How To Create A Business Plan: A Manual For Freelance Writers

Starting your own freelance writing business, particularly in the current economic climate, can seem like a bit of a daunting task. However, many also see it as an attractive alternative to a 9-5 job earning money for their boss and never seeing a share of the profits.

To get your own business started, the most important first step is to create a detailed and careful plan to follow and develop. This manual will set out the most necessities in formulating a freelance writing business plan.

The daunting part: getting started

At first, starting your own business will probably seem overwhelming. However, once the first steps are out of the way, the road will seem much clearer. As in many areas of life, preparation is key. Especially important to consider in advance are the following:

  • Business model - how are you going to earn money? For the freelance writer, the answer to this question is obvious. However, the other aspects of making a profit are not so apparent. What expenditures will there be? Do you need to make a certain amount an hour in order to stay within your budget, or is it more important to be flexible? Are you planning on working full time or part time?

  • Be realistic - at first, you are probably going to have to inject a lot of your money or loan money, perhaps, to get things started. Understand that there will be monetary setbacks and try to take them into account. Try to cover unexpected expenses by making savings wherever possible. Do not expect to be making too much of a profit straight away!

  • Co-workers - are you going to hire other writers to work with/for you? If so, how much will they cost? How many will there be and how many can you afford?

  • Tax - do not forget that you are still liable to pay tax if you start your own business! Tax can eat away at your profit margins, and it is definitely something that you need to calculate at every stage in order to work out exactly how much you will be losing and what your real profit will be.

Once you have considered these most fundamental starting points, you are ready to begin writing your business plan and, hopefully, start along your path to becoming a self-employed freelance writer!

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