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Business Plan for Interpreters - Tips & Strategies
BUSINESS PLAN FOR INTERPRETERSTIPS & STRATEGIES
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 ownideas Create your own brand Motivation Work-life balanceWORKING AS A FREELANCERPros ConsNo fixed salaryHigh 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 PLANBusinessProfileMarketingResearchMarketingPlanFinances
WRITING A BUSINESS PLANBUSINESS PROFILEYour vision What are you going to achieve? Where do you see yourself in thenext 2-5 years?You as a main point Why are you unique to thisbusiness?Your product What are you going to offer? Methods of trading How are you going to sellyour product? Start-up costs How much would you need tostart the business?
WRITING A BUSINESS PLANMARKETING RESEARCHGaining 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 structureetc.) Perform SWOT analysis Strengths and weaknesses Networking, events, social media opportunities Potential threats
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 yourbusiness Establish the level of business you expectto achieve
WRITING A BUSINESS PLANMARKETING PLANIt helps you to define the right service to offer to clients at the right priceThe P+ Product Price U.S.P Promotion Preparation (equipment & material)
WRITING A BUSINESS PLANMARKETING PLAN ProductDefine your serviceLanguage combinationInterpreting, translation etc.Think about your previous experience & your skills
WRITING A BUSINESS PLANMARKETING PLAN PriceIdentify your position in the marketValue your skillsTake all expenses into considerationCreate your own price listDefine any special promotions (Freequote, referral discount etc.)Find the right balanceRefer to ITI/CIOL 2011 Rates &Salaries Survey
WRITING A BUSINESS PLANMARKETING PLAN Unique Selling PointWhat sets you apart from the rest?Ask your peers, lecturers, friends & family or existing clientsOutline benefits for your clientsProjected through the way you communicateAlways be loyal to your U.S.P.
WRITING A BUSINESS PLANMARKETING PLAN PromotionSet 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 paymentsIt will help you to define your financial requirements and your financial structure
HOW TO FIND CLIENTS Be proactive when researching Use LinkedIn activelyExchange ‘introductions’ with your connectionsSend 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 emailKeep 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 eventsEvents arranged by the Chamber of CommerceMeet up (http://www.meetup.com/)Check the schedule of events for exhibition centres Use a marketing emailPresent 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 Beeby Chris Durban The Entrepreneurial Linguist. The business-school approach tofreelance translation by Judy A. Jenner & Dagmar V. Jenner How to start your own business by Robert Ashton Business Launchpad (http://www.businesslaunchpad.org.uk/)