When I first started out as a freelancer, I didn't have the business awareness I have today.
Sure, I'd been a consultant working with large companies like Financial Times but I had never started a business, which is essentially what becoming a freelancer is.
Over time, I've refined my processes, learned to look after my money, and become an expert in running a freelance business.
But, not once have I made a formal business plan. Therefore, I don't think I'm qualified to make a template - as I haven't stuck to one. Instead, I've used a set of principles to grow my freelance business from a glimmer of hope to a $250,000+ per year business.
Taking the principles from my book, The Autonomous Freelancer, I asked AI to create me a freelance business plan to share with other freelancers.
The result was not what I was expecting, but 100% worth sharing.
Note: I did then ask AI to turn this into an actual plan. I've included that at the end.
The autonomous freelancer business plan
1. Define your niche
Specializing in a specific area helps distinguish you in a crowded market. Identify industries or topics you're passionate about and have expertise in. This focus allows you to become a go-to expert, making it easier for clients to find and trust you.
2. Set up for autonomy
Establish systems that enable you to work efficiently and independently:
- Flexible scheduling: Determine your optimal working hours to maintain productivity and work-life balance.
- Efficient processes: Utilize tools and software that streamline tasks like project management, communication, and invoicing.
3. Attract clients organically
Instead of constant cold outreach, position yourself so clients come to you:
- Content marketing: Regularly publish articles, case studies, or portfolio pieces showcasing your expertise.
- Networking: Engage in industry forums, social media groups, and attend events to build relationships and increase visibility.
4. Pricing strategy
Adopt a pricing model that reflects your value and supports autonomy:
- Value-based pricing: Charge based on the value you provide rather than hourly rates. This approach can lead to higher earnings and better client relationships.
- Transparent policies: Clearly define your rates, payment terms, and deliverables to set proper expectations.
5. Ensure prompt payments
Implement measures to get paid on time:
- Upfront deposits: Request a percentage of the payment before starting a project.
- Automated invoicing: Use invoicing software to send reminders and facilitate easy payment options.
6. Diversify income streams
Expand your services to create multiple revenue sources:
- Offer complementary services: If you're a writer, consider offering editing or content strategy services.
- Create digital products: Develop e-books, courses, or templates that can be sold to a broader audience.
7. Continuous learning and adaptation
Stay updated with industry trends and continuously refine your skills. This commitment positions you as a valuable asset to clients and helps maintain a competitive edge.
By following this plan, you can build a freelance business that offers flexibility, financial stability, and personal fulfilment.
