Part 6: Research to Riches
There are several key elements that you must include in your plan. Of course you may customize it as your need sees fit. After you have established your objectives of personal and financial growth, then you will need to do some research. We will be covering competition, fee structure and legalities in a little bit however, most of the initial research should be done prior to the writing of your business plan. Why? Because you need to know if this endeavor will be viable for you. You have no time to waste dipping your feet into different segments to find out which one feels best. You should have some idea of where to begin, once you have done some preliminary research.
Did you know that Freelancers who actually take the time to make a business plan are four times more likely to succeed than those who just fly by the seat of their pants? Get your business going on the right side of the bed by waking up with a plan in mind.
Research Resources :
- Search Freelance professionals in your area – Will you offer services locally, nationally or globally? Define your client base.
- Sourcing: Where will you find clients? Find websites that allow Freelance provider profiles that have frequent assignment postings. Especially seek those sites which cater to a niche or special talent you might have.
- Magazines: Go to a major bookstore chain and browse the hundreds of magazines. Look for those which cater to either your product or service. Also read those that speak to your particular trade. Magazines have valuable networking, advertising and high quality reading for you to learn more about your new Freelance trade.
- Business Websites – Some excellent information can be found on: www.entrepreneur.com – Packed with info for every business owner from the small mom and pop shop to the huge company.www.sba.gov – From inception to implementation; to managing growth and success, the (SBA) Small Business Administration is dedicated to supporting Freelancers and new companies of small to medium sizes.
- www.google.com; www.yahoo.com; www.msn.com; and other highly popular search engines will yield information overload. Narrow down your search by putting all relevant info in your keywords. Read key topics pertinent to your trade.
- Ask competitors! While you might think competitors would not want to talk to you, you may be happily surprised. In the Freelance world, there is more than enough to go around, especially if you have a niche unlike everyone else in your chosen field. For example – if you are an illustrator and specialize in caricatures, you could find work drawing book cover jackets, websites and ad agencies. But you might ask another artist where he or she finds a lot of work. They will respect you, rather than see you as a threat. No one draws just like you, so there will be clients who like their style and some who like yours. Some of your competitors may have already gone through all of the pain of finding work and would be glad to make it easier for the next person breaking into the business. You might make a friend in the process – or better yet, get referrals or assignments from them if they have an overload. Don’t be afraid of networking with like minds!
- Attend trade shows: Look up relevant industries to find trade shows that will be close to your city soon. For example, if you want to become a Freelance tattoo artist, then you will look for tattoo expos where you can check out other vendors and get ideas for setups when you start your own business. What tools do they use? What marketing materials do they pass out to potential customers? Eavesdrop or pose as a customer to hear how the pros interact with clients.
- Find friends who do what you do. They may be willing to mentor you. www.meetups.com; www.craigslist.com; www.myspace.com; www.linkedin.com and other social sites are great places to find like-minded comrades. Meetups is a neat concept because it actually supports live events that you can attend with others whom share your interest. For instance, if you love Salsa dancing and want to become a Freelance instructor, you can attend a function and meet 20, 30, 50 or more people who have “Meetups” designed just for the sole purpose of salsa dancing every week. There are hundreds of categories. If you don’t see one, you can make the first one and invite others to attend who also share your passion.
The research of your new Freelance career will be fun, but will also have many trials and tribulations. Some people launch a new Freelance lifestyle in one manner, but then the course of events takes them on a different journey, once into it. It is the unforeseeable that makes it so intriguing. You never know if your next client will be a $50 job or a $5000 job. It’s exciting to land those big deals! It is that hunger that will keep you moving forward and that will keep feeding new ideas for developing your business.