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Business Plans For The Self Employed

MrsDev

New Member
I'm self employed so pretty much do what I want or don't in this case. I don't have a business plan, as all my ideas and where I want to go is truly planted in my head.

I know for limited companies and other types of businesses, business plans can play a role in getting funding (that's what I think anyhow),as I'm self employed and fund everything my self, is there really any need for me to have a business plan?

Are there any others out there who are self employed who find other benefits from having a business plan? Do you use a template from online?
 
R

Robert Frost

New Member
I think its always good to have a business plan. Even though you are self employed it would be good so you can keep a track of everything (not just your accounts). Having a business plan will come in handy should you just happen to come across someone wanting to invest etc
 
Gemma Rowlands

Gemma Rowlands

New Member
If you suddenly find that your business is going wrong, what would you do then? If you haven't had a plan, how are you going to know what you're going to be able to improve on? I am self employed and a one person company and even I have a business plan! Honestly, don't underestimate business. You need a plan! Failing to prepare is preparing to fail!
 
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Pete Brindle

New Member
My business plan is very detailed.. mainly because I wrote it whilst procrastinating from trying to find funding opportunities. But it all worked out in the end, so I can't complain.

I have information about costings, potential earnings depending on the number of clients and the success of the clients (run a music school, so the faster the students progress the more we charge for more advanced lessons later down the line),lists of future ventures we could undertake.. I'm only a few months into it, but so far so good!
 
Gemma Rowlands

Gemma Rowlands

New Member
My business plan is very detailed.. mainly because I wrote it whilst procrastinating from trying to find funding opportunities. But it all worked out in the end, so I can't complain.

I have information about costings, potential earnings depending on the number of clients and the success of the clients (run a music school, so the faster the students progress the more we charge for more advanced lessons later down the line),lists of future ventures we could undertake.. I'm only a few months into it, but so far so good!
Pete, at least you do something useful when you're time wasting. I do things like knitting (never finish it, I have hundreds of half finished items everywhere) or rearranging a cupboard that was absolutely fine in the first place!

Your plan does sound good though. The more you teach, the more they pay, right?
 
P

Pete Brindle

New Member
Pete, at least you do something useful when you're time wasting. I do things like knitting (never finish it, I have hundreds of half finished items everywhere) or rearranging a cupboard that was absolutely fine in the first place!

Your plan does sound good though. The more you teach, the more they pay, right?
Yes, that's right. But it actually works out at a lower hourly rate because more advanced lessons take longer to plan. So when you think about it, the younger and less experienced musicians actually pay more relatively but the older ones pay more per lesson. I find that when I'm teaching more advanced music I have to practice the piano parts whereas for the smaller pieces I can sight read it, so I might spend a few hours preparing for one lesson, but a less advanced lesson takes very little preparation once you've taught it a couple of times.
 
Gemma Rowlands

Gemma Rowlands

New Member
Yes, that's right. But it actually works out at a lower hourly rate because more advanced lessons take longer to plan. So when you think about it, the younger and less experienced musicians actually pay more relatively but the older ones pay more per lesson. I find that when I'm teaching more advanced music I have to practice the piano parts whereas for the smaller pieces I can sight read it, so I might spend a few hours preparing for one lesson, but a less advanced lesson takes very little preparation once you've taught it a couple of times.
Oh okay I get it now. I imagine it's quite hard to work out the hourly rate, then. As an editor I sometimes struggle as well as you can never be sure how much work a manuscript is going to need!
 

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