As a confident Christian women in business, you want to develop a business that has the best opportunity for success. That means creating a business plan. Writing the plan doesn’t have to be hard. This article highlights the first parts of your plan.
Business Description, Mission, Legal Aspects
How would you describe your business? If you only had a few seconds to tell someone what you do, how would you describe your business? The answer to that question provides the opening statement for your business plan. It’s your opportunity to describe what makes your business unique and the problem you solve for your customers. Including the business mission statement further clarifies what you provide to the business market place.
You also need to think about legal aspects of operating a business. Review the list of Legal Considerations to determine which you would need for your business. Check with the suggested professionals for legal advice.
Business Description
The example for this business description is for a sole practitioner, freelance writing business.
Writing Wellness: My freelance writing business, Writing Wellness, is a one-person operation dedicated to delivering high-quality written content to clients in the health and wellness industry. As a sole proprietor, I leverage my expertise and passion for writing about related health and wellness topics to provide clients with content related to current and upcoming issues in the health and wellness industry to use on their websites, blogs, and in other content creation programs. expectations.
Mission Statement
My mission is to provide exceptional written content that effectively communicates my clients’ messages and resonates with their intended audience. With a focus on precision, creativity, and professionalism, I deliver content that highlights my clients as experts in the health and wellness industry with accurate, well-researched cutting-edge content that captures the essence of each client’s unique voice and objectives.
Legal Considerations
Every form of business has some legal aspects to consider. You’ll be responsible for finding out what you must have for your operations. These considerations ensure that your business operates within the bounds of the law and protects both your interests and those of your clients.
The following list shows legal areas you might consider for your business. Remember, this is informational only. Check with your Business License office in your area, Small Business Administration, bank, Small Business Development Center, business attorney or other qualified source for advice.
Business Name and Trademarks:
- Choose a unique and appropriate business name that reflects your services.
- Perform a trademark search to ensure your business name doesn’t infringe upon existing trademarks.
- Register your business name if required by local regulations.
Business Structure:
- You might be a sole proprietor, partnership or corporation. In our example as a one-person freelance writer, you might start as a sole proprietor.
- You’ll want to find out what each structure means as far as business protection, taxes, and more for your operations.
Business License and Permits
- Identify and obtain any necessary business licenses and permits required by your local municipality or state authorities, such as a homebased business license.
- Verify if any specific licenses are required for operating a freelance writing business.
Tax Considerations.
- Obtain an Employer Identification Number (EIN) from the IRS if you plan to hire employees or open a business bank account.
- Familiarize yourself with self-employment taxes and estimated tax payments.
- Keep accurate records of your income and expenses for tax reporting purposes.
Contracts and Agreements:
- Draft clear and comprehensive service agreements for your clients that outline project scope, deliverables, timelines, payment terms, and intellectual property rights.
- Include clauses for handling revisions, cancellations, and disputes to protect both parties’ interests.
- Seek legal advice when creating your service agreements and contracts to ensure they are legally sound and protect your interests. Consult with an attorney if you encounter any legal issues related to your business operations.
Intellectual Property:
- Clearly define the ownership and rights to the content you create in your service agreements.
- Consider registering your own written works under copyright to protect your intellectual property.
Data Protection and Privacy
- Ensure compliance with data protection laws and regulations, especially if you handle sensitive client information.
- Establish a privacy policy that outlines how you collect, use, and store client data.
Insurance
- Consider obtaining liability insurance to protect yourself from claims arising from errors, omissions, or negligence in your work.
- Research insurance options that align with the unique risks of your freelance writing business.
Compliance with Industry Regulations
- If your freelance writing business caters to specific industries (e.g., medical, legal), research and comply with any regulations governing content creation in those sectors.
By addressing necessary legal considerations in your business plan, you demonstrate your commitment to operating your business ethically, transparently, and in accordance with the law. This not only safeguards your business but also builds trust with clients and stakeholders.