Creating a Freelance Business Plan - Part 6

January 24, 2008

This is the final installment in a six part series on creating a freelance business plan.

Accounting / Banking

My neighbor, a bookkeeper, will maintain my books and review them on a weekly basis, I will also work with the advice of my CPA firm. The CPA firm will do the quarterly and year-end tax reports. The firm will also monitor the business to offer advice during the first year’s start-up and growth period. MyDesign Shop will bank with MyLocal Banking. I have my personal accounts with this bank and feel we have developed a good relationship.

Insurance

I will obtain liability insurance with a home office rider. I won’t take out errors and omissions insurance unless the Web market begins to have more activity in e-commerce sales than is currently forecasted. (Errors and omissions insurance protects me from such things as a lawsuit that could be filed against MyDesign Shop for a scripting mistake that costs a client lost revenue).

Unless I expand into the e-commerce arena, the Web site that I create won’t have that much risk. I will also get a rider on my homeowner’s policy that will cover my automobile in the event of an accident while doing business for MyDesign Shop.

#END#

This is a plan I put together for my “little” freelance Web design business about four years ago. While it’s not all encompassing or comprehensive, it was enough to point me in the right direction.

So, what about you? Have you done any planning? Like I mentioned in Part 1 of this series, I really don’t like business plans for the sake of having a business plan. A business plan should give you a direction that makes sense and that you can stick to in the long run.

My plan has changed, a lot. That doesn’t mean I failed. It just means I need to adjust my direction.

Tags: freelance business plan, business plan, startup business plan

Related posts:

1. Creating a Freelance Business Plan - Part 2
2. Creating a Freelance Business Plan - Part 4
3. Creating a Freelance Business Plan - Part 1

Posted in Business Planning