10 strategies to expand your translation business: Part 10 3

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?

3 comments

  1. Lucía,

    To a true professional from a wannabe true professional, many congratulations on this series of articles. Informative, easy to read and, above all, useful stuff!
    Many thanks.

    Like

  2. Thanks for the feedback, Mark! I’m glad to read that you found these short articles useful. I wish you the best of luck and please let me know if there is anything I can do to help you expand your business.

    Lucía

    Like

  3. Pingback: Strategic Business Plan Outline « Earl's Business

Leave a reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s