business plan for interpreters - tips & strategies
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BUSINESS PLAN FOR INTERPRETERSTIPS & STRATEGIES
I LE N I A
GO F F R E D O
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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
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Flexibility Implement your own
ideas Create your own
brand Motivation Work-life balance
WORKING AS A FREELANCER
Pros Cons
No fixed salary High liabilityDistractionWorking 24/7
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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
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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
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WRITING A BUSINESS PLAN
Business Profile
Marketing
Research
Marketing Plan
Finances
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WRITING A BUSINESS PLANBUSINESS PROFILE
Your vision What are you going to
achieve?Where do you see yourself
in the next 2-5 years?
You as a main point Why are you unique to this
business?
Your product What are you going to
offer?
Methods of trading How are you going to
sell your product?
Start-up costs How much would you
need to start the business?
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WRITING A BUSINESS PLANMARKETING RESEARCH
Gaining 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)
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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
structure etc.) Perform SWOT analysis
Strengths and weaknesses Networking, events, social media opportunities Potential threats
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WRITING A BUSINESS PLANMARKETING RESEARCH
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WRITING A BUSINESS PLANMARKETING RESEARCH
Potential clients
Identify your clients (agencies, direct clients) Identify your clients’ needs How do they reach your industry?
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WRITING A BUSINESS PLANMARKETING RESEARCH
… And now what?
Organise gained data Identify potential gaps Determine how you want to run your
business Establish the level of business you
expect to achieve
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WRITING A BUSINESS PLANMARKETING PLAN
It helps you to define the right service to offer to clients at the right price
The P+
Product Price U.S.P Promotion Preparation (equipment & material)
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WRITING A BUSINESS PLANMARKETING PLAN
Product
Define your serviceLanguage combinationInterpreting, translation etc.
Think about your previous experience & your skills
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WRITING A BUSINESS PLANMARKETING PLAN
Price
Identify your position in the market
Value your skillsTake all expenses into
considerationCreate your own price list
Define any special promotions (Free quote, referral discount etc.)Find the right balance
Refer to ITI/CIOL 2011 Rates & Salaries Survey
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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 clientsProjected through the way you communicate Always be loyal to your U.S.P.
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WRITING A BUSINESS PLANMARKETING PLAN
Promotion
Set your targets when promotingOutline your promotional mixSet out a monthly timetable to promote your
business
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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
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WRITING A BUSINESS PLANMARKETING PLAN
Preparation (equipment & material)
PC & Tablet Smartphone Terminology management solutions Dropbox & TeamViewer Hard disk Nitro Professional/ BCL
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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!
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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
payments
It will help you to define your financial requirements and your financial structure
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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
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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 pointUse bold characters to highlight key wordsAvoid ‘Dear Sir/Madam’ or ‘To whom it may concern’Attach CVSpecify services, areas of expertise, qualifications, membershipsInclude links to your website/LinkedIn profile/Twitter or FB pageProofread it
Follow up with an email Remind them of your availability Attend agencies’ open days and let PMs know you
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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 CommerceMeet up (http://www.meetup.com/) Check the schedule of events for exhibition centres
Use a marketing email
Present your service as a solutionList your service and your U.S.P.Offer a free quote
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RESOURCES The Prosperous Translator. Advice from Fire Ant &
Worker Bee by Chris Durban The Entrepreneurial Linguist. The business-school
approach to freelance translation by Judy A. Jenner & Dagmar V. Jenner
How to start your own business by Robert Ashton Business Launchpad (
http://www.businesslaunchpad.org.uk/)
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CONTACTS
Email: [email protected]: @ileniagoffredoLinkedIn: http://www.linkedin.com/in/ileniagoffredo