CHAPTER 1: WHAT IS A BUSINESS PLAN AND WHY SHOULD YOU CREATE ONE?

Any editorial freelancer who made a success of their business without some sort of initial business plan (1) was extremely lucky or (2) already had experience in the field and some ready-made contacts. I would put money on the second. If you are a new entrant to the field of freelance editorial work, developing a business plan is definitely sensible, and probably crucial.

A business plan is a document written by you that clearly outlines the tasks ahead, the objective/goal of each task, and some information about how you are going to achieve each one. It can be as detailed as you need it to be. It’s also a dynamic tool – you can add to it as you complete each step or as you come up with new ideas and information.

Business planning isn’t just about implementation; it’s about consideration. By giving yourself the space to plan, you provide yourself with the opportunity to think about the different options available to you both now and in the future. Some of your ideas will be acted on, while others will be discarded as you embark upon your editorial freelancing journey. The decisions you make will reflect your business needs, your personal history and your personality.

Creating a business plan is something you do for yourself and for the future success of your business. Freelance editorial work is highly competitive, and you are more likely to succeed if you are clear about where you are going and what you need to do in order to get there. Your business plan forces you to think strategically about the field you are entering, who your target market is, what training and skills are needed, how long it may take you to build up your enterprise so that you have the amount of paid work you need, what resources are required, and how you will sell yourself.

In essence, a business plan is like a roadmap – it allows you to explore and plot the various routes you can take to reach your destination.

The following statement from Lee McQueen, 2008 winner of The Apprentice UK, is often quoted, but I wholly endorse the philosophy and feel it encapsulates the aims of this guide:

‘Business planning is important to making the right decisions for your business, whatever the size … It shouldn’t need to be complicated, but [it should] be effective so it can be followed and tweaked along the way – the fact is, if you fail to plan you plan to fail.’