When it is time to write the business plan for freelance writers, the first questions that comes up is this: What type of writing is planned? Many freelancers wander a bit aimlessly around the writing market, taking on various projects as they become available but never thinking about where the business will be five years from now. When the wandering gets old and the bottom line is inadequate, it is time to become an entrepreneurial freelance writer and write a business plan.
The entrepreneur has a mission and goals and a marketing plan. Before a marketing plan is developed, it is necessary to define the type of freelance writing that will make up the bulk of the revenue. There are a hundred different paths a freelance writer can take which is precisely why it is critical to develop a business plan. It helps the entrepreneur focus on where energies will be spent.
• Will the writer concentrate on ghost writing, web content writing, copy writing, business writing, special interest writing, technical writing, editorial writing, or some combination?
• Will the writer focus on fiction or nonfiction print books, ebooks, news stories, magazine articles, social media content, press releases, technical manuals, or something else?
• Will the writer choose a writing niche like health, fitness, self-improvement, home repairs, technology, finance, education, and so on?
During the planning stage, the freelance writer will also need to address the many aspects of developing a successful business. Most freelance writers have already been writing and selling work for some period of time. The business plan solidifies the author’s business goals, giving him or her direction over the next five years.
• Identify the business expenses that include website development and maintenance fees, membership fees, health insurance, paper and print cartridges, marketing expenses, equipment, and so on
• Identify how much money must be made each week or month to cover expenses and generate a profit based on financial goals, and convert that to writing goals in terms of the number of articles, blogs, projects, etc. that are needed
• Describe the in-depth market research conducted to identify the market niche and competition within it
• Develop a marketing plan that targets writing sites or companies in the desired niche market; describe use of social media to broadcast availability and create an expert online presence
• Prepare a five-year proforma income statement
Importance of Business Plan For Freelance Writers
The business plan for freelance writers is an important document for staying on track. The availability of numerous writing sites has created a low barrier to entry, and it is tempting to jump into the writing market without a plan. However, without a business plan, there is a good chance the writer will remain fairly aimless in the approach and that means financial goals will be difficult to meet.
OGS Capital can simplify the process of writing a business plan for freelance writers. Complete the online contact form and a consultant with expertise in business planning for entrepreneurs will be in contact shortly to get the process started.
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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.