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And if you’re worried about being locked into a plan just because you drafted it up — breathe easy!Business plans naturally evolve with the careers they complement.
This is the plan and the roadmap you — and you alone — need to succeed.
We all have our own general perception of what a business plan is — perhaps something spanning 50 pages of single-spaced text and 45 minutes-worth of Powerpoint slides. Given how overwhelmed we sometimes feel at the thought of business planning, many of us are quick to seek out a template. We open one up and see — oh no, our fears rang true — it’s a monster!
In every meeting I attended along with the founders, when there were critical questions, I had to answer them.” Simply put, if someone else writes your business plan for your freelance business, it’s no longer your vision.
It’s not something you live everyday and work toward.
You need to create a functional framework for your expected income via your consulting business — what you’ll be starting with, what your expenses will be and when you expect to begin netting a profit.
Putting together a conservative timeline and some prudent estimates will help keep your business on track.“If you never share your business plan with anyone else, do not put hours into making it beautiful and answering questions that don’t apply to you.” Your services are so revered that everyone wants to be your client, right?Small businesses, Fortune 500 Companies, lemonade stands, etc. It’s almost shocking the number of solopreneurs who fail to think this through.You may be a phenomenal consultant with many years and projects worth of experience but if you haven’t taken the time to drill down and consider who your ideal client demographic is, then you’re falling short in your planning.Even if Facebook advertising isn’t in the cards for you, mine your Facebook page for useful information.Because cash flow can be so difficult to manage as a consultant, it’s a good idea to build some safeguards into your invoicing that will keep your cash flow fluid throughout a project’s lifespan.Popular finance author Brian Hill advises consultants to invoice at the beginning, middle and end phases of a client’s project.What isn’t usually said though is that many of the business plan templates aren’t necessarily scripted for solos.Many contain a number of superfluous sections that won’t help you and won’t encourage anyone to actually read your plan.Independents often avoid specificity in describing their value proposition.Consider these questions to identify what makes you stand out: These are all vital thinking points when brainstorming a business plan for yourself and working through the all-important process of productizing your services. Does your consulting lend itself well to an ebook or online class?