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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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Business Plan for Freelancers: Ultimate Guide for Success

Welcome to the exciting world of freelancing! Today, we're diving into the essential tool every freelancer needs: a business plan for freelancers. This guide will lead you through creating a plan that not only reflects your vision but also catapults your freelance career to new heights.

Key Takeaways

• Essential for Growth: A well-structured business plan is vital for freelancers to navigate the competitive market, set clear goals, and manage growth effectively.
• Comprehensive Approach: Effective business plans for freelancers should cover essential elements such as a company summary, target market analysis, detailed service descriptions, pricing strategies, marketing approaches, and realistic financial projections.
• Practical Implementation: Beyond creation, a business plan serves as a dynamic tool for attracting clients, guiding decision-making, and adapting to market changes. It's not just a document but a roadmap for ongoing business management.
• Avoid Common Pitfalls: Freelancers should be wary of unrealistic goals, vague plans, or inconsistency in their business plans. Regular updates, SMART goal setting, and thorough market research are key to avoiding these pitfalls.

Quick Links:

What is a business plan for freelancers.

A business plan for freelancers is like your personal GPS in the vast freelancing landscape. It's not just any plan; it's a tailored strategy that outlines your professional journey. Think of it as your personal blueprint, charting the course from where you are now to where you want to be.

So, why is it so important? Imagine setting sail without a map; that's freelancing without a business plan! It helps you set clear goals like increasing client base by 30% within the year, tracks your progress, and plays a crucial role in attracting clients. Imagine pitching to a potential client and showing them a well-thought-out plan that addresses their needs - it's a game-changer!

A comprehensive business plan covers everything from your company's summary, understanding your target market, detailing your unique products/services, setting competitive pricing, crafting an effective marketing strategy, to projecting financial outcomes.

For instance, if you're a graphic designer, your plan would outline your design services, identify your ideal clients (like small businesses or individual entrepreneurs), set competitive pricing, and project income from various projects. It's the roadmap to navigating your freelance journey with confidence and clarity.

Want to know more about managing your finances as a freelancer? Check out our insightful article on how to manage finances as a freelancer .

Why Do Freelancers Need a Business Plan?

In the competitive and dynamic realm of freelancing, a business plan is not just helpful; it's essential. Freelancers face unique challenges like fluctuating incomes, finding consistent work, and standing out in a crowded market. These hurdles can be daunting, but a well-crafted business plan turns them into opportunities.

For instance, let's consider Sara, a freelance digital marketer. She faced fierce competition and irregular client engagement. With her business plan, Sara identified her niche in eco-friendly brands, outlined targeted marketing strategies, and set clear financial goals. This focus not only attracted more consistent work but also allowed her to collaborate with clients who shared her values.

A business plan empowers freelancers like Sara to leverage their strengths, such as flexibility and specialized skills, and seize opportunities like untapped markets or emerging trends. It's the secret weapon for turning challenges into stepping stones, propelling freelancers from merely surviving to thriving in their chosen fields.

For tips on finding clients, don’t miss our article on how to find clients as a freelancer .

How to Write a Freelance Business Plan?

Creating a business plan for your freelance career is a journey of self-discovery and strategic planning. It’s a process that helps you understand your business inside out. Here's how to break it down:

1. Company Summary and Purpose

Your company summary is the "Hello" of your business plan. It introduces your business, but more importantly, it shares your story. Why did you choose freelancing? What drives your passion? For instance, if you’re a freelance photographer, your purpose might be to capture life's moments in a unique way.

This section should reflect your core values and aspirations. It's about setting the tone for what your business stands for and where it aims to go. This is your mission statement, encapsulating your business ethos and professional dreams.

2. Target Market or Target Audience

Knowing your audience is like knowing whom you’re throwing a dinner party for. A freelance graphic designer might target tech startups needing brand designs, while a freelance writer might focus on small businesses in need of compelling website content. This section involves identifying who needs your services.

Conduct market research to understand your potential clients' demographics, challenges, and preferences. Are they corporations, small businesses, or individuals? What are their main pain points? For example, as a freelance app developer, your target market might be small businesses in need of digitizing their services.

3. Location

While freelancers can often work remotely, your location still matters. It influences your networking opportunities, potential local clients, and even your working hours, especially if dealing with international clients. Your location section should explain where you operate and why it’s beneficial. For example, being in a tech hub city could offer networking benefits for IT freelancers.

4. Products/Services

This is where you detail what you offer. Are you a freelance social media manager offering content creation and analytics services? Or a web developer specializing in e-commerce sites? Be specific about what you provide and how it benefits your clients.

For example, as a freelance UX/UI designer, your services might include user research, interface design, and user testing. Explain how your services solve clients' problems or improve their businesses. You could mention your unique approach to projects, like using collaborative tools for client feedback.

This section should make potential clients understand why they should choose you over others. It's not just a list of services; it's a showcase of your skills and the value you bring.

Setting your rates is a balancing act. You have to consider your experience, the market rates, and what your target clients can afford. Will you charge hourly, per project, or have retainer agreements? It’s crucial to justify your pricing.

For example, if you’re an experienced freelance SEO consultant, your rates might be higher due to your proven track record of boosting website traffic. Research what others in your field charge and align your pricing accordingly, considering your unique value proposition. Be transparent about your rates in your plan; this helps set clear expectations with potential clients.

6. Marketing

Your marketing strategy is how you plan to get the word out about your services. In the digital age, a strong online presence is key.

For a freelance graphic designer, this might include a professional website showcasing a portfolio, active social media profiles, and a blog offering design tips. Networking, both online and offline, is also crucial. Attend industry events, join online communities, and consider collaborations with other freelancers.

Consider the following channels for marketing your services:

• Social Media: Platforms like LinkedIn, Instagram, or Twitter can be powerful tools for reaching potential clients. Tailor your content to each platform to engage your target audience effectively.
• Content Marketing: This could include blogging about your industry, creating video tutorials, or publishing case studies. It positions you as an expert in your field.
• Email Marketing: Collect emails through your website or blog and send regular newsletters with updates about your services, industry insights, or special offers.

Remember, marketing is not a one-size-fits-all; it should reflect your personal brand and resonate with your target audience.

7. Financial Projections

Financial projections are your financial forecast. They show how much you expect to earn and spend. Start by estimating your startup costs, like equipment, website development, or software subscriptions. Then, project your income based on your pricing strategy and expected client base. Don’t forget to include ongoing expenses like taxes, insurance, and marketing costs.

It’s important to be realistic. If you're just starting out, you might not see a profit immediately. Set short-term financial goals, like covering your initial investment in the first six months, and long-term goals, like achieving a certain annual income.

Include a break-even analysis, which is the point at which your income covers your expenses. This helps you understand when your business will start being profitable. Use financial planning tools or software to keep track of your projections and adjust them as needed. Remember, these are estimates, not guarantees, but they provide a framework for financial decision-making.

For more resources and templates to help you craft a professional and effective business plan, consider visiting sites like BPlans.com or using business plan software like LivePlan or Enloop . These tools offer templates tailored to various freelance professions, making the process more manageable and ensuring you don’t overlook crucial details in your planning.

How to Use Your Freelance Business Plan?

Your freelance business plan is a living document, not a one-time task to be shelved. To leverage it fully, regularly review and update it to reflect your growing experience and the changing market. Use it as a guide for decision-making and strategizing your next moves. For instance, if you notice a surge in demand for a particular service, you might allocate more resources there.

Implementing your plan involves using it to showcase your professionalism to clients. Include elements like your portfolio, testimonials, and credentials in your marketing materials. Your business plan's clarity on services and pricing can also help in retaining clients by setting clear expectations.

For managing your business, tools like FreshBooks for invoicing, QuickBooks for accounting, Trello or Asana for project management, and Slack for communication can be invaluable. These tools help streamline your operations, aligning closely with your business plan’s objectives and strategies.

For more collaboration tools, see our article on top remote work collaboration tools .

What are Common Mistakes to Avoid When Writing a Freelance Business Plan?

Avoid common pitfalls like unrealistic projections, vagueness, and inconsistency. Being overly optimistic about income or underestimating expenses can lead to financial strain. Ensure your goals are SMART (Specific, Measurable, Achievable, Relevant, Time-bound). This approach keeps your plan realistic and actionable.

Conduct thorough research about your market, competitors, and pricing strategies. This groundwork ensures your plan is grounded in reality. Regularly revisit and revise your plan to keep it aligned with your current business situation and future aspirations. Remember, a static plan is ineffective; it should evolve as you and your freelance business grow.

Your business plan for freelancers is more than a document; it's the foundation of your freelance success. Use it as a guide to navigate, grow, and thrive in the freelance world. Don't forget to subscribe to our blog for more insights and tips!

Visit our homepage for more empowering content for freelancers and digital nomads.

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Congratulations on getting ahead of the game and researching how to write a freelance business plan!

Most people think that they don’t really need to do this. They’re not looking for a loan from the bank, so what would they need a business plan for?

Well, one of my favorite mottos, attributed to Benjamin Franklin, is “If you fail to plan, you are planning to fail.” Having a business plan will give you a clear direction for what you want to achieve for your business and allow you to set goals to make sure you achieve it. If you decide to bumble along without a plan, you are likely to lose focus and either not achieve your goals or take a lot longer to achieve them.

Writing a freelance business plan doesn’t have to be difficult. If you’re not looking for a loan or investors, then it can be quite short. No one else need ever see your plan. It’s really just for you, to remind you why you set up your freelance business, what you want to achieve with it, and how you plan to do this successfully.

I’ve already spoken to you about the steps you need to take to quit your job and start a freelance business . Today I’m going to delve into one of those steps: writing a freelance business plan.

So, without further ado, here’s a breakdown of the different sections that your business plan might include. Feel free to tailor it to meet your own needs.

Table of Contents

Elements of a Freelance Business Plan

Most successful business plans contain some essential elements that you’ll want to consider. You may wish to include an overview section, a breakdown of your goals and how you plan to achieve them, a description of your ideal client, your marketing plan, and your financial plan.

The Overview

The overview is kind of the introduction to your plan. It should lay out who you are and what you do. You can break it into two sections: your mission statement and your “why.”

Your Mission Statement

Your mission statement will set the tone for your business plan. It should be a concise statement of the aims and values of your business. Sounds boring, right? Yes, it is boring, but it will help you to be very clear about what your business does, how it does it, and why it does it. It should answer the who, what, and why (and where if you’re a local business) questions.

You could think of it as an elevator pitch or slogan. It should be a short pitch that describes what you do and how you help people solve their problems. Get straight to the point in order to hold people’s attention.

My mission statement goes something like this:

I’m a freelance proofreader and copyeditor. I help self-publishing authors and bloggers make sure that their content is clear, consistent, and as free from distracting errors as humanly possible. I also write articles on my website helping other aspiring proofreaders and editors start their own successful businesses.

Here’s that “why” word again! Most blog posts you read on writing a business plan or setting business goals will include a section on figuring out what your why is. I really don’t like the term, but I get it. You need to know why you have set up a business. It needs to go deeper than just to make money. A more emotional reason is better. Maybe you want to create a more flexible schedule so that you can spend more time with your family. Maybe you want to be your own boss. Or maybe you have a passion for something that you really want to pursue like I do with proofreading.

You gotta have goals! Otherwise, it can be difficult to figure out what to focus on to grow your business. Having goals will help you to stay motivated to keep working on something even when you don’t feel like it. It will help you to stay focused on what you want to achieve and stop you from getting distracted by shiny, new things. You will also stay accountable because you took the time to think about and write down your goals.

Start with the Big Picture

I recommend starting with identifying where you want to be in a year’s time. Even better if you can identify where you want to be in five years’ time. Starting at the end and identifying what you want the results to be will give you an idea of what action you need to take to achieve those big picture goals.

Break It Down into a Quarterly Action Plan

Once you have an overall idea of what you want to achieve for the year, then determine what action steps you need to take and assign them to each quarter of the year. Breaking your goals down like this will make them feel more attainable. You will feel like you are making progress toward your goal every quarter, which will keep you motivated. Check out my post on how to set SMART goals for your business .

Download my free Business Goal Setting Workbook for an easy way to set and track your business goals!

Your Ideal Customers

Of course, every business needs customers. As a result, they should be the focus of your business plan. You need to get a clear picture of who your ideal customers are, what their pain points are, and how you can help to solve those pain points.

You need to know who to aim your marketing efforts toward. Trying to market to everyone and anyone won’t work. It would be like shooting in the dark.

Try to build a picture of them in your mind: who are they, where do they live, what age are they, what are they interested in, and most importantly, what are their issues? You can even give them a name if you want to make them more alive in your mind.

My ideal client’s name is Vanessa. She’s a blogger who has written an e-book or online course that she wants to sell to help her clients with a particular issue. There’s so much that goes into creating a digital product that she doesn’t have time to proofread her content, but she also wants to make sure that it’s not full of embarrassing errors. (Vanessa, if you’re reading this, I’m here to help! )

Once you’ve identified who your customers are, then you need to figure out where to find them .

• Check out your competitors’ social media accounts to see what their engagement is like on each platform. If your competitors are getting good engagement on Facebook, then you need to be on Facebook.
• Consider your demographics . Are you trying to target twenty-year-olds? Then maybe try TikTok instead of Facebook. Are you targeting professionals? Then maybe try networking on LinkedIn. Are your ideal customers mostly female? Then maybe try Pinterest.

Figuring out where your audience hangs out will help you to accurately target your ideal customer and stop you from wasting money on Facebook ads if your audience is on Twitter. Engaging with them will also help you to figure out what their pain points are.

Your Services

In this section, write a detailed description of your services, your pricing structure, and what tools you will need to fulfill your role.

Keep your ideal customer at the front of your mind when writing this section. Your focus should always be on the benefits your services will bring to your clients . You can also include why your service is unique or better than your competitors.

This is also a good place to keep note of any ideas for future products you could create or services you could offer based on the knowledge, skills, and experience you’ve built up. The product might be aimed at other people who want to learn how to do what you do, or it could be a product that helps your clients with an issue they face.

Related content: Interested in becoming a proofreader but not sure where to start? Read my ultimate guide to setting up a freelance proofreading business .

Your Marketing Plan

In this section, you’ll map out how you’ll get in front of your ideal customers and convince them to work with you.

Again, you need to keep your ideal customer at the front of your mind when implementing your marketing strategy. How you can solve their problem should be crystal clear.

Where are you going to market your services? You have a few options for how to market your proofreading and editing business.

Your Website

Having a website is essential for a freelance service provider. Your clients need a way to find you. You may find some work through local connections and word of mouth, but to create a sustainable business you’ll need to look further afield.

Don’t have a website yet? Check out these helpful posts:

How to choose the perfect domain name

How to set up a website for your online business

Content Marketing Strategy

Blogging: You can use blogging to increase traffic to your website. It’s good for search engine optimization to keep adding fresh content to your website. You may also become seen as an expert in your field, which will help you attract new clients.

Email Marketing: This gives you direct access to your clients/followers. Sending an email newsletter every week will keep you at the top of their minds. Building a list of email subscribers is also very important as it means you will be less reliant on social media platforms when trying to reach your audience. This article explains other reasons why email marketing is so important for freelancers.

Social Media Strategy

Having a presence on social media will help to attract potential clients and drive them to your website.

You’ll need to create a strategy to get the maximum benefit out of using social media.

Try not to spread yourself too thin. Focus on one or two platforms where your customers are and start building good quality engagement with them.

PRO TIP:  It would be wise to register accounts with your business name on the other social media platforms even if you’re not going to use them yet. You don’t want to come back in six months’ time and find that someone else is using the name. If you’re not ready to actively use the platform you can use apps to schedule your posts or else put a note in your bio to let people know what platform they can find you on.

Posting on social media can be really time-consuming. Check out this post for a list of online business tools that will help you streamline your process and save time.

Advertising

Here are some ways you can advertise:

• Directories – Set up a profile on free or paid freelancer directories
• Paid Ads – Run ads on social media platforms
• Banner Ads – Place banner ads on targeted websites
• Newspapers/Magazines – Place an ad in your local newspaper or magazine if you want to attract local clients

Networking should be part of your overall marketing strategy. As well as networking with potential clients, it can also be beneficial to network with other freelancers who offer the same or similar services as you. They may be able to refer work to you if they’re too busy or it’s not their particular area of expertise.

You can do this by joining a professional association for your industry or joining Meetup networking groups. You can also network online in Facebook groups or by participating in Twitter chats.

Your Finance Plan

It can be difficult to figure out how to budget when you’re a new freelancer.

You need to figure out how much you need to start your business. You’ll have start-up costs like getting a domain name, website hosting, new equipment, software, and even stationery.

You’ll need to decide how much money you can afford to allocate toward marketing .

I think you should also have an education budget . You’ll need to make sure that your skills are constantly up to date and relevant.

Write down your financial goals for your business. How much do you want/need to earn?

This isn’t the kind of business plan that you would show to your bank to try to get a loan. In that case, you would need a way more detailed plan showing projected profit and all that jazz. It will just make you aware of the kind of expenses you will have and how much you need to earn.

Yes, writing a business plan can be intimidating. Rather than getting stressed out about it, think of it as the first step in your exciting adventure. Plus, with a comprehensive business plan in place, you’re one step closer to success!

Need more help with writing your business plan and starting your editing business? Check out my Business Planning Powerhouse course, a comprehensive course that will help you

• Get clear on what services you want to offer and who your ideal clients are
• Find the right training course for you so you can hone your skills before you take on paying clients
• Get your head around the different ways you can market your business to find clients
• Set rates that will adequately cover your business and living expenses without scaring potential clients away
• Identify what you need to include in your client contract to protect your business
• Streamline your client processes so you offer a seamless experience for your clients
• Safeguard your business in case of emergencies

It breaks down each section of your business plan and includes a Business Plan Workbook and several spreadsheets and templates so you can build your business blueprint that will take you from vague idea to successful editing business.

Have you written a freelance business plan yet? If not, what’s stopping you?

2 thoughts on “How to Write a Business Plan: A Painless Guide for Freelancers”

A business plan is an must… a outline for your business. This post provides tons of useful tips for a newsman business owner. There are so many things to cover such as goals, marketing, etc… Pinning this to my business board.

I agree. It’s so important to create a business plan and not just when your business is new. Thanks for your comment, Nakeya!

Comments are closed.

BUSINESS STRATEGIES

How to start a freelance business in 6 steps

• 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.

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.

How to build a freelance portfolio for your business

A freelance portfolio is essential for any freelancer and if you're starting a business it's something to prioritize. Your portfolio should feature your strongest projects that showcase your skills, experience and problem-solving abilities. Include the needs of each client, the approach you took, any challenges face and how they were overcome. It's important to include testimonials from satisfied clients, to add social proof and strengthen the overall impact of your portfolio.

To build your online portfolio you'll need to decide to use a stand-alone portfolio website or integrate your portfolio into your existing website. Choose a website builder that is easy to use and comes with robust infrastructure, such as security and performance.

Regularly add your latest work to maintain a dynamic portfolio and showcase your continued development.

Other business ideas you might be interested in

How to start an eCommerce business

How to start an art business

How to start a restaurant business

How to start a box truck business

How to start a construction business

How to start a car detailing business

How to start a DJ business

How to start a dog walking business

How to start a catering business

How to start a real estate business

How to start a lawn care business

How to start a food truck business

How to start a landscaping business

How to start a pressure washing business

How to start a cleaning business

How to start a tutoring business

How to start a coaching business

How to start a pool cleaning business

How to start a food business

How to start a painting business

How to start a medical supply business

How to start a gaming business

How to start a sports card business

How to start a frozen food business

How to start a courier business  

How to start a laundromat business

Related Posts

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Step-by-step guide: how to create a successful freelance website

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Starting a Freelance Business: A Step-by-Step Guide

Updated: June 16, 2021

Published: February 13, 2020

So, you’re in the business of starting a business.

You’re looking for the freedom and flexibility that comes with only answering to yourself.

You’re planning to take life by the reins and your industry by storm.

In other words, you want to get your ow n freelance business going.

What Is a Freelance Business?

A freelance business is one that’s started and run by an individual who works for themselves — generally through independent contract work. Freelancers are responsible for handling aspects of their businesses that typical employees would not, including setting their own hours, determining pricing, pursuing contract work, and paying business taxes.

Starting a freelance business is an exciting prospect. Perks like setting your own hours and pursuing your passion are certainly attractive — but a lot of effort, strategy, and planning goes into earning those benefits.

It’s a tough road with a lot of confusing twists and turns, so it helps to have a map.

Let's explore some key points you’ll have to address using a roadmap to starting a freelance business.

How to Start a Freelance Business

• Understand what you want out of your business.
• Have a solid picture of your personal financial situation.
• Make sure you’re really in it.
• Set measurable goals.
• Sort out the business-end of the business.
• Start figuring out your buyer personas.
• Determine pricing.
• Create and maintain an online presence.
• Network, network, network.
• Market yourself effectively.
• Maintain relationships and boost your reputation.
• Stay persistent when unexpected difficulties arise.

1. Understand what you want out of your business.

Before you set your big freelance business plans in motion, you need to know a lot about yourself and why you’re starting your business in the first place.

Ask yourself some of the following questions — Why are you doing this? Is it to be your own boss? To set your own hours? To pursue your passion? All of the above?

And how much time and effort are you willing to put in? Is this going to be a side hustle? Are you going to keep your day job?

You need to know the answers to all of these questions — and quite a few more — before you can really commit to starting your own freelance business. You can’t actually know what you’re doing if you have no concept of why you’re doing it in the first place.

2. Have a solid picture of your personal financial situation.

The idea of dropping everything to pursue your passion on your own terms is starry-eyed daydream material. That’s why you need to be careful.

It’s easy to romanticize the image of you walking out of your office with a big smile on your face, knowing that you’re about to do what you’ve always wanted without anyone to answer to.

It’s a lovely concept, but you can’t get carried away. You need to ground yourself, and understanding your personal finances is a crucial part of that.

Familiarize yourself with personal and business-related expenses and understand how long your savings can sustain you. Take a good hard look at your financial situation, and identify a point where you might jump ship if things don’t go according to plan.

Take all of that into account and use it to set a monthly income target. There are a lot of helpful resources online — like the Boundless Freelance Target Income Calculator — that can walk you through the different factors you must consider when calculating how much you’ll need to make.

Understanding your personal finances will help you get a clear picture of what you can expect going forward, and give you a concept of how to handle the issues that are going to arise.

3. Make sure you’re really in it.

If you want to succeed as a freelance business owner, you have to be all the way in. You need to find and maintain a special kind of motivation.

You have to ask yourself some burning questions, including — Am I ready to commit as much as I possibly can to this? Is this exactly what I want to do? Do I have a comprehensive plan? Do I genuinely believe in that plan? Am I willing to fail?

When it comes down to it, you have to believe in yourself, believe in your business, understand it might not pan out, and know you’re willing to stay the course to successfully start a freelance business.

4. Set measurable goals.

You’ll need to set benchmarks to make sure your business is making progress and that you, personally, are staying the course. It’ll also help your confidence to know that you’re consistently reaching milestones you’ve set for yourself.

Make sure the goals you’re setting are SMART — specific, measurable, attainable, relevant, and time-based. Also be sure to set different kinds of goals — specifically short-term, long-term, and ongoing.

A short-term goal may be something like getting your website up and running with a certain number of monthly visitors within three months.

A long-term goal could be reaching a target in annual revenue within three years.

Lastly, an ongoing goal might be dedicating a specific number of hours to client outreach each week.

Make sure these goals are reasonable and outline a solid trajectory for your business. Keep careful track of them to have a better understanding of what you’re doing well, and what you could be doing better.

5. Sort out the business-end of the business.

You’ll want to handle the nitty-gritty administrative and legal ends of your freelance business before really getting started.

That could mean taking steps like formally organizing a business entity, getting a picture of your tax exposure, and familiarizing yourself with what your business contracts might look like.

You should also have a plan in place for cash management. How and when money comes can be unpredictable in freelancing. You should have some concept of how you intend to maintain enough cash to stay afloat.

Additionally, consider building infrastructure that helps you manage your sales, marketing, and customer service. A CRM is a great way to do that. Consider adopting one and letting it serve as the backbone for a lot of your business operations.

The main point I’m getting at here is that there’s a side to starting a freelance business that isn’t particularly fun or exciting. But you won’t get to enjoy the fun and exciting stuff without addressing it first.

Be sure to work out aspects like accounting , how your business is going to function on a day-to-day basis, and how you’re going to save and manage your money before really launching into your freelance business.

6. Start figuring out your buyer personas.

As per HubSpot’s own definition , a buyer persona is “a semi-fictional representation of your ideal customer based on market research and real data about your existing customers.”

In other words, it’s the kind of person you think you’ll be selling to.

You’ll want to start by conducting general research about your target audience. Get a feel for who your customers and prospects are. You should consider reaching out to those people for surveys and interviews. This will help you understand what kind of buyer is right for your business.

From there, you’ll want to whittle down your base a bit. Pick out commonalities among the potential buyers you’ve identified. This could include considering factors like demographics, how they like to be contacted, behaviors, and interests.

Once you’ve identified trends within your audience, develop personas based on the different patterns you see. For instance, if you’re a caterer, you may notice that 40-to-50 year old women booking their childrens’ birthday parties or other family events make up a significant portion of your business. Use that information to develop a buyer persona specific to those qualities.

Give that group a name and boom! You have a buyer persona.

That’s a very high-level overview of the process, if you’d like a more in depth perspective on how to go about developing one of these personas, check out this article.

7. Determine pricing.

When determining pricing, it’s important to consider how you plan on charging clients.

Will you be hourly? Will you charge a flat fee? Will you use project quotes? It’s important to settle on how you’ll be making money before you start actually making it.

Once you’ve landed on your pricing structure, start figuring how much your services are going to cost. You can start by researching industry averages. You should be able to find some solid figures online. Sites like Payscale and Glassdoor are good places to start.

Additionally, take a look at How to Calculate Hourly Rate for Freelance Marketers & Consultants for some initial estimates.

It could also help to reach out to other professionals in your space to see what they charge and how those price points are working out for them.

Bear in mind, this isn’t an exact science. Finding the right price for your services will probably take some trial-and-error. You should keep experimenting until you get it right.

8. Create and maintain an online presence.

You’re going to need to get a website up and running as soon as possible. That’s going to be your first point of contact with a lot of your customers.

Having a great-looking website that’s easy to navigate assures potential customers that your business is legitimate and professional.

A well-structured, visually appealing website can also distinguish you from other freelancers in your space. You can use it to give your prospects a picture of your services, portfolio, and pricing.

Additionally, you’ll want to establish a solid social media presence. Outreach through social networks is becoming essential to any kind of business — and freelancers are no exception.

A robust social media presence is incredibly important when it comes to engaging with existing customers to keep them interested in your business.

Create and develop profiles across a variety of social networks. The more likes and followers you can gather, the more trustworthy and established your business will look.

9. Network, network, network.

You can’t conduct business without contacts. That’s like trying to drive a car without gasoline. But networking is much easier in theory than in practice.

It takes a lot of energy, and it’s often difficult to know where to begin. There’s no doubt it’ll be tough, but the success of your business could hinge upon whether or not you put in the effort to network effectively.

You should start by identifying where your target buyers are hanging out — both online and offline. Then, you can use that information to develop a marketing and networking strategy that meets them where they are.

Attend local meetings relevant to your industry to make personal outreach to potential prospects and fellow professionals in your space. It also helps to stay active on online forums about the areas your business covers.

Be sure to use social media to keep consistent contact between you and your potential buyers, as well as you and your fellow professionals.

Like I said, you can’t conduct business without contacts, and it’s not easy to establish those relationships. It’s also difficult to maintain those connections once you have them, but don’t get discouraged.

If you make smart, dedicated efforts to reach and connect with prospects and fellow professionals, you should be able to establish a productive network for your business.

Take a look at How to Master Non-Awkward, Effective In-Person Networking for more networking tips.

10. Market yourself effectively.

You should develop a solid content marketing strategy . Blogging is an essential part of that process. When you do, be sure to write content that is generally relevant to your field — not just specific to your own business.

You want to establish yourself as a thought leader in your industry. That can give you the kind of credibility your business needs to stand out.

You want to show that your business is legitimate. The best way to do that is to demonstrate that you really know what you’re talking about when it comes to your area of expertise.

You’ll also want to write up content offers to attach to your blogs to convert website visitors into leads. A content offer is an asset like a whitepaper or an eBook with information relevant to your field.

You can use content offers to attract and log contacts. In order for a reader to download your content offer, have them fill out a contact form . In doing so, you’re identifying that reader as a potential lead.

You should also be actively promoting content on social media — and it doesn’t always have to be your own. You can actively post other thoughtful content from other outlets in your industry. By doing this, you can let your followers know that you’re staying educated about and on top of industry trends.

Your content marketing strategy can shape your reputation. If you create and promote enriching content that your readers will get a lot out of, you’ll stand out as an authority in your industry.

11. Maintain relationships and boost your reputation.

One of your first priorities will always be preserving the client relationships you establish. You have to do everything in your power to delight your customers and keep them close.

This means keeping consistent contact and providing exceptional customer service.

Positive word of mouth can be a huge boost when starting a freelance business. Happy customers can provide that, and even happier customers will go out of their way to offer it.

If you can, get testimonials from those kinds of clients to display on your website.

And it should go without saying, but everything on this means nothing if you don’t do your job well. Do good work. Put in as much effort as you can. Be professional and consistent with what you do. And keep your customers happy.

12. Stay persistent when unexpected difficulties arise

You must be prepared to stay the course, if you want to make it. Odds are you won’t see stellar results right away, and it will probably take a lot of time and effort before you do.

You have to set yourself up for success and do everything you can deliver on the goals you set for yourself. You’ll hit snags. Some things won’t go well. You’re bound to deal with at least a few hard times.

In spite of all that, you have to be professional, persistent, and do all you can to best serve your customers. That’s going to put you in the best possible position to make it.

It’s not going to be easy. But if your head and heart are in the right place, it’s going to be worth it.

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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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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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• 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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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.

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Freelance Business Plan Template + Guide

Rhonda Page

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.… Learn more »

Adam Wright

Adam Wright is the Content Manager at Millo, in addition to running his own graphic and web design business, Adam Wright Design. When he's not working on his business, you can find him watching hockey or just about any type of racing. Learn more »

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.

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 .

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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Best Freelancing Growth

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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Reviewed & edited by Adam Wright , Editor at Millo.

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How to Make Money as a Freelancer

Kelly Gurnett

4 min. read

Updated October 29, 2023

I’m a freelance writer, and freelance writing can be a fantastic job. There are so many different types of outlets you can pursue (traditional publications, online news sites, blogging, you name it) and so many topic areas to tackle you can specialize in whatever interests you—or try your hand at a mix of different things to keep it fresh.

But freelancing is also a challenging job, and not for the faint of heart. It’s time to get real about what it takes to make it in the freelance industry.

Although my personal experience is specific to freelance writing, pretty much everything I’ve learned applies generally. What’s tough about freelancing isn’t so much about what you specifically do but about the ins and outs of freelancing itself.

Here are three key things you need to keep in mind if you’re thinking of embarking on a freelance career:

1. Demand Your Worth

Too many freelance writers fall into the content mill trap, especially when they’re just starting out and don’t have an extensive portfolio to show potential clients. But content mills are the worst possible way to make a living as a freelancer—if you can make a living from them at all.

Stay away from lowest-bidder free-for-alls like Demand Studios, Guru, oDesk, and Elance, where freelancers from across the globe compete to see who’s willing to work for the least amount of money. Whether a client wants you to write 100 search-engine-optimized articles on the exact same topic or create something that’s genuinely high-quality, your time will rarely be fairly compensated by a job you find on a content mill. You deserve clients who will pay you for your talents and expertise. If they want a good writer, they should be willing to pay for one.

If you are new to the game and not sure what to charge, you owe it to yourself to make sure you’re being paid for what your time is really worth. A great place to start, especially when you’re not sure what the “going rate” is, is the Editorial Freelance Assocation’s rate guide . It covers everything from journalistic writing to ghost writing and will give you a good handle on what other freelancers are charging for these tasks. It also includes a handy “estimated pace” column that gives you an idea how long a project should take you to complete.

2. Don’t Forget That You’re Running a Business

Many writers go into freelancing because they don’t enjoy working traditional jobs; they like the freedom and creativity freelancing gives them. And while freelancing is a lot more fulfilling than making copies or entering data, you can’t forget that you’re still running a business—or you won’t have a business to run for very long.

In addition to wearing the “writer” hat, freelancers also need to be good at bookkeeping, marketing, customer service, project management, and a myriad of other duties. You can’t balk at chasing down clients that aren’t paying—or getting rid of clients that are proving to be more trouble than they’re worth. You need to be sure to get everything in writing before embarking on a project, so get familiar with terms of “scope of work” and “breach of contract.” You also need to make sure the numbers are adding up and you’re covered tax-wise.

While business administration isn’t a ton of fun—especially if you lean more to the creative side—you need to learn to do it if you intend to make a real go of a freelance career.

3. Be Organized

Depending on the clients and projects you take on, you might find yourself juggling two highly-involved eBooks, several websites, or a collection of small writing projects, all with competing deadlines. To keep your head above water—and have time to produce your best work—you need to learn to be your own best personal assistant.

Set a calendar for yourself that includes deadlines for everything currently on your plate, as well as midway points that give you an idea of what steps you should have done by when. For instance, if you’re writing an eBook, on what date should you have your final draft finished? By what date should the formatting be complete? Cutting your projects up into doable action steps will make it easier to visualize your progress, and easier to keep all the balls in the air when you’re managing multiple projects.

Setting a daily routine for yourself is also key. When you’re not following standard working hours (or the rhythms of an office) it can be all too easy to find yourself becoming one of those freelancer horror stories who hasn’t showered in days and forgets to eat altogether. It can also leave you feeling overwhelmed and overworked. Structure your day like you would if you were reporting to a boss: When will your lunch break be? From when to when will you answer emails, and what period will you set aside for invoicing and other administrative tasks? The freedom to work whenever, wherever you want can be too much of a good thing sometimes, so don’t let yourself become unmoored.

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Kelly Gurnett is the Managing Editor of Career Attraction and Editor-in-Chief of CareerMeh. She runs the blog Cordelia Calls It Quits, where she documents her attempts to rid her life of the things that don't matter and focus more on the things that do. Kelly climbed the corporate ladder from lowly office clerk to paralegal over her 12 years with a busy law firm—the last two and a half of which she spent working on her own side hustle. She now hustles full-time, blogging, editing and generally stirring up the Internet.

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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.

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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.

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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.

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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.

Other Helpful Business Plan Articles & Templates

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.

• Freelance Tips

How to Write a Freelance Business Plan for Your Proofreading Business

• Sep 19, 2021
• Business Tips

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Becoming a freelance proofreader can bring many joys to your daily life, including the freedom to choose your own working hours and pay. However, a freelance career is not exempt from challenges like organizing your own taxes or coming up with a business plan. And yes, you should consider writing a freelance business plan if you’re a proofreader! In this post, we’ll cover the basics.

Why Are Business Plans Important for Freelancers?

Many freelancers assume they don’t need a business plan, but that’s far from the truth. Essentially, a business plan helps you:

• Grow and professionalize your business.
• Determine marketing strategies that work for you.
• Identify competitors (and learn from them).
• Identify your target clients.
• Estimate your ideal income (and set goals to get there).
• Be adaptable in unforeseen circumstances.

Most importantly, having a freelance business plan will help you define what your business does and keep yourself on track for future career development.

And while there is no one perfect way to write a freelance business plan, we suggest keeping it simple. We’ll outline the essential elements below.

Company Summary

It’s important to include a company summary in your business plan. This is where you develop your business overview and its purpose. What’s your business’ story? When writing your plan, you could try to include the following subsections under Company Summary:

• Business values: These are words and phrases that communicate your business’ beliefs. For a proofreader, they could be “thoughtfulness” and “expertise,” for example.
• Service descriptions: What do you have to offer? Describe what services you provide  (i.e., the kinds of proofreading, editing, formatting, etc., you do). Putting your services in writing will also give you an idea of whether you’re trying to do too much or too little.
• Mission statement: This is one sentence that describes what your business does and for whom. Your mission statement will draw on your identified values and services. Use some famous examples to inspire you if you’re stuck.
• Competitor comparison: It’s crucial to review the similarities and differences between you and your competitors . This way, you can position yourself better and promote your expertise where your competitors might be lacking.
• Target clients: Write down some of your target client personas . This will help you to know exactly who your target clients are. Once you have this, you can develop a plan for how you will reach them.
• Budget: How much money do you have to invest in your business? Write down an estimate. This amount should cover not only marketing expenses but also professional development (e.g., additional training) and an emergency fund.

Business Goals and Projection Targets

What would you like to accomplish with your business? Here, you can list your goals and set a timeframe to achieve them.

When it comes to setting and achieving business goals , the more structured the better. When setting goals for the next quarter, for example, you can write one task per week to complete over 12 weeks. Then, just like magic, you have a plan for the next three months!

By the time you’ve completed these tasks, you can evaluate your progress and adjust your goals accordingly.

And when you’re setting your goals, don’t forget you can include the things you’d like to stop doing too (e.g., cut down on the number of free samples you offer by 50%).

Marketing and Sales Strategies

Marketing and sales strategies are related to how you promote yourself and reach your target clients (i.e., how you will achieve the business goals and projection targets previously set up).

In this area of your business plan, decide on the sales and marketing strategies you will carry out to achieve the goals you’ve set. These strategies will likely include ways of reaching out to prospective clients (e.g., cold email , social media , blogging).

Tips for Creating Your Business Plan

Although writing a business plan sounds daunting, it’s something you’ll have to do from scratch only once. Here are a couple more tips to keep in mind:

• Be flexible about your plan. Adapt it to your changing needs and add in contingency plans for if things don’t work out as expected.
• Update it and review it quarterly. What’s working? What needs changing? Make sure to keep setting yourself new goals.

And be aware there are plenty of free freelance business plan templates online to choose from, too.

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Building Your Business

4 steps to creating a freelancing business plan you’ll actually use.

How much money do you want to make this year?

Obviously more than you do now. Who wouldn’t want that? But for freelance writers, tackling those money questions is the key to developing a business plan that maximizes income and minimizes stress.

Here, fellow freelancers with business plans offer simple tips for setting, charting, and reaching your big goals.

1. Create your vision statement.

Lee Silber , a novelist and author of Time Management for the Creative Person, takes a big picture view –- literally. Using a vision board, he charts his plan for the year using images related to his projects and the rewards he’ll get for completing them, such as a vacation in Hawaii.

“We’re writers. We’re creative people,” he says. “I don’t think a calendar-based business plan is the way to go.” Writers can use Pinterest or Tumblr to create their own digital vision boards for everyday inspiration.

Whether you’re a visual thinker or not, taking a big-picture view of your life and work will help inform your business plan. So whether you’re more inclined to make a vision board or write a vision statement, ask yourself these questions:

• What is your ideal work/life balance?
• What are your long-term career goals?
• What are your personal goals?

Clarify what you want, then build the plan to make it happen.

2. Break down your financial goals.

Katarina Kovacevic , a freelance writer and content strategist, has been making her own business plans for three years, and aims to make about as much money as she did when she worked full-time in PR. This means breaking down her annual salary into monthly goals.

“As a freelance writer, you’re a small business, and you have to think of yourself in that way,” she says.

Top freelancer  Virginia Sole-Smith  takes her planning one step further. Because so many publications fold or get their budgets slashed, she advises writers to pad their goals: “Take your income goal…and add 25 percent. This is your Accrual Goal.” She offers an example:

1. Let’s say you want to earn $50,000 next year.

2.Income Goal + 25% Rate of Attrition = Accrual Goal

$50,000 + $12,500 = $62,500

3. $62,500 / 4 = $15,625 is how much you need to accrue every quarter.

$62,500 / 12 = $5,208 is how much you need to accrue every month.

When it comes to predicting your annual salary, don’t just pluck a number from thin air. Account for the clients who may fall by the wayside by setting quarterly and monthly goals. Parsing your plan monthly makes the money problem less overwhelming and helps you focus more on completing work.

3. Map out how you’ll grow your business.

Of course, money isn’t the only essential in your business plan. You should keep non-monetary goals in mind as well, which could include: developing new multimedia skills, brand building, and cultivating a social media presence.

Emma Johnson is a business journalist and creator of the blog WealthySingleMommy.com . Although she has contributed to publications like The New York Times and The Wall Street Journal, “The dollar value on articles is going down and down and down,” she observes. “I want to own my stuff; I want creative control.”

This year, she aims to double her blog traffic and bump up her email list by 1,000 addresses per month to build an audience for her upcoming self-published books. “The goal would be to replace my business-journalism income with personal brand income,” she says.

4. List the clients you want to keep – and the ones you want to land.

Kovacevic says her business plan spells out what aspects of her work she wants to improve. One big concern for her is efficiency, so she tracks time spent on each project.

“As a freelancer, you’re worried. Where are my projects coming from? But if you say yes to everything, then you’re not making enough money from some of those projects,” she says.

Tracking her hours helps her evaluate which projects are worth her time and which ones aren’t. Free time-tracking tools like  Toggl ,  HoursTracker , or  Harvest Time & Expense Tracker  help you whether better judge the clients you have are worth keeping.

Kovacevic also develops her business by listing the pie in the sky clients she’d love to write for. Then, during downtime, she researches their edit calendars for the year to see how she might fit in.

As you embark on your business plan, “shoot really big,” Johnson advises. Whether that means aiming for a better salary, more time with family, or more prestigious clients, thinking big provides more than just structure. “It articulates your dreams.”

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

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

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

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

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

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

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

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

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

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

Elaborating a business plan for a freelance consulting practice

Is a business plan recommended for your freelance consulting practice.

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

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

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

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

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

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

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

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

1. Market Opportunity

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

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

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

2. Project Presentation

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

Remember to introduce yourself at the end of this section.

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

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

3. Market Research

The third part is the "Market Research" section.

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

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

A tailored SWOT analysis is provided as well.

4. Strategy

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

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

5. Finances

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Business model vs Business plan

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How to draft a SWOT analysis for an independent consultant?

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

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

The strengths for a freelance consulting practice

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

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

The weaknesses for a freelance consulting practice

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

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

The opportunities for a freelance consulting practice

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

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

The threats for a freelance consulting practice

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

How to elaborate a marketing strategy for an independent consultant?

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

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

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

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

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

How to build financial projections for an independent consultant?

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

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

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

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

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

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

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How Prosecutors Made the Case Against Trump

Over six weeks and the testimony of 20 witnesses, prosecutors wove a sprawling story of election interference and falsified business records.

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By Kate Christobek

• May 30, 2024

For years, prosecutors debated, fought and even, in at least two cases, resigned over the fate of the Manhattan district attorney’s investigation into Donald J. Trump. Some legal experts predicted it would be the downfall of the district attorney, Alvin L. Bragg.

But on Thursday, a jury swiftly and decisively vindicated the risky strategy that Mr. Bragg employed to bring 34 felony counts against the former president.

Prosecutors were helped by state election law, two judges who allowed their novel legal theory to proceed and their ability to make the most of a high-risk witness, Mr. Trump’s former fixer, Michael D. Cohen.

The jury’s verdict — guilty on all 34 felony counts — represented a landmark victory for Mr. Bragg, who claimed a place in history as the first prosecutor to indict, prosecute and convict a former U.S. president.

“I did my job,” he said at a news conference after the verdict. “Our job is to follow the facts without fear or favor and that’s what we did here.”

The Trump Manhattan Criminal Verdict, Count By Count

Former President Donald J. Trump faced 34 felony charges of falsifying business records, related to the reimbursement of hush money paid to the porn star Stormy Daniels in order to cover up a sex scandal around the 2016 presidential election.

Prosecutors had to persuade jurors that Mr. Trump had falsified records to cover up a sex scandal that threatened to derail his 2016 presidential campaign. They faced an uphill battle, taking jurors on a complex and winding decade-long journey from a Lake Tahoe, Nev., celebrity golf tournament all the way to the Oval Office.

They were buoyed by the fine print of New York State law. Prosecutors needed to show only that Mr. Trump “caused” the business records to be false, rather than orchestrating the scheme or personally falsifying them.

But to make the case that Mr. Trump’s actions rose to the level of a felony, they also had to show that Mr. Trump falsified the records to conceal a second crime. This element of the case discouraged Mr. Bragg’s predecessor, Cyrus R. Vance Jr., from moving forward. But Mr. Bragg, a career prosecutor and something of a legal wonk, pushed his prosecutors to scour the penal code for a workable theory.

After months of internal deliberations, Mr. Bragg settled on an argument that Mr. Trump had violated an obscure state election law. This novel and untested theory — applying a state election law to a federal campaign — became fodder for Mr. Trump’s lawyers, who argued that the prosecutors’ case was flimsy at best. Two judges ruled that the prosecutors had legal grounds to pursue the case, but it will also have to withstand an appeal, which Mr. Trump has already indicated he will file.

Over the course of six weeks and the testimony of 20 witnesses, prosecutors wove a sprawling yet granular story of election interference and falsified business records, convincing 12 New Yorkers beyond a reasonable doubt that Mr. Trump was guilty of felony crimes. They called many of Mr. Trump’s former employees and allies who, as the prosecutor Joshua Steinglass said in his closing argument, had no motive to fabricate their testimony. If anything, he added, they had an incentive to skew it to help the former president.

Their testimony, coupled with thousands of pages of documentary evidence and Mr. Trump’s own words, allowed prosecutors to bolster their case before the jurors heard from two key witnesses whose credibility would be aggressively attacked: Mr. Cohen and the porn actress Stormy Daniels.

“There is, literally, a mountain of evidence of corroborating testimony that tends to connect the defendant to the crime,” Mr. Steinglass said during his closing argument on Tuesday. “It’s difficult to conceive of a case with more corroboration than this one.”

Mr. Bragg’s prosecutors kicked off the testimony on April 22 by calling David Pecker, the former publisher of The National Enquirer and a friend of Mr. Trump, to the witness stand. Mr. Pecker spent days testifying to the bigger picture prosecutors were trying to convey: Mr. Trump’s scheme to influence the outcome of the 2016 election.

Prosecutors described for the jurors the now infamous 2015 meeting in Trump Tower where Mr. Trump and members of his inner circle devised a plot to protect his first presidential campaign. Jurors heard compelling testimony from Mr. Pecker about the scandalous stories he purchased and buried to prevent embarrassment to the Trump campaign, a practice prosecutors referred to as “catch-and-kill.”

While the jurors heard that practice was common in the supermarket tabloid world, prosecutors elicited testimony from Mr. Pecker about how his scheme with Mr. Trump — designed to aid his campaign and influence the election — was extraordinary.

From there, prosecutors methodically revealed the crux of their case: the $130,000 hush-money payment from Mr. Cohen to Ms. Daniels to cover up a sex scandal and the reimbursements to Mr. Cohen that resulted in the fake records.

Hope Hicks, Mr. Trump’s former campaign spokeswoman, described the panic in the Trump campaign just before the 2016 election, following the release of the “Access Hollywood” tape, in which Mr. Trump was caught speaking in vulgar terms about women . Keith Davidson, Ms. Daniels’s former lawyer, described how he capitalized on that concern and negotiated with Mr. Cohen to get the hush-money deal for Ms. Daniels. And Jeffrey McConney, the former Trump Organization controller and longtime loyal employee of Mr. Trump, testified about the reimbursement payments to Mr. Cohen.

Other former and current employees followed suit, slowly explained the accounting minutiae and the path of Mr. Cohen’s reimbursements with checks making their way to Mr. Trump in the Oval Office.

Prosecutors corroborated weeks of testimony with documents, recordings, emails, social media posts, phone records and text messages. Notably, jurors saw — several times — a handwritten note from the former Trump Organization chief financial officer Allen H. Weisselberg reflecting the details of the repayment plan to Mr. Cohen (which Mr. Steinglass referred to as a “smoking gun”), and heard conversations that Mr. Cohen recorded that demonstrated Mr. Trump’s knowledge of the hush-money deal.

By reading passages of Mr. Trump’s books, prosecutors depicted the former president as a frugal micromanager who always questioned his invoices, distrusted his employees and had a penchant for revenge. Because Mr. Trump decided not to take the stand in his own defense, this image was never rebutted.

By the time Ms. Daniels and Mr. Cohen were called to the witness stand, they needed only to fill in the gaps.

Ms. Daniels painted a vivid picture of what Mr. Trump was trying to hide from voters: a consensual yet uncomfortable sexual encounter in 2006 in a Lake Tahoe, Nev., hotel room, where Ms. Daniels said there was a power “imbalance” between her and Mr. Trump.

Prosecutors portrayed Mr. Cohen as “the ultimate insider” to Mr. Trump and a “tour guide through the physical evidence.” Mr. Cohen described Mr. Trump’s directive to pay off Ms. Daniels (“Just do it,” Mr. Cohen recalled Mr. Trump’s saying) and their meeting in the Oval Office where Mr. Trump confirmed the plan to reimburse him.

Prosecutors were also helped by Mr. Trump’s lawyers’ decision to call to the stand Robert J. Costello, once Mr. Cohen’s informal legal adviser. One of the defense’s two witnesses, Mr. Costello was uneven and irascible on the stand. Outside the presence of the jury, the judge called him “contemptuous.”

In an intense cross-examination, prosecutors portrayed Mr. Costello as an agent of Mr. Trump who tried to prevent Mr. Cohen from cooperating with law enforcement.

It effectively closed the loop on prosecutors’ narrative of Mr. Trump’s conduct. “The name of the game was concealment,” Mr. Steinglass said in his closing argument, “and all roads lead inescapably to the man who benefited most, the defendant, former President Donald Trump.”

Kate Christobek is a reporter covering the civil and criminal cases against former president Donald J. Trump for The Times. More about Kate Christobek

Our Coverage of the Trump Hush-Money Trial

Guilty Verdict : Donald Trump was convicted on all 34 counts  of falsifying records to cover up a sex scandal that threatened his bid for the White House in 2016, making him the first American president to be declared a felon .

What Happens Next: Trump’s sentencing hearing on July 11 will trigger a long and winding appeals process , though he has few ways to overturn the decision .

Reactions: Trump’s conviction reverberated quickly across the country  and around the world . Here’s what voters , New Yorkers , Republicans , Trump supporters  and President Biden  had to say.

The Presidential Race : The political fallout of Trump’s conviction is far from certain , but the verdict will test America’s traditions, legal institutions and ability to hold an election under historic partisan tension .

Making the Case: Over six weeks and the testimony of 20 witnesses, the Manhattan district attorney’s office wove a sprawling story  of election interference and falsified business records.

Legal Luck Runs Out: The four criminal cases that threatened Trump’s freedom had been stumbling along, pleasing his advisers. Then his good fortune expired .

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She’s the world’s most expensive cow, and part of Brazil’s plan to put beef on everyone’s plate

A stockman shows off the Nelore cow known as Viatina-19 at a farm in Uberaba, Minas Gerais state, Brazil, Friday, April 26, 2024. Viatina-19 is the product of years of efforts to raise meatier cows, and is the most expensive cow ever sold at auction, according to Guinness World Records. (AP Photo/Silvia Izquierdo)

Brazilian cow Viatina-19, the world’s most expensive heifer. She is worth an incredible 21 million reais (USD4.2 million). (AP/Mario Lobão, Produced by Tatiana Pollastri)

A stockman watches over the Nelore cow known as Viatina-19 at a farm in Uberaba, Minas Gerais state, Brazil, Friday, April 26, 2024Viatina-19 is the product of years of efforts to raise meatier cows, and is the most expensive cow ever sold at auction, according to Guinness World Records. (AP Photo/Silvia Izquierdo)

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Children pet Zebu calves during the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. In Brazil, 80% of the cows are Zebus, a subspecies originating in India with a distinctive hump and dewlap, or folds of draping neck skin. (AP Photo/Silvia Izquierdo)

A stockman holds the leash of a cow named Viatina-19, right, at a farm in Uberaba, Minas Gerais state, Brazil, Friday, April 26, 2024. Viatina-19 is the product of years of efforts to raise meatier cows, and is the most expensive cow ever sold at auction, according to Guinness World Records. (AP Photo/Silvia Izquierdo)

Ney Pereira and his daughter, veterinarian Lorrany Martins, give an interview inside a stable at his farm in Uberaba, Minas Gerais state, Brazil, Friday, April 26, 2024. “We’re not slaughtering elite cattle. We’re breeding them. And at the end of the line, going to feed the whole world,” said Pereira, part owner of Viatina-19. (AP Photo/Silvia Izquierdo)

People watch the presentation of Zebu cows during the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. Uberaba holds an annual gathering called ExpoZebu that bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

A stockman bathes a Zebu cow during the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. In Brazil, 80% of the cows are Zebus, a subspecies originating in India with a distinctive hump and dewlap, or folds of draping neck skin. (AP Photo/Silvia Izquierdo)

A Zebu cow leaps into the air inside a stable at the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. In Brazil, 80% of the cows are Zebus, a subspecies originating in India with a distinctive hump and dewlap, or folds of draping neck skin. (AP Photo/Silvia Izquierdo)

A couple photographs a Zebu cow during the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. The cattle industry is a major source of Brazilian economic development and the government is striving to conquer new export markets. (AP Photo/Silvia Izquierdo)

A child pats a Zebu cow during the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. The cattle industry is a major source of Brazilian economic development and the government is striving to conquer new export markets. (AP Photo/Silvia Izquierdo)

Attendees are served by waiters during the presentation of cows a day before the “Elo de Raça” auction, on the sidelines of the ExpoZebu in Uberaba, Minas Gerais state, Brazil, Saturday, April 27, 2024. The Elo de Raça is the most prestigious auction during the annual ExpoZeb, which bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

A speckled Zebu cow sleeps inside a stable at the ExpoZebu fair, in Uberaba, Minas gerais state, Saturday, April 27, 2024. In Brazil, 80% of the cows are Zebus, a subspecies originating in India with a distinctive hump and dewlap, or folds of draping neck skin. (AP Photo/Silvia Izquierdo)

A youth blows into a horn at a vendor’s stall at the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. Uberaba holds an annual gathering called ExpoZebu that bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

A stockman rests inside a stable during the ExpoZebu fair in Uberaba, Minas Gerais state, Saturday, April 27, 2024. Uberaba holds an annual gathering called ExpoZebu that bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

Spectators attend a concert at the ExpoZebu fair in Uberaba, Minas Gerais state, Brazil, Saturday, April 27, 2024. Uberaba holds an annual gathering called ExpoZebu that bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

A Nelore cow named Donna, wearing a number 1 tag, right, and three of her clones are sold at the Elo de Raça auction on the sidelines of the ExpoZebu fair in Uberaba, Minas Gerais state, Brazil, Sunday, April 28, 2024. The Elo de Raça is one of the country’s most prestigious auctions and Donna’s sale price put her total value at 15.5 million reais ($3 million dollars)

A spotter waves a light stick to signal receipt of a new bid at the Elo de Raça auction in Uberaba, Minas Gerais state, Brazil, Sunday, April 28, 2024. The Elo de Raça is the most prestigious auction taking place on the sidelines of the annual ExpoZebu, which bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

Cow embryos are stored at the ABS laboratory in Uberaba, Minas Gerais state, Brazil, Monday, April 29, 2024. The embryos are used for in vitro fertilization of surrogate cows. (AP Photo/Silvia Izquierdo)

A cloned calf lays on the grass at Geneal Animal Genetics and Biotechnology in Uberaba, Minas Gerais state, Monday, April 29, 2024. Perhaps one-third of fetal clones survive; the pregnancies can fail or a clone can be born with deformities that require euthanasia, said Paulo Cerantola, Geneal Animal Genetics and Biotechnology’s commercial director. (AP Photo/Silvia Izquierdo)

UBERABA, Brazil (AP) — Brazil has hundreds of millions of cows, but one in particular is extraordinary. Her massive, snow-white body is watched over by security cameras, a veterinarian and an armed guard.

Worth $4 million, Viatina-19 FIV Mara Movéis is the most expensive cow ever sold at auction , according to Guinness World Records. That’s three times more than the last recordholder’s price. And — at 1,100 kilograms (more than 2,400 pounds) — she’s twice as heavy as an average adult of her breed.

Along a highway through Brazil’s heartland, Viatina-19’s owners have put up two billboards praising her grandeur and beckoning ranchers, curious locals and busloads of veterinary students to make pilgrimages to see the supercow.

Climate scientists agree that people need to consume less beef , the largest agricultural source of greenhouse gasses and a driver of Amazon deforestation . But the cattle industry is a major source of Brazilian economic development and the government is striving to conquer new export markets. The world’s top beef exporter wants everyone, everywhere to eat its beef.

The embodiment of Brazil’s cattle ambitions is Viatina-19, the product of years of efforts to raise meatier cows. The country’s prizewinners are sold at high-stakes auctions — so high that wealthy ranchers share ownership. They extract the eggs and semen from champion animals, create embryos and implant them in surrogate cows that they hope will produce the next magnificent specimens.

A stockman watches over the Nelore cow known as Viatina-19 at a farm in Uberaba, Minas Gerais state, Brazil, Friday, April 26, 2024. (AP Photo/Silvia Izquierdo)

“We’re not slaughtering elite cattle. We’re breeding them. And at the end of the line, going to feed the whole world,” one of her owners, Ney Pereira, said after arriving by helicopter at his farm in Minas Gerais state. “I think Viatina will provide that.”

The cow’s eye-popping price stems from how quickly she put on vast amounts of muscle, from her fertility and — crucially — how often she has passed those characteristics to her offspring, said Lorrany Martins, a veterinarian who is Pereira’s daughter and right hand. Breeders also value posture, hoof solidity, docility, maternal ability and beauty. Those eager to level up their livestock’s genetics pay around $250,000 for an opportunity to collect Viatina-19’s egg cells.

“She is the closest to perfection that has been attained so far,” Martins said. “She’s a complete cow, has all the characteristics that all the proprietors are looking for.”

Ney Pereira and his daughter, veterinarian Lorrany Martins, give an interview inside a stable at his farm in Uberaba, Minas Gerais state, Brazil, Friday, April 26, 2024. (AP Photo/Silvia Izquierdo)

A GRAND MATRIARCH

A commodities boom in the 2000s turbocharged Brazilian agriculture, especially with a rising China buying soy and beef . Today, agriculture’s influence extends to Brazil’s Congress and the national consciousness. Country music is booming. TV viewers can watch the massive Globo network’s seven-year campaign exalting the sector. The Cow Channel features live auctions. And Brazil, along with the U.S., is at the forefront of cattle genetics; it does more in-vitro fertilizations than any country in the world, said João Henrique Moreira Viana, genetic resources and biotechnology researcher at the government’s agricultural research corporation.

Viatina-19 won award after award — including “Miss South America” at the Fort Worth, Texas-based “Champion of the World” competition, a bovine version of Miss Universe where cows and bulls from different countries square off. But at 3 years old she hadn’t yet proven that her egg cells, when fertilized and implanted in a surrogate cow, would reliably produce offspring bearing her champion characteristics, said Pereira, an internet executive who moved into elite cow breeding. He needed “a grand matriarch.”

Such cows cost so much that people buy and sell partial ownership, and Pereira’s company Napemo Agriculture paid several million reais (almost $800,000) in a 2022 auction for a 50% stake in Viatina-19. Another rancher kept the other half, so the two would jointly make important decisions and split revenues.

As the auctioneer banged his gavel, the speakers blasted Elvis Presley’s “Suspicious Minds.” For Pereira, a lifelong Elvis fanatic, it was a sign.

“It gave me butterflies in the stomach,” he said. “We were new breeders. It was a bit of boldness, a bit of feeling and a bit of heart, too.”

Last year, Pereira and the other owner put a 33% stake in the cow up at auction. One bidder paid 7 million reais ($1.3 million), making Viatina-19’s full value break the Guinness record.

INDIA TO BRAZIL

In Brazil, 80% of the cows are Zebus, a subspecies originating in India with a distinctive hump and dewlap, or folds of draping neck skin. Viatina-19 belongs to the Nelore breed, which is raised for meat, not milk, and makes up most of Brazil’s stock.

The first Zebus arrived in Brazil in the latter half of the 19th century and they proved far hardier than European stock. They coped well with the sweltering tropical heat, proved resistant to parasites and gained weight faster. A prizewinning Nelore bull named Karvardi arrived from India in 1963, and some breeders still preserve cryogenically frozen doses of his semen, according to Brazil’s Zebu association. Draped in traditional Indian vestments, Karvardi’s preserved body stands in the Zebu Museum in Uberaba, the city in Brazil’s agricultural heartland where Viatina-19 lives.

Uberaba holds an annual gathering called ExpoZebu that bills itself as the world’s biggest Zebu fair. Held several weeks ago, it was a far cry from the Brazil imagined abroad. The dress code was boots, baseball caps and blue jeans. Evening concerts drew 10,000 spectators belting out their favorite country songs. But the main attraction was the daily cattle shows. Ranchers came from as far away as Zimbabwe and Indonesia. Stockmen shaved cows’ ears and the bases of their horns — the equivalent of a fresh human haircut to charm show judges and win prizes that boost an animal’s auction price.

Spectators attend a concert at the ExpoZebu fair in Uberaba, Minas Gerais state, Brazil, Saturday, April 27, 2024. (AP Photo/Silvia Izquierdo)

The most prestigious auction is called Elo de Raça, and Viatina-19 has been sold at increasingly higher prices there. Searchlights shooting into the night sky on April 28 summoned the hundreds fortunate enough to receive invitations. Arthur Lira, the speaker of Congress’ Lower House, drove in followed by a car with his security detail. He was set to offer his 3-month-old calf.

“The auctions always present the best of what each person has and that spreads to other people, other breeders, and the genetics evolve,” said Lira, who ranches in Brazil’s northeast.

As the first cow entered the paddock, speakers blared Queen’s “We Are the Champions.” But that cow was a mere appetizer before the auction of this year’s starlet, Donna, and three of her clones. The final sale price put her total value at 15.5 million reais ($3 million). Presenting Donna, the announcer said that each of the four produces 80 egg cells a month – quadruple an average Nelore – and called them “a factory.”

“Donna shows where we are with the Nelore breed and where we will go!” he shouted.

Bidders attend an Elo de Raca auction preview at the ExpoZebu in Uberaba, Minas Gerais state, Brazil, Saturday, April 27, 2024. The Elo de Raça is the most prestigious auction at the annual ExpoZeb, which bills itself as the world’s biggest Zebu fair. (AP Photo/Silvia Izquierdo)

NEW MARKETS

Showstoppers like Donna and Viatina-19 are rarities in Brazil, where there are more than 230 million cows, according to the United States Department of Agriculture. It has the world’s largest beef cattle population, and that’s problematic; of the nation’s total greenhouse emissions, 86% are linked to its food production, mainly for beef and soy, according to a World Bank report published last month. Huge swaths of Amazon rainforest have been slashed to create pasture, releasing carbon stored in trees, and cows belch methane that’s far worse for the climate.

One of the best ways to cut livestock emissions is reducing cows’ age of slaughter, said Rodrigo Gomes, a beef cattle researcher at the government’s agricultural research corporation. Elite cows can gain weight fast enough to be slaughtered significantly younger.

Others say genetic improvements are helpful but limited ways to reduce warming. Simpler, more effective measures include planting better grass for grazing and regularly moving cattle from pasture to pasture, said Beto Veríssimo, an agronomist who co-founded an environmental nonprofit called Imazon. Productivity in Brazil could be at least three times higher, said Veríssimo, who sits on the consultation committee of meatpacking giant JBS’ Amazon fund . He receives no compensation.

Ranching is here to stay; it’s an economic engine in Brazil, which exported more than 2 million tons of beef in both 2022 and 2023, the most since records began in 1997. The overwhelming majority goes to developing nations, especially China, thanks to rising incomes that have put beef within reach. It’s partly why agriculture and livestock activity grew 3.6% from 2015 to 2023, compared to 0.8% for services and a contraction in industry of 0.6%, according to calculations by LCA Consultores based on official data.

President Luiz Inácio Lula da Silva has been working to open new markets. Last month, Lula met Prime Minister Fumio Kishida of Japan, home to the premium, marbled Wagyu beef ; he urged his counterpart to taste Brazilian meat and become a believer .

“Please,” he said, addressing his vice president at the event, “take Prime Minister Fumio to eat steak at the best restaurant in Sao Paulo so that, the following week, he starts importing our beef.”

And in April, Lula visited one of the 38 Brazilian meatpacking plants that China authorized to send beef there. He boasted about the billions in revenue they will provide. Lula’s administration last month declared Brazil totally free of foot-and-mouth disease , saying it will request recognition from the World Organization for Animal Health in August. That would open the world’s more restrictive — and lucrative — markets to Brazilian beef, Vice President Geraldo Alckmin said at the time.

SEND IN THE CLONES

Just down the highway from the Elo de Raça auction stands what appears an ordinary farmhouse. But inside, employees in white coats extract DNA from cows’ tail hair and use it to create embryos. Behind that laboratory, sprawling hills of pasture are dotted with some 500 surrogates pregnant with clones.

“All those are rental bellies,” said Geneal Animal Genetics and Biotechnology’s commercial director, Paulo Cerantola, motioning to a hilltop herd as his truck rumbled along a dirt road.

It led to a stable beside a small pen where a cloned calf lay in the sunshine. Born the day before, it was still too unsure of its legs to stand, and a 2-day-old clone set an example by ambling about gamely. Another born 20 minutes earlier by cesarean section was huddled on hay in the rear of a stall, pressing backwards against the wall and unsettled by this strange new world.

Perhaps one-third of fetal clones survive; the pregnancies can fail or a clone can be born with deformities that require euthanasia, Cerantola said. Clones of Viatina-19 are due in a few months, he said.

But some ranchers wouldn’t even want a big herd of her clones. High-maintenance cows like Viatina-19 aren’t profitable on a commercial scale because they couldn’t meet their energy needs from grass alone, said P.J. Budler, a cattle judge and international business manager for Trans Ova Genetics, an Iowa-based company focused on improving the bovine gene pool.

“For the environment and the resources that it would take to run a cow like (Viatina-19), she fits the mold ideally, but she’s not the answer for all cattle everywhere,” he said.

Another Texas cattleman who traveled to ExpoZebu in 2023 to scope out the genetics scene was more critical, calling Viatina-19, and cows like her, “man-made freaks.”

“In my opinion, she needs a bullet in her head. She’s poison for the industry,” Grant Vassberg said by phone. “We still need cows to be efficient on grass. That’s how you feed the world.”

Viatina-19’s owner, Pereira, said she gets special treatment to boost egg cell production, but would thrive were she put to pasture — where almost all his elite cattle feed.

Meanwhile, Viatina-19 is pregnant for the first time, which helps maintain hormone cycles, Pereira said, and he’s eyeing expansion; her egg cells have sold to Bolivian buyers and he wants to export to the United Arab Emirates, India and the US.

“If she is the best in the world – not just her price, but I believe she is the world’s best – we need to share her around the world,” Pereira said.

His veterinarian daughter, Martins, is looking even farther ahead.

“I hope she is the basis for an even better animal in the future, decades from now,” she said.