As a Writer, Is a Business Plan Really Necessary?
Business planning vs. a business plan for writers | An efficient, more compact, and comprehensive way to map and track your freelance writing career
When I think of a business plan, I think of a document, which is on average 30 pages.
It provides a lender, or an investor, such as a bank, venture capitalist, angel investor, or a silent partner, a background on an entrepreneur’s business mission, vision, values, and products and services.
Although, every segment of a business plan is important, the personal financial investment and marketing strategies are also imperative.
I mention this because I read an article in one of my writing resources, which suggests that writers need to create a business plan for their freelance writing career, which I think is overkill.
A better tool for freelance writers, which is more specific, efficient, and relative to freelance writers, is a planner.
There’s a Productivity Planner for Freelance Writers that includes weekly, monthly, and quarterly goals. It also includes an invoice tracker, client profile tracker, and a pitch tracker, as well as income goals and plans for targeting magazines to write articles.
You don’t need a business plan to figure out how much you want to earn, or how much you’ve earned at year-end. The planner has a section for your writing goals, as well as financial goals.
If you’re a writer who likes to be organized by keeping everything all in one place, check out the productivity planner.
It’s very convenient, with your monthly financial and productivity stats at your fingertips.
The piece I read also suggests to develop a “professional bio” and a summary of your experience.
Why, if you have a writer’s website or blog? Generally, the first thing you do is add your professional bio, and a summary of your experience.
At the end of the year, if you want to create a spreadsheet for a snapshot of your annual earnings, or calculate the next financial level you want to attain, the planner will have the info you’ve culminated for the year to do so.
A business plan is great to have, if you need capital to expand your writing business.
Or, if you desire a simple one- or two-page summary to use as an internal guide to keep you focused.
Otherwise, a planner will do just fine.
With a B.A. in Business Administration in Marketing, I’ve been writing business plans from scratch (custom business plans sans templates), since 2006 for startups and aspiring entrepreneurs.