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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.

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Freelance Business Plan Template + Guide

BIG NEWS! We just released The Freelance Files , a collection of professional done-for-you email scripts, contracts, invoices, and more for smarter freelancing. The first 50 customers, save 50% with this link .

Step-by-Step Freelance Business Plan

What is a freelance business plan, who needs a freelance business plan, benefits of a freelance business plan, now, go make yours.

A freelance business plan is the ideal way to make quick progress as a freelancer.

Sure, you already feel like you know exactly what you need to do — find more clients, deliver high-quality work within deadlines, send invoices and recover payments. But freelancers who want to grow their business understand the importance of a freelance business plan.

A well thought out and structured freelance business plan helps to craft your strategic and tactical approach, defines tasks and budgets that you can track, and increases your chances of success.

So today, I’ll share my 14-point freelance business plan template along with a guide for creating your ideal freelance business plan.

Let’s dive right in, then we’ll cover some of the basics after. My freelance business plan template for you consists of 14 questions.

Take some time off work when you are working on the freelance business plan for the first time, and try not to take calls until it’s done. You could review your plan every week and this will only take a few minutes. You could also do a monthly review when you enter your revenue and expense figures of the month, but this should not take too long either.

Let’s take a look at the freelance business plan steps below and the guidelines for answering the 14 questions. Download a copy of the template below and follow along as you fill yours in.

1. Company name

We start with the company name – pretty straightforward.

Question 2 is about your purpose , or why you started your company. It may seem that every business starts with profit as a motive, but when you really think about your own motivation you will find a purpose above profit. Did you start your brand design business because you are passionate about helping entrepreneurs create a distinct identity? Or did you start a video content studio to help more brands get the power of video easily?

3. Target Market

We now come to your target market . If you are in the B2B market then you should define the profile of organizations that you target as well as the specific roles within those organizations who make decisions to purchase from you. If you have done a user persona exercise, you could describe the personas here. If you’re not sure about who your target audience is, The Magic of Choosing a Target Audience will be helpful here.

4. Location

The fourth point refers to the geographical areas where you operate.

5. Products/Services

Next we come to a description of your products or services. Do you work on a project basis – with the scope defined by the client? Or do you have any standard products or packages? What is included in your offer? For example, do you offer freelance video creation as a service, and price depending on the scope of each project? Or have you created some standard packages, such as $350 for a 30 second video, with a 200 word script and incorporating 2 rounds of customer reviews?

6. Competitors

The sixth question is about your competitors . You should research before you answer this question because competitors are not always those who provide similar products or services, rather they are those who help users to solve the same problem. This means that your competitors could be from completely different product categories. You will find these insights by speaking to current and potential users.

7. Differentiation

Question 7 is about your differentiation . If you have not articulated this before, then it’s an excellent outcome of working on your business plan. As you clearly write your differentiation, you will be able to communicate it much more strongly during sales pitches or in your marketing material.

8. Problems

Now we come to the problems that you solve for your users. What were they doing before they started using your products or services? This knowledge helps you to find more users with similar challenges. What’s keeping them up at night? They may not say that it’s graphic design or creative needs, and you need to understand how your work helps them. My course is helpful here.

9. Benefits

Question 9 is about the benefits that your product or services deliver. It is extremely useful to articulate this and lends clarity to sales and marketing communications.

10. Marketing

Next we come to Marketing . How does your target audience get to know you? Are you doing anything to reach out to potential customers? You can mention meetups, events, social media, advertising, email campaigns, SEO, or anything else that’s working for you, here.

The next question is about your business goals for the next 6 months. I have suggested 3 goals but you can make a longer list if you want. One of your goals could be related to the new business that you want to generate. You may also have the goal of adding a revenue stream. Goals could be related to expansion, for example, launching in new geographies or adding new products. You may have sales or marketing goals such as creating a branding package , or a product to sell online. You may also have operational goals such as implementing a project management tool or better bookkeeping.

12. Milestones

In point 12, list the weekly milestones that you must complete in order to achieve your goals. You should review this every week, and refine as needed.

13. Targets

Question 13 is to define your monthly revenue targets . I have said 3 months, but you can set targets for a longer-term if you want. This is a good time to consider, are you charging enough to reach your goals? If you charge $1,000 for a logo, how many logos do you need to do to meet your revenue goal?

14. Expenses

Question 14 asks you to put down your budget for expenses . This helps you to be more conscious of how you are spending, and when you think about revenue targets and expenses together, you can manage your profitability better. It’s all about profitability. If your expenses are higher than your sales, you’ve got a problem!

Let’s back track for a quick minute. A freelance business plan is a document that lists your business objectives, targets, milestones, timelines, and budgets. Think of it as a roadmap that provides direction to your efforts, shows you the landmarks along your route and helps you avoid roadblocks.

Every business needs a business plan but most freelancers never get around to creating one. I have worked with many, many creative freelancers, and I know that some of them are aware of what a business plan is, but believe that only large businesses need it, while others are just not fully aware of the advantages of having one.

A freelance business plan is created with the specific requirements of freelancers in mind. I strongly believe that the template of the plan should be simple and should not consume too much of your time when you need to create, update or modify it.

Business plans of shorter timeframes say 3 to 6 months, are usually most suitable for freelancers. The work environment for most freelancers is just too dynamic to be able to plan ahead for the next few years.

I’ll share my preferred template for a freelance business plan here, and take you through the steps. But first, let’s see who needs a freelance business plan and what are the benefits of creating one.

Is a business plan essential for all freelancers? Maybe not, so take a look at the list below and decide whether you need one.

You will benefit from having a business plan if:

1. Freelancing is your main source of income

A plan may not be important for someone who has a job or another primary source of income and is freelancing as a side gig. But if you depend mainly on your freelance business, then the business plan should be a high priority for you.

2. You want to grow your business

If you have the ambition to grow your business, possibly planning to create more bandwidth when you get busy or build a team , then a business plan will help you to achieve that growth.

3. You plan to seek external advice or funding

If you are considering discussing your business with potential mentors, investors or consultants, a business plan is a good starting point.

The time and effort that you invest in creating your business plan will yield a variety of benefits.

Clearer direction and focus

The process of listing your goals and the steps that you must take in order to achieve them brings tremendous clarity and a sharper focus to your efforts. You will consciously pursue business relevant to your goals rather than respond to every opportunity that comes your way.

Prioritize better

If your working days are a blur of meetings, deliveries, and firefighting, chances are that you don’t have the time to do tasks that are important rather than urgent. Once you list these tasks down as weekly milestones that must be achieved for your goals to be realized, you are much more likely to make time for them. Maybe you need to attend networking events in your vicinity in order to attract talent, or maybe you need to spend time creating marketing collateral. Putting these tasks down in the plan makes it much more likely that they will get done.

Track your financial performance

Your business plan helps you track whether you are achieving your revenue targets and keeping expenses within control, or in other words, manage your profitability.

Builds the confidence of external stakeholders

When you need to discuss your business with investors, mentors or other external stakeholders, the business plan will inspire confidence in them and show them that you have thought things through.

Although my template is a little longer than some others, I have seen that it works really well for freelancers. It takes some time when you do it for the first time, then regular reviews and updates are pretty quick. I’m confident that you will find this time well worth it, for the direction, focus, and clarity that you gain from your freelance business plan.

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Written by Rhonda Page

Contributor at millo.co.

Rhonda is an international speaker and published author. She began as a graphic designer and evolved to brand strategist and business development professional, bringing hundreds of thousands in new business to the various design firms she worked with. She's worked with the biggest global brands such as Kraft and Coca-Cola and been client side too. Her  Business Accelerator Program  teaches freelancers how to spend less time on pitches and close new business more easily.

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What is a Freelance Business Plan? (+ The Easiest Way to Create One)

Does trying to start or scale your freelance business ever feel a bit like trying to navigate without a map? You’re venturing into a whole new world, but where do you turn? How do you know if you’re on the right path? These are questions you can answer by freelance business plan.  (+ you can grab a free template at the end of the post!)

What is a business plan? 

A business plan is a written document that guides you through the process of starting and managing your own business. They vary in length, depending on which details you choose to include.

Do freelancers need a business plan?

If your goal is to work for yourself full time, you have to think about yourself as a business owner. Writing out this plan one way for you to step into that and it will help you start thinking about freelancing in a new way.

If you already have a freelance business, you may have parts of your plan figured out, but you can still benefit from filling in the missing pieces.

Doing so allows you to get really clear on what your goals are. It also helps you think through the things you’ll need to do to reach those goals and the systems you’ll need to support you.

Why create a freelance business plan?

If you’re the type of person that loves lists and documenting your goals, a business plan may make perfect sense to you. If you’re not that type of person, you may need a few more details about how this fits into building a real business and finding success. 

Here are three different reasons to consider creating a freelance business plan:

Get your goals out of your head

There are several studies that show the power of writing things down. This simple action makes it more likely that you’ll reach your goals. The same is true with creating a business plan. One study of more than 1,000 aspiring entrepreneurs over a six-year period found that those who created a formal business plan were 16% more likely to achieve success.

Understand your vision

Freelancers are looking to accomplish something specific, usually to work for themselves or to bring in more money. These are great goals, but they aren’t the only goals. There are many other considerations that you should keep in mind about what you want your business and life to look like. Go behind the “be your own boss” or money goals.

Track your progress

There are a lot of moving pieces to keep track of when you’re a freelancer. Honestly, it’s difficult to keep any of your business goals and processes top of mind if you don’t document them. That’s why creating a freelance business plan is so important. It makes it easier to get intentional about what you want to achieve.

What are the elements of a well-written business plan?

These are the elements we’ll walk through to create your business plan:

Part one: The basics

Part two: Your offer

Part three: You + your market 

Part four: operations.

Part five: What’s really in it for you?

Now, let’s jump into creating your plan, step by step.

Think of these first four steps as the foundation of your freelance business. 

Choose a name

You may choose to go under your name or to develop a unique name for your business. Both of these options have pros and cons. 

Using your own name for your freelance business

This is the simplest option for most people. It’s easy for clients to remember and it can grow with you as your business evolves. If you end up changing the types of services you want to offer, you won’t need to rebrand. Everything can happen under one virtual umbrella.

Coming up with a business name

Going with a name other than your own adds a new level of complexity, but if you want your business to have its own identity, this is the best option for you. It’s also wise to start here if you see yourself growing a team or building an agency in the future.

In the section of your business plan, talk about why you’re starting the business. Look at all the reasons you want to start this venture and include that in your business description. How do you want it to impact your life and the lives of the clients you’ll serve?

Next, make note of the location for your business. This could be as simple as where you live, or you could make it a little more complicated if you want to become a digital nomad. 

Part two: Your offers

Next, you’ll want to get into what services you’ll be selling to clients, and why they matter. This is the section where you’ll really dig into your entrepreneurial experience (or entrepreneurial spirit, if you don’t have experience yet.)

Products and services

What type of service will you offer for clients? There are dozens of options to choose from. Start by thinking about your interests and talents. If you’re having trouble figuring out what you want to do, this blog post on gig jobs can help.

Benefits of your product/service

Now, consider how your product or service will benefit the people that you’re offering it to. For example, I’m a copywriter and I know that I help overwhelmed marketing managers create the assets they need to showcase their ideas and support their campaigns. Other writers may focus on helping companies create content with the right tone, or keep up with their content calendar.

If you want to be a graphic designer that supports small companies, a benefit to your service might be that you’re providing assets that make your client’s brand feel visually cohesive. This section will look different for everyone, but it’s critical to understand why someone would need what you have to offer.

Target market

If you’re just starting out, this could be as simple as websites that need blog posts or small businesses that need logos. If you know what types of clients you want to work with already, include more details about your target customer. Remember: You can always do more research into potential customers as you figure out who you like to work with. You don’t have to worry about who your dream clients would be right away.

What problem you’ll solve 

This aspect of your plan takes a little more thinking. Some people confuse the problem they solve with the service they deliver. The problem is deeper than that. Think about why your customers will come to you. This could be because:

• They don’t have time to do the tasks that you’ll complete 
• They don’t have the necessary skills to deliver what you can
• Their team is small, and they have overflow work

These are a few of the common reasons that people work with freelancers, but do some digging to find out what some of the pain points are in your industry.

At this stage, you’ll be doing some market analysis to see how you compare and how you can set yourself apart from others offering the same services.

Your competitors

Spend a bit of time doing research on people offering services similar to yours. This way, you can get a sense of their pricing, the packages they offer, and how they are presenting themselves to clients.

What makes you unique

Once you know what your competitors are doing, think about your competitive edge. How are you going to stand out from them? What can you offer your clients that is special? How is your approach or process something that sets you apart?

Marketing strategy

How are you going to get the word about your services out there? Will you use social media channels, go to events, or pitch your clients directly? All of these methods can work, but you need to determine what you’re comfortable with and what your target clients will most likely respond to. 

This is my favorite section of the plan. You’ll turn your ideas into an online business that works and decide exactly how you want to run it. 

Tools you’ll need

Consider any processes, software, systems, and tools you may need to do your work. This doesn’t mean you have to go researching specific solutions but it’s good to get an idea of the types of things you will need to do your best work. 

For me, this is a word processor, an email client, and a computer with Google Chrome. The tools you’ll need might look a little bit different depending on what type of freelance business you want to have.  These are some of my favorite tools for freelancers.

Next, think about what expenses you might encounter in your business. You can run a freelance business and without spending money, or you can invest money in your new venture to get going. This will depend on the tools and systems you have and what you may need to acquire. 

When I first started my freelance business part-time, I didn’t have any expenses. However, one thing I did need to account for because I was freelancing on Upwork , was the fee that they would take out of my earnings. I consider that a business expense. If you plan to take payments via credit card, a small fee will be taken out of those payments as well.

These are just a couple of examples of expenses you may encounter. Be aware of them and how they may impact you. Cash flow management is key. You have to know exactly where your money is going. 

Part  5: What’s in it for you?

It’s also important to go beyond just what you’re going to offer and how you’re going to offer it. You need to think about how your business is going to serve you, allowing you to meet your goals live the life you want.

Your financial goals

It’s no secret that all of us are in business because we want to make money. Wanting to make bring in cash is one thing, having a clear financial goal in mind puts you on a whole different level as a business owner.

I thought about this in two different ways when I first started freelancing. My first financial goal was to make enough to cover my expenses each month. Not just my business expenses, but all of my bills. 

Then, I had a number in mind that I wanted to reach that would allow me to save, invest and spend a bit of money on luxuries. That was my financial stretch goal, and I would encourage you to have one as well. 

Your lifestyle goals

We’ve all heard different ideas about what the freelance lifestyle is. Use this section to define it for yourself. What do you want your day-to-day life to look like? How many hours do you want to work a day? When do you want to start work? 

Bonus: What happens when you reach your goals?

This section is optional, but it’s good to project out and think about what you’ll do when you reach the goals and milestones in your freelance business plan. This document is not meant to reflect the way you approach your business forever. It’s a starting point, and it should evolve with you. Keep an eye on your plan as you make progress as a freelancer, and it will help you determine the right time to take these steps.

Raising your rates

Once you reach the goals that you lay out in your original business plan, it’s almost certainly time to raise your rates if you haven’t done so already.

Check out this post to learn more about how to increase your rates and get a free price increase letter template.

Team members

You may also want to consider adding people to your team to help you with tasks that you don’t need or want to do. You can hire help to free up your time to focus on more revenue-generating activities. 

New business model

This is the time to think about it you are still happy with the business you’ve created. Will you continue offering the same services once you reach your goal? Or do you see yourself wanting to get creative and expand into other areas? Don’t get ahead of yourself here, but think about whether or not you are the type of person who will want that change.

Ready to create your plan? Grab this freelance business plan template

Putting this document together takes time, but this is an investment that will pay off for you in the long run. If you get stuck on a section, don’t stress. Use these insightful questions as a guide and create the roadmap that will get you closer to where you want to be. You can always add to or edit the plan.

Freelance Business Plan Template

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7 Steps To Write an Effective Freelance Business Plan [Download Free Template]

• Last Updated: April 4, 2023

Freelancing indeed gives you enough freedom, but without a well-structured business plan, you might end up working hard without a vision in mind.

Well, sometimes you need smart work instead of hard work to reach your goals the quickest.

So, plan out your freelancing business and take it to new heights.

Wondering how?

We have come up with an easy 7 step guide on how to write a freelance business plan for you.

So, let’s start planning now!

Table of Content

• Write Down Brand Summary and Purpose

Define Your Target Audience

List out your services, analyze your niche competitors, marketing and client acquisition, goals, targets, and timelines, financial plan, download freelance business plan template, benefits of freelance business plan.

Put into Execution

7 Steps to Write a Freelance Business Plan

When you want to start a freelancing business, know that you’d have to run a sole proprietorship. Therefore, creating a successful freelancing business with a steady stream of cash flow and profit needs planning and organizing.

Try our free online invoice generator today!

Whether your business is in construction, landscaping, consulting, photography, auto repair, or the medical field, invoicing takes way too long. That’s why we’re here. InvoiceOwl makes your invoicing faster and simpler so you can get paid promptly and without the hassle.

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So, if you want to work with ideal clients, here is how you should plan your freelance business.

Write Down Company Summary and Purpose

Do you know why brands like Apple, Amazon, and Google had such success? One of the most contributing factors to brand success is a clear purpose. Any business can be lost in the journey from a startup to being a brand if they don’t have a clear idea of who they are and where they want to be.

Every business has its own story. And this is the section where you would want to tell your business story. It helps in setting up the business objectives and the brand image.

For example, if you are a freelance writer, you should answer questions like:

• What inspired you to be a writer?
• Why did you pick writing as your profession?
• What do you want to achieve as a writer?
• How do your services make a difference?

The previous step helps you understand your brand and this step will help you know your buyers. Your freelance services don’t need to serve all. For example, if you are an iOS app developer, you may exclude Android users from your target market.

To know your audience, create a buyer persona for your services, and include the groups based on criteria like:

• geographical location;
• line of business; &

A freelance wedding planner might not help you find a partner. Similarly, you may or may not provide all the niche-related services. However, one thing is for sure, you should list out all the services that you provide.

Deciding what services you should provide majorly depends on two factors, which are:

• What is your skillset
• What customers want

Being a freelancer, you should know your skillset well. Other than that, if you know your target audience, you would know the problems they face. Therefore, describe your services and how they solve the customer’s problems.

Once you have decided on the services, analyze your niche competitors. Analyzing your competitors is extremely necessary to stay in the business. We live in a highly competitive era for businesses and hence a well-written business plan always includes the competitors’ analysis.

First of all, let’s make one thing clear.

Your competitors are not those who sell similar products/services. But, the ones who address the same problems.

You can make your brand unique by researching your competitors. While looking at your competitors, make sure you keep the following things in mind.

• Set of services they provide
• Fee structure
• Marketing strategies

Once you have studied your competitors, you need to think about the things that help you create a unique brand. Such as:

• What makes you a different brand?
• How differently do you solve the problem?
• How is your service more valuable than others?

Bringing clients on board hugely depends on how you go about marketing strategy. And marketing can only be done perfectly if you have done the market research right. First, you need to understand your targeted audience and their problems to market your brand effectively.

So, one of the most effective ways of marketing is to pitch your services as the solution for the problem. This way you can acquire more clients.

Now, getting new clients is one thing and retaining them is another. Therefore, you must improve the experience to boost client loyalty. The chances of getting hired again by the same client increase exponentially if the client was satisfied with the first experience. Not only that, there are high chances that a satisfied client recommends your services to his/her peers.

So, if you want to ensure long-term business success, keep your clients happy. And here are the quick ways to ensure that.

• Try to go the extra mile
• Maintain clear communication with clients
• Offer clients early bird discounts
• Create a reward system for loyal clients

If you want to reach a goal, you need first to define it. Especially a business in its initial stage must have a milestone to reach. This represents your brand and dictates the entire business planning.

Now, we all want to share the podium with Bill Gates and Jeff Bezos right away, but remember that Rome wasn’t built in one day.

Set practical marketing goals that your freelancing business can achieve with all the given resources. Break the end goal into small targets and bind them with a defined timeline. For example:

• Pitching project proposals to ‘X number of potential clients daily
• Getting ‘X number of clients in the first month
• Learning a new skill in three weeks to provide better services

Financial planning is the core of business planning. Without planning your revenue model, how much money is enough money for you to sustain, how many clients would you need to make a profit, how you would raise money from investors.

Financial planning does not only include the income but expenses as well. Of course, generating an income is good, but what you spend money on should be planned.

The financial business plan needs detailed accounting for accurate financial projections. This is why you need to track every expense and income. It helps you set a realistic financial business plan for your actual business.

To work efficiently and in the right direction, you need to have a business plan.

Now, most freelancers think this is too much work and would take a long time to write a business plan independently. Thus, we have designed a freelance business plan template that you can download, edit and make yours.

Unlike a traditional business plan, it will help you summarize the entire plan in just a single page.

It has all the criteria required to make a business plan that works. Moreover, it is available in PDF file format. So, what are you waiting for? Just download the freelance business plan template for free and never go off the track.

A perfect freelance business plan can take your freelance business to new heights. Writing a business plan can help a new business to acquire the first client. It also helps already established businesses to excel and be on top of all the competitors.

So, if you want to know how a perfect business plan can do such wonders, let’s discuss a few benefits of writing a freelance business plan.

A Clear Line of Sight

The freelance business plan forces the business to set priorities and act on them. Without a structured business plan, a freelancer might do everything and get nothing done. To avoid such a situation, you need to have the vision and mission statement embossed.

Right Marketing Strategy For Your Business

Wise financial decisions.

If you want to own success as a freelancer, a business plan lets you make better decisions. In addition, the business plan reminds you of your spending limits and stops you from spending unnecessarily.

Now that we have discussed how to write a freelancer business plan in-depth, you must be eager to go make it right away. However, before jumping to it, let’s read some frequently asked questions so that you never have to stop once you have begun.

How do I start my own freelance business?

To start a freelance business of your demands a skillset. Other than that, here are the quick steps you would have to follow.

• Know Your Goals
• Look for a Profitable Niche
• Identify Your Target Audience
• Set Strategic Rates for Your Services
• Put up the Best-Quality Portfolio
• Be Picky while Choosing the First Client
• Learn to Market Yourself Strategically

Can a beginner do freelancing?

Yes, freelancing is a great option for starting their career and knowing the industry. This gives beginners the experience of the industry and helps them build confidence too.

Does a business owner need to know to account?

A business owner must know the basics of accounting and bookkeeping because most major business decisions are influenced by the accounting of your business.

Can I hire someone to write a business plan?

Now that we know about writing the business plan, it’s time to get started with writing it. The business plan will make you answer vital questions that define your business. Thus, you might need to write it before you pick your first client.

This blog summarises all the steps you need to write an intact freelancers’ business plan and the benefits of writing a business plan. We also provided a freelancers’ business plan template as a bonus.

We know it takes time to figure out your business goals, and you should take all the time as well. So, you need to manage time and automate repetitive business tasks such as invoicing , collect insightful client feedback , and generating stunning sales reports .

To make invoicing and estimates & quotes process easier, you can download the InvoiceOwl app and never bother about such tasks. Instead, refer to our blog to get invoicing tips that are exclusive for freelancers. So, what are you waiting for? Plan your basic business strategy right now!

Jeel Patel is the founder of InvoiceOwl , a top-rated estimating and invoicing software that simplifies the invoicing and estimating processes for contractor businesses. Jeel holds a degree in Business Administration and Management from the University of Toronto, which has provided him with a strong foundation in business principles and practices. With understanding of the challenges faced by contractors, he conducted extensive research and developed a tool to streamline the invoicing and estimating processes for contractors. Read More

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Why Every Freelancer Needs a Business Plan: A Comprehensive Guide

Why Freelancers Need a Business Plan

How to create a business plan, business planning for freelancers: faqs.

As a seasoned freelancer with over two decades of experience, I’ve seen firsthand the critical role a solid business plan plays in achieving long-term success . It’s a common misconception among many freelancers that a business plan is an unnecessary formality, a paperwork exercise more suited to traditional businesses than their own flexible, creative endeavors. However, this couldn’t be further from the truth.

A business plan functions as a roadmap , guiding freelancers toward their professional objectives and aspirations. It sets the direction, detailing not just where you want to go, but also how you intend to get there. This plan helps freelancers navigate the often unpredictable terrain of self-employment, making it easier to anticipate potential challenges and obstacles along the way.

Moreover, a business plan does more than just outline your trajectory ; it also clarifies your broader goals. It prompts you to think about what you want to achieve, why you want to achieve it, and what you’re willing to do to reach those milestones. This process of reflection and articulation can provide a much-needed sense of purpose and direction, particularly when you’re navigating the freelance world solo.

But a business plan isn’t just an abstract concept or a motivational tool; it’s also a practical guide . It highlights the operational aspects of your freelance business, such as your target market, pricing strategy, marketing approach, necessary tools and software, and financial goals. By addressing these factors, your business plan can offer invaluable insights into the practicalities of running a successful freelance operation.

In this article, we will delve deeper into why every freelancer needs a business plan . We’ll explore each component of a robust business plan, providing you with the knowledge and tools to create your own. Whether you’re a seasoned freelancer or just starting, the importance of a business plan cannot be overstated. So, let’s embark on this journey together, demystifying the process of creating a business plan and setting the foundation for your freelance success.

Many people tend to associate business plans with traditional businesses or startups seeking investment. However, as a freelancer, having a business plan can be just as beneficial and can indeed be the catalyst that propels your freelance career to new heights ( Collective ).

A business plan lays out all of your goals for your freelance business for the next three to five years . It provides you with clear direction for achieving your goals so you can grow and succeed over time ( Make a Living Writing ).

Not only does it offer a clear line of sight for your target, but it also helps in setting priorities . Having a solid freelance business plan is crucial for achieving long-term success. It’s a roadmap outlining your goals, target audience, and financial projections ( Invoice Owl ).

Even if a freelancer may not have the same traditional structure as a brick-and-mortar business, this plan is essential ( Freelancermap ).

Firstly, a business plan helps set clear goals and objectives . As a freelancer, you are your own boss, which means you’re responsible for setting your path. A business plan acts as a roadmap, guiding you towards your ultimate professional destination. It forces you to sit down and clearly articulate what you want to achieve in your freelance career, whether it’s expanding your client base, increasing your income, or branching out into new areas of expertise. Having these goals written down in a structured format can provide a sense of direction and keep you focused when distractions or challenges arise.

Secondly, a business plan allows you to identify potential roadblocks and challenges ahead of time . Freelancing is not without its difficulties, and it’s much easier to navigate these obstacles if you’ve prepared for them in advance. Whether it’s market competition, fluctuating demand, or financial management, a business plan can help you foresee these issues and develop strategies to mitigate them before they become significant problems. This proactive approach can save you a lot of stress and uncertainty in the long run.

Lastly, a business plan isn’t just for your personal use – it can also be a powerful tool for securing funding, partnerships, and clients . A well-crafted business plan showcases your vision, professionalism, and commitment to your freelance career. It demonstrates that you take your work seriously and have a clear plan for success. Whether you’re pitching to potential clients, negotiating partnerships, or applying for grants or loans, having a solid business plan can give you an edge over other freelancers and instill confidence in those considering investing in your services.

A business plan is an essential tool for any freelancer . It provides a roadmap for success, prepares you for potential challenges, and enhances your professional credibility. Armed with a comprehensive business plan, you’ll be well-equipped to navigate the freelance landscape and steer your career towards success.

Understanding your target market is the next crucial step . A thorough audience analysis will help you understand your potential customers’ needs, preferences, and behaviors, enabling you to tailor your products or services to meet their demands effectively.

Once you’ve identified your target market, it’s time to detail the services you offer . Clearly defining what you’re selling will not only help potential clients understand your business but also help you focus your marketing efforts.

The next step involves developing a pricing strategy . Your prices need to be competitive yet profitable, which requires a careful analysis of the market and your costs.

Your marketing approach follows closely behind . This encompasses how you plan to promote your business and attract customers. It could include tactics like social media marketing, SEO, or traditional marketing methods.

Operational requirements come next and refer to the resources you’ll need to run your business. These might include personnel, equipment, or software, among others.

Finally, your business plan should include your financial goals and projections . This section gives potential investors an idea of your business’s profitability and financial health, making it a critical component of any business plan. By carefully crafting each of these sections, you’ll create a comprehensive business plan that provides a clear path forward for your business.

Company Summary and Purpose

This foundational element sets the tone for the rest of your plan and serves as a reference point for all subsequent decisions.

To define your freelance business, you need to conduct a thorough self-assessment . This includes identifying your strengths and weaknesses as a freelancer. Are you an exceptional communicator, do you have a knack for problem-solving, or perhaps you possess a unique skill set that sets you apart from others in your field? These are your strengths, and they form the core of your freelance business. On the other hand, recognizing your weaknesses is equally important. Perhaps you struggle with time management or aren’t as tech-savvy as you’d like to be. Acknowledging these areas for improvement can help you devise strategies to overcome these challenges, ensuring they don’t hinder your success.

Next, consider your unique selling points (USPs) . Your USPs are the characteristics or qualities that differentiate you from your competitors. Maybe it’s your extensive experience, your specialized knowledge, or your commitment to customer service. Whatever it is, your USPs should be highlighted prominently in your business plan, as they’re key to attracting and retaining clients.

Once you’ve assessed your abilities and identified your USPs, it’s time to define your business’s purpose . Why does your freelance business exist beyond making money? What value do you bring to your clients? Your purpose should reflect the impact you aim to have on your clients or the industry. It should resonate with your target audience and align with their needs and values.

Your vision statement, on the other hand, is a forward-looking declaration of your business’s goals and aspirations . It outlines where you see your freelance business heading in the future and sets a clear direction for growth and development. Your vision statement should be ambitious yet achievable, inspiring yet grounded in reality.

Defining your freelance business, its purpose, and vision statement is not just an academic exercise . It helps establish your brand and shapes your messaging, making it easier to communicate with potential clients. It enables you to convey what you stand for, what you offer, and how you’re different from other freelancers in a clear and compelling manner. This clarity can set you apart in a crowded marketplace and attract clients who align with your values and appreciate your unique offerings.

Target Market/Audience Analysis

This process involves more than just figuring out who might pay for your services; it requires a deep understanding of their needs, preferences, and behaviors.

To start, you need to identify who your ideal client is . This can be based on numerous factors such as industry, company size, job title, geographic location, or any other criteria that are relevant to your freelancing services. The more specific you can be, the better. This will allow you to focus your efforts on the clients most likely to hire you and benefit from your services.

Once you have a clear picture of who your target clients are, you need to understand their needs . What problems are they facing that your services can solve? What goals do they have that you can help them achieve? This understanding will allow you to tailor your services to meet their specific needs, increasing the value you provide and making you a more attractive choice than your competitors.

Understanding your audience also plays a vital role in crafting effective messaging and marketing materials . Knowing your target clients’ needs, challenges, and aspirations will allow you to speak directly to these points in your marketing materials. This will make your messaging more engaging and persuasive, increasing the likelihood of attracting new clients.

Additionally, a deep understanding of your target audience can inform your pricing strategy . Knowing what your clients value and what they’re willing to pay for can help you set prices that are both competitive and profitable. This balance is key to maintaining a sustainable freelancing business.

Failing to understand your target clients can have serious consequences for your business . It can lead to ineffective marketing, mispriced services, and a lack of competitive edge. On the other hand, a clear understanding of your target clients and their needs can inform every aspect of your business strategy, from service development to marketing and pricing. This understanding is key to standing out in a crowded market and driving the success of your freelancing business.

Services Offered

Therefore, it’s crucial to detail these services in a way that not only clearly defines what you do but also illustrates how what you do meets the needs of your target clients.

To start, you need to clearly delineate each service you offer . This could range from specific tasks, like graphic design or content creation, to more comprehensive packages, like full marketing strategy development or project management. Be as specific as possible, as this will help potential clients understand exactly what they’re getting when they hire you.

Next, align your services with your unique selling points (USPs) and the needs of your target audience . If you’ve identified that your USP is your extensive experience in a particular industry, for example, you’ll want to emphasize how your services leverage this experience to deliver superior results. If your target clients are small businesses looking for cost-effective solutions, you might highlight how your services provide excellent value for money.

This alignment does more than just make your services attractive to potential clients; it also helps you stand out from your competitors . By focusing on what makes you different – whether it’s specialized skills, innovative offerings, or exceptional customer service – you can position yourself as a unique solution to your clients’ needs. This differentiation is key to winning clients in a competitive marketplace.

Remember, your services are not just a list of tasks you can perform ; they’re solutions to your clients’ problems. By detailing your services in relation to your USPs and your clients’ needs, you can present your freelance business as a valuable partner, capable of delivering the results your clients are looking for. This approach will not only help you attract more clients but also build stronger, more profitable relationships with them.

Pricing Strategy

The right pricing strategy not only influences your income but also impacts how potential clients perceive the value of your work.

Setting competitive and profitable prices for your services is essential for the sustainability of your freelance business . Your prices need to be competitive enough to attract clients, but they also need to be profitable enough to cover your business expenses and provide a decent income.

To set effective prices, several factors should be taken into consideration . First, consider the market demand for your services and the location in which you operate. These factors can influence how much clients are willing to pay. For example, if you’re offering a service that’s in high demand or operating in a location with a high cost of living, you may be able to charge higher rates.

Next, take a look at what your competitors are charging . While you don’t want to base your prices solely on what others are charging, understanding the going rate for similar services can give you a good starting point. You can then adjust your prices based on your unique value proposition and experience level.

Your value proposition – that is, the unique value you bring to your clients – should also play a significant role in your pricing strategy. If you offer specialized skills, years of experience, or exceptional customer service, for instance, these are all reasons you might justify charging higher rates than your competitors.

While it may be tempting for freelancers to underprice their services in an attempt to attract more clients, this approach can ultimately harm your business . Charging too little can make it difficult to cover your business expenses or invest in growth opportunities. It can also undervalue your services, leading clients to question the quality of your work.

Remember, pricing is more than just a number; it’s a reflection of the value you provide . By setting competitive and profitable prices, you can ensure the sustainability of your freelance business and attract clients who appreciate the value of your work.

Marketing Approach

As a freelancer, you are your own brand, and it’s through marketing that you communicate your brand’s value to potential clients. From building awareness and attracting new clients to nurturing relationships and driving growth, effective marketing strategies can be a game-changer for freelancers.

One of the most potent tools in a freelancer’s marketing arsenal is a strong online presence . In today’s digital age, the first place potential clients often look when they need a service is the internet. Having a professional, easy-to-navigate website that showcases your portfolio, highlights your services, and provides clear contact information can significantly increase your visibility and help attract new clients. Regularly updating your website with fresh content can also improve your search engine rankings, making it easier for potential clients to find you.

Social media platforms are another powerful marketing tool . They offer a way to reach a large audience at relatively low cost. Whether it’s LinkedIn, Twitter, Facebook, Instagram, or a combination of these, social media can be used to share your work, engage with your audience, and build your brand identity. By posting regularly and engaging with followers, you can use social media to establish yourself as an expert in your field and attract new clients.

Content marketing is another effective strategy . This could involve creating blog posts, videos, podcasts, or infographics that provide valuable information to your target audience. By providing useful content, you not only demonstrate your expertise but also build trust with potential clients. Plus, high-quality content can boost your SEO, driving more traffic to your website.

Email marketing campaigns can also be highly effective . Whether you’re sending out a regular newsletter, promoting a new service, or sharing your latest blog post, email allows you to directly reach people who have expressed interest in your services. It’s a great way to nurture relationships with existing clients and keep your brand top of mind for potential clients.

Networking, both online and offline, is another crucial element of a freelancer’s marketing plan . Joining industry groups, attending relevant events, or participating in online communities can help you connect with potential clients, learn about new opportunities, and stay abreast of industry trends.

Marketing is a necessary component for any freelancer aiming for success . By leveraging a range of strategies—from maintaining a strong online presence and utilizing social media to implementing content marketing and email campaigns—freelancers can effectively attract clients, build their brand, and ultimately grow their business.

Operational Requirements

Using effective project management and invoicing tools can streamline these processes, which not only increases efficiency but also contributes to a more professional image.

Firstly, project management tools are essential for keeping track of tasks, deadlines, and communication with clients . These tools can help you organize your workload, prioritize tasks, and ensure that nothing slips through the cracks. They provide a central hub where you can manage all aspects of your projects, from initial planning to final deliverables. This can be particularly useful for freelancers juggling multiple projects or clients at once.

Using project management tools can also improve your communication with clients . They often include features such as shared task lists, progress tracking, and messaging platforms, which can help clarify expectations and keep clients informed about the status of their projects. This transparency can enhance client satisfaction and lead to more positive working relationships.

On the other hand, invoicing software is crucial for managing your freelance finances . These tools can automate the process of creating, sending, and tracking invoices, saving you valuable time and reducing the risk of errors. Many invoicing tools also offer features like automatic reminders for overdue payments, which can help ensure you get paid on time.

Professional invoicing not only makes your life easier but also contributes to a more professional image . It shows clients that you take your business seriously and have systems in place to ensure smooth financial transactions. This can increase clients’ trust in your services and make them more likely to hire you again in the future.

Lastly, both project management and invoicing tools can be invaluable for freelancers working remotely . They allow you to manage your business from anywhere, providing the flexibility that is often one of the main attractions of freelancing.

To succeed in the competitive world of freelancing, it’s not enough to just be good at what you do . You also need to manage your projects and finances effectively. By leveraging the right tools, you can increase your efficiency, present a more professional image, and ultimately drive the success of your freelance business.

Financial Goals and Projections

Setting achievable financial goals is essential for ensuring the sustainability and growth of your freelance business.

Firstly, being aware of your income and expenses is crucial . As a freelancer, your income may fluctify based on the number and size of the projects you undertake. Therefore, it’s important to track your income accurately. Additionally, understanding your expenses – both business expenses like software subscriptions, marketing costs, and taxes, as well as personal expenses – is key to managing your finances effectively.

Once you have a clear picture of your income and expenses, you can start setting financial goals . These might include income targets, savings goals, or debt repayment plans. When setting these goals, it’s important to be realistic. While it’s good to aim high, setting unachievable goals can lead to disappointment and demotivation. On the other hand, setting goals that are challenging yet achievable can drive you to improve your performance and grow your business.

Building financial projections is a useful tool in this process . By projecting your future income and expenses, you can establish targets and measure your progress towards them. This can help you stay focused and motivated, as well as identify potential issues before they become major problems.

Planning for taxes is another critical aspect of financial management for freelancers . Unlike traditional employees who have their taxes automatically deducted from their paychecks, freelancers are responsible for calculating and paying their own taxes. This can be a complex process, as tax obligations can vary significantly depending on factors like your income level, location, and business structure. Therefore, it’s important to plan for taxes as part of your financial goals to avoid surprises come tax season.

Setting achievable financial goals is a crucial component of freelancing success . By maintaining a clear understanding of your income and expenses, setting realistic goals, and planning for taxes, you can ensure the financial health of your freelance business.

A business plan is not just a tool for securing funding or attracting investors; it’s a roadmap that guides your freelancing journey . It outlines your business strategy, sets clear objectives, and provides a framework for making decisions. Whether you’re just starting out as a freelancer or looking to take your business to the next level, a comprehensive business plan is an invaluable asset.

The first component of a business plan is a summary of your company and its purpose . This should include a clear statement of what you do, who you do it for, and why you do it. It’s your chance to define your brand and convey your passion and expertise. This section sets the tone for the rest of your business plan and can be instrumental in engaging potential clients or investors.

Next, your business plan should include an analysis of your target market or audience . Understanding who your potential clients are and what they need is crucial for developing effective strategies and offerings. This section should detail your ideal client profile, the problems they face, and how your services can solve those problems.

A detailed description of the services you offer is another essential component of your business plan . This section should clearly outline what you provide, how it benefits your clients, and how it sets you apart from your competitors. It’s your opportunity to show potential clients why they should choose you over other freelancers.

Your pricing strategy should also be included in your business plan . This should detail how much you charge for your services, how you arrived at these prices, and how they compare to the competition. A well-thought-out pricing strategy can demonstrate your value proposition and reassure potential clients that your services are worth the investment.

Your marketing approach is another key element of your business plan . This section should outline how you plan to attract and retain clients, including the marketing channels you’ll use, the messages you’ll convey, and the tactics you’ll employ to engage your audience.

Operational requirements are another important aspect to consider . This could include the tools and software you use, your workflow processes, or any other operational aspects that contribute to your ability to deliver your services effectively.

Lastly, your business plan should include your financial goals and projections . This section should outline your income targets, expense forecasts, and financial milestones. It serves as a benchmark for measuring your success and helps ensure that your business remains financially sustainable.

In conclusion, every freelancer needs a business plan . It’s more than just a document; it’s a strategic tool that guides your business decisions, communicates your value, and propels your freelancing career forward. By taking the time to create a comprehensive business plan, you’re taking the first step towards achieving your freelancing goals.

How do I write a freelance business plan?

Writing a freelance business plan involves several key steps. Start by defining your company’s summary and purpose, which includes what you do, who you serve, and why you do it. Next, analyze your target market or audience to understand their needs and how your services can meet them. Then, clearly outline the services you offer and how they benefit your clients. Your pricing strategy should detail how much you charge and how these prices compare to your competitors. Include a marketing approach that outlines how you will attract and retain clients. Lastly, establish your financial goals and projections to ensure your business remains financially sustainable. Remember, your business plan is a strategic tool that guides your decisions, so take time to create it thoughtfully.

Does a freelancer need a business plan?

Yes, a freelancer does need a business plan. A business plan serves as a roadmap for your freelancing journey. It outlines your business strategy, sets clear objectives, and provides a framework for decision-making. Key components include company summary, target market analysis, services offered, pricing strategy, marketing approach, operational requirements, and financial goals. A well-structured business plan can help avoid chaos and promote strategic growth. It helps set long-term goals, break them into achievable steps, and manage financial aspects. Remember, as a freelancer, you’re not just a service provider but a business owner.

Can you pay someone to write a business plan for you?

Yes, you can hire a professional business plan writer or a consultancy to write a business plan for you. These professionals bring expertise and an outside perspective to your business concept. They can help articulate your ideas, conduct market research, develop strategies, and create financial projections. However, while hiring someone can save time, it can also be costly. Plus, no one understands your business as well as you do. Whether you choose to hire a professional or write it yourself, being actively involved in the process is crucial.

How do freelancers get first clients?

Freelancers can secure their first clients through various strategies. Building connections with businesses and individuals you admire is a good starting point. You can reach out to potential clients directly or wait for them to request your services. It’s also beneficial to develop referral partnerships and offer your skills as a service. Defining your ideal client or market is another crucial step. Getting better at what you do and seeking feedback from clients, colleagues, and experts can also help. Additionally, using your social media wisely can aid in growing your business. Lastly, don’t hesitate to ask family and friends for help in finding your first few jobs. Remember, the process may be challenging, but perseverance and a strategic approach can lead to success.

Can I write a business plan myself?

Absolutely, you can write a business plan yourself. In fact, doing so can be beneficial because it gives you a deep understanding of every aspect of your business. The process involves researching and reflecting on your business concept, target market, competition, operational structure, and financial projections. There are plenty of resources available online, including templates and guides, to help you through the process. Remember, a business plan is not a one-time document but a living guide that should evolve as your business grows and changes. Writing your own business plan can be a valuable learning experience and a great way to take ownership of your business’s future.

How do I write my first business plan?

Writing a business plan involves summarizing your business, describing its operations, analyzing the market, detailing your service or product, outlining your marketing strategy, and presenting financial projections. It’s a vital document that guides your business’s growth and can attract potential investors.

Do freelancers write their own contracts?

Yes, freelancers often write their own contracts. These contracts outline the terms of the project, including the scope of work, payment terms, deadlines, and any other relevant details. Writing your own contract allows you to ensure that your interests are protected. However, it’s always a good idea to have a lawyer review your contract to make sure it’s legally sound. There are also templates and tools available online that can help freelancers create their own contracts.

Do I need a logo as a freelancer?

As a freelancer, having a logo can be beneficial for your branding strategy. A well-designed logo can help to differentiate you from others in your field, add credibility and professionalism to your freelance business, and can be a deciding factor for potential clients choosing between you and your competition. It tells potential clients who you are, what you do, and how that benefits them. Furthermore, a logo can communicate to people with no prior knowledge or experience with your business that you do great work. However, remember that a logo is just one part of your overall brand identity.

What are examples of business plan?

There are many examples of business plans available online. For instance, Shopify offers seven business plan examples that include elements such as an executive summary, company description, market analysis, products and services, a marketing plan, logistics and operations plan, and financial plan. Similarly, Hubspot provides a list of sample business plans to inspire entrepreneurs on their journey. Sites like Bplans.com offer over 500 free business plan examples and templates . Furthermore, the U.S. Small Business Administration (SBA) provides guidance on writing your business plan, including examples.

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BUSINESS STRATEGIES

How to start a freelance business

• Rachel Bistricer

If you're passionate about offering your skills and services independently, starting a freelance business could be an exciting venture for you. This guide will walk you through the steps of initiating and operating a successful freelance business, including the advantages and challenges involved in starting a business , how to go about creating a business website  and how to generate revenue in the freelance industry.

What is a freelance business?

A freelance business is a service-oriented business  that provides various skills and services to clients. Freelancers typically offer services such as:

Specialized skills and expertise in a particular field

Project-based work and deliverables

Flexibility in working arrangements, often on a contractual or temporary basis

Why start a freelance business?

The freelance industry is witnessing substantial growth with a projected compound annual growth rate of 15.3% through 2027 . This presents a lucrative opportunity for starting a freelance business, as demand rises for specialized skills across various industries and businesses seek out freelance professionals for specific projects.

How to start a freelance business in 6 steps

Create a business plan

Select a business structure

Obtain business financing or capital

Set up accounting and bookkeeping services

Source specific freelance equipment

Register your freelance business

01. Create a business plan

Develop a comprehensive business plan  that covers important aspects of your business planning such as your target market, executive summary, marketing strategy  and financial projections. This plan acts as a guide for your business and effectively communicates your vision to potential investors during funding efforts. It should also include other important details such as the  type of business  you plan to start and your choice of a business name . 

Here’s a freelance business plan template to get you started:

Freelance business plan template

Executive Summary

Business Name:  [Your Freelance Business Name]

Business Structure:  [Sole Proprietorship/Partnership/LLC/Corporation]

Location:  [City, State]

Founding Date:  [Month, Year]

Founders/Owners:  [Names]

Mission Statement:  [Concise statement of the business’s purpose]

Business Description

Overview:  Briefly describe your freelance business and key services.

Unique Selling Proposition (USP):  Clearly define what sets your freelancing services apart.

Target Market:  Identify your primary clients and market segment.

Services and Offerings

List and describe the services you offer, emphasizing your skills and expertise.

Market Analysis

Industry Overview:  Provide an overview of the freelance industry.

Competitor Analysis:  Identify key competitors and analyze their strengths and weaknesses.

Target Audience:  Define your target client profile and their preferences.

Marketing and Sales Strategy

Marketing Plan:  Outline your strategies for promoting your freelance services.

Pricing Strategy:  Detail your pricing structure and any promotional pricing.

Sales Tactics:  Describe how you will attract clients and secure projects.

Operational Plan

Work Setup:  Describe your workspace and necessary equipment.

Tools and Software:  List essential tools and software for your freelance work.

Workflow:  Outline your work processes and project management approach.

Financial Plan

Income Projections:  Provide realistic income projections for the first 3-5 years.

Operating Costs:  Outline ongoing expenses, including software subscriptions, marketing and taxes.

Funding Proposal

Funding Purpose:  Clearly state how any funds will be utilized (if seeking external funding).

Risk Analysis

Identify potential risks and challenges and develop strategies to mitigate them.

Summarize key points and highlight the potential success of your freelance business.

Note: This template serves as a general guide. Adjust and expand sections based on your specific business model and goals.

02. Select a business structure

When setting up your freelance business, it's important to choose an appropriate business entity  or structure. Options include  sole proprietorship , partnership , limited liability company (LLC ) or corporation . Each structure comes with its own set of advantages and disadvantages, so select the one that aligns with your business goals.

Learn more: How to start an LLC

03. Obtain business financing or capital

Freelancing generally has lower startup costs compared to other businesses. However, consider your initial expenses, such as setting up a home office, purchasing equipment and marketing your services. Explore options like personal savings, small business loans, or grants to cover these costs.

04. Set up accounting and bookkeeping systems

Establish robust accounting and bookkeeping systems to track income, expenses and taxes. Use accounting software to streamline financial management.

05. Source specific freelance equipment

Acquire the necessary equipment for your freelance business, ranging from computer and relevant software to communication tools, based on the services you plan to offer. Some more specific examples of this include:

Computer and relevant software/tools for your specific skill set

Project management tools

Communication tools (email, video conferencing)

Marketing materials (portfolio, business cards, website)

06. Register your freelance business

Register your freelance business in compliance with local regulations, determine if you need any licenses or permits to operate in your area and consider obtaining professionally liability insurance coverage.

Learn more: How to register a business , How to get a business license

Tips for managing your freelance business for profitability

Once you’ve got your freelance business off the ground, you’ll need to understand how to properly run and manage it so it’s profitable. Here are some general tips on how to achieve that. 

Research your industry and gain a deep understanding of the freelance industry, including market competition, target demographics and financial requirements. Consider gaining experience by working with established freelancers or agencies.

Develop a robust marketing strategy from the beginning to proactively promote your freelance business. Create a professional website to showcase your portfolio and attract clients.

Offer outstanding customer service from project initiation to completion. Positive client experiences can lead to repeat business and referrals.

Freelance businesses to inspire (all built on Wix)

Stacks creative.

A family owned creative company that specializes in video production.

Creative services agency for small businesses looking to enhance their brand and online presence.

An art director, motion designer and illustrator specializing in music videos, live visuals and commissioned art pieces.

Benefits of starting a freelance business

Operating a freelance business allows you to be your own boss, set your own hours and make independent decisions. At the same time the demand for freelance services is consistently high, particularly in areas where businesses seek specialized skills. 

Challenges of running a freelance business

Freelancing requires diverse skills in areas such as design, project management and client communication. Coordinating projects, managing client expectations and ensuring timely delivery can be challenging. Workload and income can vary, requiring effective budgeting and financial management. The freelance industry is competitive, requiring a unique value proposition and effective marketing to stand out.

How profitable is a freelance business?

The profitability of a freelance business depends on factors such as skill expertise, market demand, pricing strategies and efficiency. Streamlining processes and delivering high-quality services can contribute to higher profitability.

Other business ideas you might be interested in

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Freelance Business Plan Template

Have you ever thought about the importance of having a business plan as a freelancer? It might seem unnecessary or even overwhelming, but a well-structured business plan can be a game-changer for your freelance business. It helps clarify your business goals, improves your decision-making process, and significantly increases your chances of success. A business plan is not just for large corporations; it’s equally important for freelancers who are serious about their business growth.

Let’s explore the benefits and essential components of a freelance business plan, and how you can create one to steer your business towards success.

Understanding the Necessity of a Business Plan for Freelancers

The freelance world can often be unpredictable, with fluctuating income and sporadic work opportunities. Amidst this uncertainty, a business plan provides structure and stability. It gives you a clear direction, helping you navigate through the volatile freelance market. It also helps you make informed decisions, manage your finances better, and stay focused on your long-term goals. With a solid business plan, you can create a roadmap to success, which can make your freelance journey less stressful and more rewarding.

But what exactly should a freelance business plan include? Let’s find out.

Key Elements of a Successful Freelance Business Plan

A well-crafted freelance business plan should include several key elements. The first one is the executive summary, which provides an overview of your business and your goals. Make sure you keep it concise and compelling.

Next, you should have a detailed business description. This section should include information about the services you offer, your unique selling proposition, and your qualifications. It’s your chance to shine and show potential clients why they should choose you over others.

The third component is the market analysis. This section requires research on your part, but it’s worth the effort. You need to understand your target market, your competitors, and the trends in your industry. This will help you tailor your services to the market needs and stay ahead of the competition.

Follow this up with your marketing and sales strategies. How do you plan to attract and retain clients? What channels will you use to promote your services? Answer these questions in this section.

Finally, your business plan should include a section on financial projections. This can be tricky, especially given the uncertain nature of freelance work, but it’s crucial. It will help you manage your finances, plan for the future, and measure your success.

Developing Your Freelance Business Plan: A Step-by-Step Guide

Creating a business plan might seem like a daunting task, especially if you’re doing it for the first time. But worry not, we’re here to make this process as simple as possible. By breaking it down into manageable steps, you can create a robust and effective business plan that will guide your freelance career towards success. So, how do you go about it?

Step 1: Executive Summary

First things first, your business plan should start with an executive summary. But what exactly is an executive summary? It’s an overview of your business, where you briefly outline your goals and how you plan to achieve them. Think of it as a snapshot of your business plan, something that gives the reader a quick understanding of what your business is all about.

While writing your executive summary, remember to keep it concise yet compelling. It’s crucial to catch your reader’s attention and make them interested in learning more about your business. Be sure to include your mission statement, your business structure, and your business’s unique selling points in this section.

Does this sound like a lot to fit into a brief summary? It might, but remember, the key is to provide just enough information to pique interest and encourage further reading. It’s a balancing act, but with some practice, you’ll get it right.

Step 2: Business Description

Now that you’ve crafted an engaging executive summary, it’s time to dive into the details with a comprehensive business description. This is where you get to expand on the information you provided in your executive summary.

Start by describing the services you offer. Be specific – if you’re a freelance writer, for example, specify the types of writing you specialize in, such as blog posts, white papers, or technical writing. This helps potential clients understand exactly what they can hire you for.

Next, highlight your unique selling proposition (USP) – what sets you apart from other freelancers offering similar services? This could be your years of experience, specialized training, or a unique approach to your work. Whatever it is, make it stand out. This is your chance to sell yourself and your services, so make it count!

Finally, don’t forget to mention your qualifications. Your potential clients will want to know that they’re hiring a professional, so be sure to include any relevant education, certifications, or experience you have in your field.

Pitfalls to Avoid When Creating Your Freelance Business Plan

As you embark on your journey of creating your freelance business plan, it’s important to be aware of common mistakes that could hinder your progress. Let’s talk about some of these pitfalls and how to avoid them.

One common mistake is setting vague goals. Remember, your business plan is meant to guide you towards success, and for this to happen, you need clear, measurable goals. Instead of saying you want to ‘get more clients’, for instance, aim for ‘acquiring ten new clients within the next six months’. This way, you can easily track your progress and make necessary adjustments along the way.

Another pitfall is making unrealistic financial projections. While optimism is great, it’s important to keep your financial projections grounded in reality. Consider your current financial situation, market trends, and realistic growth rates when making these projections.

Lastly, neglecting market analysis is a misstep you want to avoid. Understanding your market is crucial for success. It helps you identify opportunities, understand your competition, and make informed decisions. So, make sure to dedicate some time to performing a thorough market analysis.

Customizing Your Freelance Business Plan

Have you ever heard the saying, “one size fits all”? While it may apply to certain things, it certainly doesn’t apply to business plans, especially for freelancers. Every freelancer operates in a unique environment, offering distinct services, and targeting different markets. Therefore, it is crucial to tailor your business plan to your specific industry, skills, and goals. But how do you go about this essential task? Let’s explore.

Start by identifying your unique selling proposition (USP). What sets you apart from other freelancers in your field? By pinpointing your USP, you can craft a business plan that focuses on your strengths and the unique value you provide. This will also help you stand out in a crowded marketplace.

Next, consider your target market. Who are they? What are their needs and pain points? A deep understanding of your target audience allows you to create a business plan that is aligned with their needs, thus increasing your chances of success.

Finally, think about your long-term goals. Are you looking to grow your freelance business into a full-fledged agency? Or perhaps you want to specialize in a particular niche? By setting clear, achievable goals, you can develop a business plan that serves as a roadmap to success.

Reviewing and Updating Your Business Plan

Do you think that once you’ve created your business plan, it’s set in stone? Think again! Your business plan isn’t a static document, but a dynamic tool that should evolve as your freelance business grows and changes. But why is this so important?

Firstly, the market in which you operate is not static. Trends change, new competitors emerge, and client needs evolve. Regularly reviewing and updating your business plan ensures that you stay ahead of these changes and remain competitive.

Secondly, your goals may change. Perhaps you’ve achieved your initial goals and need to set new ones. Or, you might discover new opportunities that you hadn’t considered before. Updating your business plan to reflect these changes keeps your business direction clear and focused.

Lastly, you might develop new skills or services over time. By updating your business plan to include these, you ensure that it remains a true reflection of your business.

So, how often should you review and update your business plan? There’s no hard and fast rule, but a good practice is to do it at least once a year. However, if significant changes occur in your business or the market, it’s a good idea to review it sooner.

Getting the Most Out of Your Freelance Business Plan

So you’ve spent the time and effort to draft an impressive business plan for your freelance career. Now what? How do you leverage this plan to its fullest potential? The key is to use your business plan as a dynamic tool for decision-making, goal setting, and tracking success.

When making decisions about potential projects or clients, refer back to your business plan. Does the opportunity align with your business description and goals? If the answer is no, it might be a sign that you should pass on the opportunity, no matter how lucrative it might seem.

Next, let’s talk about goal setting. Your business plan outlines your primary objectives. Use these as a benchmark for setting smaller, more specific goals. For instance, if one of your objectives is to increase your income, set a goal to send out a specific number of pitches to potential clients each week. This will help you stay focused and motivated.

Lastly, your business plan can also act as a barometer for your success. Keep track of your progress towards your goals and revisit your plan regularly. Are you consistently meeting your objectives? If not, it might be time to revise your strategies or set more realistic goals.

Remember, your business plan isn’t set in stone. It’s a living document that should evolve as your freelance business grows and changes. Don’t be afraid to make adjustments as needed!

Final Thoughts: The Power of Planning for Freelancers

At first glance, creating a business plan might seem like a daunting task. But, the benefits it brings to your freelance business are immeasurable. It not only gives you a clear direction and helps you make informed decisions, but also increases your chances of success.

As a freelancer, you might not have a team of strategists or advisors to guide you. That’s where your business plan steps in. It acts as your roadmap, guiding you through your freelance journey. So, isn’t it worth investing your time and effort into?

By creating a comprehensive business plan, you’re not just planning for your freelance business. You’re planning for your success. And remember, success doesn’t happen by chance. It’s the result of careful planning and consistent effort.

So, what are you waiting for? Harness the power of planning and take charge of your freelance career. You’ve got this!

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• Freelancer Business Plans: How to Create One and Use It to Build Your Business

Make A Living Writing

8 Things to Include in Your Freelancer Business Plan

1) company overview, 2) industry analysis, 3) customer analysis, 4) competitive analysis, 5) marketing plan, 6) operations plan, 8) financial plan, don’t skip this step.

One of the biggest mistakes freelancers make is failing to recognize they’re running an actual business. And because you’re running a business, you really should have a business plan in place. 

A freelancer business plan will help you identify your goals and the best strategies to grow your writing business, laying out the best strategies for you to follow and giving you a precise roadmap to make money writing .

But what does a freelance business plan look like?  

Below I will walk you through each component of a business plan and give your guidance and questions to answer to quickly and easily complete your plan so you have a roadmap to follow in succeeding as a freelance writer.

In the company overview section of your plan, you need to include answers to two questions:

What type of freelance writing business are you operating?

What accomplishments have you achieved to date? 

Here you want to give an overview of your business and the services you offer. For example, do you offer copywriting services , article writing, white papers , press releases, etc.? Describe the freelance writing services you currently offer and/or want to offer in the future.

Here you will document accomplishments you have already achieved in your business. Perhaps you’ve published 500 articles to date, or your writing has been featured in a major publication. Or perhaps you’ve served over 100 clients. Or have been freelance writing for over 5 years.

Documenting your accomplishments serves two purposes.

First, it will give you confidence that you have a lot to offer prospective clients.

Second, use what you write here when bidding on new jobs; since the best indicator of future success is past success, showing off your accomplishments will help encourage new clients to work with you.

In a traditional business plan, the industry analysis section discusses the size of the market and trends within the industry.

According to Technavio, the content writing industry generates annual revenue of $412 billion. This proves the market is massive.

But it’s important to research and think through industry trends.

For example, while the U.S. market is stable and slightly growing, foreign markets are growing even faster. And clearly, there’s a trend towards more online and SEO-friendly writing than in the past.

By understanding relevant trends, you can make better decisions on your growth strategy. For example, you may want to complete an SEO course and market yourself as an SEO content specialist and charge higher prices.

In this section of your freelancer business plan, you will identify the customers you want to serve.

For example, do you want to write for magazines? Or business sites? Do you want to write about health & fitness or science ? 

Think about the types of customers for which you’ve written in the past and what you have liked/disliked, and brainstorm new customers you’d like to attract and serve.

Once you have this list, identify the wants and needs of these clients. For example, clients may require things like:

• Deep domain knowledge
• Fast turnaround times
• Ability to conduct in-depth or original research

Knowing who your ideal clients are and what they want/need, will make attracting these clients much easier.

Here, based on the services you are offering and the clients you want to work with, document your key competitors. Most likely, these will be employees at client companies and/or other freelance employees.

Importantly, you must then think about and document your areas of competitive advantage in your freelancer business plan. These areas might include:

• Your unique expertise in certain areas
• Your experience and track record
• Your ability to develop great proposals
• Great customer testimonials you’ve amassed
• Your social media following

Importantly, think through how to make this list bigger and better than others. Building these areas of competitive advantage will ensure a steady stream of clients for years to come.

The marketing plan section discusses the “4Ps” as follows:

Product/Service : Here you will reiterate the freelance writing services you offer

Place : Here you will document the geographies within which you will offer your services. For example, will you only work through the internet? Or, are you located in an area where local companies, who might prefer to meet on occasion in person, could benefit from working with you?

Price : In this section, you will discuss your pricing. Do you want to be a premium service provider and charge higher prices? Do you want to have average prices? Or be the low cost provider?

Promotions : The promotions section is where you will list all the methods you will use to attract prospective clients. Will you try cold-calling? Email? Direct messaging via social media sites? Will you use freelance job sites like Upwork? Will you find freelance jobs on LinkedIn ? Document all the promotional methods you will use to attract new clients.

Your operations plan includes two sub-sections:

• The list of ongoing functions you must complete and how
• Your future milestones

Ongoing Functions

In this section, document the key functions you must perform like completing writing assignments, prospecting for new clients, freelancer invoicing , etc.

Also, list tools you will use to streamline these functions so you are most efficient. For example, employing the best accounting software can make your freelance business more efficient .

In completing this section, think through what work you will do yourself, and what work might you want to outsource to others. For example, maybe it’s worthwhile to hire someone to do your outreach to find new clients. Or to build your website.

Future Milestones

Your future milestones document the accomplishments you’d like to achieve in the future. For example, perhaps in the coming year you want to secure 100 new clients and generate $100,000 in revenue. 

To begin, the very act of setting and documenting goals improves your chances of achieving them. But also, after setting them, think through what you need to do to accomplish them. For example, maybe you need to hire someone to do invoicing or prospecting. Or maybe you need to complete a course.

Figure out what resources are needed to attain your milestones and then document them too. For example, you might say that within the next 3 months you need to complete an SEO course and in the next 5 months you need to hire someone to do your invoicing.

Essentially this section lays out your growth roadmap to follow.

The team section of your freelancer business plan documents what other team members you have or will need to achieve your goals.

It’s fine if your team is just you. But there are countless other individuals from other writers, social media marketing experts, bookkeepers, etc., that could provide expertise and value that you should consider.

Your financial plan should present your profit and loss projections for the next one to three years.

These projections can be easily completed in a spreadsheet.

For example, multiple the number of new clients you hope to serve by the average revenue per client to figure out your sales. Then subtract costs including platform fees (e.g., Upwork fees), software you must purchase, fees you pay to outsourced personnel, etc. The result is your expected profit.

Change your assumptions to see best and worst case scenarios. And use the financial projections to see areas in which you might want to invest.

For example, you might determine that you can work on 2 extra projects worth $2,000 total if you freed up 20 hours. And that purchasing a $1,000 piece of software would free up those hours. In this case, buying the software would be a great investment.

Creating your freelance business plan forces you to answer key questions and think through the best strategies to employ. 

Unfortunately, most freelancers don’t create a plan and suffer from lack of focus and profits. They think simply being a good writer is enough — IT’S NOT!

Armed with the information above, you can create a business plan for your freelance business, follow it, and start to achieve your dreams.

Dave Lavinsky is the president and co-founder of Growthink where he has helped over 1 million entrepreneurs and businesses write business plans to start and grow their ventures.

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How to Write a Freelance Business Plan You'll Actually Use

Does launching your entrepreneurial idea feel like gambling away your time, energy, and hard-earned money? While the business world is full of uncertainty, you can help smooth out some of these inevitable bumps with a well-thought-out freelance business plan.

If there’s one saying that almost always rings true, it’s probably “ignorance is bliss.” And the freelance world is certainly no exception.

Just looking at the statistics can be enough to dissuade prospective entrepreneurs from venturing out on their own:

According to a Bureau of Labor Statistics report, about 20 percent of small businesses fail within the first year . Adding to that, 50 percent have failed by their fifth year in business.

And, finally, only 30 percent make it past their tenth year.

These numbers might fill you with doom and gloom, and they’re definitely a bit of a reality check for many of us. However, this data is not a death sentence.

You just need to know how to lay the foundation for your own success.

What Is a Freelance Business Plan?

If there’s one mistake all freelancers make at some point in their career, it’s failing to see their endeavors as a real business.

And this misstep is understandable. To most of us, a business consists of things like a brick-and-mortar building, employees, and structured operating guidelines.

As an independent freelancer, you might not have the first two, but there’s no excuse not to have the latter.

There’s no denying that a freelance business plan sounds good in theory. If this is your first entrepreneurial rodeo, though, there’s a good chance you’re flying blind.

So, what exactly is a freelance business plan?

It’s defining

Before anything else, a business plan is your chance to put your entrepreneurial vision to paper .

As you sit down to draft your new business plan, start by asking yourself these questions:

• What problem does your business solve for clients?
• How do you solve said problem?
• What types of clients does your business serve?
• Where will your business find new clients?
• How does your business differ from existing services?
• How will your business earn a profit?
• What type of expenses or obstacles will your business likely face?

You might be reading through this list and think:

Wow, those questions are so simple they’re not even worth answering.

But they very much are worth taking the time to answer. And when you write out those answers, be as detailed as possible.

Information like this might seem redundant at the start. When you’re several years into your freelance career, though, knowing these answers will keep you moving toward your goals.

It’s goal-oriented

At its core, a business plan outlines your goals and how you more-or-less plan to achieve them .

These goals can include anything from the type of clients you want to take on, how many hours you want to work per week, and how much income you want to take in through your business.

By putting together a freelance business plan at the start, you can help ensure that you stay on track in the months and years to come.

If you’ve spent any amount of your life in a business class, you probably have a very different idea of what a business plan actually entails.

Although, yes, traditional business plans can be dozens (if not hundreds) of pages long, that’s not the case with a quality freelance business plan. Instead, just a few pages will do the trick .

It’s flexible

With a traditional business plan, things are pretty rigid. After all, there’s a good chance any changes need to go through multiple avenues of approval before actually happening. If they happen at all.

With a freelance business plan, though, you’re the one and only overseeing authority.

No, you shouldn’t make changes to your business plan on a whim. But you do have the freedom to add, remove, or change anything you want at any time.

In other words, your freelance business plan only exists to guide you. It does not control you.

Step One: Decide Your Plan’s Purpose

Okay, so we could count this as “Step Zero” because, really, it comes before actually drafting your business plan. But it’s also one of the most important steps!

Before you open up a text document, outline your business plan, or start deciding on formatting, you need to ask yourself one very simple question:

What’s the purpose of your freelance business plan?

If you’re not sure what we mean by that, consider how a business plan for your eyes only would need to differ from one being presented to a financial investor .

While it’s true that most freelancers strike out entirely on their own, a well-crafted business plan can be the difference that secures funding for new equipment or an office space.

So, consider your business’ needs before putting pen to paper.

Step Two: Define Your Business

Now that you know how you’ll use your freelance business plan, we can get started.

Before you dive into your goals or plans for the future, you need to define your business as it exists now.

Does your business operate under a registered name? Or do you work solely under your own name? Also, is your business registered as a sole proprietorship, an LLC, or something else?

Where is your business located? This could be your personal address or something else, depending on how your business is registered.

Finally, what, exactly, is your business?

Explain what services your business offers and the type of clients you target . Remember, be detailed. But anything you write here can be changed in the future.

Step Three: Think About Your Goals

You’ve explained what your business is . Now, what do you want it to become ?

After you lay down the who/what/where/why/how of your freelance business, you need to decide what the future holds.

First, start by making a list of your goals. We already covered this a bit, but here’s some inspiration if you’re having trouble:

• How much income do you want to bring in per year?
• How many clients do you want to reach?
• Do you want to expand your business to include employees or stay solo?
• Are you planning to run your business full-time or part-time?

Each of these questions helps paint a picture of where you want your business to head in the coming years.

Step Four: Plan for Growth

If you want to achieve entrepreneurial success, you can’t just cross your fingers and hope for the best. You need to plan for it.

With your list of business goals in hand, it’s time to plan out how you’re going to reach those milestones.

For example, you can’t just decide you want to earn a certain amount of money per year and wing it. You need to account for things like how much you’ll charge, how many clients you’ll need, how much income will go toward taxes, and how much you’ll spend on regular business expenses .

In other words, aiming to earn a personal income of $70,000 per year could actually mean bringing in over $100,000 in business.

Determining your annual income is just one example of planning for your business’ growth.

Step Five: Reference and Update

Once your freelance business plan is drafted, you’ll have an invaluable tool at your disposal. And the best part? It’s 100 percent customized to your business.

So, while you might be tempted to file away your finished plan in a cabinet or hard drive, don’t. A well-crafted business plan can make your work life easier in many ways.

If you don’t believe us, just think about how you can:

• Use your business description to effectively market your services to potential clients and differentiate yourself from the competition.
• Compare your financial goals and plans to your records — made even easier with a bookkeeping program like invoicely — to see if you’re on track.
• Share your comprehensive, detailed business plan to secure prospective financing or strengthen other professional connections.
• Help prove your business’ legitimacy, tax status, and your personal role with a well-written business plan.

Whether you use your completed freelance business plan to build relationships with others or just to keep yourself focused on your business’ future, remember that nothing is set in stone.

Just as you sat down and wrote your business plan, you can sit down and change it. As your business grows, your plan will grow with it.

Of course, a freelance business plan isn’t the end-all-be-all of successful entrepreneurship. Fortunately, freelancer-friendly tools like invoicely can help make running your own business (almost) a piece of cake.

Learn more about creating, sending, and saving invoices with invoicely and keeping your business finances on track to reach your goals.

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Sustainability has become a necessity nowadays and many companies and freelancers seek to reduce their carbon footprint and build more sustainable business practices. So why not make it your New Year resolution for 2020 to make your office more environment-friendly?

We’re proud to announce that SaaSworthy has ranked invoicely in Top 10 in three categories: Fastest Growing, Most Popular and Most Searched Billing and Invoicing Software.

invoicely was featured by Cult Of Mac. Read the full article.

Looking to send out an invoice? Get a Free Plan today and start using invoicely.

Convinced? More than 100,000 companies are are — get started today

Freelance Writing Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their freelance writing companies.

If you’re unfamiliar with creating a freelance writing business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a freelance writing business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Freelance Writing Business Plan?

A business plan provides a snapshot of your freelance writing business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Freelance Writing Business

If you’re looking to start a freelance writing business or grow your existing freelance writing company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your freelance writing business to improve your chances of success. Your freelance writing business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Freelance Writing Businesses

With regard to funding, the main sources of funding for a freelance writing business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for freelance writing companies.

Finish Your Business Plan Today!

How to write a business plan for a freelance writing business.

If you want to start a freelance writing business or expand your current freelance writing business, you need a business plan. The guide below details the necessary information for how to write each essential component of your freelance writing business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of freelance writing business you are running and the status. For example, are you a startup, do you have a freelance writing business that you would like to grow, or are you operating freelance writing and formatting businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the freelance writing industry.
• Discuss the type of freelance writing business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of freelance writing business you are operating.

For example, you might specialize in one of the following types of freelance writing businesses:

• Copywriting: Copywriting is focused on marketing materials to encourage a target audience to make a purchase; it is compelling and focused writing that leads consumers to a decision.
• Grant writing: Grant writing is focused on the art of persuasion, typically noting the needs of a non-profit company and then offering the solution via the services or products of the non-profit company. Grant writing requires research and a storyline that compels readers to provide funding for worthy public or private projects.
• Technical freelance writing: A technical freelance writer is focused on user manuals, product documentation, and instructional guides. This type of writing demands expertise in vocabulary and precision in writing.
• Resume/Cover Letter freelance writing: One of the major reasons freelance writers are hired is the on-going need for creative, yet comprehensive resumes and/or cover letters. Almost every person seeking employment today will look for a writer to take on the task of creating compelling content in the form of a winning resume.

In addition to explaining the type of freelance writing business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of customers served, the amount of revenue during the past six months, opening a design and formatting business to support the freelance writing business, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the freelance writing industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the freelance writing industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your freelance writing business plan:

• How big is the freelance writing industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your freelance writing business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your freelance writing business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, businesses, charitable foundations and  government agencies.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of freelance writing business you operate. Clearly, individuals would respond to different marketing promotions than government agencies, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regard to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Freelance Writing Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other freelance writing businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes companies that provide templates, forms, or computer-generated materials. You need to mention such competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of freelance writing business are they?
• What is their pricing (premium, low, etc.)?
• What sets their business apart from others?
• What are their weaknesses?

With regard to the last two questions, think about your answers from the customers’ perspective. And, don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for 24/7 service or 2-hour turnaround times?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a freelance writing business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of freelance writing company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide full-package curriculum vitae completion for C-suite executives?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your freelance writing company. Document where your company is situated and mention how the site will impact your success. For example, is your freelance writing business located in a corporate complex where customers can meet in-person with you to discuss projects? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your freelance writing marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers and/or magazines
• Reach out to websites
• Distribute direct mail pieces to your target audience
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) with target keywords on your website

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your freelance writing business, including answering calls, planning and researching subject matter, paying invoices, contacting customers, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to reach $X in revenue. It could also be when you expect to expand your freelance writing business to a second resume-writing service.

Management Team

To demonstrate your freelance writing business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing freelance writing businesses. If so, highlight this experience and expertise. But, also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a freelance writing business or successfully running a copywriting department in a large corporation.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve more than ten customers per month, and/or offer special pricing for projects over 20,000 pages in length? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your freelance writing business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit, but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a freelance writing business:

• Cost of computer and printer equipment
• Cost of furnishings
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, office supplies and equipment

Attach your full financial projections in the appendix of your plan, along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of high-profile resources you can access and include in your writing categories.

Writing a business plan for your freelance writing business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the freelance writing industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful freelance writing business.

Freelance Writing Business Plan FAQs

What is the easiest way to complete my freelance writing business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your freelance writing business plan.

How Do You Start a Freelance Writing Business?

Starting a Freelance Writing business is easy with these 14 steps:

• Choose the Name for Your Freelance Writing Business
• Create Your Freelance Writing Business Plan
• Choose the Legal Structure for Your Freelance Writing Business
• Secure Startup Funding for Your Freelance Writing Business (If Needed)
• Secure a Location for Your Business
• Register Your Freelance Writing Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Freelance Writing Business
• Buy or Lease the Right Freelance Writing Business Equipment
• Develop Your Freelance Writing Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Freelance Writing Business
• Open for Business

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

Don’t you wish there was a faster, easier way to finish your Freelance Writing business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business planning advisors can create your business plan for you.

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Designing A Freelance Business Plan: 5 Visuals You Must Include

You’ve decided to start a freelance business and if you think you can just “take it as it comes”, you’re mistaken. The first thing you should do is write a business plan.

Even though business plans might seem tedious to write, they are an important part of starting a business because they provide direction and drive growth. 

“It’s a tool for understanding how your business is put together. You can use it to monitor progress, hold yourself accountable, and control the business’s fate,” states an Entrepreneur article , while emphasizing the importance of having a business plan.

5 Visuals You Must Include In Your Freelance Business Plan

Whether you’re creating a business plan for internal purposes or to attract investors, you should consider using visuals to design one that engages readers and inspires action.

Let’s take a look at five visuals you must include in your freelance business plan to communicate better and keep readers invested.

1. Present your target clients with persona guides

When you’re just starting out, it’s common to think you’ll take every client that comes your way. In the process, you end up wasting time on clients you should be avoiding or taking projects that are not your specialty. 

The right way to go about it is to define an ideal client. This will help you focus your efforts and attract the right type of clients .

Start with developing detailed personas of your target client. You can consider aspects such as their:

• Demographics
• Income level
• Motivations and goals
• Pain points

It’s a good idea to present this information visually in the form of a persona guide. This will give you a better understanding of the kind of clients you need to target. 

Here’s an example of a persona guide. It paints a clear picture of the ideal client while including all the essential elements to guide your marketing and growth strategies.

2. Differentiate yourself with a SWOT matrix

No business plan is complete without a competitive analysis. After all, how will you differentiate your freelance business if you don’t know who your competitors are?

Take a moment to evaluate the industry, identify your competitors, and assess their strengths and weaknesses. 

You can use LinkedIn and freelance marketplaces to find other freelancers in your niche to see the kind of clients they’re working with and what they’re doing right.

It’s a good idea to summarize your findings in a SWOT analysis:

• Strengths: What are you doing well?
• Weaknesses: Where are you struggling?
• Opportunities: Are there any gaps in the market you could address?
• Threats: What are your competitors doing well?

Use a SWOT matrix to present this information and get a clearer picture of where you fit in the competitive landscape. 

Here’s an example of a SWOT analysis matrix you can use. It clearly presents the four quadrants and lists the findings in bullet points.

3. Introduce your team with an organizational chart

We can all agree that people make the business which is why you should present your team structure in your freelance business plan.

It doesn’t matter if you have a small team. What’s important is showcasing the different people involved while highlighting their individual responsibilities. 

The best way to present this information is by using an organizational chart . Not only does it give a better understanding of the team structure to internal and external parties but it also helps you identify skill gaps as your business expands. 

Here’s an example of a simple organizational chart template for businesses with little or no middle management or supervisory roles. One glance at it is enough to understand how the company is structured.

4. Create a roadmap to communicate marketing strategy

Now that you’ve set the foundation for your freelance business , you need to talk about how you plan to market and grow it. 

The thing about strategy communication is that it tends to get complicated owing to the number of layers involved. The question is: how do you communicate strategy without overwhelming readers?

A visual tactic you can use is creating a marketing roadmap to explain your long-term marketing strategy. Start by listing down your small business marketing ideas such as creating a website, starting a blog , developing lead magnets, building a social media presence, podcasting , etc.

You can then rank them as per priority, categorize them into different months, and set measurable goals for each quarter. This organized way of working helps you track progress while improving team communication .

Here’s an example of a marketing roadmap. Notice how it mentions the focus areas for every month in a straightforward and visual manner. 

5. Outline budget allocation with a flowchart

The good news is that most freelance businesses don’t require much initial capital. However, this doesn’t mean you overlook the financial section of your business plan.

It’s important to create a business budget that takes into account your business’ finances along with the fixed and variable costs you will incur. This helps you streamline finances , manage spends, and work towards meeting your financial goals. 

One good way to present budget allocation is by using a flowchart . It lets you break it down into smaller spending categories, making it easier for people to get a quicker overview.

Here’s an example of a flowchart that visualizes the breakdown of a budget. It uses icons to represent every category and make the information easily identifiable:

The Takeaway: Design An Engaging Freelance Business Plan

Every business needs a strong business plan to thrive and sustain. 

Considering the amount of complex information that goes into them, using these five visuals will help you design a freelance business plan that is not only pleasing to the eye but is also functional in its communication.

Simki Dutta

Simki Dutta is a content marketer at Venngage, a free infographic maker and design platform. She writes about all things marketing and communications. Find her on Twitter and LinkedIn.

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Freelancing Business Plan (Create One To Make A Profit)

Many take up freelancing as a side hustle; while others do it full-time.

A recent UpWork report revealed that many who transitioned to freelancing ended up earning more than their previous jobs. Thinking of diving into the freelance pool? A robust business plan is your lifeline. Remember, “a goal without a plan is just a wish.” A business plan isn’t just a definition; it’s a roadmap. It delineates your services/products, sets clear objectives, and crafts strategies to reach them. Crafting this blueprint might seem daunting, but its rewards—time saved, reduced stress, and consistent income—make it an invaluable tool.

You’re working full-time. Why should you go ahead with freelance business?

1. you become your boss.

Yes, you will work with companies/clients, but at your own pace. You won’t have to worry about a “boss” and can test what self-employment feels like. Try to spend 15-20 hours per week on freelance projects. Remember, you already have a job, so your focus should be to work with the best clients possible (even if the pay is less).

2. Helps Develop Your Skills

When you work as a freelancer and handle many projects, it will put your skills to the test. You will discover more of your strengths and development areas. You get to decide how much workload and how many clients you can take at any given time. Try to focus on the quality of work. If you are a freelance writer , invest time in research, keep up with changing trends, and read more. Focus also on enhancing your skills.

3. Allows You to Build Valuable Connections

We all know by now, that “network is net worth.” Through freelancing, you get to work with global clients on varied projects. When you deliver genuine value to them, such clients will always pursue you for work. This is a business opportunity!

4. Gives You a Chance to Earn More

You already have a fixed income, thanks to your full-time job. But as a freelancer, work can flow in and out at any moment. You have the potential to earn maximized income. Keep track of your work using CRM tools such as Salesflare. If you are earning enough, I suggest you save the full amount for your freelance business.

Additional Resource: business advisor gold coast

Things To Consider While Creating A Freelancing Business Plan

To kick off your journey as a freelancer, I will help you with a few tips. What are the things to consider for putting a business plan together? Let’s dive in.

1. Identify the Company’s Purpose

Ensure your business goals are well-defined. Think of a vision statement. Tell your business story through your company/executive summary. Outline an overview and mention the business purpose. Introduce your brand and mention what and how you want to achieve goals. Talk about your business’ uniqueness for potential clients to see. It should intrigue them to read your business plan and reach out to you for work. If you have a distinct target and your plan is in place, you can become a full-time freelancer .

2. Define Your Target Audience

No business is successful without customers or clients. Thus, once you set a plan, you need to identify your target market. This should be in line with the services you offer. Is there a particular industry that you are targeting? Research your potential clients. Understand what they already have, what they are looking for, and how you can help. It is very important to find the right clients for your business . The first few clients will also help build your portfolio. Choose them carefully.

3. Offer Services at Strategic Rates

In a freelance business, it is crucial to set the right price for your services. The rate you charge hourly should meet your income targets . It should be a competitive rate and ensure it isn’t too low. Pricing your services too low will negatively affect the market, as your competitor will be compelled to do the same. In the end, the price for the type of services you are offering will become grossly undervalued. Being in a service-related business , your work output should be fairly compensated all the time. Your rate should not only be favorable to your client but also to yourself. Of course, if you get to work with a big brand, focus on the project quality and not the fee. This could be your one-time opportunity to build your portfolio.

4. Do a Competitors’ Assessment

We all know competition can be good and bad. Anyhow, it’s important to know who your competitors are. Suppose you choose to be a freelance proofreader or editor and scout the other players in the industry. Your competition is not limited to other freelancers only. They can be marketing agencies and other businesses as well. Think of how you can do things differently. What will make you stand out? What are your competitor’s best practices? How are they charging their clients? What makes your work unique? Some areas you can differentiate yourself from your competitors include pricing, quality of products or services, speed of delivery, and after-sales service. You usually can’t trump other players in all the said aspects, so always highlight your strongest suit.

5. Manage Clients

A strong client base will help your freelance business in the long run. Your focus should be to have repeat customers while acquiring new ones. The latter will not be easy when you start. Freelancing is all about making connections. Oh, also delivering work that is beyond your client’s expectations! Identify the problem of the potential customer and propose a solution. Think of how you can add value to the project. You can deliver earlier than the agreed due date, provide other relevant services at no extra cost, or just be consistent with communicating well with your client. Ensure you can sell your services and show relevant work experience for the same. You can find clients on various freelance platforms such as Fiverr , Upwork , Toptal , etc. To keep your business growing, ensure clients are happy with your consistent results. This will make them come back to you with more work.

The internet abounds with job boards that connect employers with highly qualified candidates for any job position.

6. Plan Out Sales & Marketing Strategies

Marketing is important for any business to reach a larger audience. Your marketing and sales strategies will help clients to understand your services better. Remember, visibility is essential in generating brand awareness. There are several avenues you can explore to achieve this. Having a well-designed web or blog site is one of the most effective. Social media platforms provide you with a multi-pronged means to reach out to a wider client base. Be sure to list down your marketing strategies in your business plan. A practical plan will help generate a higher number of leads for your business. Keep tracking your marketing progress.

7. Have Goals and Milestones Backed by a Timeline

A strategic business plan will reveal how crucial it is to set a sales target. When you start, have a revenue goal in mind. Think of how much you want to earn within a timeframe. For example, it’s $12,000 for the first 6 months. How many clients would you need to work with to achieve this goal? How many hours should you put in daily? Other goals you may have are not just about revenue but building your brand and your market relevance. Make yourself and the value you offer known to potential clients. You could target having a substantial increase of visitors to your site or boosting your reputation in the biz. Determine the expected amount and number of clients first. Then list out larger and smaller milestones and assign a timeline for each. This will help you focus better.

8. Manage Finances

As a freelancer, assume that you started a small business for yourself. Remember, every business will need a budget to cover expenses. Think of an annual salary you plan to earn through the business. Then break down the salary target into months. This will be less stressful for you. Identify which clients are recurring and would provide you with a regular income. Also remember, you need to consider all the expenses. Of course, you need to pay for utilities, rent, internet service, value depreciation of your office equipment, taxes, and many others. Initially, you could ask for help from a friend or a relative for financial planning, especially if you are not adept at crunching numbers. Last, but not least, once the money starts flowing in, you should plan to re-invest a part of your earnings to grow your business. You should also consider expanding your investment portfolio like in real estate or the stock market. But never forget to do due diligence before taking the plunge.

9. Build a Portfolio Website

For a freelance business, building an online presence will be a significant move! Start a high-quality blog and advocate your work through its pages. Don’t forget, these pages will be the first impression your clients will have of you. Showcase examples of your work/projects. Call attention to your accomplishments and skills. If you have client testimonials, be sure to include them same. If you need other ideas on how to make an impressive online business portfolio, check out one of my past articles: 10 Best Editor Portfolio Examples (That’ll Inspire You) .

Put Your Plan Into Action

When you create a freelance business plan, always expect the unexpected. Freelancing can be incalculable. With changing trends, it is best to review and update your business plan frequently. As a best practice, maintain an emergency fund for any unexpected financial crisis. Also, prepare yourself to witness a low demand for projects/work. Don’t lose hope, hang on and work hard . Believe in your idea and it will turn into reality. I hope you found this article useful. Best wishes for your business plan. Next up, you may want to explore a list of global trends that influence education .

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Rafal Reyzer

Hey there, welcome to my blog! I'm a full-time entrepreneur building two companies, a digital marketer, and a content creator with 10+ years of experience. I started RafalReyzer.com to provide you with great tools and strategies you can use to become a proficient digital marketer and achieve freedom through online creativity. My site is a one-stop shop for digital marketers, and content enthusiasts who want to be independent, earn more money, and create beautiful things. Explore my journey here , and don't miss out on my AI Marketing Mastery online course.

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The Ultimate 2023 Freelance Business Plan

By jena kroeker.

Creating a freelance business plan for 2023 is like planning a trip with an uncertain itinerary. Even if you know where you want to go, the journey could be full of twists and turns.

But you may remember the encouragement we offered in last year’s blog post titled “ How to Prepare Your Business for Your Best Year Yet ”:

“While we can’t predict exactly what 2022 will be like, the future is bright for freelancers. You can take comfort in the fact you’ve made a great choice of career.”

And the same is true now. Although the world is full of economic challenges and uncertainty, we’re part of a growing freelance and virtual assistant industry that’s demonstrated resilience and adaptability. For example, in his article, “ The Freelance Revolution Is Ahead Of Schedule ,” Jon Younger shares the following statistics:

“40% of full-time employees in the US have a side-gig. 90% plus of corporate leaders in a recent global survey said they utilize freelancers and say they will increase their reliance. During the current recessionary period, almost 80% of employers say they are increasing their use of freelancers as they suspend full-time hires.”

So, let’s face 2023 with confidence and optimism!

Creating a Freelance Business Plan

In our Business Planning Success workshop , Freelance University co-founder and instructor Craig Cannings unpacked a “10-Step Freelance Business Plan.”

These 10 steps are all part of the journey you’ll be taking next year. And as you prepare for this winding road, don’t forget you’re armed with experience and potential. However the year unfolds, you can keep adapting and building skills to help you navigate it.

In particular, you’ll benefit from developing your soft skills. As Craig explained in a recent Facebook Friday event on the “ Top Soft Skills for 2023 ,” both technical (hard) skills and non-technical (soft) skills contribute to your long-term success.

While the hard skills help you perform marketing and service-specific tasks, the soft skills enhance your client relationships and your business planning. And, as you’ll see below, they help you create the ultimate freelance business plan.

Are you ready? Okay, imagine you’re going on a trip and need to organize five important elements before departing.

Preparing for the Year’s Journey

1. your destination.

Although you’re traveling through uncharted territory, you can create a map of where you want to go. In other words, determining your destination involves defining the vision and goals for your business.

As Craig Cannings explains in the workshop above , it’s important to start with a “Big Why Statement”:

“I would like to build a Freelance Business so that I can _____________________.”

Next, spark your imagination by envisioning what you’d like to accomplish, and then turn those visions into specific goals to reach at specific times in 2023.

For example, in her article, “ Steal My Freelance Writing Business Plan ,” Elna Cain recommends deciding what you’d like to accomplish by the end of December. Then, break your goals down into quarters (groupings of three months at a time), starting in January. She says, “Knowing what you want to accomplish during a three-month period will help you determine what you should be working on each month!”

Important soft skills for this step :

• Creativity to imagine the possibilities for you and your business • Adaptability to changing circumstances

According to Craig, “The willingness to change is a superpower for any virtual assistant or freelancer .” As times are changing, you may need to adapt to new circumstances and adjust your goals along the way.

2. Your Budget

Since all journeys require funding, financial goals are a crucial part of your freelance business plan. To plan your budget, start by asking yourself three questions:

• What are your desired annual/monthly revenues? • What is the specific monthly income you need to make ASAP? • What are your current (or potential) monthly business expenses?

In this time of economic uncertainty and rising prices, you may need to adjust your budget at certain intervals. But for now, outline your one-time and recurring expenses, including fixed costs and monthly costs.

Decide when you’ll revisit your budget to check whether the numbers are still lining up. For instance, you could examine it at the beginning of each quarter when you reevaluate your overall business goals.

• Attention to detail as you calculate your income and expenses • Adaptability in the face of a changing economy

3. Your Transportation

Instead of planes, trains, and automobiles, your freelance business plan relies on your niche and pricing to move it forward. These two elements are the vehicles that help transport your business toward fulfillment and sustainability. Fortunately, you can adjust them to suit your preferences and increase your speed as you navigate the road ahead.

Specifically, it’s important to plan both your audience niche (Who will you serve?) and your service niche (What will you offer?). For example, maybe you’ve decided to serve fitness professionals by offering them social media services.

Once you’ve determined your niche, plan your pricing by asking yourself these three questions:

• Are you clear on how to price your services and packages? • Are you comfortable with your current rates or will you consider a price increase for the new year? • Any service packages to add or remove?

To ensure your pricing transports your business effectively, try to avoid going too high or too low.

An article titled “ 7 Freelancers Mistakes to Avoid ” warns,

“Think about the adage: ‘Pay peanuts, get monkeys’. Yes, clients generally are on the lookout for affordable, good-value products and services, but this doesn’t mean that you should undervalue what you can provide. “Particularly, very low fees might make a potential client feel suspicious of you. They might wonder whether you do, in fact, have the right experience or expertise, and whether you will be able to return a timely and professional project.”

It also recommends including sick pay, maternity or paternity leave, healthcare benefits, and vacation allowance in your fees, amounts that are normally included in an employee salary.

• Empathy toward your clients’ circumstances • Clear communication with clients • Exceptional service • Proactivity to anticipate necessary changes • Collaboration/teamwork skills to enhance your services

4. Your Accommodations

Now consider the online accommodations that house your business presence and make it visible to your target audience of potential clients. For example, imagine you have a main house (your website) and a number of mobile homes or motorhome RVs (your social media, freelance profiles, digital content, and email).

As you create your freelance business plan, ask yourself the following questions about each accommodation:

• Website : What are your plans to create or optimize your website? • Social media : How can you optimize your social media presence? • Freelance profiles : Will you set up profiles in other platforms (e.g. FreeU, Upwork)? • Digital content : What content will you create to attract your audience (e.g. blog, podcast, YouTube video)? • Email : What lead magnets will you create to build your email list?

• Creativity as you think of new ideas to enhance your business presence • Proactivity to anticipate necessary changes

5. Your Supplies and Resources

The remaining parts of your freelance business plan are essential supplies and resources that will power your journey through 2023. Here’s what you need to include in your plan:

• Business systems (e.g. email inbox system, bookkeeping system, etc.) • Technology (e.g. web platform and host, project management tool, etc.) • Marketing (e.g. plans to reach your audience via referral marketing, content marketing, and other channels) • Learning plan (e.g. courses and learning time so you can develop necessary skills heading into the new year) • Productivity (e.g. efficient use of time so you can accomplish priority tasks and track your progress)

Forgetting some of these supplies can cause inconvenience or discomfort. For instance, project management is cumbersome if you lack the proper technology to streamline it. But forgetting other elements can threaten to derail your business. Consider this advice from the article above regarding productivity and time management:

“Think about it: when you were working for a company, you probably had days when your workload was very low, which meant you might have done nothing, or very little, for a whole day. “Still, at the end of the month, you would get your salary and all your benefits, and that would likely remain unchanged. However, things are different as a freelancer. Generally speaking, if a freelancer doesn’t work, they don’t earn.”

Therefore, make sure you pack all the above supplies and resources as you get ready to travel through 2023.

• Project management so you can manage your plan and resources • Organization so you can balance your personal and professional life by blocking out time for clients, marketing, and learning

Final Thoughts and Encouragement

How do you feel now? More equipped to face the new year with confidence and optimism? As you can see, the ultimate freelance business plan for 2023 includes space to move and adapt to the road ahead.

As the article above  says when describing a freelance writer ’s business plan,

“Nothing is set in stone, especially when it comes to business writing and coming up with a plan. You should be prepared to make changes as necessary to help you reach your goals.”

So, pack your suitcase, head out the door, and look forward to a year of learning and growing!

And now we’d love to hear from you. How’s your freelance business planning going? Do certain parts of your plan need special attention or further development? Please share your thoughts in the comments below.

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Here is a free business plan sample for a freelance consulting practice.

If you're on the path to launching your career as a freelance consultant but are unsure of the first steps to take, you've landed in the perfect spot.

In the content that follows, we will present to you a comprehensive sample business plan tailored for freelance consultants.

As you might be aware, a meticulously formulated business plan is a cornerstone of success for any independent professional, as it assists you in articulating your vision, objectives, and strategies for your consultancy.

To craft a compelling plan with ease and precision, you are invited to utilize our freelance consultant business plan template. Additionally, our specialists are available to provide a complimentary review and refinement of your plan.

How to draft a great business plan for your freelance consulting practice?

A good business plan for a freelance consultant must be tailored to the nuances of the consulting industry.

Initially, it's imperative to provide a comprehensive overview of your niche market. This includes up-to-date statistics and identifying emerging trends within the industry, similar to what we've incorporated in our freelance consultant business plan template .

Your plan should articulate your project with clarity. This encompasses your professional vision, defining your target clientele (such as small businesses, corporations, or non-profits), and your unique value proposition (expertise in a specific field, personalized service, etc.).

Market analysis is the next critical section. This requires an in-depth look at the demand for consulting services, understanding the competitive landscape, and recognizing the needs and challenges of your potential clients.

For a freelance consultant, it's vital to outline your service offerings. Describe the consulting services you provide - whether it's management consulting, marketing strategies, IT solutions, or others - and explain how these services address the problems and objectives of your clients.

The operational plan should detail your business structure, including your home office setup, digital tools and software for project management, communication methods, and your approach to client engagements.

As a consultant, you must emphasize your professional credentials, methodologies, and commitment to client confidentiality and ethical standards.

Then, delve into your marketing and sales strategy. How do you plan to build your client base and maintain long-term relationships? Consider networking tactics, thought leadership through content marketing, and referrals.

Having a robust online presence, including a professional website and active LinkedIn profile, is also crucial in the digital age.

The financial section is equally important. It should cover your pricing model, projected income, operating expenses, and the point at which your consulting practice will become profitable.

In consulting, the ability to scale services and manage time efficiently can significantly impact profitability, so it's essential to have a clear financial plan. For assistance, refer to our financial forecast for freelance consultants .

Compared to other business plans, a freelance consultant's plan must focus more on personal branding, intellectual capital, and client acquisition strategies. It should also address the flexibility and adaptability of the consultant to meet diverse client needs.

A well-crafted business plan will not only help you define your strategy and approach but also serve as a valuable tool for attracting clients or forming partnerships.

Investors and clients seek evidence of thorough market understanding, realistic financial projections, and a consultant's preparedness to manage various projects effectively.

By presenting a detailed and substantiated plan, you showcase your professionalism and dedication to building a successful consulting practice.

To streamline the process and focus on your consulting work, you can utilize our freelance consultant business plan template .

A free example of business plan for a freelance consulting practice

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a freelance consultant .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Industry overview and market potential.

The consulting industry is a dynamic and ever-evolving sector with significant market potential.

Recent estimates value the global consulting market at over 250 billion dollars, with expectations for continued growth as businesses seek external expertise and strategic advice.

In the United States alone, there are hundreds of thousands of freelance consultants, contributing to a substantial portion of the industry's revenue. This highlights the critical role consultants play in providing specialized knowledge and support to various sectors.

These figures underscore the demand for consulting services and the opportunities available for freelance consultants in the American business landscape.

Emerging Trends

The consulting industry is witnessing several emerging trends that are shaping the future of the profession.

Digitization and technology integration are at the forefront, with consultants increasingly leveraging digital tools to enhance their services and client engagement.

There is a growing emphasis on sustainability and social responsibility, with businesses seeking consultants who can guide them in implementing eco-friendly practices and ethical operations.

Remote work and virtual consulting have become more prevalent, especially in the wake of the global pandemic, leading to a rise in demand for consultants who can provide services regardless of geographical constraints.

Additionally, the focus on data analytics and cybersecurity is intensifying, as organizations look to protect their digital assets and make data-driven decisions.

These trends indicate the evolving nature of consulting services and the need for consultants to stay abreast of industry changes and technological advancements.

Key Success Factors

For a freelance consultant, several factors contribute to success in the industry.

Expertise and specialization in a particular niche can set a consultant apart, making them the go-to professional for specific challenges and solutions.

Building a strong personal brand and online presence is also vital, as it helps in attracting and retaining clients through visibility and credibility.

Networking and relationship management are crucial, as referrals and repeat business often form the backbone of a consultant's client base.

Adaptability and continuous learning are essential, enabling consultants to stay relevant and offer up-to-date advice in a rapidly changing business environment.

Lastly, efficient project management and clear communication are key to delivering results and ensuring client satisfaction, which in turn can lead to more business opportunities.

The Project

Project presentation.

Our freelance consulting service is designed to cater to the needs of businesses and individuals seeking expert guidance in their respective fields. Operating in a dynamic and increasingly complex business environment, our consultancy will provide specialized advice in areas such as business strategy, marketing, financial planning, and organizational development.

We aim to deliver tailored solutions that drive growth, improve efficiency, and enhance the overall performance of our clients' operations.

As a freelance consultant, I aspire to become a trusted advisor and partner to my clients, offering insights and strategies that are both innovative and practical.

Value Proposition

The value proposition of our freelance consulting service is centered on delivering personalized, expert advice that addresses the unique challenges and opportunities our clients face. We are committed to helping our clients achieve their business objectives through strategic planning, data-driven decision-making, and continuous improvement.

Our consultancy offers the flexibility and responsiveness that clients need in today's fast-paced business world, while also providing a cost-effective alternative to large consulting firms.

We are dedicated to fostering long-term relationships with our clients, built on trust, integrity, and a deep understanding of their business needs.

Our goal is to empower our clients to make informed decisions, adapt to change, and thrive in their respective markets.

Project Owner

The project owner is an experienced consultant with a proven track record of helping businesses and individuals navigate complex challenges and achieve their strategic goals.

With a strong background in business management and a wealth of industry knowledge, the consultant is well-equipped to offer valuable insights and practical solutions that make a real difference.

Driven by a passion for excellence and a commitment to client success, the consultant is dedicated to staying at the forefront of industry trends and best practices.

With a focus on building lasting relationships and delivering measurable results, the project owner is the driving force behind this freelance consulting service, striving to enhance the success and growth of clients in a variety of sectors.

The Market Study

Market segments.

The market segments for a freelance consulting business are diverse and can be categorized as follows:

Firstly, there are small to medium-sized enterprises (SMEs) that require expert advice and services to optimize their operations, but may not have the resources to employ a full-time consultant.

Secondly, large corporations may seek specialized consultants for project-based work or to bring fresh perspectives to ongoing challenges.

Individual entrepreneurs and startups form another segment, often needing strategic guidance to navigate the early stages of business development.

Lastly, non-profit organizations and educational institutions may also benefit from consulting services to improve efficiency and effectiveness in achieving their goals.

SWOT Analysis

A SWOT analysis for a freelance consulting business might reveal the following:

Strengths include a strong network of professional contacts, a wealth of industry knowledge, and the flexibility to offer tailored services to clients.

Weaknesses could be the fluctuating demand for consulting services and the challenge of managing multiple projects simultaneously.

Opportunities may arise from the growing trend of outsourcing expertise and the potential to specialize in niche markets.

Threats could include the entry of new competitors into the market and the risk of economic downturns affecting clients' budgets for consulting services.

Competitor Analysis

Competitor analysis for a freelance consultant must consider both direct and indirect competition.

Direct competitors include other freelance consultants and consulting firms offering similar services.

Indirect competition may come from in-house teams within potential client organizations or alternative service providers such as business coaches or advisory services.

Key competitive advantages might be specialized knowledge, a proven track record of successful projects, and a personalized approach to client relationships.

Understanding the unique selling propositions and weaknesses of competitors is crucial for carving out a distinct market position and for client acquisition and retention.

Competitive Advantages

As a freelance consultant, the competitive advantages lie in the ability to provide personalized and agile services to clients.

Expertise in a specific industry or area of business can set a consultant apart, offering in-depth insights and solutions that are not readily available elsewhere.

Building a reputation for reliability, timely delivery, and high-quality outcomes is essential for long-term success and client loyalty.

Additionally, maintaining a strong professional network can lead to referrals and collaborative opportunities, further enhancing the consultant's value proposition.

You can also read our articles about: - how to establish oneself as a freelance consultant: a complete guide - the customer segments of a freelance consulting practice - the competition study for a freelance consulting practice

The Strategy

Development plan.

Our three-year development plan for the freelance consultancy is designed to establish a strong foundation and expand our reach.

In the first year, we will concentrate on building a robust client portfolio and establishing a reputation for excellence and reliability in our niche.

The second year will be focused on scaling our services, possibly by subcontracting or forming partnerships, to cater to a larger client base without compromising quality.

In the third year, we aim to diversify our service offerings and delve into productization of our expertise, such as creating online courses or downloadable resources, to create additional revenue streams.

Throughout this period, we will remain dedicated to delivering exceptional value, maintaining flexibility, and staying abreast of industry trends to serve our clients effectively and secure our position in the consultancy market.

Business Model Canvas

The Business Model Canvas for this freelance consultancy targets organizations and individuals in need of specialized knowledge and skills.

Our value proposition is centered on providing expert advice, personalized solutions, and a commitment to client success.

We offer our services through various channels, including direct consultation, online platforms, and networking events, utilizing key resources such as our professional expertise and industry connections.

Key activities include client engagement, problem-solving, and continuous learning to stay ahead in our field.

Our revenue streams are derived from consulting fees, retainer agreements, and the sale of informational products, while our costs are mainly associated with marketing, professional development, and operational expenses.

Access a complete and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is built on establishing authority and fostering trust.

We aim to position ourselves as thought leaders by sharing valuable insights, case studies, and success stories. Our approach includes content marketing, speaking engagements, and leveraging LinkedIn for professional networking.

We will also seek to form strategic alliances with other industry professionals to extend our reach and credibility.

Additionally, we plan to utilize targeted advertising and email marketing campaigns to attract and retain clients, while emphasizing our commitment to delivering tailored and impactful consultancy services.

Risk Policy

The risk policy for our freelance consultancy focuses on mitigating risks related to client dependency, market fluctuations, and professional liability.

We aim to diversify our client base to prevent over-reliance on a single source of income and stay informed about market trends to adapt our services accordingly.

Quality assurance and client satisfaction are paramount, and we will implement feedback mechanisms to continuously improve our offerings.

We will also secure professional indemnity insurance to protect against potential legal claims, ensuring that we can operate with confidence and security.

Why Our Project is Viable

We are confident in the viability of our freelance consultancy, given the increasing demand for specialized knowledge and flexible service providers.

With our dedication to client success, adaptability, and a strategic approach to growth, we believe we can carve out a significant presence in the consultancy market.

We are enthusiastic about the opportunity to empower our clients to achieve their goals while building a sustainable and rewarding consultancy practice.

We remain open to feedback and agile in our operations, ready to seize opportunities and overcome challenges in the dynamic world of consulting.

You can also read our articles about: - the Business Model Canvas of a freelance consulting practice - the marketing strategy for a freelance consulting practice

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a freelance consultant and our financial plan for a freelance consultant .

Initial expenses for my freelance consultancy include setting up a professional home office, investing in high-quality computer equipment and software tailored to my consulting services, obtaining necessary certifications or licenses, creating a strong brand identity, and implementing targeted marketing strategies to reach potential clients.

My revenue assumptions are based on a thorough analysis of the market demand for consulting services within my niche, taking into account the increasing trend of businesses seeking external expertise to optimize their operations and strategies.

I anticipate a gradual increase in client acquisition, starting conservatively and expanding as my reputation as a skilled freelance consultant grows.

The projected income statement reflects expected revenues from my consulting services, direct costs (such as software subscriptions, continued education, and outsourcing), and operating expenses (home office costs, marketing, insurance, etc.).

This results in a forecasted net profit that is essential for assessing the long-term viability of my consultancy.

The projected balance sheet will display assets related to my consultancy, such as computer equipment, software, and any intellectual property I create, alongside liabilities including any debts and anticipated business expenses.

It will provide a snapshot of the financial standing of my freelance consultancy at the end of each fiscal period.

My projected cash flow statement will detail all cash inflows from clients and outflows for business expenses, enabling me to predict my cash requirements. This is crucial for maintaining a healthy financial state and avoiding potential cash shortages.

The projected financing plan outlines the sources of funding I intend to use to cover my initial setup costs and any other significant investments.

The working capital requirement for my consultancy will be diligently tracked to ensure I have sufficient funds to cover day-to-day operations, such as software license renewals, marketing initiatives, and any subcontractor fees.

The break-even analysis will determine the amount of revenue needed to cover all my costs, including initial investments, and begin generating a profit.

It will signal the point at which my consultancy becomes financially sustainable.

Key performance indicators I will monitor include the profit margin on my consulting services, the current ratio to evaluate my ability to meet short-term liabilities, and the return on investment to gauge the efficiency of the capital I have invested into my business.

These metrics will assist me in assessing the financial health and success of my freelance consultancy.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a freelance consulting practice .

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Business Plan Example for Freelance

SEPT.12, 2014

When it is time to write the business pla n for freelance writers, the first questions that comes up is this: What type of writing is planned? Many freelancers wander a bit aimlessly around the writing market, taking on various projects as they become available but never thinking about where the business will be five years from now. When the wandering gets old and the bottom line is inadequate, it is time to become an entrepreneurial freelance writer and write a business plan.

The entrepreneur has a mission and goals and a marketing plan. Before a marketing plan is developed, it is necessary to define the type of freelance writing that will make up the bulk of the revenue. There are a hundred different paths a freelance writer can take which is precisely why it is critical to develop a business plan . It helps the entrepreneur focus on where energies will be spent.

• Will the writer concentrate on ghost writing, web content writing, copy writing, business writing, special interest writing, technical writing, editorial writing, or some combination? • Will the writer focus on fiction or nonfiction print books, ebooks, news stories, magazine articles, social media content, press releases, technical manuals, or something else? • Will the writer choose a writing niche like health, fitness, self-improvement, home repairs, technology, finance, education, and so on? During the planning stage, the freelance writer will also need to address the many aspects of developing a successful business. Most freelance writers have already been writing and selling work for some period of time. The business plan solidifies the author’s business goals, giving him or her direction over the next five years. • Identify the business expenses that include website development and maintenance fees, membership fees, health insurance, paper and print cartridges, marketing expenses, equipment, and so on • Identify how much money must be made each week or month to cover expenses and generate a profit based on financial goals, and convert that to writing goals in terms of the number of articles, blogs, projects, etc. that are needed • Describe the in-depth market research conducted to identify the market niche and competition within it • Develop a marketing plan that targets writing sites or companies in the desired niche market; describe use of social media to broadcast availability and create an expert online presence • Prepare a five-year proforma income statement

Importance of Business Plan For Freelance Writers

The business plan for freelance writers is an important document for staying on track. The availability of numerous writing sites has created a low barrier to entry, and it is tempting to jump into the writing market without a plan. However, without a business plan, there is a good chance the writer will remain fairly aimless in the approach and that means financial goals will be difficult to meet.

OGS Capital can simplify the process of writing a business plan for freelance writers. Complete the online contact form and a business consultant with expertise in business planning for entrepreneurs will be in contact shortly to get the process started.

Download Business Plan for Freelance Sample in pdf

OGScapital also specializes in writing business plans such as business plan for magazine publishing , business plan for printing services , online data entry business plan , blog business plan , strategic business plan and many others.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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