Having a flexible work schedule and the ability to work from different places may be exactly what you need to take your career to the next level.
Thinking about going out on your own? Before you do, invest some time planning for your critical business functions. Planning ahead gives you a course of action if anything unexpected happens; which can mean the difference between your success and failure.
Write A Business Plan
Writing a business plan forces you to think about things you may not consider when running your own business.
A good business plan generally contains three parts:
- The first is the business concept, where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.
- The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy and so on. Here, you also describe the competition and how you’ll position yourself to beat it.
- Finally, the financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as break-even analyses. This part may require help from your accountant and a good spreadsheet software program. Invoice2Go is a great app for freelancers because it lets you create invoices on the go and track all of your payments.
Create a Marketing Plan
A good marketing plan will help you answer key questions about your business and ensure you use your resources most effectively.
Some questions to ask yourself when you are thinking about your marketing strategy include:
- How will you position your company in the market?
- How will you differentiate from your competitors?
- How will you reach your customers?
- What are your sales goals? Where will you advertise
All of these are important questions that as a business owner and entrepreneur, you need to be able to answer.
Have a Backup Plan
While we all like to believe that nothing is ever going to go wrong, think again, especially when it comes to technology and data. The worst time to implement emergency measures is when you are under pressure, and when you have no plan.
Key components of a Business Backup Plan include:
- Client Information
Going out on your own as a freelancer is a big step. Set yourself up for success by planning ahead!