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Business Plan for Interpreters - Tips & Strategies

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Business Plan for Interpreters - Tips & Strategies

  1. 1. BUSINESS PLAN FOR INTERPRETERSTIPS & STRATEGIES
  2. 2. INTRODUCTION Working as a Freelancer Pros & Cons How to Work from Home Writing a Business Plan Business Profile Marketing Research Marketing Plan Finances How to Find Clients Agencies Direct Clients
  3. 3.  Flexibility Implement your ownideas Create your own brand Motivation Work-life balanceWORKING AS A FREELANCERPros ConsNo fixed salaryHigh liabilityDistractionWorking 24/7
  4. 4. HOW TO WORK FROM HOME Have a dedicated workspace Establish a business routine Be disciplined with your time Keep away from distractions Invest in a good desk and chair
  5. 5. BUSINESS PLAN: WHY IS IT IMPORTANT?PLANNING, PLANNING & PLANNING! It’s your business route map It reflects your business vision It helps you to achieve targets Can be used as a ‘military strategy’ It motivates you and helps you to focus It will help you to project your business to future clients
  6. 6. WRITING A BUSINESS PLANBusinessProfileMarketingResearchMarketingPlanFinances
  7. 7. WRITING A BUSINESS PLANBUSINESS PROFILEYour vision What are you going to achieve? Where do you see yourself in thenext 2-5 years?You as a main point Why are you unique to thisbusiness?Your product What are you going to offer? Methods of trading How are you going to sellyour product? Start-up costs How much would you need tostart the business?
  8. 8. WRITING A BUSINESS PLANMARKETING RESEARCHGaining information on your target marketUnderstanding key factors that influence buying decisions Market Knowledge Understand how your industry works Google as your main ally Narrow your research (location, language combination)
  9. 9. WRITING A BUSINESS PLANMARKETING RESEARCH Competition Identify your main competitors Put yourself in the client’s shoes Assess each area (quality, service, marketing strategy, business structureetc.) Perform SWOT analysis Strengths and weaknesses Networking, events, social media opportunities Potential threats
  10. 10. WRITING A BUSINESS PLANMARKETING RESEARCH
  11. 11. WRITING A BUSINESS PLANMARKETING RESEARCH Potential clients Identify your clients (agencies, direct clients) Identify your clients’ needs How do they reach your industry?
  12. 12. WRITING A BUSINESS PLANMARKETING RESEARCH… And now what? Organise gained data Identify potential gaps Determine how you want to run yourbusiness Establish the level of business you expectto achieve
  13. 13. WRITING A BUSINESS PLANMARKETING PLANIt helps you to define the right service to offer to clients at the right priceThe P+ Product Price U.S.P Promotion Preparation (equipment & material)
  14. 14. WRITING A BUSINESS PLANMARKETING PLAN ProductDefine your serviceLanguage combinationInterpreting, translation etc.Think about your previous experience & your skills
  15. 15. WRITING A BUSINESS PLANMARKETING PLAN PriceIdentify your position in the marketValue your skillsTake all expenses into considerationCreate your own price listDefine any special promotions (Freequote, referral discount etc.)Find the right balanceRefer to ITI/CIOL 2011 Rates &Salaries Survey
  16. 16. WRITING A BUSINESS PLANMARKETING PLAN Unique Selling PointWhat sets you apart from the rest?Ask your peers, lecturers, friends & family or existing clientsOutline benefits for your clientsProjected through the way you communicateAlways be loyal to your U.S.P.
  17. 17. WRITING A BUSINESS PLANMARKETING PLAN PromotionSet your targets when promotingOutline your promotional mixSet out a monthly timetable to promote your business
  18. 18. WRITING A BUSINESS PLANMARKETING PLAN Preparation (equipment & material) Be organised Prepare folder structure Have a simple and clear structure Keep your work folder separate from the rest Organise your work folder (client, service etc.) Choose & assign codes to projects Create a specific ‘glossaries & terminology’ folder for each client
  19. 19. WRITING A BUSINESS PLANMARKETING PLAN Preparation (equipment & material) PC & Tablet Smartphone Terminology management solutions Dropbox & TeamViewer Hard disk Nitro Professional/ BCL
  20. 20. WRITING A BUSINESS PLANMARKETING PLAN Preparation (equipment and material) Prepare all templates Create them in all your working languages Don’t forget to spell check them!
  21. 21. WRITING A BUSINESS PLANFINANCES Finances Set a personal monthly budget Plan for slow months Regularly review your business activity Keep a record of all projects, costs &expenses Produce a strategy to chase paymentsIt will help you to define your financial requirements and your financial structure
  22. 22. HOW TO FIND CLIENTS Be proactive when researching Use LinkedIn activelyExchange ‘introductions’ with your connectionsSend a message to new viewers (potential clients) Collaborate with your peers
  23. 23. HOW TO FIND CLIENTSAgencies Consult ‘The top 100 Language Service Providers’ document by N. Kelly & D. DePalma Use an introduction emailKeep it short and to the pointUse bold characters to highlight key wordsAvoid ‘Dear Sir/Madam’ or ‘To whom it may concern’Attach CVSpecify services, areas of expertise, qualifications, membershipsInclude links to your website/LinkedIn profile/Twitter or FB pageProofread it Follow up with an email Remind them of your availability Attend agencies’ open days and let PMs know you
  24. 24. HOW TO FIND CLIENTSDirect Clients Identify international businesses Speak to the right person Contact PR, event and marketing consulting companies Attend networking eventsEvents arranged by the Chamber of CommerceMeet up (http://www.meetup.com/)Check the schedule of events for exhibition centres Use a marketing emailPresent your service as a solutionList your service and your U.S.P.Offer a free quote
  25. 25. RESOURCES The Prosperous Translator. Advice from Fire Ant & Worker Beeby Chris Durban The Entrepreneurial Linguist. The business-school approach tofreelance translation by Judy A. Jenner & Dagmar V. Jenner How to start your own business by Robert Ashton Business Launchpad (http://www.businesslaunchpad.org.uk/)
  26. 26. CONTACTSEmail: yleniagoffredo@hotmail.comTwitter: @ileniagoffredoLinkedIn: http://www.linkedin.com/in/ileniagoffredo

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