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How To Create A Freelance Business Plan – Guide + Template

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

• Purpose of a business plan
• Benefits and advantages

The Business Model Canvas

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

• Revenue Stream

Cost Structure

The lean canvas.

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

Purpose of a freelance business plan

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

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

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

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

Why use a business plan? Benefits and advantages

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

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

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

Revenue Streams

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How to create a freelance business plan – Template + checklist

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

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

1. Executive Summary 

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

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

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

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

2. Company & Strategy

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

The following sub-chapters are included:

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

3. Products & Services

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

The subchapters include:

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

4. Market Analysis

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

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

5. Competition

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

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

6. Marketing & Sales

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

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

7. Organisation & Resources

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

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

8. Risk Analysis

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

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

• Management / personnel

9. Financing

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

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

10. Action Plan

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

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

11. Appendix

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

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

📌 Business Model checklist ➯ DOWNLOAD

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

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

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

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

Missing structure in the business plan

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

Insufficient differentiation

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

Underestimating risks

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

Poor planning

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

These articles might be interesting too:

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

Stefania Volpe

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

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Freelance Business Plan Template + Guide

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

Step-by-Step Freelance Business Plan

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

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

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

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

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

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

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

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

1. Company name

We start with the company name – pretty straightforward.

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

3. Target Market

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

4. Location

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

5. Products/Services

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

6. Competitors

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

7. Differentiation

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

8. Problems

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

9. Benefits

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

10. Marketing

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

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

12. Milestones

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

13. Targets

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

14. Expenses

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

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

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

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

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

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

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

You will benefit from having a business plan if:

1. Freelancing is your main source of income

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

2. You want to grow your business

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

3. You plan to seek external advice or funding

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

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

Clearer direction and focus

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

Prioritize better

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

Track your financial performance

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

Builds the confidence of external stakeholders

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

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

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Written by Rhonda Page

Contributor at millo.co.

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

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How to Write a Business Plan: A Painless Guide for Freelancers

This content may contain affiliate links. If you purchase through these links I may receive a commission at no extra cost to you. However, I only recommend products or services that I genuinely like and trust.

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.

Emailing 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 stationary.

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!

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.

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

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

What is a business plan? 

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

Do freelancers need a business plan?

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

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

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

Why create a freelance business plan?

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

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

Get your goals out of your head

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

Understand your vision

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

Track your progress

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

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

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

Part one: The basics

Part two: Your offer

Part three: You + your market 

Part four: operations.

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

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

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

Choose a name

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

Using your own name for your freelance business

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

Coming up with a business name

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

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

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

Part two: Your offers

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

Products and services

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

Benefits of your product/service

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

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

Target market

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

What problem you’ll solve 

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

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

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

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

Your competitors

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

What makes you unique

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

Marketing strategy

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

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

Tools you’ll need

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

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

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

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

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

Part  5: What’s in it for you?

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

Your financial goals

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

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

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

Your lifestyle goals

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

Bonus: What happens when you reach your goals?

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

Raising your rates

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

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

Team members

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

New business model

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

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

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

Freelance Business Plan Template

Get your free copy now!

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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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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 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

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

Sources of Funding for Freelance Writing Businesses

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

Finish Your Business Plan Today!

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

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

Executive Summary

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

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

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

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

Company Overview

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

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

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

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

Include answers to questions such as:

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

Industry Analysis

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

While this may seem unnecessary, it serves multiple purposes.

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

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

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

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

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

Customer Analysis

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

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

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

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

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

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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.

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

OR, Let Us Develop Your Plan For You

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

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Guide to Building a Successful Freelance Business

Having a freelance business can afford you the freedom, choice, income, and independence you need to live a fuller and a more satisfying life. To help you get there, we've put together this go-to guide to building a successful freelance business online. We'll talk all about freelancing , from finding your niche to taxes and business options. Before you take the plunge into freelancing full time, ask yourself the following questions:

What are your motivations to go freelance?

Motivation is different for everybody, but some of the more common reasons are:

• You want to escape the mundane 9-5 rat race
• You need more flexibility in your daily schedule
• You want to have a better work/life balance
• You want control of your finances and career options
• You need the freedom a remote working environment affords

What's your motivation to freelance?

Are you making a considered decision or not?

So you've been not getting along with your boss, or you didn't win a particular account--both of those are unfortunate scenarios, but they aren't solid reasons to quit your steady job and decide to freelance. Think about it: becoming a freelancer isn't a decision to be taken lightly—we're talking about your career here. Remember, this is your long-term future and your personal finances, so a snap decision based on a few bad days or general job dissatisfaction isn't a smart move. Freelancing is very rewarding, but getting started is a lot of work, so it's important your motivation is strong enough to hold you steady while you get started. 

Whatever your motivation, take the time to think things through:

Create a brainstorming board with wants, needs, pros, and cons, and find out whether freelancing is really what you want, or whether your needs might better be served by another strategy entirely. If being a freelancer is the right path for you, then read on.

What Services Can You Offer?

As a freelancer, you aren’t locked into one role or position. While some choose to specialize in one field, or even one niche of one field, such as travel writing, others use their multi-passionate natures to freelance in several fields. There are so many types of freelance jobs online, that you'll be spoiled for choice. Consider freelance roles in: 

• Graphics and Design
• Web and Mobile Design
• Digital Marketing
• Writing and Translation
• Video and Animation
• Music and Audio
• Programming and Tech
• Business Services

Perhaps you are good with Adobe Photoshop , have a beautiful voice that would be good for voice-overs , and you can also create an amazing presentation in Powerpoint . There are so many options for freelancers looking to do business online that you can build a career with plenty of variety, whatever your skills.

How to Uncover your Freelance Potential

Analyze competitive offerings.

Let's say that you're a designer looking to get your freelance design business off the ground. The first thing you should do is look at others with successful freelance design businesses to gather insights into their competitive offerings. Take, for example, these Fiverr marketplace listing for designers.

You can see, even from this small sample, that there's a lot of variety in the services freelancers offer. From the insights you gain from your competitor research, you can establish what services you can offer, and if you can compete or carve out your own niche within the freelance marketplace.

List Your Skills

Start by listing all of your current skills. Write it all down. Don't obsess over making it perfect or only writing what you consider to be marketable. Answer the following: 

• What do you do, or have you previously done, for work? 
• Break down your current and previous roles. As part of your current job, do you find yourself writing reports? 
• Does your job require you to edit other people's work? 
• Do you run meetings? Organize schedules? 
• Were you involved with sales? What are your work-related skills? 

However insignificant they may seem, write them down. Next, list everything you're good at outside of work. Do you like to program simple applications or WordPress plugins in your free time? Do you edit photos? Make videos? Design digital art? Are you a calligrapher? A fitness fanatic?

Once you've got your list, eliminate any of the items that you really did not enjoy and would not want to do on a regular basis. While it's important for a freelancer to make a livable income, it's difficult to thrive doing things you really dislike - it'll quickly take the shine off freelancing. 

How to Be a Freelancer: 105 Tips to Achieve Success

Defining your skills helps you “zero in” on what you’re truly good at, and what can really help you thrive in the freelance world. (read article), research your marketable skills.

Now get down to research. Which of the remaining skills are marketable? The key is to find the "sweet spot" between what you're good at and what makes you the amount of money you need to live comfortably. Your time is valuable, so you need to establish which skills are worth pursuing. Eliminate the ones that you don't feel pay enough to be worth your time. 

Now you should have a nice defined list of items that fall into that "sweet spot". These are the core skills you can use to start your freelance business. From here, you should be able to start building services or packages to offer potential clients.

Key Takeaway: Do your research if you want to become a freelancer.

• List all of your skills (both from work experience and hobbies or interests)
• Eliminate all those skills you don't really want to do for work
• Start researching to establish which skills are marketable
• Establish which skills pay well enough to help you build the income level you need and eliminate the others
• Take the remaining skills as the foundation from which to build your freelance business

Study Up: Get Additional Education and Certifications

Whether you want to hone existing skills or learn new ones, self-education is perfect for those who want to freelance. It's not just about the skills you gain - although that's obviously the key factor, it also shows potential clients that you're serious. Serious enough to have invested time and resources into your continued professional development. If a client is considering who to hire between you and another freelancer, and everything else is equal, they're going to choose the candidate that demonstrates they're committed and invested in their freelance career. And, given that we're in the Digital Age, you don't even have to go to school to gain those skills. 

Fiverr, for example, has a section dedicated to freelancer education with all types of training courses, ranging from storytelling to technical SEO audits. Here’s an example course from Jon Youshaei about, “ Stories That Sell: 7 Secrets To Create Killer Content. ”

With Fiverr's courses, you aren't locked into a monthly subscription. Each course is a single purchase, and you retain lifetime access to it, so you can revisit and refresh your skills whenever you need.

Key Takeaway: Invest in yourself and your freelance business by honing existing skills and learning new ones.

• Look at the skills you'd like to learn, and prioritize them
• Take a relevant course in the one new skill that you identified as your highest priority
• Add the skill to your freelance profile and start practicing that skill, building your experience and portfolio in that area

Building and Testing Your Idea

Its time to formulate a clear plan to freelance success . 

Scope and Price Your Projects

Start with one or two services that you can excel at. Flesh out what you're prepared to offer and at what price. Keep your offering simple, but make sure you are very clear about the scope of what you're offering. Don't leave any room for misunderstanding. If you're building a content writing business model, for example, you may decide you want to offer a blog article service . 

• How much are you charging? Review competitive price points, and do your research on what you should be charging. 
• How many revisions are you prepared to do?
• How many days will it take you to deliver?

Identify what the scope of work, and budget range is that you are willing to work within.  You want to make sure that you are comfortable the that range.

 Test Your Project

Before you dive in, you should test your freelance project ideas. Don't just rely on a single test - run several with different people. Here are some simple ways to test your ideas:

• Offer free services to friends and family.
• Offer heavily discounted rates for your first 5-10 projects, or do the work at cost.
• Donate your service to a non-profit or cause of your choice to get started. 

You get a few other benefits from the multi-test approach, aside from finding out if your service works:

• You get samples for your portfolio
• You get on-the-job experience
• You find out how long it really takes for you to complete the job to the best of your ability.

Identify and Locate Your Target Clients

If you're wondering how to get freelance work, the answer is simple: It's knowing who your clients are and where to find them. One of the most challenging aspects of your freelance startup will be finding clients. But not just any clients. You need the right clients.  

It's time to put together your primary client persona - that's the ideal person who wants your service. This way, you can narrow down and only focus on clients who fit your buyer persona. 

The persona should include as much information as possible, such as:

• Pain points/needs
• The solutions you can offer to solve those needs
• Where they do business
• Online presence

Whether you're doing client outreach or listing your services on Fiverr, make sure you keep your customer persona right at the front of your mind. 

Key Takeaway: Finding new clients is challenging for freelancers, but you can make it easier.

• Create a customer persona for each of your services
• Establish how best to make contact with that persona, and do it
• Make sure you have a robust Fiverr account with strong service packages and upsells
• Do plenty of competitor research using tools like SimilarWeb
• Use FollowerWonk and email finders to reach out to prospects directly

Create a Strategy for Your Freelance Startup

It doesn't matter whether you're starting to freelance on the side while working your regular job or jumping in feet-first and aiming to go full-time right out of the gate - you still need a rock-solid strategy. Assuming you're following the steps in this freelance guide you are off to a good start. You already have the answers to some of the key components of your strategy.

Strategy Foundations

A good freelance business strategy will start with the foundation and basics of your business model. So far you should have documented:

• Service offering overviews
• Pricing of your services
• Test project results and insights
• Your buyer personas for each service

Resource Planning

Now it's time to add those components to your freelance business plan and round it out with the other essential factors, which include answering questions such as:

• What timeframe are you looking to become a freelancer within?
• How much do you need to earn per month or year to comfortably meet your financial needs? How many gigs or hours of billable work does that require? Can you be competitive?
• How many orders can you comfortably accommodate in a week or a month?

Key takeaways:

• Establish a foundation of your business (personas, pricing, project overviews)
• Establish long-term goals for your business (timeline to becoming full-time, incoming revenue goals, etc.)

Keeping Yourself on Track

Productivity is a crucial element to success in your freelance business, so you need to incorporate it into your overall strategy. It's easy to get lost in the minutiae of being a freelancer or in all the little distractions that occur when you start to work from home. You can lose focus or have so much to do that you dither and procrastinate and end up achieving very little. 

Set Working Hours

Get yourself on a tight schedule, just as if you were going to work at a brick and mortar job. Set strict working hours, whether that's 9 to 5 or 6 to 10, then 2 to 8. Make sure it's a realistic and achievable schedule. 

Then, within that schedule, pencil in specific times for particular tasks. For example, set aside an hour on Mondays and Thursdays for checking and responding to emails. You know you need to network on a regular basis, so maybe set aside two hours on a Tuesday morning just for that. Punch in the times you'll be working on client gigs, the time you'll be spending researching new potential clients, and time for learning. Obviously leave some room for flexibility, as the most successful freelancers are agile as well as well-organized. Using a calendar and strict timetable will help you stay on track and help you avoid overwhelm. 

Use Project Management Tools

Another great freelance tip to avoid overwhelm is to use project management tools and systems to keep yourself on track. You might prefer a whiteboard, or a pen and paper journal. There are also a number of great project management tools digitally to tap into for digital to-do list creation such as Asana, or Trello.

Include Break time

Don't forget to schedule in breaks. It's all too easy as a freelancer just to burn right through the whole day, but that isn't healthy for your body or mind. When you're setting up your timetable, make sure you include regular breaks to get away from your desk, get up and walk around, get outside, or just to go make a drink and some food. You need to get up and move around regularly throughout the day, and your eyes and brain need regular digital breaks.

Start Your Freelance Business

So now you've got a solid plan. You've identified your goals and established how you're going to get there. Now the real work begins - starting your freelance business. Building your brand as a freelance startup is crucial, just like any business. 

Yes, you can build a freelance website, as it's a great branding tool, but it's costly and time-consuming, particularly if you don't know how. That's one of the reasons Fiverr is a great place to start freelancing. You don't need any coding or web development skills - all you need to do is  sign up and create your seller profile . Then you can create your first gig and start selling. See our how to start selling on Fiverr help article for more info.

A freelance marketplace like Fiverr makes freelancing easier for beginners are career-long professionals in a number of ways:

• Clients come to you, specifically looking for your service
• Reduces the cold pitching you need to do
• Lets you showcase your best work
• Lets you set a clear scope of work up front, right in your service offering, so there's no misunderstandings later
• Allows clear upsells
• Shows verified reviews and feedback to establish trust
• Lets you send custom offers
• Lets you easily add video to your gig

And that's not all. In 2018, Fiverr acquired And Co to help freelancers manage the administrative side of their businesses. Services and features include time tracking, invoicing and payments, customizable proposals, contracts, expense tracking, income reports, and more. This helps you free up valuable time that you can invest in securing more gigs, engaging with clients, and learning new skills.

Do I Need an LLC to Freelance?

Whether a freelancer should form an LLC (Limited Liability Company) or not is a personal choice. The biggest benefit is that it may limit your risk to the amount of capital you've invested in your business. Sole proprietors have unlimited liability, you are your business, and your personal assets and funds may be at risk if you encounter legal trouble. If you decide you do want to form an LLC, remember to factor the state fees and filing fees into account when pricing your services. You'll also need to keep different and more thorough business records.

Key Takeaway: There's a lot to think about when you launch your freelance business.

• Building a freelance website is a secondary consideration, given the marketplace options available
• Make it easy on yourself to establish yourself and find clients by signing up as a seller on Fiverr
• Set up your Fiverr seller profile
• Create your first Fiverr gig and start selling
• Sign up to And Co to help run the administrative side of your freelance business
• Decide whether you need to form an LLC or whether you want to wait until you're more established

How to Win  Freelance Work

There are a few different strategies you can employ to help you win your first clients. 

1. Really work on your Unique Seling Point

Your unique selling point is how you differ and/or offer more value than your competitors. Don't drop your prices - you've already established how much you need to charge to meet your needs. 

Instead, focus on what you can offer that other people don't. Maybe you can include two images in your blog post offering. Perhaps you could do a time-limited offer of an infographic with a blog post. How about a free printable calendar? If you're bilingual, you could offer a free translation of your blog post. A free upgrade to a higher-quality image file? A free content health analysis with your SEO service? Or perhaps your USP is your demonstrable expertise in your field. Perhaps you only work on one project at a time, so your client gets your absolute, laser-focused attention. 

Whatever your unique values are, emphasize them when you sell. 

2. Leverage Your Social Networks

You may be surprised at how many people in your existing social network need your skills, so it's a great place to start to attract clients. And you can ask family and friends to share, too. This kind of self-promotion is invaluable, whether you're just starting to freelance or you've been doing it for decades. 

On LinkedIn, for example, make sure you create a strong profile that showcases your skills and get involved with relevant groups and conversations. And don't forget to use Fiverr's social sharing functionality to showcase your available gigs. 

3. Win Clients With Your Knowledge

You can show you have industry expertise, help people at the same time, and expand your brand trust and reach. The easiest way is to use sites like Reddit and Quora to answer questions in your niche. Just make sure your answers are accurate and offer real value, otherwise, you'll get yourself a bad reputation instead of a good one. Read our guide to freelance marketing with Quora for more info

4. Use Paid Ads

If you have the budget, you can drive targeted traffic to your freelance offerings with paid ads. Choose from social ads like those for Facebook or LinkedIn, or go with search engine ads. Just remember to make sure you target your ads specifically to your primary customer personas, or you'll be throwing away your money.

Key Takeaway: Winning your first freelance gigs isn't as difficult as it may seem.

• Define your unique selling point and use it
• Leverage your social networks
• Showcase your knowledge on sites like Quora and JustAnswer
• Use paid ads if your budget allows
• Bring existing customers to Fiverr to expose them to your other services

Find more strategies and tips on how to succeed on Fiverr as a seller with this free ebook.

Deciding to become a freelancer may one of the biggest decisions you ever make. It takes dedication and commitment to achieve success. There's an awful lot to wrap your head around as you get started, too, from trying to decide what services you can offer to taxes and retirement plans. This guide breaks down what can seem like a gargantuan task into manageable chunks, guiding you through the process. We've included plenty of actionable insights and useful freelance tips to get you started the right way. At Fiverr, we love to help freelancers win, so you'll find lots of other help on our blog .

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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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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.

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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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How to Start a Profitable Freelance Writing Business [11 Steps]

By Nick Cotter Updated Feb 02, 2024

Business Steps:

1. perform market analysis., 2. draft a freelance writing business plan., 3. develop a freelance writing brand., 4. formalize your business registration., 5. acquire necessary licenses and permits for freelance writing., 6. open a business bank account and secure funding as needed., 7. set pricing for freelance writing services., 8. acquire freelance writing equipment and supplies., 9. obtain business insurance for freelance writing, if required., 10. begin marketing your freelance writing services., 11. expand your freelance writing business..

Embarking on a freelance writing business begins with a thorough market analysis. This foundational step helps you understand your competition, identify demand, and tailor your services to meet market needs. Follow these guidelines to ensure a comprehensive understanding of the writing landscape:

• Research your target niche by evaluating what types of writing are in demand, such as technical writing, SEO content, or creative work.
• Analyze your competition by looking at other freelance writers or agencies, noting their strengths, weaknesses, and pricing strategies.
• Identify your potential clients and understand their needs and content consumption preferences.
• Explore various freelancing platforms and online communities to gauge where your services might be most needed.
• Stay updated with industry trends, including popular topics and emerging writing styles or platforms, to offer cutting-edge services.
• Consider the global market, but also focus on local opportunities that might offer less competition and a more personalized approach.
• Conduct surveys or interviews with potential clients to receive direct feedback about what they look for in a freelance writer.

Are freelance writing businesses profitable?

Freelance writing businesses can be very profitable, depending on the type of services offered and the writer's ability to market themselves and build a client base. The potential for profit is determined by factors such as how much time and effort the writer is willing to put into it and how marketable their services are. Additionally, setting competitive rates that are commensurate with the type of work being done will also impact profitability.

Starting a freelance writing business requires careful planning and strategic thinking. A solid business plan will serve as a roadmap for your freelance journey, outlining your goals, strategies, and how you intend to operate your business. Here's a guide to help you draft a comprehensive freelance writing business plan:

• Define your writing niche and services, considering your strengths and market demand.
• Identify your target market, including potential clients and industries that require your writing expertise.
• Research your competitors to understand their offerings and how to differentiate yourself.
• Set clear business goals and objectives, both short-term and long-term, for growth and success.
• Develop a marketing strategy that details how you will promote your services, including social media, content marketing, and networking.
• Outline your pricing structure, taking into account your experience, the type of work, and industry rates.
• Establish a financial plan, including anticipated income, expenses, and how you'll manage cash flow.
• Create an operational plan that includes your business structure, administrative processes, and any tools or software needed for your writing business.

How does a freelance writing business make money?

Freelance writing businesses make money by providing written content for businesses or individuals who need text-based services. For example, a freelance writer could provide a step-by-step guide to help entrepreneurs start their own spice business. This could include information such as the steps to forming a legal entity, the tools and ingredients needed to get started, and best marketing practices for the business. Target audiences for this type of content would include aspiring spice business owners and entrepreneurs who are looking for resources on how to start their own business.

Developing a freelance writing brand is crucial because it sets you apart from the competition and communicates your unique value proposition to potential clients. A strong brand resonates with your target audience and can help you build a loyal client base. Follow these steps to create a memorable and effective writing brand:

• Identify Your Niche: Focus on a specific genre or industry that aligns with your expertise and interests. Specialization can make you more attractive to certain clients.
• Define Your Brand Voice: Determine how you want to present yourself in your writing and interactions. Whether it's professional, conversational, or quirky, your voice should be consistent across all channels.
• Create a Professional Online Presence: Design a website and social media profiles that reflect your brand, showcase your portfolio, and provide an easy way for clients to contact you.
• Develop a Unique Value Proposition: Clearly articulate what makes your services better or different from other writers. Highlight your strengths and the benefits clients will receive.
• Consistency is Key: Ensure all your marketing materials, from business cards to social media posts, reflect your brand identity and message consistently.

How to come up with a name for your freelance writing business?

Coming up with a name for your freelance writing business is an important step in the process of becoming an independent writer. When searching for a name, it helps to reflect on what you want your brand to represent. Consider what kind of work you specialize in, and think about how that might fit into a clever name. Once you have some ideas, try out different combinations with words and phrases to create something unique. Finally, consider searching online for similar names or phrases to make sure you are not infringing on an existing business.

Once you've laid the groundwork for your freelance writing business, it's time to make it official. Registering your business is a critical step, ensuring that you're recognized by the government and can operate legally. Below are the key steps to formalize your business registration:

• Choose your business structure: Decide whether you'll operate as a sole proprietorship, limited liability company (LLC), corporation, or partnership.
• Register your business name: If your business will have a name other than your own, file a 'Doing Business As' (DBA) or similar registration with the appropriate state agency.
• Obtain an Employer Identification Number (EIN): Even if you don't plan to hire employees, an EIN is important for tax purposes and may be required to open a business bank account. Apply for free on the IRS website.
• Register for state and local taxes: Depending on your location, you may need to register for a sales tax permit, income tax withholding, or other state-specific taxes.
• Secure necessary permits and licenses: Check with your city or county government to find out if there are any required permits or licenses for your type of business.

Resources to help get you started:

Explore vital resources dedicated to assisting freelance writing entrepreneurs with market trends, operational best practices, and strategies for business expansion:

• The Writer's Market: A comprehensive guide offering access to potential markets for writers, including magazines, publishers, and more. Visit site .
• Copyblogger: Provides articles, ebooks, and seminars on content marketing, writing, and SEO for freelance writers and entrepreneurs. Visit site .
• Content Marketing Institute: This site offers resources, research, and advice on content strategy and marketing, valuable for writers looking to enhance their services. Visit site .
• The Creative Penn: Hosted by Joanna Penn, offering podcasts, articles, and courses on writing, publishing, and marketing books. Visit site .
• Freelancers Union Blog: Provides a wealth of articles on freelance life, including legal advice, health insurance information, and ways to run your freelance business more effectively. Visit site .

Beginning a freelance writing business involves understanding and complying with the legal requirements. Acquiring the necessary licenses and permits is crucial to operate legitimately and avoid any legal complications. Below is a guide to help you navigate this step:

• Business License : Check with your local city or county government to determine if a general business license is required to legally operate as a freelancer in your area.
• DBA (Doing Business As) : If you're operating under a name different from your legal name, you may need to file a DBA with the appropriate state or local agency.
• Home Occupation Permit : If you plan to work from home, this permit ensures that your business activities comply with local zoning laws.
• Professional Licenses : While typically not required for freelance writers, verify if your niche or type of writing service requires any special professional licenses.
• Tax Registration : Depending on your location, you may need to register for a state sales tax license or a federal Employer Identification Number (EIN), especially if you plan to hire subcontractors.
• Other Permits : Research any additional permits that may pertain to your specific writing services, such as permissions for public signage if your freelance business has a physical location.

What licenses and permits are needed to run a freelance writing business?

In order to run a freelance writing business, you will need permits and licenses specific to the state you are operating in. Depending on your location, these may include a general business license, a seller’s permit, and a Tax Identification Number (TIN). Additionally, you may need a professional license if you are providing certain types of services that require specialized training, such as legal or medical writing.

Opening a business bank account is a crucial step in establishing your freelance writing business and helps to separate your personal and business finances. Additionally, securing the right type of funding can empower you to invest in essential resources and grow your business. Here are some steps to guide you through this process:

• Research banks and credit unions that offer business banking services. Look for accounts with low fees, easy access, and good customer support.
• Prepare the necessary documentation, which typically includes your business registration, EIN (Employer Identification Number), and personal identification.
• Apply for a business bank account either online or in person, and deposit the minimum amount required to open the account.
• Explore funding options, such as personal savings, loans from friends or family, small business loans, or lines of credit if you need additional capital to start or expand your business.
• Consider alternative funding sources like grants for writers, crowdfunding platforms, or freelance marketplaces that offer advances on projects.
• Maintain a clear budget for your business expenses and revenue to manage your finances effectively and plan for future growth.

Setting the right prices for your freelance writing services is crucial to attracting clients while valuing your expertise and time. Consider the following factors to determine a pricing structure that works for you and your clients.

• Understand Your Value: Assess your experience, niche expertise, and the quality of your work. Consider how these factors differentiate you and allow you to command higher rates.
• Research Market Rates: Look into what other freelancers with similar skills and experience are charging. This will give you a competitive benchmark for your own pricing.
• Choose a Pricing Model: Decide whether you'll charge by the hour, by the word, or a flat rate per project. Each has its own advantages, so select the one that aligns with your work style and industry standards.
• Factor in Business Costs: Your rates should cover not just the time you spend writing, but also the time and resources spent on research, revisions, communication, and marketing, as well as business expenses like software and taxes.
• Be Flexible: Be prepared to negotiate and adjust your rates for larger projects, long-term clients, or higher volume work. Offering different packages or tiered pricing can also accommodate various client budgets.
• Communicate Value Clearly: When proposing rates to clients, always highlight the value and return on investment your writing provides. This can justify your rates and demonstrate your professionalism.

What does it cost to start a freelance writing business?

Initiating a freelance writing business can involve substantial financial commitment, the scale of which is significantly influenced by factors such as geographical location, market dynamics, and operational expenses, among others. Nonetheless, our extensive research and hands-on experience have revealed an estimated starting cost of approximately $2150 for launching such an business. Please note, not all of these costs may be necessary to start up your freelance writing business.

As you embark on your freelance writing journey, having the right equipment and supplies is crucial for maintaining productivity and delivering quality work. You don't need a lot of fancy gadgets, but a few essentials can make a significant difference. Here are some must-have items to get you started:

• Laptop or Desktop Computer: Invest in a reliable computer with sufficient processing power and memory to handle various writing and research tasks.
• High-Speed Internet Connection: A fast and stable internet connection is essential for research, communication with clients, and submitting work.
• Word Processing Software: Choose a software like Microsoft Word, Google Docs, or Scrivener for writing and editing your documents.
• Ergonomic Chair and Desk: Maintain your health with an ergonomic setup to prevent strain during long writing sessions.
• External Hard Drive or Cloud Storage Service: Backup your work regularly to protect against data loss.
• Notebooks and Writing Utensils: For jotting down ideas and brainstorming when you're away from your computer.
• Planner or Digital Calendar: Keep track of deadlines, client meetings, and your writing schedule.
• Noise-Canceling Headphones: Block out distractions and focus on your writing, especially if you work in a noisy environment.

List of software, tools and supplies needed to start a freelance writing business:

• Computer: $300-$1500
• Internet Access: $30-$1000/month
• Word Processing Software: Free programs like Google Docs, but Microsoft Office is $99
• Accounting Software: QuickBooks Self-Employed starts from $5 per month
• Project Management Software: Asana, JIRA, Trello and Monday.com are free for basic options and range from $9-$30/month for advanced versions
• Marketing Tools: Hootsuite starts from free, Salesforce from $25/month
• Storage Space: DropBox starts from free, iCloud from $0.99/month
• Website/Blog Platform: Wix offers plans as low as $4.50/month
• Image Editing Software: Adobe Photoshop is up to $20.99/month
• Business Cards: Around $19.99 for 500 cards

As a freelance writer, obtaining business insurance can protect you from various risks, including liability and property damage. It's essential to assess the types of insurance required for your specific business needs. Here are some key steps to consider when seeking insurance:

• Evaluate your risks: Think about the potential legal issues you could face, such as copyright infringement claims or client disputes over contracts.
• Research insurance types: Common insurance types for freelancers include Professional Liability Insurance (also known as Errors & Omissions Insurance) and General Liability Insurance.
• Compare quotes: Contact multiple insurance providers to compare coverage options and premiums. Look for policies tailored to freelance professionals.
• Read the fine print: Carefully review the terms and conditions of each policy to understand what is covered and any exclusions or deductibles.
• Consider bundling policies: Sometimes, insurers offer discounts if you purchase multiple types of insurance from them.
• Review annually: Your insurance needs may change over time, so it's important to review and adjust your coverage as your business grows and evolves.

Now that you're ready to take your freelance writing business to the next level, it's crucial to attract clients and build your brand. Marketing your services effectively will help you stand out in a crowded market. Here are some strategies to get you started:

• Develop a Professional Website: Create a website that showcases your portfolio, writing services, testimonials, and contact information. Ensure it's optimized for search engines (SEO) to increase visibility.
• Utilize Social Media: Engage with potential clients on platforms like LinkedIn, Twitter, and Facebook. Share your content, network with other professionals, and advertise your services.
• Content Marketing: Start a blog or contribute to publications in your niche to demonstrate your writing skills and expertise, driving traffic to your site.
• Networking: Attend industry events, webinars, and workshops to meet potential clients and collaborators.
• Referral Program: Offer incentives for existing clients to refer new clients to you, expanding your client base organically.
• Email Marketing: Build an email list and send out newsletters with updates, promotions, and useful content to keep your audience engaged.
• Paid Advertising: Invest in targeted ads on social media or Google to reach potential clients actively looking for freelance writing services.

Expanding your freelance writing business is essential for building a sustainable career. With a focus on growth, you can increase your income, build a diverse client base, and establish a strong reputation in the industry. Consider the following strategies:

• Network Strategically: Attend industry events, join writing groups, and connect with peers on social media to build relationships that may lead to new opportunities.
• Refine Your Niche: Specialize in specific topics or industries where you can offer expert knowledge and command higher rates.
• Invest in Marketing: Create a professional website, utilize SEO techniques, and engage on platforms like LinkedIn to attract clients.
• Offer Additional Services: Diversify your offerings by including editing, content strategy, or social media management to provide more value to clients.
• Seek Passive Income: Write ebooks, create courses, or start a blog to generate revenue alongside your client work.
• Request Referrals: Encourage satisfied clients to refer others to you and consider offering incentives for successful referrals.
• Outsource Tasks: Delegate administrative tasks to virtual assistants or collaborate with other freelancers to increase your capacity for more writing projects.

• Online Course

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 .

Digital marketing course: Join my full AI Marketing course, with over 6h and 30 minutes of video lessons and 5 bonuses and learn the skills necessary to thrive as a marketer in the digital era.

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.

Designing A Freelance Business Plan: 5 Visuals You Must Include

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

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

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

5 Visuals You Must Include In Your Freelance Business Plan

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

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

1. Present your target clients with persona guides

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

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

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

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

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

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

2. Differentiate yourself with a SWOT matrix

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

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

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

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

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

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

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

3. Introduce your team with an organizational chart

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

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

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

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

4. Create a roadmap to communicate marketing strategy

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

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

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

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

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

5. Outline budget allocation with a flowchart

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

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

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

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

The Takeaway: Design An Engaging Freelance Business Plan

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

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

Simki Dutta

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

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The Ultimate 2023 Freelance Business Plan

By jena kroeker.

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

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

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

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

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

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

Creating a Freelance Business Plan

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

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

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

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

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

Preparing for the Year’s Journey

1. your destination.

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

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

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

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

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

Important soft skills for this step :

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

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

2. Your Budget

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

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

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

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

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

3. Your Transportation

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

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

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

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

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

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

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

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

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

4. Your Accommodations

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

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

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

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

5. Your Supplies and Resources

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

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

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

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

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

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

Final Thoughts and Encouragement

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

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

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

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

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

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Home » Earn Online » Freelance Business Plan: 7 Step Guide to Creating a Winning Plan

Freelance Business Plan: 7 Step Guide to Creating a Winning Plan

Quick Summary

• Freelancers often overlook the importance of a business plan, but it’s crucial for laying the foundation and achieving goals.
• A well-crafted business plan provides direction, outlines services, identifies target audience, analyses competitors, and sets financial projections.
• Key steps include defining brand purpose, identifying target audience, listing services, analysing niche competitors, planning marketing strategies, setting goals and timelines, and creating a financial plan.
•  A solid business plan not only guides operations but also attracts investors and helps anticipate challenges, making it essential for freelance success.

Table of Contents

It is a common misconception that freelancers do not usually require a business plan. The truth is that every entrepreneur from big organisations to freelancers can benefit from a well-laid-out freelance business plan.

The starting months of a business are crucial to set the foundation. This can only be done if you have a freelance business plan in place. Business plans help form your enterprise. They lay out a timeline for you to follow and reach every desired goal.

Before starting, you need to know that creating your freelance business plan is not easy, but it does make the incorporation of your business easier. You would know what your next target is. You would know how to arrange your funds in the best possible way, in order to achieve your goals in the shortest time.

This article has all the information you might need to write your own freelance business plan.

So, let’s read on!

7 Steps To Create A Freelance Business Plan

Starting your new business can seem like a difficult process, but having a business plan helps. It guides you along the path you choose for your business. Having everything written down from the purpose to the estimated annual earnings makes the future clearer. It breaks down the rocky initial months of the business into smaller targets you must achieve one after the other.

The making of freelance business plans is a little tedious, but also worth it. Putting in more time at the start to plan out your business will only benefit you later. It removes ambiguity and doubts by focusing on the final goal at the end of the line.

However, many don’t know where to start when it comes to writing a business plan. That’s why we have put together a list of 7 steps you need to follow to make your freelance business plan.

1. Write Down Brand Summary and Purpose

Every brand has a purpose above just profit. Find that purpose for your freelance business. What is your motivation behind the company? Why wake up in the early hours and put in all that time and effort every single day? This will help streamline your ideas and focus on achieving that one sole objective. It also assists you in building your business plan further.

A brand summary, or an executive summary, talks about the entire business plan that is about to follow in a few simple sentences. It should not be more than a few hundred words. The summary gives an outline of the rest of the freelance business plan.

Generally, the executive summary lists the following:

• Short introduction about the brand; the why and what of the business
• Products/services being offered
• USP (unique selling point) of your product; what makes the product different from every other one available in the market
• Emphasis on the value of your brand; the value it adds to the customers’ lives

The brand summary and purpose is the most important part of your business plan. Most investors might base their entire decision on this one page of information. Be sure to make it concise and noteworthy. It should be able to stand out from the pile of other business plans. A good summary will also enable you to write a good business plan going forward since all your thoughts will be listed on that one page.

So now that you have your starting point, let’s move ahead with the rest of your business!

2. Define Your Target Audience

To build your freelance business plan further, you need to look at your potential clients. They will be your target audience or target market. The target audience is the group of individuals, companies, or communities to whom you will be selling your products/services. They are the ones who will buy most of your offered products.

To decide what your target market is, try to think “Who will buy these products?”. For example, the target audience for fitness watches will be athletes, gym members, and fitness enthusiasts.

Defining your potential customers will allow you to club together similar characteristics that they all show. Putting together all these parts of their personality will give you your buyer persona. A buyer persona is a detailed description of your potential client. It helps in creating marketing tactics and advertisements especially focused on attracting them.

Buyer persona also gives you an insight into the lives of your customers – who they are and what all problems they face – this information can be used to expand your business in the future.

3. List Out Your Services

Listing your services might seem like the easiest step yet, but a lot goes on at the back. You need to see what the customers want and frame your services in a way that solves their problems and adds value to their life.

There are multiple questions to be asked here:

• Will you offer only one service or multiple?
• Will the services be on a project basis or packages?
• What do you include in your offer?
• What is the scope of your services?
• What is the entire process of your services from start to finish?

Answering these questions will take some time, but it will reduce the hurdles you might face in the future. This section contains all the products you offer and the whole transaction process. Write and explain your offerings succinctly.

Before coming up with your services, you can take inspiration from the most in-demand freelance services in the market. It is seen that freelancers tend to offer multiple services, not just one. It increases their scope of revenue from the business. You can even start small and expand your products in the future as your business grows.

You can build your freelance business plan on existing services or come up with a new one altogether. There is an abundance of ways you can use to monetise your services. This subset will finalise your decision by defining and explaining the one you choose.

4. Analyse Your Niche Competitors

First, let’s see what niche competitors are. The niche market for a business talks about a defined segment of the market in which the business offers its services. Within this market, all the freelancers, agencies, companies, etc. you compete with, are your niche competitors. Your target audience has the option to choose between your products and your competitors’ products.

It is, thus, crucial to identify these competitors, their business structure, and their services. This is to aid you to make distinctions in your own products and make them more attractive to your customers.

Your business plan needs to specify the following:

• Your competitors’ businesses; their structure, pricing, services offered, the process of business, and other important details.
• How your business is different; what additional value your products offer
• Is your pricing better than the rest of the market?
• Why would customers go for your products and not your competitors?

Analysing your competitors will help you refine your idea and business. It will give you a structure on which to base your business. You can ascertain your pricing and process by comparing it to the market.

However, the most important part of the competitor analysis is still the difference between your business and theirs. This is the USP of your product. This is what your business plan will focus on at every step of the way.

5. Marketing and Client Acquisitions

By now you have the basics of your freelance business plan. You have written down the purpose, the summary, the target audience, all the services offered, and your competitors. The next step is to acquire customers. This is where marketing and client acquisitions come in.

Client acquisition refers to the process of getting your potential customers to buy your products – become your client. Good client acquisition will:

• Attract potential customers
• Nurture them
• Convert them into clients

Marketing helps with client acquisition majorly on the first step- attracting potential customers to your brand and your products. This is where the buyer persona from step 2 will help out. The list of characteristics of your potential clients can identify their personality and lifestyle. Marketing campaigns can use these details and reach out to the majority of them.

Some common marketing strategies used by freelancers are:

• Search Engine Optimisation (SEO) and websites/blogs
• Social media pages
• Emailing and cold calling
• Digital marketing like ads on Google, Youtube and more

Under this step, you need to explain these campaigns and how you will be acquiring more and more customers. You can include all these details by expanding on the following two points:

• How to retain your existing customers
• How to appeal to new clients and expand your business

Forming and strengthening your relationship with your customers is very important in freelancing. You need to gain the trust of your clients to form a long-term, loyal customer base. Your services must meet and exceed their expectations. This is the best way to acquire and increase your share in the market space.

6. Goals, Targets, and Timelines

Nearing the end of the freelance business plan formation, now you need to define your goals, targets, and timelines. This will give you an idea about the future months of your business.

Start with listing your goals. This can comprise the number of customers you want to acquire in the next three months. Or the estimated revenue generated from the business in the coming quarter, and other agendas you want to put forth. These goals set the long-term blocks for your freelance business.

To meet these three months’ goals, you need to break them into smaller sections and form short-term targets. For example, a plan to reach 100 customers in a quarter can be broken down as follows:

• Make social media pages for your customer base
• Frequent posting on all these pages (3 posts a week and 1 blog)
• Market these posts and blogs using ads on Google and respected social media platforms

This is just an example, you can use your own goals and targets as per your convenience and the nature of your business.

Together the goals and targets will allow you to frame a timeline for the next year of your business. This timeline should mention the deadlines for all the points you make. The goals should be mentioned at the start followed by the short-term targets.

Timelines help a business a lot. It eliminates much of the ambiguity of starting a business by giving it fixed aims to focus on and achieve.

7. Financial Plan

Now that you have your timeline set, we come to the last step – making a financial plan . Financial planning is crucial to give an idea about the revenue you will earn and the expenses you can incur in the first few years.

Using the goals set in the previous step, identify your various income streams. These will help pinpoint your income and estimate your monthly revenue. But keep in mind that this is just the pay you are obtaining, not your profit. Most businesses don’t make a profit in their first year due to all the expenses incurred while setting it up.

Under this step, you must include the following:

• Start-up costs: Costs incurred before starting your business
• Estimated monthly revenue and expenses for the first year
• Estimated annual/quarterly revenue and expenses for the next 3 years
• Break-even analysis: The point at which your income equals your expenses is called the break-even point. After this point, you start earning a profit from your business. The analysis tells when and at what value this point will occur.

The budget will help you allot the right amount of resources for every aspect like advertising, hiring, maintenance costs, etc. It will steer your business in the right direction. Budgets also allow you to compare and see if you are gaining in proportion to your expenditure. If not, you can always make changes and follow a better plan of action.

Recommended read:

• A Beginner’s Guide on How to Become a Freelancer
• 20 Best Freelancing Sites in India
• The Ultimate Online Business Ideas in India

Benefits of Freelance Business Plan

Now that you have covered all the points to build your freelance business plan, let’s see how it will help you start your business in the future!

A business plan has many benefits and will definitely yield a high return on all the time spent on making it.

1. Clear Structure

A business plan lays down all the goals, ideas and targets in a proper timeline along with the budget required for them. This gives the entrepreneur immense clarity about their business’ future. They can work towards one target at a time and accomplish it. A clear structure means attentiveness and focuses on the important areas without any diversions.

An entrepreneur needs to be organised, especially when starting a new business, and a plan ensures just that.

2. Identify Competitors

One of the steps was competitor analysis. This gives an idea about the market and the companies in it. Knowing your competitors is really important to make your product and pricing better. Your business plan will guide you through the market and make your presence felt.

3. Anticipate Potential Challenges

Your business plan has all the information about the market, competitors, and finances and can thus list the potential hurdles you can face. These challenges are something every business faces, the only difference is how they deal with them. Planning can tell you in advance about these problems so that you can have solutions and plan B’s in place. This will guarantee the business’ survival through all the obstacles.

4. Future Costs and Incomes

Business plans can be used to calculate and show the business’ estimated incomes and expenses. It gives a date and a value to the earnings and can tell when a business will start making a profit.

5. Get Investors Interested in Your Business

To start a business you require funds. You can either bootstrap, which is to fund the entire business yourself, or you can go to investors. These investors go through the business plans of numerous companies, but only invest in some of them.

A business plan must have all the required details, but also stand out from the crowd. Most of the investors only read the first page which has the summary and purpose, so make sure that it’s interesting! Business plans can, thus, help you acquire funds for your business as well.

Also, read: Angel Investors: What Is Angel Investing & How Does It Work?

Start Planning for Your Freelancing Gig

Business plans are time-consuming and high on effort, but they do have numerous benefits. Every business, from big corporations to freelancers, needs a structure in place. Business plans can provide this structure. They are rigid yet flexible. They give the business a direction to follow, but also keep space for changes and additions.

A good business plan has information on the business purpose, competitors, products and services, financial details and client acquisition. Follow the 7 steps written above and build your own freelance business plan!

Do you want to earn by answering questions online? At Chegg, you can become a Q&A expert and do just that! You can connect with students worldwide and meet experts in every field possible. Networking and contacting have never been easier. Sign up now and earn money hassle-free!

Frequently Asked Questions

There is no best freelance business, only good business plans to follow through your business with. However, some popular choices for freelance businesses are: 1. Content Writing 2. Graphic Designing 3. Photography 4. Videography 5. Freelance Project Manager 6. Search Engine Optimisation Expert 7. Emailing Specialist

Yes, freelancing is a business. It involves business transactions and can earn the entrepreneur an income. From a legal perspective, depending on the business, freelancing can be categorised as a sole proprietorship or a small business.

The article talks about all the steps to build a freelance business plan in detail. The 7 steps required to start freelancing are: 1. Write Down Brand Summary and Purpose 2. Define Your Target Audience 3. List Out Your Services 4. Analyse Your Niche Competitors 5. Marketing and Client Acquisitions 6. Goals, Targets and Timelines 7. Financial Plan

Many people in recent years have started turning their passion into a business. The easiest way to achieve that is by freelancing. There are millions of freelancers in India who are earning their entire income by freelancing only. If done right, freelancing can be profitable. To reach that position, it is important to have a business plan that can help you along the way.

Freelancers do pay taxes in India. As per the regulations, their income is susceptible to tax rates according to the range under which they come.

Here are some related resources:

• Steps for Creating the Best Online Business Plan
• What Is a Business Continuity Plan? Steps for Creating BCP
• Importance of Financial Planning for Small Businesses

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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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Rate cuts are coming: Gold prices hit a record high

• Gold prices surged Monday to a record high of $2,265.73 an ounce.
• The Fed's preferred gauge of underlying inflation came in as expected Friday, affirming 2024 rate-cut hopes.
• The yellow metal is generally seen as an inflation hedge, and it trades inversely to consumer prices.

The price of gold rallied to another record high on Monday, following fresh inflation data from Friday that boosted rate-cut hopes . 

The yellow metal climbed as much as 1.6% to a new high of $2,265.73 an ounce.

The year-over-year index of personal consumption expenditures rose 2.5% in February, in line with economist expectations. Core PCE, which excludes food and energy prices, rose 2.8% for the month, also in line with estimates. The results have fueled anticipation that the central bank's first rate cut will come in June.

Typically, a lower-rate environment makes holding gold more alluring compared with other assets such as bonds, which yield lower returns when interest rates drop. 

Federal Reserve Chair Jerome Powell also applauded the latest US inflation data, saying it's "along the lines of what we would like to see" during his speech on Friday, which echoed his reiteration in last month's policy meeting of a rate cut for this year .

The surging bullion price was also pushed up by its robust overseas demand, as global central banks are shifting away from dollar reserves because of geopolitical risks. 

On the other hand, China's struggling stock and real-estate markets have forced many investors to pivot to the "safe haven." In February, the People's Bank of China acquired about 390,000 troy ounces of the precious metal. Overall, China's central bank now holds about 72.58 million troy ounces of gold, equivalent to about 2,257 tons.

Get the latest Gold price here.

• Main content

Trump says abortion restrictions should be left to states, dodging a national ban

Former President Donald Trump said Monday that abortion laws should be left to the states, many of which have enacted new restrictions since he appointed Supreme Court justices who voted to overturn federal protections for the procedure.

In a 4½-minute video released on his Truth Social media platform , Trump made several false claims, including that "we have abortion where everybody wanted it from a legal standpoint" in the wake of the Supreme Court's 2022 Dobbs decision. A majority of Americans have consistently said in polling that they favor the Roe v. Wade protections that the court dismantled.

"My view is, now that we have abortion where everybody wanted it from a legal standpoint, the states will determine by vote or legislation, or perhaps both, and whatever they decide must be the law of the land," Trump said.

In doing so, he refused to take a position on the national ban that has been promoted by some of his staunchest allies, including Sen. Lindsey Graham, R-S.C., and former White House aide Kellyanne Conway. In the past, Trump had hinted that he might embrace a national ban, referring to a 15- or 16-week threshold as a consensus position.

Trump did not say what he would do if he won the presidency and Congress sent him a national ban.

Trump's silence on the matter upset at least one prominent anti-abortion group in Washington. Susan B. Anthony Pro Life America President Marjorie Dannenfelser, who has pushed Republicans to adopt a weeks-based ban at the national level, said she is "deeply disappointed in President Trump's position" on the matter.

"Saying the issue is 'back to the states' cedes the national debate to the Democrats who are working relentlessly to enact legislation mandating abortion throughout all nine months of pregnancy," she said. "If successful, they will wipe out states' rights."

Graham also criticized Trump's stance, saying in a statement, "Dobbs does not require that conclusion legally and the pro-life movement has always been about the wellbeing of the unborn child — not geography."

Democrats in Congress have signed onto a bill that would limit states’ ability to restrict abortion rights. No Democrat in Congress has proposed “mandating abortion.” Unless either party can control the House and 60 votes in the Senate at the same time, the prospects for legislation limiting or expanding abortion rights are dim. It is unlikely that Trump would be presented with an abortion-ban bill.

Over the last quarter of a century and even since he became a candidate for office in 2015, Trump has been all over the map on the abortion issue. Since the 2024 campaign began, he's offered few specifics about which policies he’d back in the post-Roe v. Wade era should he win the White House.

Trump, a Florida resident, hasn’t said where he stands on that state's new six-week ban. When he’s teased support for a nationwide ban, his words often appear to contradict formal statements put out by his campaign.

Trump has said he supports exceptions in cases of rape, incest and to protect the life of the mother, a position he reiterated in Monday's video. But the president does not determine how states make their laws.

Trump has frequently gloated over being responsible for the reversal of Roe v. Wade, which dismantled reproductive rights protections. But he also blamed GOP losses in 2022 on the issue and has said Republicans need to learn how to talk about abortion in a way that doesn't turn off potential voters. 

Last September, more than a year after abortion protections were reversed, he made a vague overture in an interview with NBC News' "Meet the Press" that he would be a voice of consensus on abortion — but didn’t specify how.

“Let me just tell you what I’d do,” he said. “I’m going to come together with all groups, and we’re going to have something that’s acceptable.”

At the time, he said he wouldn’t sign a federal abortion ban at 15 weeks.

In recent months, however, Trump moved in the direction of a federal abortion ban even as some of his statements were at odds with his campaign. After reports surfaced that he told allies he was mulling a federal abortion ban at 16 weeks , his campaign dismissed it as “fake news.” Soon after, Graham told NBC News that “Trump is warming up to 16 weeks.” And then Trump himself in an interview suggested he’d support a 15-week ban . 

The prospect of the top of the GOP ticket backing a federal abortion ban at a time when Democrats are elevating the issue as a central point of attack could put swing-state Republicans in a trick box, after some have attempted to moderate their positions. Statements from Trump’s campaign, however, seem to be leaning toward states’ rights and not a federal ban.

“President Trump supports preserving life but has also made clear that he supports states’ rights because he supports the voters’ right to make decisions for themselves,” Brian Hughes, a Trump senior adviser, said in a statement. He added: “President Trump thinks voters should have the last word.”

After offering little clarity, at a campaign rally last week in Grand Rapids, Michigan, Trump said his campaign would be “making a statement next week on abortion” after he was asked if he supported the six-week abortion ban that the Florida Supreme Court had just upheld .

President Joe Biden’s campaign has seized on Trump’s varying remarks on abortion, particularly his boasts of having a hand in overturning Roe v. Wade, with the president saying in a new ad , “Donald Trump doesn’t trust women. I do.”

Biden continued that theme after Trump's video remarks on Monday, saying in a statement released by his campaign, “Donald Trump made it clear once again today that he is — more than anyone in America — the person responsible for ending Roe v. Wade. He is — more than anyone in America — responsible for creating the cruelty and the chaos that has enveloped America since the Dobbs decision.”

“Trump is scrambling,” Biden added. “He’s worried that since he’s the one responsible for overturning Roe the voters will hold him accountable in 2024. Well, I have news for Donald. They will."

Natasha Korecki is a senior national political reporter for NBC News.

Jonathan Allen is a senior national politics reporter for NBC News, based in Washington.