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The Fearless Freelance Writer's Business Plan

Contents

Copyright

Dedication

Introduction

Vision & Mission Statements

Business Goals

Income Projections

Cost Projections

Income Streams

Future Income Streams

Education & Skills

Personal Growth

Conclusion

Copyright © 2015 Laura B. Williams

 

All rights reserved.

 

No part of this books may be reproduced in any form, by any means without the expressed permission by the author. This includes reprints, excerpts, photocopying, recording or any future means of reproducing text.

 

 

 

For my biggest fan, my daughter Rose.

 

Thank you for always being a ferocious lioness who watches out for the rest of us. I can’t do the things that I do without your love and support.

 

 

 

 

If you bought this book you are ready to be fearless.

[* *]

 

You are ready to go on a very interesting journey to create your own freelance writer business. Let me tell you that running your own successful freelance writer business is not for sissies. Along the way you will have successes and you will have failures, that’s why we’re going to start your journey with writing a Fearless Freelance Writer Business Plan. This plan will inspire you help keep you focused and give you a roadmap for your success.

 

Before we get started let me tell you a little bit about myself. I started my business as a freelance writer a few years ago and in the past I made my living in business management, marketing and sales. Believe me it took all of this experience to be able to build a successful freelance writing business. I write for businesses all across the globe and I love what I do.

 

The first step to starting any business is to write a great business plan. There are some that say you don’t need a business plan to start a freelance business, please don’t listen to them. A great business plan will give you the ability to stay focused and see if you’re meeting your goals and expectations or if there’s a way that you can improve your business. Freelance writing is not a hobby it’s a business. As the owner of a freelance writing business you need to take yourself seriously and use the tools that are available to you to make sure that your business is profitable.

 

I will guide you through how to complete the Fearless Freelance Writer Business Plan. You can download the template at my website for free. Each step is designed to give you the opportunity to bring out all of your goals, plans and steps that you can take over one year’s time to grow your business. This is not a static document. This is a fluid plan that will grow and expand as you meet your goals and changes come about in your business. I suggest that you take time every month to go back to your business plan and review it. See if you met that month’s goals, if you need to make changes in your timelines or maybe your business is going in a different direction than you expected. My business today is completely different than the day that I started. Different opportunities presented themselves as I grew, there were changes in how I make my income and I’ve restructured my business to better meet my clients’ needs.

 

Before we get started on writing your Fearless Freelance Writer Business Plan, I want you to take some time to analyze your reasons for starting your freelance business.

Ask yourself the following questions:

 

  • {color:#000;}What are your skills?

[* *]

You probably have more skills than you realize. If you are thinking of starting a business writing, you should already have strong writing, editing and proofreading skills. You may also have experience with marketing, sales or design. Do a thorough evaluation of all your skills and the experiences that you’ve gained in your life. You can then see how those can be applied to your freelance business.

 

  • {color:#000;} What kind of freelance business do you want to own?

[* *]

Take time to decide what kind of freelance writer you want to be. You could be a web content writer, a technical writer, a ghostwriter or you could specialize in editing and proofreading. There are many opportunities out there for freelance writers, take some time to figure out which one fits you your skills and your business.

 

  • {color:#000;}[* Who is your ideal client?*]

[* *]

This is an important question to answer. Knowing your ideal client will help shape your marketing and your business, allowing you to see clearly how you will meet that clients needs. The focus of your business will vary depending on the type of clients that you seek.

 

  • {color:#000;}How will you find clients?

[* *]

Once you know who your ideal client is, then you can begin to evaluate how you will seek out those clients. You can do this through job boards, advertising, being involved in the online community and local networking. There are several ways to approach finding clients, you need to decide what will work for you and your business.

 

  • {color:#000;} How much time do you have to start a freelance business?

[* *]

You’ve heard the saying, “Time is money”. When you’re working for yourself you get a real understanding of exactly what the saying means. A lot of people start their freelance writing business part time while they work a full time job. Be honest with yourself, look at how many hours a day you are willing to put into your business. Keep in mind each hour is not a necessarily a billable hour, you need time to market your freelance services and you need time to seek out clients. Knowing how many hours you can apply yourself to your business every week will help you be able to create a realistic structure your goals and expectations.

 

Now that you understand your reasons behind starting your freelance business and you have an idea of the clients that you would like to seek, it’s time for you to begin to write your Fearless Freelance Writer Business Plan. Download your free Fearless Freelance Writer Business Plan Template, find a quiet space and let’s get started.

 

If you need the direct link: http://laurabwilliams.com/wp-content/uploads/2015/11/PDFTheFearlessFreelanceWriterBusinessPlanTemplate-5.pdf

 

 

 

As you begin to write your Fearless Freelance Writer Business Plan the first thing you need to look at is what your vision is for your business is and its mission. Understanding the vision that you have for your freelance writing business will help you in many different aspects of your business. It will help you create branding that’s cohesive and in line with your business goals. It will help you understand how to relate to your clients and how to express what’s your company offers.Understanding your mission is equally important. The mission statement is the “how-to” on how you will reach your vision.it expresses how you expect to meet your business goals.

 

The Vision Statement

[* *]

A vision statement is usually 1 to 2 sentences. Of course, if it takes you more to explain your vision than, by all means, write more. Write your vision statement in the present tense. A well-written vision statement will explain what you expect to accomplish.

 

Ask yourself the following questions:

 

  • {color:#000;} What can I offer a potential client? [*
  • {color:#000;} Do I want to inspire?] [
  • {color:#000;} Do I want to educate?] [
  • {color:#000;} What problem does my business solve?*]

 

Here is my vision statement:

 

“To provide ideas and inspirations that help writers reimagine their lives.”

 

Amazon has a great vision statement:

 

“Our [Amazon’s] vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.”

 

Take you time and once you write your statement, let it chill out for a bit and then reread it and make sure that it resonates with you.

 

The Mission Statement

[* *]

As I said previously, this is the “how-to”. The mission statement represents your long-term goals and strategies. Take some time and think about what you want your business to be and what you want to accomplish.

 

Here are a few questions to ask yourself:

What is your purpose?

What values will you impose on your business?

How will you represent your talents?

 

Before we looked at Amazon’s vision statement, now let’s take a look at their mission statement.

 

“We seek to be Earth’s most customer-centric company for four primary customer sets: consumers, sellers, enterprises, and content creators.”

[* *]

Do you see the difference? In the mission statement Amazon explains how they plan to implement their vision.

 

One of my favorites is very simple. It belongs to TED, which stands for Technology, Entertainment and Design. I am sure you have watched at least one TED talk and if you haven’t, you should, they are amazing.

 

“Spread ideas.”

 

That’s it. Two words. Very simple, but those two words explain exactly what they do and how they do it. Brilliant, right?

 

Don’t think that know that you have written your vision and mission statements down that they are set in stone. Your vision and mission for your freelance writing business will evolve over time, just like the business yourself. With each rewriting you will adjust your focus to your current expectations and the future of your growing business.

 

 

More than likely your main business goal is to make enough money to live on. That’s a legitimate goal, but you need to dig a little deeper.

 

First, let’s think about the first month that you are in business. Say that today you decided to start your own freelance writing business. Now we need to set some goals. You may be wondering why goals are so important? For me, I believe that goals are your roadmap to success. When you set up your business based on a timeline of goals it gives you a map to follow. We are all going to have things that get us off track, maybe it’s a failure, a dry spell where there is little work or something happens in your life that puts you behind, there are many things that affect your business. If you have a clear plan of how to reach your goals then when something happens it’s much easier to get back on track and you don’t lose your way.

 

Your goals can be as simple or complex as you would like. But the more specific you are the more effective goal-setting can be.

 

“Setting goals is the first step in turning the invisible into the visible.”

-Tony Robbins

 

You may want to start at the end and work backward. Where would you like your business to be at the end of the year? Start there and begin to break that large goals into smaller goals. As you accomplish the smaller goals you will work your way towards the success that you’re looking for.

 

Take for example the first month that you’re in business. There’s a lot to get done this first month. First of course you have to write your Fearless Freelance Writer Business Plan, then you’ll need to develop and design your branding, you’ll need to create a marketing plan to help you sell your services and gain clients and this is the time you will want to set up your office and make sure that you have all the tools you need to get the job done. In your first month of business you are probably not going to have a lot of time to find clients, keep that in mind and be patient with yourself, set reasonable goals so that you don’t get discouraged.

 

As you go through your goals you’re really looking at the end results that you want. Once you’ve completed your business plan, go back over your goals and break them down into smaller doable pieces. Put them into your calendar or planner as prioritized to-do items, so that you can stay on track as you move forward.

 

 

 

The first thing you need to do before you make your income projections, is decide what you will charge your clients and what you will charge for. You can charge your clients by the hour, by project, by word or by page. Here is a terrific formula that will help you figure out how to define your hourly rate. Once you know your hourly rate you have a sound figure to base your quotes on.

 

Annual salary + annual expenses + annual profit ➗ annual work hours

= your base hourly rate

 

Now that you have a good solid hourly rate you can begin to make your income predictions for the year. Instead of saying that I want to make X amount of dollars for the next year and just leaving it at that, break it down by month give yourself room and time to grow. Keep in mind different variables that can affect your income such as your kids being home all day during the summer school vacation so you probably won’t get as much work done, maybe you take a two week vacation every year and don’t forget the holiday season, many businesses slow down their workload which will affect yours, that’s another thing that’s important to remember when making your predictions.

 

Another thing that you need to take into consideration when making your income predictions is how much time you apply to your business over the next year. Many, many freelancers start freelancing part-time while still keeping their full-time jobs, which of course limits the amount of hours that they can put into their own business.

 

Understand that even though you promised yourself that you will work 3 hours every night to build your freelance business, you can’t base your income off those hours as a whole. Not every one of those hours is billable. You will need time for marketing and you will need time to find clients, make sure that is factored into your figures. You may find that to give yourself enough hours to bring in a good income you won’t have time to do a lot of the things that you enjoy, but I promise it will be worth it.

 

 

 

Now it’s time to look at the costs associated with running your freelance writing business. One of the great benefits of a freelance business is that often you can work right from your home, which is going to save you a ton of money in start up and operation costs.

 

Costs for the next year may include

  • {color:#000;}Computer [*
  • {color:#000;}Internet connection*] [*
  • {color:#000;}Printer*] [*
  • {color:#000;}Website design, hosting and maintenance*] [*
  • {color:#000;}Advertising costs*] [*
  • {color:#000;}Digital camera*] [*
  • {color:#000;}Web camera*] [*
  • {color:#000;}Office supplies*] [*
  • {color:#000;}Books, seminars and courses*] [*
  • {color:#000;}Space rental*] [*
  • {color:#000;}Utilities*] [*
  • {color:#000;}Business phone*]

and more

 

Make sure that you keep all receipts and records of expenses for tax purposes. You will find even when you’re working out of your home, that you can deduct a portion of your home expenses. Your accountant will be able to tell you exactly how that’s decided and what deductions are available to you. It never hurts to go ahead and make an appointment with your accountant to make sure that you establish a good record keeping system and know the laws before you even get started. This will also help ensure that you take advantage of all the deductions that you are allowed as a business owner.

 

Once you establish your costs take a look and see which ones are basically one-time costs, such as equipment purchases or which are recurring costs such as utilities or web hosting. More than likely you will have more costs during the startup phase of your business then you will during the rest of the year. I suggest that you keep your costs as low as possible the first year, so you can start making a profit. Hold off on that new computer until next year, when you are more established and have more money to work with.

 

Don’t let the costs scare you. With any business there will always be a cost to do business, your goal is to make sure that you make enough money to cover your costs and make a healthy profit.

 

 

 

One of the best ways to ensure that you’re creating a truly successful freelance writing business is to make sure that you have more than one income stream. By diversifying your sources of income you are capable of adjusting to the fluctuations of cash that comes into your business.

 

I want to give you a very, very important bit of advice.

 

Don’t ever, ever, ever build your business around one client. Not ever.

 

That is not a business, that’s a project.

 

Now if you start with one client and you use that project to kickstart your business giving you time to launch your business, build your experience and gain additional clients, that’s great. Don’t forget that it is your goal to have several ongoing clients as well as others that move in and out according to their needs. You do not want to put yourself in a position where all your eggs are in one basket. If losing one client is going to make a major impact on your income you need to really look at how your business is structured and make some adjustments.

 

Here are a few income streams that you may want to consider for your freelance writing business:

  • {color:#000;} Ebooks [*
  • {color:#000;} Course development*] [*
  • {color:#000;} Webinars*] [*
  • {color:#000;} Speaking engagements*] [*
  • {color:#000;} Training programs*]

 

There are a ton more out there, do some research and see what fits your particular skill set and motivations.

 

 

 

Even though you like to think you can, you can’t do everything at once. It doesn’t hurt though to consider what future income streams you would like to open up for your business.

[* *]

“Business more than any other occupation, is a continual dealing with the future; it is a continual calculation, an instinctive exercise in forethought.”

-Henry R. Luce

 

Often a future income stream may require more education and more skills than you have right now. You’ll need time to learn how to develop this income stream so that you can get the optimal results. if you have some great ideas for future income streams jot them down in this section. Make note of them and refer back to them when you have free time to develop one of these streams.

 

Dream big!

 

 

 

 

 

 

 

 

Taking an inventory of your education your experience and your skills is a great way to understand what you have to offer your business and where you may need help. You may even be surprised to find out how much you really know.

 

As you are listing your skills and experience and education don’t just consider formal education, certificates that you received and things of that nature. Think about all that you’ve learned on your journey throughout in your career and in your life. I know that when I decided to go into business for myself and I considered all the things that I had learned throughout my career I impressed myself with how much I’ve actually learned. I gained marketing skills, design skills, I learned how to communicate well and my writing skills were honed and improved as time went on. Every one of these skills I use in my business today. Much of what I learned, I learned outside of the classroom through self-teaching and researching. As many have found, what I went to school for honestly doesn’t have a lot to do with what I’m doing today.

 

Take into account all of your work experience consider what skills you gain from each position and how you can use those in your business. Everything that you have learned along the way can be a benefit to your business.

 

In past positions, did you ever have to design marketing materials ? Manage a website? Write sales copy? Sell to clients? Did you learn how to use Microsoft Office products or Adobe design products? Did you use project management software? I could go on and on.

 

I know that once you start to list all of your qualifications experiences and skills you too will be as surprised as I was about how much you’ve learned over the years.

 

“An investment in knowledge pays the best interest.”

-Benjamin Franklin

 

 

 

 

 

You may wonder why personal growth is a category in your business plan. I included it because I think that how you grow as a person is the direct reflection on your freelance writing business.

 

For example there’s a term I coined a while back, “learning equity”. Learning equity is the investment you make in your business and your life by learning knew things. In my opinion, learning equity is a business asset just as much as any other asset that tells the value of your business. Your knowledge is worth something the time it takes to learn something new is valuable. make room in your life to learn new things!

 

“I want to grow. I want to be better. You Grow. We all grow. We’re made to grow.You either evolve or you disappear.”

― Tupac Shakur

 

In the last section you took an evaluation of what you’ve learned in your life, now I want you to think about what you want to learn. To learn new skills you don’t have to go back to school and work towards another degree, unless that is what you want to do for yourself. There are so many avenues to learning online that you can learn to do just about anything.

There are incredible sites such as Udemy.com that all for an amazing variety of courses to help teach you so many different things. On Udemy you can learn coding, web design, how to bake bread, how to build a great email list and more. The classes are affordable and the depth of the knowledge that you can learn is inspiring. Udemy Is just one of such sites, there are many more but I personally think Udemy does a fantastic job.

In the personal growth section you could a list books that you plan to read, courses you plan to take, people you would like to follow on social media to learn more from them, really add anything that is going to help you grow, so that you can grow your freelance writing business.

 

 

 

 

 

 

 

Writing your Fearless Freelance Writer Business Plan takes time, thought and whole lot of honesty. It helps to make sure That your goals are realistic, so you don’t get discouraged. Go ahead and dream a little bit.

 

All of the information that you have put together in your Fearless Freelance Writer Business Plan will help you put together a marketing plan for your business that is effective and focused and it will help you decide what your brand is going to be and communicate what you have to offer to clients.

 

I have one more bit of advice. Once you have completed your business plan share it with a couple of awesome people. This could be a mentor a family member or another business person. Make sure that the person you share this with his discrete and understands this is a private document. Getting someone else’ s opinion sometimes will open up a whole new line of thinking for you and help you make your business plan even better which will help you be more successful.

 

Don’t forget to download your Fearless Freelance Writer Business Plan. It will guide you through everything that I’ve mentioned in this ebook. If you have any questions or if you would like me to review your business plan, please email me at [email protected] or visit my website, laurabwilliams.com. In your email please add About the Fearless Freelance Writer Business Plan in the subject line. I don’t want to miss your email!

 

Direct link to Fearless Freelance Writer Business Plan http://laurabwilliams.com/wp-content/uploads/2015/11/PDFTheFearlessFreelanceWriterBusinessPlanTemplate-5.pdf

 

I want to thank you for taking the time to read How To Create Your Fearless Freelance Writer Business Plan. Visit laurabwilliams.com and get updates on all of my ebooks, courses, informative articles and more, many are FREE! You can also join the Fearless Freelancers Facebook Group, we are building a community to support freelancers and inspire them to be awesome, either search for us on Facebook, or send me a request in your email.

 

I wish you the very best, now get out there and be incredible!

 


The Fearless Freelance Writer's Business Plan

The Fearless Freelance Writer's Business Plan will help writers starting a freelance business write an effective business plan. The book comes with a free downloadable template. The Fearless Freelance Writer's Business Plan covers Vision & Mission Statements Business Goals Income Projections Cost Projections Income Streams Future Income Streams Education & Skills and Personal Growth. As you fill out the The Fearless Freelance Writer's Business Plan Template, you create a comprehensive roadmap that will guide you through the year. You will learn the needs of a growing business, understand your strengths and weaknesses and develop a deep understanding of how you can accomplish your goals. Once your plan is finished you will have document that is fluid and grows with your business. The Fearless Freelance Writer's Business Plan takes the fear out of writing your business plan

  • Author: Laura Williams
  • Published: 2015-11-19 17:20:56
  • Words: 4179
The Fearless Freelance Writer's Business Plan The Fearless Freelance Writer's Business Plan