After several years doing part-time freelancing the time has come to rewrite my business plan as it is coming to the end of its projections. Now a lot of the milestones in the initial business plan have been achieved, but not all. Some of them were so out of range that it felt almost silly putting them in. But, having an impossible goal to strive for has made me aim higher than I would have otherwise and no one should be happy with mediocrity for themselves.
So I can admit some were fanciful in nature (like a Ferrari for me and early retirement) most were more sensible of get registered business name, design stationery and have it printed, build and deploy website for business, generate client leads, attain a steady income stream, build the exposure of the business, revisit website for SEO and SEM, achieve a first page ranking, implement a job tracking and invoicing system. Switching to full time and getting the tax offset for working from home and the tax offset for purchasing business materials.
New projections can be adjusted turnover target, higher profit margins achieved, further business expansion, a detailed goal/reward system, lower running costs, run a carbon offset system to counter the business produced carbon emissions. Build scalability into the business model in case of multiple big clients coming on board at a similar time. Also have flexibility in the business structure to adapt to the changing requirements of a design business (in case every client suddenly needs iPad apps or broadcast graphics for their online video)
In addition to the five year plan a rough ten year plan would be a big help in revising the business plans further down the line.
Forward planning like this will enable me to take advantage of any opportunities as and when they present themselves. Being in a position to act quickly can be the difference in getting a big client on the books or missing lout because you were too slow.
Also it easily let’s you see if you should buy into another business or sell yours to another bigger agency if the option arises.
