Freelance Business Plan
Hello dear reader, if you are looking forward to create a proper freelance business plan in India, this article is the right stop for you. Keep scrolling down to know more about this startup business idea.
Working as a freelancer definitely provides you a lot of freedom but without a well created plan, you might not be able to go very far. Hence, it is essential to create a suitable freelance business plan if you want to work as a freelancer comfortably in the future.
In this article we will provide you some simple steps by which you can easily create a well-structured freelance business plan in India.
So, what are you waiting for? Let’s get started!
Step 1. Write down a proper summary in your freelance business plan
You might have know names of several brands which are touching great height of success. You might be wondering why is that? Simple, they follow a proper plan. They have a clear goal right from the very beginning.
If you do not have a clear purpose and a well-structured plan, there are chances that you might end up getting lost in a limbo.
You have to be clear from the very start about who you are, and what you want to do in the long run.
Every business has its own story to tell and this is your chance to tell yours. Knowing your objectives helps you to set up your business and the brand image.
You should start by asking yourself some simple questions such as, 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?
An executive summary will no doubt help you to choose the right approach to any given problem that you might face.
Step 2. Know your audience
If the above step has helped you to understand your brand better, this step will probably help you to know your clients.
It might be possible that your freelance services are not meant to be for everyone out there. Let’s say, you are an iOS app developer, so you can exclude the Android users from your target customer base.
Now that you have a clear idea, who you are going to provide your services in the long run, it is important to make a buyer persona for your services, and include the suitable group based on this criteria. It can have information regarding the geographical locations, line of business and age of the clients.
Knowing your customers can be quite beneficial for you as it can help you to run a more effective marketing campaign. Through this you can also enhance your services.
Step 3. List services in your freelance business plan
A freelance wedding planner might not be able to help you find a suitable partner. You may or may not be able to provide all the complete information about your niche. However, one thing is for sure, you should make a proper list of all the services that you can provide.
Deciding what kind of services you should provide depends on some important factors such as, what is your skill set and what customers want.
If you are a freelancer, you must know your skills well. If you know your target audience, you will have to know the problems they face. Therefore, you must describe your services beforehand and then solve your customer’s problems.
While going through all this, you will find a set of customers who will require some specific services but you might find that you are not quite skilled in all these areas. Through this, you will know the area where you can improve yourself.
If you want to expand your business even more, you can get trained in these following areas as well.
Step 4. Analyze your competitors
Now that you have decided what kind of services you want to provide to your customers, it is now time for you to analyze your niche competitors.
Knowing your competitors is very essential as we live in a highly competitive era for businesses, hence making a proper freelance business plan and including your competitors can turn out to be very crucial for you.
First, you have to understand that your competitors are not who sell similar products or provide the suitable services, your competitors are people who will address the same problems as you do.
Your brand name can turn out to be quite unique if you research properly who your competitors are.
When looking at your competitors, make sure that you keep a few things in mind, such as the set of services they provide, fee structure and the marketing strategies.
Now that you have analyzed your competitors carefully, it is time to follow a few things which can help you to create a unique brand in the future such as:
- What is it that makes you a different brand?
- How differently do you solve these problems?
- How is your service more valuable than other services?
Step 5. Market your brand name
How many clients you are able to grab on a daily basis depends greatly on what your marketing strategy is like. If you have done the market research well, this will be quite easy for you.
Your first step will be to understand your targeted audience and their problems to market your brand effectively.
One of the most effective way is to present your services as the solution for their problems. This is an effective way by which you can acquire more clients gradually.
If you want to make sure that your clients stay loyal to you, you must improve your services to increase their loyalty. A client is more likely to come back to you if they are satisfied with your services. And the chances of the client recommending your services also increases if you are able to provide them suitable services.
To ensure long-term business success, make sure that you keep your clients happy and satisfied all the time.
The quickest way to do this is to maintain a clear communication with your clients, offering suitable discounts to them or creating a rewarding system for your loyal clients etc.
For proper promotion of your business, you can market your brand by being active on social media platforms and other relevant websites.
Step 6. Analyze your goals and add them in your freelance business plan
Define for yourself what should be your major goals in your freelance business plan. If you want your brand name to emerge greatly, you will have to set practical marketing goals that your business can achieve with all the given resources.
You can also break your goal into small targets and then bind them with a defined timeline such as pitching project proposals to a number of potential clients daily, getting a number of clients in the first month or learning a new skill in three weeks to provide better services.
Step 7. Devise a proper financial plan
A good financial planning is most definitely the core of any business planning. If you do not have a proper financial plan, you will not be able to know how much money is enough for you to sustain, how many clients would you need to make a profit or how you would raise money from investors.
Your financial plan not only include the income but also the expenses as well. What you spend your money on should also be planned in advance.
Your plan must have a detailed accounting for accurate financial projections. This is why you will have to track every expense and income. It might help you to set a realistic financial business plan for your freelance business in the long run.
If you wish to automate the accounting and the invoicing tasks, having an appropriate software will be a great investment for you.
You can also download a freelance business plan template from a suitable source. There are lots of websites available on the internet through which you can easily create a proper template.
So, this was our article on freelance business plan in India. If you liked our content, do not forget to comment below and also sharing it to people who are also looking for startup ideas this year.
Looking for something else, do check out our article on handyman small business idea by clicking here.