Balancing act

A Template for Freelance Writing Business Planning

I developed the template below as a tool to use when I set freelance journalism business goals for each year. This template can be used at any time of the year. A friend suggested that I share it with a broader audience.

The purpose of this template is to provide you with clarity on:

  1. Your highest-priority skills and beats
  2. Your financial goals for the coming year
  3. Your plan that uses your highest-priority skills and beats to achieve your financial goals

If you are doing non-journalistic writing, you can substitute “topics of expertise” for “beats.”

Balancing actSection 1: Your Beats and Skills

  1. Diagram all of the professional skills you might want to use and all of the beats that interest you.
  2. Rank them all from 1 to 4:
    1 = Enthusiastically interested
    2 = Moderately interested
    3 = Not very interested (but willing to try)
    4 = Not interested at all
  3. Separate and list these items by number. For each number, have a separate category for skills and another one for beats.
  4. Put asterisks next to the skills and beats that are in categories 1 through 3 and also are in high demand in the market.
  5. Underline the skills and beats that you want to make your top priorities. (These may not always match the items you marked in the previous step.)

Section 2: Your Schedule and Income

  1. Plan a grid for your schedule for the coming year using blocks (for example, Sept.-Dec.). Each block should correspond to a time period when you have a specific project configuration, a vacation, or a conference.
  2. Estimate how many hours per week you will spend doing each project. Create a separate estimate for each time block.
  3. Estimate your target income per month for each time block based on the sum of your monthly expenses, taxes, and desired savings.
  4. Calculate your monthly income for each time block and see if it meets your target. Where do you need to add projects to your calendar?
  5. Calculate how many hours you need to work per week during each time block to earn your target income. Use an estimated hourly rate. (Note: This template does not account for the fact that some invoices may be paid late. You may want to adjust your estimates if you expect a delay.)

Section 3: Your Project Plan

Looking at the following items, set your goals for each time block.

  1. Your number of hours that you need to work per week
  2. Your preferred skills and beats
  3. Your skills and beats that are popular in the market
  4. Your existing opportunities

If you are unsure about what the outcome of your work will be, you may want to make one time block chart that is a best-case scenario and another one that is a worst-case scenario.

I’m very interested in receiving feedback on this template via Twitter.