant

9 years experience | Manager

James Martin

10 years experience | Senior

Sarah Moore

8 years experience | Senior

Amelia Anderson

17 years experience | Senior

John Jackson

30 years experience | Senior

United States

John Miller

6 years experience | Associate

James Wilson

6 years experience | Manager

Olivia Martin

11 years experience | Senior

8 years experience | Manager

Charlotte Anderson

19 years experience | Manager

Sarah Martinez

13 years experience | Senior

Benjamin Williams

Want so see more Fintalents? Sign up now or book your intro call.

Guide to hiring the right Business plan consultant

What does a Business plan consultant do? And how can you find the right one? Learn more in our hiring guide for Business plan consultants.

• Case Studies

Navigating the First Merger: YogaEasy’s Successful Post-Merger Integration Journey

Inorganic growth is fundamental to our strategy. We were looking for a global partner to help us with our buy-side M&A projects, and found Fintalent. From first contact to project start took less than 2 weeks.

Related services

Turnaround manager, business transformation, business valuation, fractional cfo, strategic planning, how our m&a staffing platform works, connect with the right m&a freelancer within hours.

Looking for a more specific Business plan skillset?

Frequently asked questions.

We operate world-wide and have clients in North America, Europe, APAC, and MENA.

Hiring guide to find the perfect Business plan consultant

Are you looking to elevate your business strategy, secure funding, or enhance your organization’s overall performance? A freelance business plan consultant could be the key to unlocking your business potential.

In the dynamic landscape of business, a well-crafted business plan is essential to beat your competition and achieve success. This comprehensive guide is specially designed to be your compass in navigating the intricacies of hiring the perfect freelance business plan advisory services.

What is a Business Plan Expert?

A business planner functions as the company’s brain. These professionals develop effective business plans that accelerate a company’s success. They also help identify new collaboration opportunities by offering investor relations management advisory services. They plan the organization’s objectives, identify hidden potential in the workforce, establish targets, and implement profitable tactics. They also help companies identify system flaws and mitigate potential risks to avoid costly mistakes.

Roles and Responsibilities of a Business Plan Advisor

Business strategy development:.

• Role: They provide expert business strategy consultancy to help organizations align with goals and industry trends.
• Analyze market conditions and industry trends.
• Explain the business goals you want to achieve.
• Formulate strategies to achieve business goals.

Business Planning:

• Role:  Professional business planners develop comprehensive business plans that serve as roadmaps for organizational success.
• Create detailed business plans, including executive summaries, market analysis, financial projections, and risk assessments.
• Tailor plans to specific purposes such as securing funding, attracting investors, or guiding internal decision-making.

Financial Forecasting:

• Role: They analyze and project financial data to guide budgeting and provide financial planning advisory.
• Develop financial models and forecasts.
• Analyze financial statements and key performance indicators.
• Assess the financial feasibility of business initiatives.

Risk Management:

• Role: These experts also identify potential risks and develop strategies to mitigate them.
• Evaluate internal and external risks.
• Develop contingency plans.
• Monitor risk factors and adjust strategies accordingly.

Stakeholder Communication:

• Role: Business plan consultants effectively communicate the organization’s plans and strategies to stakeholders, investors, and team members.
• Prepare and deliver presentations.
• Communicate complex plans in a clear and concise manner.
• Address questions and concerns from stakeholders.

Implementation Support:

• Role: They may also provide guidance and support during the implementation of business plans.
• Collaborate with internal teams to execute strategies.
• Monitor progress and adjust plans as needed.
• Offer ongoing support and guidance.

What is The Standard Educational Background of a Freelance Business Plan Advisor?

Freelance business planners typically possess a diverse educational background, reflecting the multifaceted nature of their role. Many candidates hold Business Administration degrees, with a focus on strategic management and entrepreneurship. Some consultants also come from finance or accounting backgrounds, equipped with the financial acumen required to provide valuable strategic finance advisory. 

Additionally, consultants with degrees in economics bring expertise in market dynamics and economic factors that can impact business success. Professionals with industry-specific degrees bring valuable insights into sector-specific challenges. Some professional business planners may also have legal backgrounds, which helps them navigate the complex regulatory environments that influence business planning.

Furthermore, special certifications such as Chartered Financial Analyst (CFA) or Certified Management Consultant (CMC), contribute to the expertise needed for effective business plan development.

Essential Skills to Consider to Hire Business Plan Consultant

Hiring expert business plan consulting services requires an individual with a diverse skill set and industry expertise. Here are some essential skills to look for:

• Strategic Thinking: Look for freelancers with experience developing and executing strategic plans, demonstrating an ability to align goals with actionable steps.
• Financial Acumen: Seek business plan services candidates with a solid financial background, including experience with budgeting, financial modeling, and interpreting financial statements.
• Industry Knowledge: Look for consultants with experience in your specific industry or a demonstrated ability to quickly grasp the intricacies of various sectors.
• Communication Skills: Strong written and verbal communication skills are essential for a business plan specialist.
• Research Skills: They should have a proven track record of effective research, including market analysis, competitor assessments, and industry benchmarks.
• Problem-Solving Skills: Seek individuals who can demonstrate instances where they identified and resolved business challenges effectively. They should also be flexible and have experience adapting strategies to evolving situations.
• Project Management: The right business plan services candidate should be skillful in project management. They must be pro at meeting deadlines and delivering high-quality results within specified timeframes.
• Tech Savvy: The selected consultant should also have experience using tools like Excel, financial modeling software, and presentation software.

Practical Steps to Hire Business Plan Consultants:

Step 1. Identify your need: Identify areas where your business needs assistance. Knowing your specific needs will help you hire business planner consultant with the relevant skills and experience.

Step 2.Research Potential Consultants: Define your business goals and research potential business plan specialists from a vast network.

Step 3. Check Portfolios and Reviews: Examine the portfolios of potential consultants to gauge their experience and the quality of their work. Look for client reviews or testimonials to understand their reputation and how satisfied previous clients have been with their business plan consulting services.

Step 4. Interview Potential Consultants: Reach out to potential consultants for initial discussions. Share your business goals, needs, and expectations. Assess how well they understand your vision and if they offer tailored solutions.

Step 5. Make a shortlist: Now that you know the skills, qualifications, and approach of each freelancer, make a shortlist of candidates that fit your business needs.

Step 6. Review Cost and Terms: Discuss the consultant’s fee structure, payment terms, and any additional costs. Ensure that the terms align with your budget and the project’s scope.

Step 7. Finalize the Agreement: Once you’ve selected a consultant, formalize the agreement with a written contract. Clearly outline the scope of work, responsibilities, timelines, and payment terms.

Step 8. Monitor Progress and Provide Feedback: Regularly check in with the consultant to monitor the progress of the business plan advisory. A collaborative and communicative approach will contribute to the success of the project.

By following these steps, you can navigate the process of hiring a freelance business plan consultant with confidence. Whether you’re a startup seeking funding or an established business refining your strategy, the right consultant can enhance your business success significantly.

Explore our network of top-tier freelance business planners and find the best candidate for your company. Hire Now!

Other publications related to Business plan

M&A Software Landscape: Report 2024

Integration Challenges: What not to do in Post-merger Integration

Operational Due Diligence: A Primer

The future of m&a: agile m&a project teams, scale your m&a team to the headcount you actually need.

• Leverage 3,000+ vetted M&A professionals to enhance your internal capabilities, or plug capacity gaps.
• Find the exact right freelancer based on their deal experience in 2,900 sectors.
• Message, schedule appointments and hire freelancers through our client portal.

Cookie notice

Privacy overview.

Find the best site to hire business plan consultants in under 60 seconds.

We'll ask 5 quick questions to better understand your needs and then provide you with personalized recommendations.

No sign-up required.

Answer a few questions about your hiring needs.

In seconds, our algorithm will compare different options to help you hire a business plan consultant.

Get a personalized list of the best companies to hire a business plan consultant.

Let us help you.

What type of hire are you making?

Click to choose your best option

Top 15 Sites To Find and Hire the Best Business Plan Consultants

Based on facts publicly available as of 01.01.2024

Toptal is a high-caliber network of business experts from around the world. Toptal consultants have completed a meticulous screening program that identifies the most knowledgeable, driven, and best business plan consultants. The company accepts only the top 3% of applicants to create its exclusive talent pool. It measures consultants’ skills, professionalism, and personality to ensure continued excellence for every project.

A finance director discusses your goals and expectations, then matches you with a selected professional. You have a no-risk guarantee and only pay if you’re satisfied with the output.

Paro, a Chicago business founded in 2015, is a platform for companies to hire vetted finance professionals . Paro uses artificial intelligence to find matches between experts’ skill sets and employers’ needs, rather than providing a free-for-all marketplace. Freelance workers must pass an assessment, interview, and background check. If you hire business plan consultants through Paro, you know they are vetted.

Capital West Advisors began operating in 2006 and keeps headquarters in Beverly Hills. It focuses on business planning but offers other services as well. The company works with a relatively equal mix of small, medium, and large companies. Clients work directly with experts in the firm who help them craft their business plan, rather than being matched with freelancers. The site offers some up-front information. Interested companies can view price structure ranges and sample business plans based on the industry. These are helpful factors if you’re sketching out your budget.

Growthink began in 1999 after the founders graduated from UCLA. The company devises business plans for companies of all sizes, from startups to Fortune 500 companies to nonprofit organizations. Rather than working with vetted freelancers , the company works directly with clients looking to hire business plan consultants. The company offers a free consultation where representatives listen to your business ideas and provide initial suggestions before narrowing down specific business plan concepts.

Since 1998, Guru has matched freelancers and clients around the globe. It is simple and straightforward to hire business plan consultants on the site. Once they find a specialist, clients sign the contract, and Guru fulfills the order right away.

Guru's platform offers a variety of payment methods for easy access and payment protection. Clients should be aware that freelancers can opt to charge part of the commission fee to the buyer.

Cayenne Consulting is another company that works directly with businesses in place of setting up companies with vetted freelancers. It set up shop in 2001 and has headquarters in San Clemente, California. Its comprehensive site includes:

Sample business plans for potential clients to review

Industries the company serves

Professional information about consultants and advisors

Examples of clients organized by industry

The company works with businesses of various sizes that hire business plan consultants. Many of its consultants have more than 25 years of experience.

Freelancer’s website states it is the world’s largest crowdsourcing and freelance marketplace by the number of projects and users. Clients can use the website to post projects, browse profiles, chat with, and potentially hire professional business plan writers . Once you hire a freelancer, you pay with the company’s Milestone Payment system and release payment when you are satisfied with the work. Critics note Freelancer’s customer service team is highly responsive and helpful.

Based in the UK, PeoplePerHour began operating in 2007. It has a solid reputation for connecting freelancers and buyers, assuring security and satisfaction by:

Requiring buyers to maintain an escrow account.

Approving and certifying freelancers.

Offering free job posting for buyers.

Its popularity means that you have a high volume of freelancers from which to choose . Critics note that customer service tends to favor the buyer when disputes occur. The company's messaging system allows you to directly communicate with candidates to help you hire business plan experts.

LinkedIn has been around since 2002. It sets up its site as a professional social media network . You can create a profile for yourself and your business, post a job, or conduct a search to hire business plan consultants.

You can post one job for free on LinkedIn or promote it for a fee. Advertised jobs appear at the top of search results, and the platform sends you a notification when a candidate applies. LinkedInIt also lets you narrow the field with search filters. LinkedIn Recruiter is a more powerful search tool that allows you to view 1,000 candidates instead of 100 with a basic account. 

This site has gained a presence in more than 60 countries since its inception in 2004. To hire a business plan writing service , you can post a job for free or sponsor it. Free job postings appear in general search results, but sponsored jobs get more visibility. Pricing for sponsored jobs is based on the number of applications you wish to receive with the flexibility to reject applications without being charged.

Founders established this California-based site in 2010. You can post job listings, search for candidates, and manage applications with a business account. This popular site opens you to a large candidate pool.

Job seekers can use the site for free, but businesses get only a short trial period before having to pay to use the service. ZipRecruiter offers services customized for small- and medium-sized businesses or enterprises.

Catalant launched in 2013 under the name HourlyNerd. It operates from headquarters in Boston and London. In addition to allowing users to post jobs and hire business plan creators , it also lets you track projects, make payments, and interview experts.Opening an account is free, but when the platform matches you with a freelancer, it adds a fee of 20%-30% of your rate. You can negotiate the price with potential workers. Freelance workers are required to have experience in their field, and Catalant advises applicants that those with advanced degrees tend to be more successful building their practices on Catalant.

Two companies merged to form Upwork in 2015 through the coalition of Elance and oDesk. Upwork has headquarters in California.

There are three general approaches a business owner can use to find and hire a professional business plan advisor on Upwork: 

Talent Marketplace : Clients post a description of and price range for the work they need. They can select freelancers to apply for the job or leave an open invitation for any freelancer to inquire.

Project Catalog : Clients choose from a broad selection of predefined projects.

Talent Scout : An Upwork recruiter assists with selecting candidates for a fee that is wrapped into each professional’s hourly rate. 

This Israel-based company began in 2010 as a marketplace for freelancers to offer services, called gigs, for $5. While the name remains the same, Fiverr freelancers now set prices for their services, and clients can find a range of remote business plan consultants’ options and fees.

Freelancers post gigs for interested buyers to peruse and ask questions. Clients purchase the gig, and Fiverr works as the go-between, ensuring both parties are satisfied. The buyer completes the vetting process to hire business plan consultants, but Fiverr offers timely customer support and partial or complete refunds.

With headquarters in San Francisco, Thumbtack is a service that matches a range of freelancers with clients in their local area. The site focuses on home services, but companies can search for freelancers in many other industries, including business plan consulting . Companies enter information about their industry and how long they have been in business. Thumbtack populates a list from which you can hire business plan advisors who serve your area. You can see at a glance how many times they've been hired through Thumbtack and their hourly rates.

Guide To Hiring a Great Freelance Business Plan Consultant

If you need help writing a business plan, you can use our list of the top 15 sites to hire business plan consultants.

Research indicates that businesses with a plan grow 30% faster than those without one. Read on for in-depth information on how to hire business plan experts.

What Is a Business Plan, and How Do Consultants Help With It?

A business plan gives you a road map for your business and a pitch for investors and lenders. According to Investopedia, a solid business plan includes these elements :

Executive summary : Mission statement and information about the company’s leaders and operation details

Market analysis : Target market, competition, strengths and weaknesses, consumer demand

Products and services : Pricing, consumer benefits, product or service lifespan, research and development, patents and proprietary technology

Budget : Costs for development, marketing, manufacturing, staffing, etc.

Financial planning : Information potential investors need, such as financial statements, balance sheets, targets and future projections

Marketing strategy : Details on marketing campaigns and distribution channels

Your company’s business plan is at the heart of what you do every day. Top consultants design a custom business strategy that works with the specifics of your company or revise a plan to align it with today’s enterprise trends.

How Fast Can You Hire Business Plan Consultants?

The U.S. Bureau of Labor Statistics projects that jobs in this field will grow 11% in the next decade , faster than the average for all professions. This statistic indicates the best business plan consultants are in demand. However, a top freelance company like Toptal may be able to get you started within 48 hours.

How To Hire Business Plan Consultants

You can hire business plan consultants on a full-time, part-time or freelance basis . Hiring a full-time or part-time consultant might not be practical or necessary. Once you have a business plan, you can review it periodically, but the task of writing the plan usually ends once you complete the initial project.

Hiring a freelance consultant allows you to:

Choose from a large talent pool.

Find high-quality specialists due to their range of experience.

Save the cost of hiring a full-time employee.

Find talent willing to work on a short-term basis with a fast deadline.

Hire the consultant again as needed for revisions, updates, and restructuring.

What Skills Should You Look for Before Hiring a Business Plan Consultant

When you hire business plan creators, they should possess a combination of relevant hard and soft skills. Look for employees with a demonstrated ability to:

Conduct research

Collect and analyze data

Build up a financial model

Analyze research reports

Design custom business plans with a substantial justification of the conclusions

Work with companies of your size and in your industry

Communicate effectively

Resolve errors and disparities

In-depth understanding of your company and business goals

How Much Does It Cost To Hire Business Plan Consultants?

Consultants may charge varying rates, and it can be confusing for someone who wants to hire business plan creators. However, the Bureau of Labor Statistics reports the median annual wage for jobs in this category as $93,000. If you're hiring a freelancer on an hourly basis, this figure translates to about $44 per hour.

According to Bizfluent, you can pay anywhere from $1,500-$15,000 for a complete business plan depending on your company's size, the detail you need and the plan’s depth. A business plan is an investment in your future. A solid, well-written plan serves your company for years to come.

Where To Hire Business Plan Consultants Easily

If you have tried writing your own business plan, you probably understand the value top business plan consultants can offer your company. They provide an objective view of your business and may have experience working with other companies in your industry. They can identify your growth opportunities, cash flow management, and eventual exit strategies. They can also determine your strengths so that you can leverage them against the competition.

Things To Consider Before Hiring

However, finding the right site to hire business plan consultants can be daunting with so many choices. Each site has its pros and cons. Keep these questions in mind to decide which company is best for you:

Do you have time to search through profiles yourself, or should you use a company that matches you to the top business plan consultants?

What are your quality expectations?

What is the site’s reputation for finding the best business plan consultants?

Entrepreneurs know that finding the right talent for their business can be intimidating, so use the list of top sites in this article to guide your search for the top business plan consultants.

How do you hire a business plan consultant?

What do business plan consultants do?

How much do consultants charge for business plans?

For a more comprehensive analysis of your needs , you'll need to do more than rely on this list.For a personalized list of the best sites to find Business Plan Consultants, our quiz can be of a great assistance.

To hire Business Plan Consultants, click the green button below to get started.

More Consultants For Hire

Blockchain consultants, crowdfunding consultants, corporate finance consultants, financial modeling consultants, fundraising consultants, growth strategy consultants, fintech consultants, startup funding consultants, m&a consultants, venture capital consultants.

• Marketing & Clients
• Free templates
• For recruiters
• Job profiles
• Freelance Study
• Our product
• Try Freelancermap

How To Create A Freelance Business Plan – Guide + Template

Having a solid freelance business plan is crucial for achieving long-term success. While you may not have the same traditional structure as a brick-and-mortar business, it’s essential to have a roadmap that outlines your goals, target audience, and financial projections. In this article, we’ll discuss the key components of a business plan for freelancers and offer tips on how to create a plan that sets you up for success.

• Purpose of a business plan
• Benefits and advantages

The Business Model Canvas

Value proposition, customer segments, customer relations, key partners, key resources, key activities.

• Revenue Stream

Cost Structure

The lean canvas.

• Freelance business plan template + checklist
• Executive Summary
• Company and Strategy
• Products and Services
• Market Analysis
• Competitors
• Marketing and Sales
• Organization and Resources
• Risk Analysis
• Action Plan
• Common mistakes when creating a business plan

Purpose of a freelance business plan

A business plan forms the foundation of your company. It records the business idea and all the important components that contribute to its success or failure. Therefore, a business plan not only helps to get an idea of what the chances of success are for a plan, but also serves to keep an eye on the development of the company after the start-up, and to make target-actual comparisons and counteract negative changes in a timely manner.

In addition to its internal purpose, a business plan also fulfils external tasks. When starting a business, it especially serves as a basis for evaluation by external capital providers.

A good business plan can already be helpful in the start-up phase to convince potential investors, banks, authorities, as well as potential sales partners, customers or suppliers of the business idea.

However, before diving straight into the creation of a business plan, one should first engage with their business idea in order to illuminate it from all sides. This not only helps to avoid early failure, but also makes the creation of a freelance business plan much easier.

Why use a business plan? Benefits and advantages

Before you start creating the perfect freelance business plan, let’s take a look at the benefits and advantages that it can offer:

• Increased clarity: A business plan can help you get clarity to your decision-making process and helps you put your end goal at the core and work towards it.
• Provides clear structure: A business plan provides structure and allows you to define business objectives. When consulted regularly, it can help measure and manage your areas of focus that are of the utmost priority.
• Creates a marketing roadmap: A business plan allows you to create an effective marketing roadmap, which in turn can help you define things like target market(s), target customers, schedules, timeframes, etc.
• Improved financial decisions: Planning for expenses effectively is crucial when it comes to freelancing. A business plan gives you the information needed to make better decisions financially.

To analyse the potential of a business idea, one can use a variety of methods. One of the most comprehensive tools for this is the Business Model Canvas by Alexander Osterwalder. In this method, a business idea is placed at the centre and related to 9 dimensions – the so-called building blocks:

Revenue Streams

During the development and analysis of the business idea, all fields are filled with the corresponding contents. Plan to spend two to three hours working on these fields. It is important to take enough time to consider the thoughts for each building block, but not to plan every field in detail. Remember, the completion of the Business Model Canvas should only show whether the business idea is feasible and serves as a guide for what needs to be considered.

The Value Proposition defines the extent to which the business model brings benefits to the customer. The following questions help to define the promise of performance:

• What problem am I solving?
• What exactly am I offering?
• Why are customers looking for my service specifically?
• What makes my offer better than the competition?

Next is the definition of the target audience or customers. It is important to define customer segments that will buy your services or products. Potential customers are grouped together based on their characteristics. The group characteristics can be traditional demographic factors (age, gender, location, etc.) or can focus on purchasing behaviour or reasons for buying.

Next, the channels through which you want to inform your customers about the product or service are defined. It is important to find out where and how potential customers shop. Here are some questions to answer:

• How and where do customers find out about the offering?
• How do customers become aware of my product or service?
• How can customers buy my products and services?
• How do I provide the service or how does the service reach my customers?

To capture all relevant touchpoints between customers and your business, it is recommended to record the so-called customer journey. Here, you put yourself in your customer’s shoes and document every step he or she takes from gathering information to making a purchase (and possibly beyond). This will help you identify the channels that you need to establish and manage for your business.

If you have already thought about the customer journey, you’re halfway to defining customer care. It is not only important to consider how to attract and win customers, but also how to keep the ones you already have. Consider the following questions:

• What options do you have to communicate with your customers?
• Is there a customer service hotline, a contact form, an email address?
• How do customers learn about your new offerings?

In the next step, you will think about possible partnerships and how you and your business depend on them. This includes suppliers and vendors, as well as technology partners or regulatory bodies that you need to work with. Focus on the really relevant partners without whom you couldn’t do your job.

The same applies to Key Resources. Here, the resources needed for your work are listed, including:

• Employees or roles that need to be filled
• Financial resources and capital
• Intangible resources such as licences, brands, patents, etc.
• Material resources such as laptops, office equipment, company cars, etc.

Of course, not every pencil you need to buy for your business needs to be listed here. The focus should be on the critical resources for success.

The definition of Key Activities is one of the simpler tasks in the Business Model Canvas. Here, all activities that contribute to the success of the business model are listed. The other components of the business idea also contribute to this, which is why it is worth deriving the Activities from them.

In general, you need to ask yourself what activities need to be performed to fulfil the value proposition, win customers, and maintain day-to-day operations.

Next, it is important to define how you make money with your business . For freelancers, this means defining their hourly rate or considering other revenue models to generate income. Are there perhaps special contracts that bring recurring revenue or are only the hours billed each time? Define all essential sources of revenue and how they work.

Lastly, the cost structure is defined. The most important variable and fixed costs and their causes must be identified. These may include:

• Production costs
• Marketing costs
• Licence costs
• Personnel costs

As a further development of the Business Model Canvas, the Lean Canvas became known in 2010. It is specifically adapted to the fast-paced and limited resources of a startup and focuses on the problem to be solved and the solution to be provided, as well as the so-called unfair advantage and the core metric. In the Lean Canvas, these elements replace the Key Activities, Partners, Resources, and Customer Relations.

Often business ideas fail because they don’t solve a relevant problem. Therefore, this component was added to the Lean Canvas.

Once the problem to be solved has been identified, the focus shifts to providing a corresponding solution quickly and easily. The Lean Canvas approach involves using an MVP (minimum viable product). The MVP represents the minimum version of the solution – the raw version. This is launched on the market as soon as possible and then further developed in collaboration with customers.

The unfair advantage essentially describes the competitive advantage. For startups, it is important to know this very well or, if it does not exist from the beginning, to define it.

Young companies often lose themselves in the masses of numbers and metrics that define the success of a business. To prevent this, entrepreneurs who choose the Lean Canvas approach should first define only one metric from which they can measure success and failure. At the beginning, when the survival of the company is paramount, this could be profit. Later, when it comes to growth, other metrics come into play.

How to create a freelance business plan – Template + checklist

For those who have thoroughly considered their business idea beforehand, writing a freelance business plan will be easy. The elements of the Business Model Canvas or the Lean Canvas often overlap with the elements of the business plan and only need to be worked out in more detail. The planned size and complexity of the business idea also determine the content and scope of the plan.

The following elements provide a guide for creating your freelance business plan:

1. Executive Summary 

The Executive Summary is a brief overview of the business plan. The business idea is explained briefly and concisely, usually along with the purpose, objectives, and goals of the business. The industry and growth potential of the market are described, and finally, the key investment and financial data are presented.

Write the Executive Summary at the end of the business plan. It serves as a compact overview of the business idea and as the first evaluation criterion for the potential success of the business model and its financing for potential investors.

The chapter, which should be no more than one and a half pages long, includes:

• Business idea
• Offer – products & services
• Industry / Market
• Growth potential of the market
• Financial requirements

2. Company & Strategy

In this section, the foundation for the company’s concept is laid out. The approaches for a successful implementation are presented in detail. It is also important to highlight the arguments and strengths of the idea and the planned company. These can be supported, for example, by a SWOT analysis.

The following sub-chapters are included:

• Founding history
• Milestones, capital, and shareholder structure
• Business goal
• Business purpose
• Vision and strategy

3. Products & Services

This section of a freelance business plan contains all information about your products and services. Define them precisely, describe their unique selling points, and think about pricing segments. 

The subchapters include:

• Products or services
• Product or service advantages
• Pricing segments

4. Market Analysis

For a successful business, the appropriate market potential must be present. Therefore, the selected market must be analysed in detail. Identify customer groups and define strategic business areas. The topics to be addressed include:

• Market volume
• Market position and market shares
• Growth potential
• Framework conditions (economic and legal factors)
• Entry barriers
• Competitive analysis
• Customer groups (segmentation)
• Strategic business areas (product per segment)
• Market objectives
• Outlook on potentials and future.

5. Competition

Here you take a look beyond your own company and get an idea of who your direct competitors are, who your market companions are, and how the situation can develop in the future. The following points belong in the competition analysis:

• Direct competitors
• Their products and services
• Their strengths and weaknesses

6. Marketing & Sales

For a business idea to succeed, the right marketing and promotion of the product or service is crucial. Here, you describe the marketing concept and your marketing mix, where you define what you market where, how, and at what cost. Common models for processing are, for example, the 4 or 7 P’s. In addition, the marketing concept should include all important key points for the timeframe of market entry. The sub-chapters for this chapter include:

• Sales and distribution strategy, distribution channels
• Pricing, price policy
• Communication strategy, channels, advertising, PR

7. Organisation & Resources

For the successful development of a company, resources, management, and employees play an important role. Therefore, this part Organization and Resources describes everything that is important for the organisation of the company, production, or service provision. This includes points such as:

• Production process (location, technology, capacities, etc.)
• Inventory management
• Research & Development
• Legal situation
• Patents/licences
• Responsibilities
• Development/expansion potential

8. Risk Analysis

In this section, possible opportunities and risks are described, as well as measures to counteract the risks. In classic risk analysis, risks and their consequences are listed and classified according to the likelihood of occurrence.

The risk matrix provides information about which risks are critical. For risks in the high and extreme categories, measures to limit or remedy them must be defined. Potential risks can be found, for example, in:

• Management / personnel

9. Financing

A business plan for a planned self-employment cannot be created without detailed financial planning. Create the financial plan in the business plan for a period of 3-5 years to increase planning security. The following topics belong in the financial plan:

• Cost structure
• Revenue cycle
• Cash flow plan – comparison of expenses and revenues
• Profit planning – profit and loss statement
• (Planned) balance sheet – overview of asset ratios
• Required capital / investments

10. Action Plan

No matter how detailed your business plan is, it won’t help if it doesn’t lead to a structured and realistic action plan. Define all the steps that need to be taken until your product or service is on the market. You can use the chapters of the business plan as a guide. The next steps need to be defined, for example, for:

• Product/Service
• Business start-up/Company
• Resources/Partners
• Marketing/Market entry
• Location/Business premises

11. Appendix

In the appendix, documents can be included that would exceed the scope of the respective chapter. For example, the following can be included:

• Resumes / Founders’ Profiles
• Financial planning (Balance Sheet, Income Statement, Cash Flow)
• Operating permits / Patents
• Organisational charts

📌 Business Model checklist ➯ DOWNLOAD

Common mistakes when creating a business plan (and how to avoid them)

When it comes to such a labour-intensive process as creating a business plan, it can be frustrating when errors creep in. To help you with this, we’ve identified the most common sources of errors below and provide tips on how to avoid them:

Lack of knowledge (e.g. in the area of finance)

• Scrutinise the areas where you are unsure, especially critically.
• Acquire any missing knowledge if necessary.
• Seek out partners and advisors who have the expertise you lack.

Missing structure in the business plan

• Pay attention to the logical structure of the business plan. The chapters and subchapters can follow a different order in your plan if it makes more sense for your business idea.
• Focus on the important components of your business plan, which may vary depending on the purpose of the plan (investor pitch, business planning, etc.)
• Various organisations offer consulting services to entrepreneurs, some of which are even subsidised by the states.

Insufficient differentiation

• Even if your idea seems incredibly unique to you, a comprehensive competitor analysis is necessary.
• This is the only way to define a convincing unique selling proposition (USP) – which is also essential for the success of your business idea.
• Not only does the business idea need unique selling propositions, but each product and service also needs to stand out in the market. Therefore, define a unique value proposition (UVP) for your products and services as well.

Underestimating risks

• Nobody becomes self-employed overnight without careful consideration. Therefore, inform yourself carefully about the risks of self-employment and choose your approach consciously.
• Use various analysis tools to minimise risks.

Poor planning

• It’s easier to take the next steps if they are specifically planned and written down. A dedicated action plan of the individual steps is therefore essential to make the business plan a reality.
• To avoid suddenly facing insurmountable obstacles, a secure risk planning is needed. Make sure to think this through thoroughly before embarking on the adventure!

These articles might be interesting too:

• Client Acquisition: Tips to Acquire Clients & Set Up Your Strategy
• Freelance Profile: What to Include, Tips and Examples
• Self-Marketing Tips And Tricks: How To Promote Yourself As A Freelancer

Stefania Volpe

Stefania joined the international team at freelancermap in 2020. She loves marketing, the digital world, foreign languages and meeting different cultures. She moved from Italy to Germany thanks to an exchange program at the university and worked as marketing manager for several startups. Now she focuses on helping freelancers and IT professionals to find jobs and clients worldwide at www.freelancermap.com.

What Does An ASO Specialist Do?

International recruitment: how to hire freelance talent the right way, linkedin for freelancers – guide & tips to get the most out of this professional network, what does an seo consultant do.

Recent Posts

• Freelancer Guide: How to Become A Freelancer
• What Does An Audio Engineer Do?
• What Does An AI Developer Do?
• Passive Income for Freelancers – Ideas and Tips
• How To Work Remotely From Home: Tips & Strategies

BUSINESS STRATEGIES

How to create a consultant business plan

• Nirit Braun
• Oct 30, 2023
• 12 min read

When launching your consulting business, one of the essential first steps is crafting a well-structured and detailed business plan. Your consulting business plan is like a strategic playbook that lays out your goals, tactics and financial projections. It not only steers you toward success but also equips you to adapt and thrive in the dynamic world of consulting.

Keep reading for tips on how to build a strong business plan for your business. Use the template provided at the end to get started on your own plan.

Looking to kick off your consultancy business? Create a business website today with Wix.

Why create a consultant business plan? Top benefits to consider

A business plan forces entrepreneurs to thoroughly evaluate their business idea, target audience and competitive landscape. This process clarifies their vision and mission, ensuring that they have a clear understanding of how their consultancy will provide value to clients. A business plan helps you in the following ways:

Create a business blueprint : With a business plan in place, entrepreneurs looking to start a business can make informed decisions based on a solid foundation of research and analysis. They can choose the most effective strategies for marketing, pricing and service delivery, enhancing their chances of success. Your business plan can also be used to explain what type of business you'll start - whether that's an LLC, Corporation or something else. Learn more about how to start an LLC .

Secure funding : The cost to start a consultancy business can range from around $60 to several thousand dollars . For those seeking external funding, a well-developed business plan demonstrates credibility and professionalism. Investors and lenders are more likely to support a venture with a thought-out plan that showcases its potential for growth and profitability.

Set measurable goals : A business plan sets measurable goals and performance metrics, which is vital with this type of business . This allows entrepreneurs to track their progress, adapt strategies as needed and celebrate milestones along the way.

Want to remind yourself of the basics? Learn more about how to start a service business .

How to create a successful consultant business plan in 6 steps

In this section, we'll break down the key components involved in crafting a successful consultant business plan in six steps.

Executive summary

Business and domain names

Market analysis and research

Operations plan

Marketing and advertising plan

Financial plan

01. Executive summary

An executive summary serves as a concise overview of the consultant's business plan, providing a snapshot of the key components and the business' essence. It's usually the first section investors, lenders and stakeholders read, so it must encapsulate the business' value proposition, objectives, strategies and projected growth. To write a clear executive summary for a consultant business make sure to keep it succinct yet informative. Clearly state the purpose of the business, the services offered, the target market and the unique value proposition. Avoid technical jargon that may confuse readers.

Then you can mention the business' strengths, such as the expertise of the consultants, unique methodologies or specialized services. Emphasize factors that set your consultancy apart from competitors.

Briefly discuss the market need for your services and how your consultancy plans to fulfill it. It’s worth noting that strategy and management consulting, as well as technology consulting, financial consulting and HR consulting are in high demand . Highlight any trends or changes in the industry that your business can capitalize on.

Remember to include a snapshot of your financial projections, indicating expected revenue, costs and profitability. This provides a glimpse into the business' potential financial success.

Example of an executive summary for a consultant business

"XYZ Consulting is a boutique consultancy firm specializing in digital transformation for small and medium-sized enterprises (SMEs). With a team of seasoned professionals, we offer tailored solutions to help businesses harness the power of technology for growth. Our unique approach blends strategic consulting with hands-on implementation, ensuring tangible results. In a rapidly evolving tech landscape, XYZ Consulting is poised to be the partner SMEs need to thrive. Our financial projections forecast a steady growth trajectory, with a focus on achieving profitability within the first two years. With a proven track record and a finger on the pulse of industry trends, XYZ Consulting is well-equipped to guide businesses toward digital success."

02. Business and domain names

Knowing how to name a business is crucial for a consultancy venture and a key step before you register your business . It's the foundation of your brand and influences how clients perceive your services. With Wix , you can use a free business name generator or consulting company name generator as helpful tools for brainstorming unique and memorable names. Ensure the name reflects your expertise and the services you offer.

Similarly, the domain name for your business website is vital. It should be easy to remember, relevant to your services and ideally, match your company name. Check the domain's availability using domain registration platforms. Ensure the domain name aligns with your consultancy's focus and services. Generally, this means keeping it short and easy to spell and pronounce.

Learn more: How to make a consulting website

03. Market analysis and research

Incorporating a thorough market analysis within your consultant business plan is essential. Understand the competitive landscape, target audience and market trends. Research your competitors' strengths and weaknesses, pricing strategies and client base. This information will shape your business strategies and help you identify gaps in the market that your consultancy can fill.

04. Operations plan

The operations plan outlines the logistical aspects of your consultancy. It covers location, premises, equipment and staffing requirements. Determine whether your consultancy will be home-based, have a physical office or operate virtually. Define the equipment and software needed to deliver services effectively. Outline your staffing needs, including the roles and expertise required.

05. Marketing and advertising plan

Your marketing and advertising plan outlines how you will promote your consultant business. Identify the most effective strategies to reach your target audience. Consider content marketing, social media campaigns, networking events and speaking engagements to showcase your expertise. Emphasize how your marketing efforts will build brand awareness and attract clients.

You’ll need to develop a suite of brand assets to use in your marketing as well, starting with a company logo. You can use a free logo maker to get a professional logo in minutes.

06. Financial plan

The financial plan is a critical component of any business plan. It outlines how you will raise money for your business initially and provides a timeline for reaching profitability. Detail your startup costs, including equipment, marketing expenses and personnel. Present your revenue projections, taking into account different pricing models and growth scenarios. Highlight your break-even point and the strategies you'll employ to achieve profitability.

By addressing each part of their plan, entrepreneurs can create a robust business plan that guides them toward achieving their business goals and building a reputable consulting brand.

Consultant business plan examples

These templates illustrate two hypothetical consultant business plans, each tailored to a specific niche. These are just templates and should be adapted to your specific business goals and industry dynamics.

Consultant business plan template 1: XYZ Digital Consultants

XYZ Digital Consultants is a pioneering consultancy firm focused on digital transformation for businesses seeking to thrive in the digital age. Our team of experienced professionals offers strategic guidance and hands-on implementation to drive growth through technology adoption. With projected profitability within two years and a commitment to excellence, XYZ Digital Consultants is poised to lead businesses into a successful digital future.

Company and domain name

Company name: XYZ Digital Consultants

Domain name: xyzdigitalconsultants.com

Market opportunity: The rapid shift toward digital operations has created a substantial demand for expert guidance. Our analysis reveals a gap in the market for holistic digital transformation solutions tailored to the needs of SMEs.

Competitor research: We've identified key competitors and their strengths, which informs our strategy to emphasize personalized service and comprehensive implementation.

Location: Primarily virtual, with occasional in-person consultations as needed.

Premises: Home-based setup with access to modern communication tools.

Equipment: High-speed internet, latest software tools and virtual meeting platforms.

Staffing: Founder and lead consultant, supported by contract specialists as projects demand.

Content marketing: Regular blog posts on digital transformation trends, case studies and client success stories.

Social media campaigns: Active presence on LinkedIn and X to engage with potential clients and share valuable insights.

Networking events: Participation in industry webinars, seminars and local business events to showcase expertise.

Speaking engagements: Leveraging speaking opportunities at conferences and workshops to establish authority in the field.

Startup costs (equipment, website development, marketing materials): $15,000

Revenue projections (year one): $150,000

Revenue projections (year two) : $300,000

Break-even point: Achieved by the end of year one

Funding: Initial investment and savings from the founder

Consultant business plan template 2: LeadersEdge Consultants

LeadersEdge Consultants is a dynamic consultancy dedicated to leadership development and organizational excellence. Our experienced team offers customized programs that empower leaders to drive positive change. With a projected growth trajectory and a commitment to fostering impactful leadership, LeadersEdge Consultants is poised to transform organizations and elevate their success.

Company name: LeadersEdge Consultants

Domain name: leadersedgeconsultants.com

Market opportunity: Our analysis reveals a growing need for leadership development programs in diverse industries.

Competitor research: We've identified competitors' offerings and recognized an opportunity to provide a unique blend of coaching, training and strategy implementation.

Location: Virtual consultations, with the option for on-site workshops

Premises: Virtual office setup with video conferencing capabilities

Equipment: High-quality audiovisual tools, assessment software and learning platforms

Staffing : Founder will serve as the lead consultant, supported by certified leadership coaches

Customized workshops: Designing tailored leadership development programs for individual organizations.

Webinars: Hosting webinars on leadership best practices to showcase expertise and engage potential clients.

Thought leadership content: Publishing whitepapers, eBooks and video content on leadership topics.

Collaborations: Partnering with HR and talent development professionals to expand reach.

Startup costs ( making a website , training materials) : $10,000

Revenue projections (year one): $120,000

Revenue projections (year two): $250,000

Break-even point: Achieved within the first six months

Funding: Initial investment from the founder.

How much should you be charging as a consultant?

The amount you charge as a consultant will depend on a number of factors, including:

Your experience and expertise

The type of consulting services you offer

The value you provide to your clients

The market rate for consulting services in your field

In general, consultants charge between $100 and $500 per hour. However, some experienced and highly specialized consultants can charge upwards of $1,000 per hour.

To determine your consulting rate, you can use the following formula:

Consulting rate = Hourly rate * Value multiplier

Your hourly rate should reflect your experience and expertise, as well as the type of consulting services you offer. For example, if you have 10 years of experience and you offer specialized consulting services, you can charge a higher hourly rate than a consultant with less experience and who offers more general consulting services.

Your value multiplier should reflect the value you provide to your clients. For example, if you can help your clients to achieve significant results, you can charge a higher value multiplier.

Here is an example of how to use the formula:

Consultant: Experienced consultant with 10 years of experience offering specialized consulting services

Hourly rate: $200 per hour

Value multiplier: 2

Consulting rate: $200 per hour * 2 = $400 per hour

Can a consulting business be profitable?

Yes, a consulting business can be profitable. In fact, consulting is one of the most profitable industries in the world. According to a report by IBISWorld, the average profit margin for consulting businesses is 20%. This means that for every $100 in revenue, consulting businesses generate $20 in profit.

There are a number of factors that contribute to the profitability of consulting businesses. First, consultants are able to charge high fees for their services. Second, consulting businesses have relatively low overhead costs. Third, the demand for consulting services is high, and it's only expected to grow in the coming years.

Of course, not all consulting businesses are successful. Some consultants struggle to find clients or to charge high enough fees. Others may not be able to deliver the results that their clients expect. However, for consultants who are able to overcome these challenges, the potential rewards are great.

Here are some tips for increasing your chances of success as a consultant:

Specialize in a high-demand area of consulting. This will allow you to charge higher fees and attract more clients.

Build a strong reputation and network of clients. This will help you to generate word-of-mouth referrals and land new clients.

Market your services effectively. Make sure that potential clients know about your services and how you can help them.

Deliver high-quality results. This is the most important thing you can do to ensure that your clients are satisfied and that they continue to use your services in the future.

How much does it cost to start a consulting business?

The cost to start a consulting business can vary depending on a number of factors, such as the type of consulting services you offer, the size of your business and your location. However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business.

Here is a breakdown of some of the typical start-up costs for a consulting business:

Business formation: $100 to $1,000

Website and domain name: $100 to $2,500

Marketing and advertising: $500 to $5,000

Office equipment and supplies: $500 to $5,000

Professional liability insurance: $500 to $1,000

Other miscellaneous expenses: $500 to $5,000

Total start-up costs: $10,000 to $50,000

You can reduce your start-up costs by working from home, using free or low-cost marketing tools and purchasing used equipment. You can also start your consulting business part-time while you continue to work your full-time job. This will give you a chance to generate revenue and build a client base before you leave your full-time job.

If you need financial assistance to start your consulting business, you may be able to qualify for a loan from a bank or credit union. You may also be able to find investors who are willing to invest in your business.

Which clients to avoid and which to take on?

Here are some tips on which clients to avoid and which to take on in a consulting business:

Clients to avoid

Clients who aren't willing to pay your rates. If a client isn't willing to pay your rates, it's a sign that they don't value your services.

Clients who are unrealistic about their expectations. If a client has unrealistic expectations about what you can achieve, you're likely to set yourself up for failure.

Clients who are difficult to work with. If a client is demanding, rude or disrespectful, it's best to avoid them.

Clients who aren't a good fit for your business. If a client isn't in your target market or if their business isn't aligned with your values, it's best to decline working with them.

Clients to take on

Clients who are willing to pay your rates. This shows that they value your services and are committed to working with you.

Clients who have realistic expectations. This makes it more likely that you will be able to meet their needs and exceed their expectations.

Clients who are easy to work with. This will make the consulting process more enjoyable and productive for both of you.

Clients who are a good fit for your business. This means that they're in your target market and that their business is aligned with your values.

In addition to the above, here are some other factors to consider when deciding which clients to take on:

Your own skills and experience. Make sure that you have the skills and experience to help the client achieve their goals.

The client's budget. Make sure that the client has a budget that's sufficient to cover your fees.

The client's timeline. Make sure that you have the time and resources to meet the client's timeline.

Your gut feeling. If you have a bad feeling about a client, it's best to trust your gut and decline working with them.

It's important to be selective about the clients you take on. By avoiding difficult clients and focusing on good-fit clients, you can set yourself up for success in your consulting business.

Consultant business plan FAQ

What qualifies you as a consultant.

To qualify as a consultant, you need to have the expertise and experience in the area that you're consulting in. You also need to be able to communicate your ideas effectively and build relationships with clients.

How do you start off as a consultant?

How to make 6 figures as a consultant, how do you pay yourself as a consultant, do consultants pay their own taxes, want to create another business plan.

How to create a virtual assistant business plan

How to create a cleaning business plan

How to create an eCommerce business plan

How to create a plumbing business plan

How to create a trucking business plan

How to create a daycare business plan

How to create a food truck business plan

How to create a restaurant business plan

How to create a clothing line business plan

How to create a real estate business plan

How to create a contractor business plan

How to create a bar business plan

How to create a coffee shop business plan

How to create a bakery business plan

Looking for other service business ideas ?

How to start an online business

How to start a consulting business

How to start a fitness business

How to start a fitness clothing line

How to start a makeup line

How to start a candle business

How to start a clothing business

How to start an online boutique

How to start a T-shirt business

How to start a jewelry business

How to start a subscription box business

How to start a beauty business

How to start a car wash business

How to start a baking business

How to start a food prep business

How to start a trucking business

How to start a construction business

How to start a landscaping business

How to start a food business

How to start a vending machine business

How to start a contractor business

How to start a coaching business

How to start an eCommerce business

How to start a dropshipping business

How to start a farming business

How to start a plumbing business

How to start a rental property business

How to start a cleaning business

Check out more service business examples .

Looking to start a business in a specific state?

How to start a business in Arizona

How to start a business in South Carolina

How to start a business in Virginia

How to start a business in Michigan

How to start a business in California

How to start a business in Florida

How to start a business in Texas

How to start a business in Wisconsin

Related Posts

How to create a website from scratch in 11 steps (for beginners)

How to start a business in 14 steps: a guide for 2024

Consulting business names for your firm

Was this article helpful?

AI ASSISTANTS

Upmetrics AI Your go-to AI-powered business assistant

AI Writing Assist Write, translate, and refine your text with AI

AI Financial Assist Automated forecasts and AI recommendations

TOP FEATURES

AI Business Plan Generator Create business plans faster with AI

Financial Forecasting Make accurate financial forecasts faster

INTEGRATIONS

Quickbooks (Coming soon...) Sync and compare with your quickbooks data

Strategic Planning Develop actionable strategic plans on-the-go

AI Pitch Deck Generator Use AI to generate your investor deck

Xero Sync and compare with your Xero data

See how easy it is to plan your business with Upmetrics: Take a Tour  →

AI-powered business planning software

Very useful business plan software connected to AI. Saved a lot of time, money and energy. Their team is highly skilled and always here to help.

- Julien López

BY USE CASE

Secure Funding, Loans, Grants Create plans that get you funded

Starting & Launching a Business Plan your business for launch and success

Validate Your Business Idea Discover the potential of your business idea

E2 Visa Business Plan Create a business plan to support your E2 - Visa

Business Consultant & Advisors Plan with your team members and clients

Incubators & Accelerators Empowering startups for growth

Business Schools & Educators Simplify business plan education for students

Students & Learners Your e-tutor for business planning

• Sample Plans

WHY UPMETRICS?

Reviews See why customers love Upmetrics

Customer Success Stories Read our customer success stories

Blogs Latest business planning tips and strategies

Strategic Planning Templates Ready-to-use strategic plan templates

Business Plan Course A step-by-step business planning course

Help Center Help & guides to plan your business

Ebooks & Guides A free resource hub on business planning

Business Tools Free business tools to help you grow

Tips for Choosing the Right Business Plan Consultant

Free Business Plan Template

• June 24, 2024

Find yourself staring at the blank screen while writing your business plan? Well, every entrepreneur feels that once in their business journey. This is where a business plan consultant comes into the picture.

Think of a business plan consultant as your strategic partner who helps you craft the plan and create strategies that help you with funding.

But the tricky part is: How do you choose the right business plan consultant? Because there are a lot of options that will confuse you.

Worry not, here are the tips for choosing the right business plan consultant through which you can examine and select the right one for your business.

But before that let us understand why it’s important to hire a consultant.

Why do I need a business plan consultant?

A business plan consultant works closely with you and understands your business thoroughly. They help you achieve your goals like expanded market share, cost reduction, enhanced customer experience, and more.

Consultants have experience in various industries and expertise in fields like marketing, strategic planning, and more. So, having a consultant by your side will lead you to a successful business.

So, as we know why we need a business plan consultant, let’s move ahead to the tips.

8 Tips for choosing the right business plan consultant

Are you too facing the issues in choosing the right business plan consultant ? Well, there are many options online and offline for a consultant, so let’s see how to choose “the one” for your business:

1. Experience and expertise

First, look into which industries the business plan consultant has experience in. Also, consider their expertise, and see if it is relevant for your business.

Go for industry-specific experience, as this ensures familiarity with the unique problems and opportunities related to the industry.

Also, see if they have any successful track record in similar projects in the same industry. Lastly, review their portfolio for detailed strategic plans customized for a business like yours.

2. Check qualifications

Before finalizing the business plan consultant, ensure they have the qualifications that you’re looking for. Go for a solid educational background, such as degrees in business, finance, or related fields, which is necessary for your industry.

Also, check if the consultants have any additional training and memberships in any professional organizations.

3. Review ratings and feedback

Explore recommendations and reviews of the consultant, before you finalize them. If you have word-of-mouth referrals from other businesses then it is a plus, as they come authentically.

Also, scan online reviews and get to know about the consultant’s methodology. All of these combined act as evidence of the consultant’s past work, process, and credibility.

4. Consider compatibility

Look for a consultant who not only has the necessary skills and expertise but communicates effectively. A compatible consultant will be able to offer personalized advice that resonates with your vision, ultimately leading to a more successful output.

5. Verify their process

Understanding the approach of the consultant is essential to ensure a successful outcome. It’s important to verify that their process includes comprehensive research, data analysis, and a clear strategic plan.

Requesting a detailed outline of the process along with the expected timeline can help you understand their method and set clear expectations.

6. Discuss fees and contracts

Discussing fees and contracts before hiring a consultant maintains transparency. You need to clearly understand their fee structure and what it covers.

Apart from that, make sure the contract clearly states what you’ll get, when you’ll get the plan, and how much you’ll have. This clarity helps prevent misunderstandings and potential disputes later on.

7. Review sample plans

Request sample business plans from the consultant to evaluate their work. This will help you know their writing style, attention to detail, and overall professionalism.

By going through their past work, you can consider whether their process syncs with your expectations and requirements.

8. Know their knowledge

Here you should get to know about the consultant’s knowledge by asking certain specific questions from the industry like:

• How do you update yourself with all the industry changes and trends?
• Can you please explain a complex concept of the business and how you plan to apply the same in my business?
• What metrics or KPIs are the most important for you and which you will use for my business?

Also, look into if they can provide you with in-depth replies to your questions.

That’s it guys! I hope following the above tips will help you choose the right business plan consultant for your business.

But, if you don’t want to go to and for for your business plan, you can write it on your own with the help of a business planning software like Upmetrics .

This tool helps you with business planning, creating financial forecasts, strategic planning, and a lot more.

So, why not write your business plan on your own? Start planning today.

Sample Business Plan Library

Explore over 400 real-world business plan examples from a wide variety of industries.

One Page Business Plan Template

Use this simple one-page business plan template to immediately get started on your plan.

Free Startup Business Plan Template

Use this simple startup business plan template to immediately get started on your plan.

Frequently Asked Questions

Can a business plan consultant help with funding.

Yes, a business plan consultant helps you with writing engaging business plans which ultimately supports you in attracting investors and banks for funds.

How long does it take to complete a business plan?

It might take around weeks, months, or even more for a business plan consultant or a writer to create a business plan for your business. However, with the AI-powered business planning tool like Upmetrics, you can write your plan in days.

Should I pay someone to write my business plan?

Paying someone or not depends on your budget and requirements. But you can write your business plan professionally for just as low as $7 with Upmetrics.

What kind of information do I need to provide to the consultant?

You need to provide the history of your business, product or services, target market, competitors, marketing strategies, financial projections, operational details, legal requirements, and more—for them to understand your business.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Related Articles

How to Prepare a Financial Plan for Startup Business (w/ example)

How to Write a Great Executive Summary in a Business Plan

Business Plan vs. Business Proposal

Reach your goals with accurate planning.

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Item added to your cart

How to write a business plan for your freelance consulting practice.

Starting a freelance consulting practice is a great way to gain control over your own career and have the flexibility to work on projects that are meaningful to you.

It also allows you to build a network of clients and contacts, which can open up new opportunities and help you increase your income potential.

But, first thing first, you need a business plan.

Creating a business plan is essential for any new project, especially a freelance consulting practice, as it allows you to identify potential risks and create a roadmap for success. It will also help to ensure that you have the necessary resources to launch and sustain your practice.

In short, a good business plan will help ensure the profitability of your freelance consulting practice .

What information should you put into the business plan of a freelance consulting practice? How should it be arranged? What financial numbers should be included? How can I simplify the task of writing a business plan and save time?

The article you're reading will cover all these questions and provide answers!

One last thing, you don't have to start your business plan from scratch.

Feel free to download our business plan for a freelance consulting practice and adapt it to your project.

Elaborating a business plan for a freelance consulting practice

Is a business plan recommended for your freelance consulting practice.

Yes, you should create a business plan for your freelance consulting practice.

Establishing a strong business plan will afford you the chance to:

• gain knowledge of the freelance consulting market
• stay informed about current trends and integrate them into your project
• discover what makes a freelance consulting practice profitable
• understand clients' specific project requirements and expectations to deliver tailored consulting services
• find a great unique value proposition for your independent consulting business
• identify potential competitive threats
• find relevant competitive advantages for your freelance consulting practice
• find a business model that ensures a sustainable profit margin
• define a bulletproof strategy to make the business grow
• evaluate risks related to operating a freelance consulting practice, including client satisfaction, contract disputes, and cybersecurity

Our team has created a business plan for a freelance consulting practice that is designed to make it easier for you to achieve all the elements listed.

How to organize a business plan for a freelance consulting practice?

Your business plan includes plenty of useful information and details. There should be a clear structure, so it does not look messy.

When we elaborated our business plan for a freelance consulting practice , we ensured it was organized correctly.

We've split it into 5 parts: Opportunity, Project, Market Research, Strategy and Finances: Opportunity, Project, Market Research, Strategy and Finances.

1. Market Opportunity

The opening section is referred to as "Market Opportunity."

This section presents a comprehensive report on the freelance consulting practice, including key data and metrics to guide your decision-making process.

We revamp this section twice a year for up-to-date data.

2. Project Presentation

The "Project" section allows you to present your freelance consulting practice, describing the consulting services offered, expertise, client success stories, and highlight the unique value proposition for potential clients.

Remember to introduce yourself at the end of this section.

Discuss your expertise in consulting, your range of consulting services, and how you plan to provide valuable and customized consulting solutions to clients. Highlight your industry knowledge, your track record of successful projects, and your dedication to delivering practical and results-driven advice that helps clients overcome challenges, optimize operations, and achieve their business objectives through your freelance consulting practice.

You'll find wording already provided in our business plan. Tailor it to fit your concept exactly.

3. Market Research

The third part is the "Market Research" section.

This section describes the target audience for your freelance consulting practice.

It includes a comprehensive analysis of competitors in the consulting industry and emphasizes your practice's specialized consulting services and competitive advantages.

A tailored SWOT analysis is provided as well.

4. Strategy

Within the "Strategy" section, a 3-year development plan is outlined, specifying the necessary initiatives to make your freelance consulting practice highly profitable.

Furthermore, there is a marketing strategy for a freelance consulting practice, a way to manage risks, and a completed Business Model Canvas included in this section.

5. Finances

In summary, you'll find the "Finances" section, which presents all the financial data for your project.

How to make an Executive Summary for a freelance consulting practice?

The Executive Summary provides a condensed preview of the business plan of your freelance consulting practice.

Don't go beyond 2 pages; only include the most important facts.

This document aims to capture the reader's interest and make them want to read your business plan.

In the Executive Summary of your freelance consulting practice, provide responses to the following: what consulting services do you offer as a freelancer? who is your target audience? are there other freelance consultants in your field? what sets you apart from them? what funding do you need?

How to do the market analysis for a freelance consulting practice?

The market study of your freelance consulting practice helps you understand external factors such as client demands for consulting services, competition within the consulting industry, and emerging trends in business practices.

By conducting a thorough market study, a freelance consulting practice can identify client needs, offer specialized consulting services, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a larger client base, increased consulting engagements, and a prominent position in the consulting industry.

You'll discover the following in the "Market Research" section of our business plan for a freelance consulting practice :

• market trends and data about freelance consulting practices, including freelance job growth, industry niches, and the rise of the gig economy
• a compilation of potential customer segments for a freelance consulting practice
• the competitive review
• the competitive advantages for a freelance consulting practice

The key points of the business plan for a freelance consulting practice

What's the business model of a freelance consulting practice, business model of a freelance consulting practice.

A freelance consulting practice's business model revolves around providing specialized expertise and advisory services to clients on a project basis. Revenue is generated through client contracts or hourly rates charged for consulting services.

The business model focuses on identifying target markets, promoting the consulting expertise, delivering high-quality services, building strong client relationships, and continuously expanding knowledge and service offerings.

Success depends on establishing credibility and expertise in the consulting field, building a network of clients and industry contacts, effective marketing strategies, delivering tangible results, and maintaining a reputation for professionalism and reliability.

Business model vs Business plan

Don't confuse "business plan" with "business model."

A business model is a blueprint for how a company operates and makes money.

In a business plan, you employ the Business Model Canvas as a practical tool to outline the key aspects of your business model.

Rest assured, there is a Business Model Canvas (already completed) in our business plan for a freelance consulting practice .

How do you identify the market segments of a freelance consulting practice?

Segmenting the market for your freelance consulting practice involves dividing your potential clients into different groups based on their consulting needs, industries, and project requirements.

These categories may include factors such as business strategy consulting, marketing consulting, technology consulting, or clients from specific industries.

By segmenting your market, you can offer specialized consulting services and solutions that cater to each segment's specific requirements. For example, you might provide strategic planning and business growth consulting for small businesses, offer digital marketing consulting for startups and e-commerce companies, specialize in technology implementation and digital transformation consulting, or provide industry-specific consulting services for clients in healthcare, finance, or manufacturing.

Market segmentation allows you to effectively target your marketing efforts, showcase your expertise in specific consulting areas, and deliver tailored consulting experiences that help clients achieve their unique goals.

In the business plan for a freelance consulting practice , you will find a comprehensive market segmentation that will help you better understand your potential customers.

How to conduct a competitor analysis for a freelance consulting practice?

Without a doubt, you won't be the only freelance consulting practice in your field. There are other independent consultants offering their expertise and services to clients.

When crafting your business plan, it's important to thoroughly study your competitors' attributes, strengths, and weaknesses.

Be mindful of their weaknesses (such as inconsistent project delivery, inadequate client communication, or lack of specialized expertise).

Why should you focus on these elements? Well, these weaknesses can hinder the success of freelance consulting practices. By addressing these aspects, you can offer specialized expertise and knowledge, provide excellent client communication and responsiveness, and deliver high-quality and tailored consulting services, positioning your freelance consulting practice as a trusted and preferred partner for clients' business success.

It's what we call competitive advantages—focus on nurturing them to gain a competitive edge.

Here are some examples of competitive advantages for a freelance consulting practice: specialized expertise and knowledge, flexible and personalized consulting services, strong problem-solving and analytical skills, efficient project management, excellent communication and collaboration, positive client testimonials and referrals.

How to draft a SWOT analysis for an independent consultant?

A SWOT analysis helps to identify strengths, weaknesses, opportunities, and threats, which can give a better understanding of the external environment and help to create an effective strategy for starting a successful freelance consulting practice.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a freelance consulting practice

The strengths for a freelance consulting practice

S stands for Strengths in SWOT, representing the project's internal factors that contribute to its success.

For a freelance consulting practice, potential strengths could include expertise in a specific field, flexibility in terms of services offered, a broad network of contacts, and an ability to work remotely.

The weaknesses for a freelance consulting practice

W represents Weaknesses, which are the areas or aspects of the project that require some work.

For a freelance consulting practice, potential weaknesses include limited resources, lack of brand recognition, lack of access to capital, and lack of a permanent staff.

The opportunities for a freelance consulting practice

The letter "O" in SWOT signifies Opportunities, highlighting the favorable conditions or chances for the project's success.

In the case of a freelance consulting practice, potential opportunities include providing IT services, marketing strategy advice, financial planning, and business development consulting.

The threats for a freelance consulting practice

The "T" in SWOT represents Threats, indicating the potential negative factors or risks that can affect the project.

How to elaborate a marketing strategy for an independent consultant?

To draw in customers and generate income, make sure to include a marketing strategy in your business plan.

An independent consultant can connect with businesses and individuals seeking specialized expertise or advice by implementing an effective marketing approach that highlights the consultant's experience, track record of success, and tailored solutions.

Businesses won't seek your freelance consulting services without effective marketing; showcasing your specialized knowledge, problem-solving skills, and successful client outcomes is crucial.

Have you explored marketing approaches to attract clients to your independent consulting services? Consider offering informative content or thought leadership articles on your website or blog, utilizing online platforms or consulting directories to connect with potential clients, and attending industry conferences or networking events to showcase your expertise.

Don't worry if you have no clue about marketing and communication.

How to build financial projections for an independent consultant?

A business plan should include detailed financial data to ensure it is effective.

In the process of developing your business plan, you'll need to determine the expected revenue for your freelance consulting practice.

We need to ensure that this revenue forecast is understandable and intuitive.

Our financial plan for a freelance consulting practice is user-friendly, providing automated validations that allow you to rectify any assumptions swiftly. This guarantees the creation of credible projections with ease and assurance.

Naturally, you'll have to prepare an initial budget for your freelance consulting practice. Make sure to include every expense (by the way, they are all listed in the financial plan we've made).

The break-even analysis is a crucial tool in your financial plan, providing insight into whether your freelance consulting practice will generate profits or not.

• Choosing a selection results in a full page refresh.
• Opens in a new window.

• Business Consultants
• Market Research Analysts
• Startup Consultants
• Post-merger Integration Experts
• Startup Funding Consultants
• Fundraising Consultants
• Pricing Consultants
• Investment Bankers

Hire the Top 3% of Freelance Business Development Consultants

Toptal is a marketplace for top Business Development Managers. Top companies and startups hire Business Development freelancers from Toptal for their mission-critical projects.

No-Risk Trial, Pay Only If Satisfied.

Trusted by leading brands and startups

Watch the case study

Hire Freelance Business Development Consultants

Francesco Castellano

Francesco has almost twenty years of experience in finance, consulting, business management, and sustainability. Throughout these years, he has worked on more than 20 projects as a consultant at Bain & Company and launched Uber operations in Turin, Italy. Lately, he has founded Tondo, an organization spreading circular economy concepts, and Tondo lab, a company driving the implementation of clean and circular innovations. Francesco is passionate about innovation and entrepreneurship.

Aleksey N. Krylov, CFA

Aleksey served in CFO roles of public and VC-backed private companies. As an investor, he contributed to 25+ private equity deals that have deployed $500 million. He has advised 50+ clients on raising $1.6 billion in equity in the healthcare, consumer, media, software, energy, and industrial sectors. Aleksey enjoys working with officers of early-stage and mature small-cap firms, and he freelances because it exposes him to a wide range of companies.

Anastasiia Zavhorodnia

Anastasiia has been building sales strategies from scratch for two SaaS products (CleanMyMac X and Setapp) and service companies for 5+ years. Her areas of expertise include market research, sales strategy development, multichannel sales, and inbound and outbound sales strategies. Anastasiia has been leading business development and sales growth since 2013. She enjoys freelancing because it allows her to work with many outstanding entrepreneurs to enhance, grow, and expand their businesses.

Fabian Schvartzman

Fabian is a Stanford MBA with 10+ years of experience in business strategy, business development, and leadership. He led two healthtech startups and closed deals with leading pharma companies, built a business development unit at AeroFarms that partnered with Fortune 500 companies, such as Cargill, AB InBev, and Roche; saved Intel $400 million in its run rate through an out-of-the-box solution; and raised money from prominent VCs.

Tamas Magda

Tamas is a serial entrepreneur with strong financial management and private equity background. He ultimately enjoys advising entrepreneurs in complex assignments which require financial modeling, strategic planning, and execution. Prior to establishing, scaling, and exiting multiple startups and directing projects on $10 million budgets as a consultant, he gained valuable expertise at firms such as PwC, GE Capital, and PineBridge Investments.

Rich is an award-winning leader specializing in answering his clients' business growth, operations, and change management questions with innovative techniques. He has over 20 years of experience in business development, operations, management, and market strategy, working with private equity and Fortune 100 companies like Kroger, Cigna, and Blue Cross Blue Shield. Lately, Rich has founded DART, an organization focusing on innovative digital health solutions.

Claudiu Chiru

Throughout his career, Claudiu has established a reputation as a transformational leader, driven by challenges, undeterred by obstacles, and committed to furthering standards of excellence. He is a dynamic leader with exceptional expertise in collaborating with stakeholders, negotiating significant contracts with vendors, managing key accounts, and assuring service excellence.

Discover More Business Development Consultants in the Toptal Network

98% of Toptal clients choose to hire our talent after a risk-free trial.

Toptal's screening and matching process ensures exceptional talent are matched to your precise needs.

... allows corporations to quickly assemble teams that have the right skills for specific projects.

Despite accelerating demand for coders, Toptal prides itself on almost Ivy League-level vetting.

Pete Pellizzari

Romy Parzick

Doug MacKay

Founder / CEO

Chris Pozek

How to Hire Business Development Consultants through Toptal

Talk to one of our industry experts, work with hand-selected talent, the right fit, guaranteed, find experts with related skills.

Access a vast pool of skilled finance experts in our talent network and hire the top 3% within just 48 hours.

How are Toptal Business Development managers different?

At Toptal, we thoroughly screen our Business Development managers to ensure we only match you with talent of the highest caliber. Of the more than 200,000 people who apply to join the Toptal network each year, fewer than 3% make the cut. You’ll work with finance experts (never generalized recruiters or HR reps) to understand your goals, technical needs, and team dynamics. The end result: expert vetted talent from our network, custom matched to fit your business needs.

Can I hire Business Development consultants in less than 48 hours through Toptal?

Depending on availability and how fast you can progress, you could start working with a Business Development consultant within 48 hours of signing up.

What is the no-risk trial period for Toptal Business Development consultants?

We make sure that each engagement between you and your Business Development consultant begins with a trial period of up to two weeks. This means that you have time to confirm the engagement will be successful. If you’re completely satisfied with the results, we’ll bill you for the time and continue the engagement for as long as you’d like. If you’re not completely satisfied, you won’t be billed. From there, we can either part ways, or we can provide you with another expert who may be a better fit and with whom we will begin a second, no-risk trial.

Tap Into World-Class Talent

Trusted experts only.

All of our talent are seasoned experts who ramp up quickly, readily contribute as core team members, and work with you to minimize onboarding time.

The Right Fit

We have a knack for matching you with the right fit. Start working with your new hire on a no-risk trial period, paying only if satisfied.

Scale as Needed

Hire talent within 48 hours and scale your team up or down as needed, no strings attached.

Seamless Hiring

We handle all aspects of billing, payments, and NDA’s. Let us take care of the overhead while you focus on building great products.

Flexible Engagements

Choose the engagement type that suits your needs — hourly, part-time, or full-time — with the ability to change anytime.

Expert Talent Matching

Focus on your project and enjoy support from your dedicated account executive and expert talent matcher.

Featured Toptal Business Development Publications

Business Plan Consultants: Who They Are and How They Create Value

Design Sprints: Fostering Creativity Through Constraints

Building the Next Big Thing: A Guide to Business Idea Development

Top Business Development Consultants Are in High Demand.

• Investigations
• Classifieds
• Legal Notices

Kettering plans to hire consultant to help guide future land use

Credit: NICK BLIZZARD/STAFF

Kettering plans to hire a business consultant to help the city create a new land use plan.

Attracting businesses, jobs and improving housing opportunities has been an emphasis of Kettering in recent years. In April, the city approved a strategic plan, which recommended updating land uses in Kettering, City Manager Matt Greeson said.

Kettering City Council voted 5-1 Tuesday night to move forward “bargaining and negotiation procedures” for Greeson to contract with a firm to help guide future land use.

“One of the critical responsibilities of a city government is to plan for the future of the city and, in particular, how our city will develop through land use,” Greeson said.

The estimated cost is $150,000, said Councilman Bob Scott, who voted against the move.

“I would still like to see some additional effort by staff … to maybe reduce the amount of money required for this endeavor,” Scott said.

Greeson said the city’s current plan — which has been called a comprehensive plan — was updated more than 20 years ago.

Economic and residential development was a common theme in Kettering’s state of the city address in February.

The city has worked with businesses and developers for new investment to Miami Valley Research Park, Kettering Business Park and the Wilmington Pike corridor, Kettering officials have said.

Last year, the city started a Community Reinvestment Area for homeowners in the Aragon-Oak Park neighborhood.

About the Author

Nick Blizzard is a staff writer for the Dayton Daily News. He is a graduate of Stebbins High School who earned a bachelor’s degree from Ohio University and its E.W. Scripps School of Journalism. Nick is a Riverside native and has been a journalist in the Dayton area for more than 20 years.

• Best for customer satisfaction
• Best for older adults
• Best for long-term care
• Best for high returns
• Best for agent support
• Best for term life
• Why you should trust us

Best Life Insurance Companies of June 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is as complicated as the policyholders and beneficiaries who use it. That means there's no single "best" life insurance company. Instead, you can find the best option based on what you want or what you prioritize.

Best Life Insurance of 2024 Summary

• Best for customer satisfaction: State Farm Life Insurance
• Best for older adults: Prudential Life Insurance
• Best for agent support: New York Life Insurance
• Best for long-term care: Columbus Life
• Best for high returns: Allianz Life
• Best for term life: North American Company

Top Life Insurance Companies of 2024

While there is no such thing as the objective best life insurance policy, you will be able to find the best insurance policy for your specific needs. Here are our picks for the best life insurance companies, whether you want to use your life insurance policy to build wealth through cash value or you're just looking for a term life insurance policy .

Best Life Insurance for Customer Satisfaction

State farm life insurance.

State Farm Life Insurance gets the best life insurance ranking in J.D Power's Individual Life Insurance Study, with a score of 843/1,000. The company is also ranked A++ with AM Best for its financial stability with term, universal, and whole life insurance options. 

All State Farm policies have to be purchased through a State Farm agent. Your agent can help you bundle and save or buy one policy. State Farm is also among the companies offering "survivorship universal life insurance ," which means the policy covers two people, and it kicks in after the second person dies. Couples looking to maximize their death benefit for beneficiaries with one premium payment each month may enjoy lower overall costs.

State Farm agents can run quotes and compare options to find the right plans for each applicant. The range of options, discounts, and familiar name all contribute to the popularity of State Farm's life insurance.

Read our State Farm Life Insurance review .

Best Life Insurance for Older Adults

Prudential life insurance.

Prudential Life Insurance is available in all states except New York. New York residents can buy the Pruco Life of New Jersey VUL Protector plan. This plan allows buyers to pull money out of their plan to pay for nursing home expenses. Cash value policy premiums are fixed, so you won't have to worry about extra costs later on. Internal costs are low, which minimizes risk. Due to age, many older adults want a safe investment option for their money. Prudential VUL Protector invests to avoid loss. That also means you're not as likely to see big increases in your available funds outside of what you deposit.

Read our Prudential Life Insurance review .

Best Life Insurance for Long-Term Care

Columbus life.

Columbus Life offers a wide range of riders to customize your policy with affordable premiums. The company also allows you to convert term policies to whole life insurance policies until the end of your term (generally around age 70). For this and many other reasons, customer satisfaction is high.

When using living health benefits (otherwise known as accelerated death benefits), buyers are allowed to pull money from policies early to pay for medical bills, living costs, etc. under certain circumstances. Most companies use a discounted death benefit, which reduces your final payout using two models. Columbus uses the lien method, which makes it easier to calculate the financial impact of pulling money out early.

Best Life Insurance for High Returns on Income

Allianz life.

Allianz Life plans are geared towards high-income adults looking for more tax-free income. Allianz offers a 40% multiplier bonus with a 1% annual assets charge. In short, the professionals managing your investments take 10%. Overall, your investments would pull in an extra 14%-1% asset charge. This means you end up with 3% more than what you deposit every year your life policy is active. This plan offers strong returns when using a life policy to supplement your retirement savings. Allianz also offers specialized plans to grow your income by as much as 20% according to some estimates.

Of note: Allianz also offers plans for foreign nationals, including those with H-1B visas.

Best Life Insurance for Agent Support

New york life insurance.

New York Life Insurance agents go through extensive training before they ever hit the sales floor. What does this get you? Policies vary widely, and New York Life offers both large and small payouts. Some policies have significant penalties for early withdrawal, but taking a loan offers more options. Whatever your questions, New York Life agents are trained to offer comprehensive support giving you accurate information about its policies every time. The company comes in at position eight in J.D. Power's latest life insurance customer satisfaction study.

Read our New York Life Insurance review here.

Best Life Insurance for Term Life

North american company.

North American Company offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more. The company allows one conversion on a 20-year policy at 15 years or 70 years old (whichever is earlier). The conversion cannot happen later than the five-year marker regardless of which policy you choose or the length. North American Company also offers a term policy with a lower premium renewable up to the age of 95 for qualifying insureds.

Types of Life Insurance

While there's many different types of life insurance policies , broadly speaking, there are two types of life insurance: temporary and permanent. Let's go over each in detail.

Temporary life insurance

Temporary life insurance is often called term life insurance. This type of policy covers you for a set amount of time before expiring, usually between 10-30 years. If you pass away after your policy expires, your family won't receive any benefits. Additionally, your policy won't accrue cash value like a permanent policy. That said, some term life insurance policies offer a conversion from term to whole life insurance, so you can extend your coverage. 

Because its benefits aren't guaranteed, term life policies are generally cheaper than permanent life insurance. That said, the vast majority of term life insurance policies never pay out. on

Permanent life insurance

Permanent life insurance is an umbrella term for a variety of life insurance policies that will insure you indefinitely and guarantee a payout as long as you maintain your policy. Policy types that fall under permanent life insurance includes:

• Whole life insurance
• Universal life insurance
• Variable life insurance
• Variable universal life insurance
• Simplified life insurance
• Guaranteed issue life insurance

These policies vary widely in purpose and intended buyers, but all guarantee death benefits to your loved ones. Some permanent life insurance policies, like whole, universal, and variable have a cash value component , which you can use as a savings tool or to leave your heirs a larger death benefit.

How to Pick the Best Life Insurance Policy for You

Finding the right fit in life insurance starts with finding a trusted insurance agent. Because there are so many state regulations, shopping for homeowners or auto insurance can be easily done online. Life insurance is not required. So it's a voluntary purchase. Many buyers don't know what they need or when they need it. Before making your selection, consider a few things:

Some companies will sell you a policy for your child as soon as they're born. While this may seem morbid, early sign-up means lower rates for a policy your child could enjoy in the future. Regardless, early sign-up equates to more policy for lower premiums and a higher likelihood of acceptance. At 20, you may be healthier and be able to pay into the policy for a longer period compared to when you're 50 with more age-related conditions.

As a general rule, never agree to more than you can afford. For the average life insurance agent, their job is to sell you a large policy with a large commission. Consider not only how much you make now, but how likely your current income is to continue. If you work on a project basis and your project is scheduled to end in 12 months, you may want to reconsider a policy premium outside your monthly savings.

How much are you prepared to buy? Some people only want a small policy to cover funerals and other end-of-life expenses. Others build a life policy into their retirement plan. Whatever direction you're going, involving a financial planner could help you make the right decisions. Depending on the carrier, customers can also compare set limits with index universal life policies, which set no limit. These policies never expire, and the value builds over the entirety of your life.

Living Benefits

Life happens unexpectedly. You could be healthy one day and in the hospital the next. Many life policies offer living benefits. These allow you to draw a limited amount out of your policy to cover medical and other bills you cannot pay while sick.

Much like a 401(k), many life insurance policies have penalties for early withdrawal. No matter what policy you want, this question is critical to an informed decision. It's a question of how early you can withdraw and how much you'll lose from the total to have the money in 10 years instead of 30 or after death.

Some policies require insured parties to pay premiums for at least one year before any significant payout would be available. Suicide exclusions are common. Even with no medical exam policies, the company may still do a check for known conditions. An insurance company has to mitigate its risk.

Flexibility

Once you've been denied a life insurance policy, a mark goes on your record. No matter the reasons, other insurance companies may deny you coverage based on the first denial. So consider your whole situation and choose your policy carefully before you submit any applications. Some policies have greater flexibility if you lose your job or otherwise can't make payments. Others will lapse if you miss even one payment.

Payment Type

Even within whole life or term life insurance policies, customers have the option to choose guaranteed fixed or variable rates. Some have guaranteed payouts, but you'll need to ask your agent for details.

What is your intended use? Why are you shopping for a life insurance policy in the first place, and what are your goals? Many successful financial planners also have a background in life insurance. So while they may not be able to find you a specific life insurance policy, financial planners can help you set out a blueprint for your purchase.

Why You Should Trust Us: How We Reviewed the Best Life Insurance Companies

In life insurance, it's easy to get "sold a bill of goods." Many life insurance agents pass a state test to be thrown into the deep end. Agents sell the company product, but not all know the products. In this vein, we look at the products each company offers. We also look at agent training.

A good life insurance agent may not volunteer all facts upfront. But a company's agents should answer questions about its products accurately and in a way the average consumer can digest. Agents should be able to inform you about the long-term benefits and limitations. This will help customers find the right policy for their long-term plan.

We consider affordability, policy sizes available, and performance for a comprehensive assessment in our life insurance rating methodology . If you can, we recommend also working with a financial advisor to make a plan for your future with life insurance.

Our Expert Panel for The Best Life Insurance Companies

To inform our choices for the best life insurance companies, we spoke with the following experts:

• Paul LaPiana , head of product at MassMutual
• Barbara Pietrangelo , CFP, CLU, and chair of the nonprofit Life Happens
• Wykeeta Peel , Corporate Vice President and Market Manager, African American Market Unit at New York Life

The Experts' Advice on Choosing The Best Life Insurance for You

How much life insurance coverage do you believe the average buyer should have.

Paul LaPiana, Head of Product at MassMutual

"There are different approaches to determining how much life insurance you need. One is the 'human life' approach, which estimates the current value of your future earning potential. Another is securing specific coverage to pay off debts such as a mortgage or provide for the education of children. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement."

Barbara A. Pietrangelo, Chair of Life Happens

"There is no one-size-fits-all life insurance policy because everyone is different. One way to get a rough estimate is to multiply your income by 10 to 15; another is adding $100,00 to that amount, should you have a child and anticipate college education expenses.

Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what's right for you."

Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life

"As you consider what policy best meets your needs, it can help to answer four key questions: First, how much death benefit do you need? Second, how long will you need that coverage? Third, what is your budget (or how much monthly premium can you afford to pay?), and finally, what is your investment risk tolerance?

To determine how much death benefit makes sense, it's helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner's income to maintain a lifestyle, pay rent or a mortgage, or fund a child's education and for how long.

There are various rules of thumb regarding the right amount of Life insurance coverage. Some tips can be found online, but they only provide an estimate and don't necessarily factor in an individual's specific needs. In my opinion, human guidance, powered by technology, is required. Basically, it comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture and that is different for everyone."

What is the biggest opportunity you see for improvement in the life insurance industry?

"Increased accessibility through digital and other channels as well as through underwriting enhancements. Increased tailoring of products and features. And an increased emphasis on health and wellness programs."

"Having enough qualified insurance professionals to walk potential buyers through the multiple benefits of life insurance will be pivotal to the growth of the industry. Education is a key factor here, as professional agents also need to be able to explain life insurance and its benefits in an easy, digestible way, especially when there are so many misconceptions about life insurance."

"The need for life insurance is greater than ever. In fact, a recent New York Life Wealth Watch survey found that 37% of adults have been thinking about life insurance more often these days – and half of adults report that financial products that provide protection (50%) and reliability (50%) are more important now compared to last year. This may be especially true for middle-market and Cultural Market families.

Our organizational structure of having Cultural Market agents embedded in the communities where we live and work allows us to understand the needs of diverse communities and develop solutions that resonate with them."

What advice would you give to buyers who are debating whether or not to buy life insurance?

"It is difficult to say with any certainty how healthy you will be years from now. That's why securing life insurance, and insuring your insurability, today, when you are the youngest you'll ever be again, and perhaps your healthiest is a wise decision."

"Do you love someone? If the answer is yes, then life insurance is certainly something you should consider. Many buy gifts and experiences to express their love, but haven't considered that life insurance is just another way to say I love you. Nothing says support like ensuring your family's financial security and peace of mind."

"If you have someone depending on your income, you should consider purchasing life insurance. A death benefit from a life insurance policy can replace income from the loss of a breadwinner, ensure a family can stay in their home, fund educational or retirement expenses, address debt and so much more.

A life insurance policy can also help you grow your family's wealth over time. Once the risk of an unexpected loss has been managed, you can begin to think more broadly about your family's financial future. Life insurance can enable your mindset to shift from death to growth."

What's the most important thing buyers should look for when choosing a life insurance agent/company to buy from?

"With life insurance, you are securing a future commitment that may be decades away. Research the company behind the policy to ensure it has high financial strength ratings, longevity, and an excellent track record of paying claims."

"When looking for an insurance agent or company, be sure to do your research. When comparing companies, be sure to remember that the policy features that fit you and your loved ones best is the most important factor. Don't automatically assume you should buy from the higher-rated company.

If the policy from the other company has more of what you're looking for, it might be the better choice. If you're unsure where to start, try the Life Happens Agent Locator to find an insurance professional in your area."

• "The insurers' track record: At its core, life insurance is protection - a hedge against the unexpected - and you are paying premiums in exchange for the promise that the insurer will be there when you need them, so the financial strength and track record of the company backing your policy is critical.
• Customer service: Are service professionals available by phone and digital channels? Is there is an online dashboard where you can manage your policy? Beyond ensuring assistance is available after you purchase a policy, it's also critical to ensure you have access to trusted advice and guidance before you buy.
• Flexibility in conversion: How easy is it to change? Life can be unpredictable and while term insurance can cover your loved ones through a critical period of time, you may decide that access to cash value is an important piece of your strategy.
• Accelerated online applications : Online applications are convenient but don't replace human guidance. Keep in mind that accelerated online applications may have a maximum coverage amount, meaning that you may not be able to get all the coverage you may need exclusively through an online process.
• A range of payment options: It's important to understand how often you're required to make premium payments and whether and how often you can change the frequency of payments."

Best Life Insurance FAQs

According to JD Power's 2023 life insurance study, State Farm is the highest-rated life insurance company when it comes to overall customer satisfaction. However, you still may want to shop around for quotes from various insurers if you're looking to purchase a new policy.

There isn't one best life insurance company, because the best option for you will depend on the type of policy you're looking for. It's best to work with a qualified insurance agent to help you find the best coverage. If you're deciding between multiple similar options, it's also worth consulting J.D. Power's life insurance customer satisfaction study . The latest study ranks State Farm as the top pick for individual life insurance, outpacing Nationwide by three points.

The best type of life insurance policy for you will differ from someone else's, as your policy should be tailored to your needs. The best policy for you will be affordable and will offer the benefits best suited to your situation. For example, some policies are only meant to cover end-of-life expenses such as burial and funeral arrangements, whereas others include living benefits like a cash value insurance plan , which you can borrow against during your lifetime.

Some life insurance policies are advertised as "no medical exam." This doesn't mean the insurer won't ask you about known conditions or look at medical records. Policies with no medical exam also tend to offer lower benefits with higher premiums. Most companies have a network of medical examiners, some of whom can come to your home. You can find our guide on the best no exam life insurance here.

Each situation is different and requires a knowledgeable life insurance agent to assess your best options. Bring all your questions and the coverage you're looking for to an insurance agent near you to explore your options.

• Main content

• Yekaterinburg
• Novosibirsk
• Vladivostok

• Tours to Russia
• Practicalities
• Russia in Lists

Rusmania • Deep into Russia

• Moscow Region

Istra is famous for its New Jerusalem Monastery which was established to serve as a Russian version of the Holy Land. Today the monastery has been completely restored following the damage it suffered at the hands of the Nazis and Bolsheviks, and remains the main reason for visiting Istra. The city can easily be visited as a day trip from Moscow .

Top recommendations in Istra

New Jerusalem Monastery

Visit the New Jerusalem Monastery, its magnificent walls and the amazing Resurrection Cathedral.

Plan your next trip to Russia

Ready-to-book tours.

Your holiday in Russia starts here. Choose and book your tour to Russia.

REQUEST A CUSTOMISED TRIP

Looking for something unique? Create the trip of your dreams with the help of our experts.