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Business Plan for Interpreters - Tips & Strategies

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Business Plan for Interpreters - Tips & Strategies

  1. 1. BUSINESS PLAN FOR INTERPRETERS TIPS & STRATEGIES
  2. 2. 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
  3. 3.  Flexibility  Implement your own ideas  Create your own brand  Motivation  Work-life balance WORKING AS A FREELANCER Pros Cons No fixed salary High liability Distraction Working 24/7
  4. 4. 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
  5. 5. 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
  6. 6. WRITING A BUSINESS PLAN Business Profile Marketing Research Marketing Plan Finances
  7. 7. WRITING A BUSINESS PLAN BUSINESS 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?
  8. 8. WRITING A BUSINESS PLAN MARKETING RESEARCH Gaining information on your target market Understanding key factors that influence buying decisions  Market Knowledge  Understand how your industry works  Google as your main ally  Narrow your research (location, language combination)
  9. 9. WRITING A BUSINESS PLAN MARKETING 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
  10. 10. WRITING A BUSINESS PLAN MARKETING RESEARCH
  11. 11. WRITING A BUSINESS PLAN MARKETING RESEARCH  Potential clients  Identify your clients (agencies, direct clients)  Identify your clients’ needs  How do they reach your industry?
  12. 12. WRITING A BUSINESS PLAN MARKETING 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
  13. 13. WRITING A BUSINESS PLAN MARKETING 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)
  14. 14. WRITING A BUSINESS PLAN MARKETING PLAN  Product Define your service Language combination Interpreting, translation etc. Think about your previous experience & your skills
  15. 15. WRITING A BUSINESS PLAN MARKETING PLAN  Price Identify your position in the market Value your skills Take all expenses into consideration Create 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
  16. 16. WRITING A BUSINESS PLAN MARKETING PLAN  Unique Selling Point What sets you apart from the rest? Ask your peers, lecturers, friends & family or existing clients Outline benefits for your clients Projected through the way you communicate Always be loyal to your U.S.P.
  17. 17. WRITING A BUSINESS PLAN MARKETING PLAN  Promotion Set your targets when promoting Outline your promotional mix Set out a monthly timetable to promote your business
  18. 18. WRITING A BUSINESS PLAN MARKETING 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
  19. 19. WRITING A BUSINESS PLAN MARKETING PLAN  Preparation (equipment & material)  PC & Tablet  Smartphone  Terminology management solutions  Dropbox & TeamViewer  Hard disk  Nitro Professional/ BCL
  20. 20. WRITING A BUSINESS PLAN MARKETING PLAN  Preparation (equipment and material)  Prepare all templates  Create them in all your working languages  Don’t forget to spell check them!
  21. 21. WRITING A BUSINESS PLAN FINANCES  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
  22. 22. 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
  23. 23. HOW TO FIND CLIENTS Agencies  Consult ‘The top 100 Language Service Providers’ document by N. Kelly & D. DePalma  Use an introduction email Keep it short and to the point Use bold characters to highlight key words Avoid ‘Dear Sir/Madam’ or ‘To whom it may concern’ Attach CV Specify services, areas of expertise, qualifications, memberships Include links to your website/LinkedIn profile/Twitter or FB page Proofread it  Follow up with an email  Remind them of your availability  Attend agencies’ open days and let PMs know you
  24. 24. HOW TO FIND CLIENTS Direct 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 Commerce Meet up (http://www.meetup.com/) Check the schedule of events for exhibition centres  Use a marketing email Present your service as a solution List your service and your U.S.P. Offer a free quote
  25. 25. 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/)
  26. 26. CONTACTS Email: yleniagoffredo@hotmail.com Twitter: @ileniagoffredo LinkedIn: http://www.linkedin.com/in/ileniagoffredo

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