Yesterday, we took a look at why a business plan is essential for your freelance writing business and the first three elements you’ll want to take a look at. Here are three more elements of a successful roadmap to build your ideal freelance writing business.

Step Four: Financial and Legal Considerations
You have many options when it comes to setting up your business. You might choose to register your business as a LLC or corporation. You may choose to file taxes and your income with your social security number as a sole proprietor. Before you make any final decisions research the pros and cons of your various options. Consult with an accountant and/or an attorney to help.

Additionally, you’ll want to create a system of organizing your finances. You may want a separate business account to make tracking your income easier. You may also want to use accounting software to track your income and expenses.

You’ll also want to take a look at the certifications, regulations, and insurance needs for your industry and location.

Step Five: Industry and Competitive Research
Who is your competition? What do they charge for their services? What services do they provide and how can you position yourself above them? Make sure to not only research your industry and your competition, also research your ideal customer.

What are their needs, wants and desires? How can you meet them? Finally, create a plan to stay abreast of industry changes.

Step Six: Marketing and Sales
In this section you’ll plan how you’re going to outline your marketing goals and how you’re going to achieve them. For example, a marketing goal may be to create a website and drive 1000 new prospects to it. You’d then choose a traffic generation strategy to focus on. You may choose to use PPC advertising to send traffic to your sales page.

A key to remember about marketing your freelance writing business is that focusing on one tactic at a time will generate better results. Trying to implement too many marketing tactics at once may mean that none of them get the full attention they need.

The final element of a successful business plan tomorrow…

Posted under Articles and Tips