10 strategies to expand your translation business: Part 10

This is the last post in the ten-part series that provides information on ten different strategies for staying competitive and growing your translation business.

Tenth strategy: Writing a business plan

Freelance translators and interpreters must never forget that they are also running a business. So, as business people, freelance language professionals must never forget to write a business plan.

A well-written business plan is another way of showing professional seriousness, eventually helping to get a loan, form a partnership or gaining access to well-organized corporate clients looking for service providers having this special “difference”.

A good business plan should include a summary of plans, information on competitive market position, a SWOT analysis, details regarding administrative, organizational and financial situation, and risk policies.

How can I write a business plan using ProZ.com?

When writing your business plan, use ProZ.com forums and the ProZ.com Wiki to find out more about the translation market in your country, stay informed on current practices by reading Translation news articles and attending training sessions on translation business development.

Also, read this article on writing your business plan in the ProZ.com Wiki.

Do you have a business plan? What does it include? What other useful resources would you suggest to write a business plan?

The list of strategies outlined in this series is by no means exhaustive, of course, and language professionals can and should keep looking for new means to expand their business and promote their services.

What other strategies to expand your translation business would you suggest?