BUSINESS PLAN FOR INTERPRETERSTIPS & STRATEGIES

I LE N I A

GO F F R E D O

INTRODUCTION

Working as a Freelancer Pros & Cons How to Work from Home

Writing a Business Plan

Business Profile Marketing Research Marketing Plan Finances

How to Find Clients Agencies Direct Clients

Flexibility Implement your own

ideas Create your own

brand Motivation Work-life balance

WORKING AS A FREELANCER

Pros Cons

No fixed salary High liabilityDistractionWorking 24/7

HOW TO WORK FROM HOME

Have a dedicated workspace

Establish a business routine

Be disciplined with your time

Keep away from distractions

Invest in a good desk and chair

BUSINESS PLAN: WHY IS IT IMPORTANT?PLANNING, PLANNING & PLANNING!

It’s your business route map

It reflects your business vision

It helps you to achieve targets

Can be used as a ‘military strategy’ It motivates you and helps you to focus

It will help you to project your business to future clients

WRITING A BUSINESS PLAN

Business Profile

Marketing

Research

Marketing Plan

Finances

WRITING A BUSINESS PLANBUSINESS PROFILE

Your vision What are you going to

achieve?Where do you see yourself

in the next 2-5 years?

You as a main point Why are you unique to this

business?

Your product What are you going to

offer?

Methods of trading How are you going to

sell your product?

Start-up costs How much would you

need to start the business?

WRITING A BUSINESS PLANMARKETING RESEARCH

Gaining information on your target marketUnderstanding key factors that influence buying decisions

Market Knowledge Understand how your industry works Google as your main ally Narrow your research (location, language combination)

WRITING A BUSINESS PLANMARKETING RESEARCH

Competition Identify your main competitors Put yourself in the client’s shoes Assess each area (quality, service, marketing strategy, business

structure etc.) Perform SWOT analysis

Strengths and weaknesses Networking, events, social media opportunities Potential threats

WRITING A BUSINESS PLANMARKETING RESEARCH

WRITING A BUSINESS PLANMARKETING RESEARCH

Potential clients

Identify your clients (agencies, direct clients) Identify your clients’ needs How do they reach your industry?

WRITING A BUSINESS PLANMARKETING RESEARCH

… And now what?

Organise gained data Identify potential gaps Determine how you want to run your

business Establish the level of business you

expect to achieve

WRITING A BUSINESS PLANMARKETING PLAN

It helps you to define the right service to offer to clients at the right price

The P+

Product Price U.S.P Promotion Preparation (equipment & material)

WRITING A BUSINESS PLANMARKETING PLAN

Product

Define your serviceLanguage combinationInterpreting, translation etc.

Think about your previous experience & your skills

WRITING A BUSINESS PLANMARKETING PLAN

Price

Identify your position in the market

Value your skillsTake all expenses into

considerationCreate your own price list

Define any special promotions (Free quote, referral discount etc.)Find the right balance

Refer to ITI/CIOL 2011 Rates & Salaries Survey

WRITING A BUSINESS PLANMARKETING PLAN

Unique Selling Point

What sets you apart from the rest? Ask your peers, lecturers, friends & family or existing clients

Outline benefits for your clientsProjected through the way you communicate Always be loyal to your U.S.P.

WRITING A BUSINESS PLANMARKETING PLAN

Promotion

Set your targets when promotingOutline your promotional mixSet out a monthly timetable to promote your

business

WRITING A BUSINESS PLANMARKETING PLAN

Preparation (equipment & material)

Be organised Prepare folder structure Have a simple and clear structure Keep your work folder separate from the rest Organise your work folder (client, service etc.) Choose & assign codes to projects Create a specific ‘glossaries & terminology’ folder for each client

WRITING A BUSINESS PLANMARKETING PLAN

Preparation (equipment & material)

PC & Tablet Smartphone Terminology management solutions Dropbox & TeamViewer Hard disk Nitro Professional/ BCL

WRITING A BUSINESS PLANMARKETING PLAN

Preparation (equipment and material)

Prepare all templates

Create them in all your working languages

Don’t forget to spell check them!

WRITING A BUSINESS PLANFINANCES

Finances

Set a personal monthly budget

Plan for slow months

Regularly review your business activity Keep a record of all projects, costs &

expenses Produce a strategy to chase

payments

It will help you to define your financial requirements and your financial structure

HOW TO FIND CLIENTS

Be proactive when researching Use LinkedIn actively

Exchange ‘introductions’ with your connections Send a message to new viewers (potential clients)

Collaborate with your peers

HOW TO FIND CLIENTSAgencies

Consult ‘The top 100 Language Service Providers’ document by N. Kelly & D. DePalma Use an introduction email

Keep it short and to the pointUse bold characters to highlight key wordsAvoid ‘Dear Sir/Madam’ or ‘To whom it may concern’Attach CVSpecify services, areas of expertise, qualifications, membershipsInclude links to your website/LinkedIn profile/Twitter or FB pageProofread it

Follow up with an email Remind them of your availability Attend agencies’ open days and let PMs know you

HOW TO FIND CLIENTSDirect Clients

Identify international businesses Speak to the right person Contact PR, event and marketing consulting companies Attend networking events

Events arranged by the Chamber of CommerceMeet up (http://www.meetup.com/) Check the schedule of events for exhibition centres

Use a marketing email

Present your service as a solutionList your service and your U.S.P.Offer a free quote

RESOURCES The Prosperous Translator. Advice from Fire Ant &

Worker Bee by Chris Durban The Entrepreneurial Linguist. The business-school

approach to freelance translation by Judy A. Jenner & Dagmar V. Jenner

How to start your own business by Robert Ashton Business Launchpad (

http://www.businesslaunchpad.org.uk/)

CONTACTS

Email: yleniagoffredo@hotmail.comTwitter: @ileniagoffredoLinkedIn: http://www.linkedin.com/in/ileniagoffredo