How to Write a Business Plan for a Freelance Writer & Photographer
Beginning freelancers might not think of themselves as a small business, but treating freelance careers like start-up companies will increase income, provide security and lead to growth. The first step to starting any business is writing a solid business plan. The plan provides a road map, but actually writing the plan also forces a would-be freelancer to assess realistically the market for his or her writing and photography and think through the requirements of a successful career as a free agent.
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Things You'll Need
- A computer with internet access
- Word processing program or notebook and pen
- Copies of most recent editions of Writer's Market and Photographer's Market or access to respective websites
Instructions
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Define Your Strengths as a Writer and Photographer
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1
Review your writing, and identify your strengths. Consider the forms of writing you have done (technical manuals, newspaper articles, personal essays, novels,)
Then narrow your subjects down to a few areas. Are you particularly good at writing about health issues, explaining problems and solutions to scientists or writing feel-good family stories?
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Conduct the same self-evaluation of your photography. Do you have a portfolio of illustrative features, product shots in a studio, live events or portraits? In terms of subject matter, do you enjoy shooting sports or nature photography, or do you want to work in the highly controlled environment of a photo studio?
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3
Write two or three sentences that summarize your strengths and clearly define you as a writer and photographer. This will be the summary section of your business plan.
Define Your Market
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Compile from the Writer's Market and Photographer's Market a list of potential clients that accept freelance work that matches the type of assignments you have done and the subject matter with which you are familiar.
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Divide the list into clients for freelance writing, freelance photography and both freelance writing and photography together.
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Sort this list from most promising to least promising prospects, based on the amount of freelance work each company buys.
Assess Your Business Potential
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Calculate the amount of income you might generate in a year. Create three scenarios: best case, worst case and most realistic. Base your projections on the amount paid by each client, the frequency at which each clients buys freelance work and the amount of time it would take you to complete each freelance assignment.
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Compare your projections to your living expenses. In addition to housing, food, utilities, transportation and clothing, include insurance, taxes and retirement savings, for which freelancers are solely responsible.
Business expenses might include business cards, designing and hosting a website, attending events to promote yourself as a freelancer, and home office costs such as a computer, internet connection and phone.
Add both your living and business expenses together to get an idea of how much you need to make to be a successful freelance writer and photographer.
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If your realistic and worst-case scenarios project enough income to cover your expenses, create a task list with a schedule for contacting clients, pitching ideas, following up and completing assignments. Leave ample time for building a client base and expect to generate very little income for the first couple of months. Bear in mind that in highly competitive freelance markets like magazine publishing, it can take years to establish a reputation and regular clients.
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Combine your summary of your strengths, list of potential clients, financial projections and time line in a single document. This is your business plan. Refer back to it every few months to make sure you are on track and to revise your assumptions if necessary.
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Tips & Warnings
If you have been employed full-time and are new to freelancing, overestimate your living expenses and underestimate your potential business.
Have enough savings to cover your expenses for the amount of time you scheduled for building your business.
When planning for your revenues, assume that not all clients will pay you immediately. Leave time for sending out invoices and for accommodating your clients' billing practices.
