Website for Freelancer

Business Plan for Freelancer Website Business Plan for Freelance Website Freelancer website is a platform where freelance writers, researchers, designers, and other freelancers meet the clients and complete their projects against pre-decided compensation. The business plan constitutes an analysis of the business operations, business environment, financial appraisal, and marketing strategies of a company. The business plan presented in this paper discusses all these elements in the light of research papers, books, and internet sources related to the freelance writing and services industry.

The freelancer website primarily aims to serve the Middle East customers by taking the services of freelancers from the local and international regions. In the future, the company will expand its operations to the Global scale and target the customers from all over the world. In its initial phase of business operations, the freelancer website will have to design its marketing and promotional strategies which are just focused on establishing its brand image and strengthen its customer base.

With the passage of time, it will strive to achieve high market share, superior financial performance, and market dominance by beating the industry rivals in a competitive fashion. The financial appraisal of the freelancer website gives an estimate of the expected revenues for the initial 12 months period along with the major costs which it will have to incur during this period. The major financial burden on the website's profitability will be put by the software licensing and website development expenses.

These are the heaviest investments which the company will make in the course of its business. The marketing strategies presented in this paper will help it in offering its freelancing services in an effective way. The freelancer website will provide the most efficient, reliable, and the highest quality of writing services, charge a competitive price for these services, and ensure that its marketing messages are being delivered to the potential target audience.

Introduction This paper presents a comprehensive business plan for a freelancer website that aims to provide a platform to the freelance workers to get their abilities and talent remunerated by working on the projects of their choice. This business plan constitutes all those elements which are essential to be analyzed before setting up a freelance business on the Internet platform.

The paper is divided into eight major sections: the first section draws a complete portrait of the freelance business by explaining the services which its owners are going to sell at their freelancer website; the nature, scale of operations, corporate values, customers, management structure, employees, and other aspects of the business. After describing the business in a detailed fashion; the paper proceeds by highlighting the major environmental impacts which the owners may have to face in the course of their freelance business operations.

The 'Operational Procedures' section gives a detailed explanation of how this freelancer website is going to operate, i.e. order bidding and pricing comparison procedure, assignment of orders, payment mechanisms, etc. The next section suggests some useful strategies which can be used by the owners to market their freelance website to its most potential customers in an effective way.

This section takes into account the marketing objectives; service-related strategies, promotional, pricing, and place strategies; and marketing budget in order to give directions to the owners in designing the best marketing strategies for their freelance website. The Financial projections are made by making assessment of business start-up costs, day-to-day operational costs, sources of revenues, and sales forecast for the short run. One of the most important sections of the paper, 'Website Developing method' presents the method of acquiring the freelance website.

For this purpose, the evaluation of software vendors is done in order to screen the best and the most cost-effective vendor for developing the website. The business plan ends with explaining the evaluation and control techniques which can be used to keep a check and balance over the performance of the business over time as well as the effectiveness of the website design and functions. 1.

Description of the Business Nature, Services, and Scale of Operations: Freelancer website is a platform where customers from all over the world or from a specific region post their projects and invite freelancers to complete them within the assigned time and against a pre-decided compensation (Allen, 2012). The business plan presented in this paper is designed for a new freelancer website that aims to serve its clients in the Gulf region, i.e.

The customers from all over the world may post their projects on this website and ask its active and registered freelancers from the Middle Eastern countries to bid and select the projects which best suit their abilities, skills, and time schedules (Scott, 2011). Thus, the nature of the business is purely service-oriented with no physical products or goods being transferred from sellers to buyers (Entrepreneur magazine, 2012).

As mentioned earlier, this freelancer website will serve the customers from all over the world; but take the services of freelance writers, designers, and researchers from the Gulf countries only. Therefore, this freelancer website will operate at the international level and compete with other freelancer websites in its own region as well as in the Global market (Freelance UK, 2007).

Mission and Vision for the Freelancer Website: The freelancer website is a purely profit-motive business with an aim to continuously strengthen its customer base and market position with the passage of time (Ilasco & Cho, 2010). However, the mission statement for this website entails its concern for the primary stakeholders; by proving reliable and high quality contents to the customers, attractive compensation and growth opportunities to the freelancers, and contribution to the existing freelancing industry through superior services (Entrepreneur magazine, 2012).

The vision of this new freelancer website is to become the most reliable, competitive, and fastest-growing business entity in the long run (Liem, 2008). The strategic objectives of the company are largely focused on gaining high market share in a short period of time, strengthening customer base, and give superior financial performance and attractive returns to the investors (Bangs & Henricks, 2005). Managers and Employees (Organizational Structure) The freelancer website will be managed and operated by a number of professionals.

First of all, the company's Management will consist of major shareholders/investors that have initiated this business project (Freelance UK, 2007). The Management team will constitute professionals who have vast experience in the freelance writing and service industry and who possess exceptional skills, academic qualification, and expertise in dealing similar businesses (Entrepreneur magazine, 2012). The members of the Management team will include Operations Manager, Sales Managers, Marketing and Brand Manager, Finance Manager, Information Technology Manager, Human Resource Manager, Quality Assurance Manager, Academic and Research Manager, and Customer Relationship Manager (Ilasco & Cho, 2010).

All these managers will report to the General Manager about the performance of their respective departments and the issues which they will face during the normal course of the business (Allen, 2012). The freelancer website will have to hire a large workforce consisting of writers from different fields of studies and professions; including Business Management, Medical and health sciences, Administrative sciences, Social Sciences and Humanities, Engineering, Computers and Information Technology, Law and Political Sciences, Commerce and Industry, Aeronautics, Automobiles, etc. (Liem, 2008).

In addition to this diverse workforce of writers, the company will also hire graphics and web designers who will take the orders of developing websites, completing graphics designing assignments and projects, providing technical solutions, and other services. The company will also use motivational techniques to retain its talented and capable freelancers through promotions and financial bonuses and rewards.

Customers: The customers of the freelancer website will consist of professionals and students who have to get their academic and professional assignments and projects done through professional and experienced writers, analysts, researchers, and designers (Ilasco & Cho, 2010). The freelancer website will provide a wide range of writing, designing, and research services to its clients from every kind of profession and area of studies (Bangs & Henricks, 2005).

Thus, the company's potential customers include the students from medical, engineering, business management, commerce, social sciences and humanities, and IT colleges and institutions from the local and international regions (Freelance UK, 2007). The freelancer website will be connected to the international websites database which will make its access to the potential customers from all the operating regions of the world (Entrepreneur magazine, 2012).

Primary Stakeholders: In addition to the investors, employees (freelance writers, designers, and researchers), and customers, the freelancer website will have to manage the interest of some other parties which have a direct stake in its operational performance and profitability (Liem, 2008). These stakeholders include software vendors, third party technicians, legal advisors, business development firms, and digital marketing firms. The company has to show progressive growth over the years in order to keep its primary and secondary stakeholders happy and satisfied (Longenecker, 2012).

Environmental Scan for Freelancer Website Environmental scan consists of an analysis of all those forces and factors which affect an organization's operations and profitability in one way or another. These forces are present in the external environment of the organization and analyzed through marketing research, industry trends, competitive patterns, consumer preferences, local laws and regulations, and various other ways (Longenecker, 2012).

Before starting up a freelancer website, the owners will have to conduct a full-fledged environmental scan of the freelance business industry in order to operate the website in an effective and profitable fashion (Allen, 2012). The major environmental forces that can affect the business operations and profitability of freelancer website include political and legal forces; economic forces; social and demographical forces; technological forces; and the most importantly, Globalization and international competition (Ilasco & Cho, 2010).

Political and Legal Infrastructure: Being an international freelancing services provider, the freelancer website will have to adhere to the local and international laws and regulations that govern freelancing industry. For example, it will have to pay taxes on its sales, technical services, software acquisitions, etc. (Entrepreneur magazine, 2012). It will also have to follow the regulatory guidelines regarding business expansion, business and marketing ethics. However, it will be exempt from industrial relations and labor laws because of its freelance employment services (Bangs & Henricks, 2005).

Economic Impacts: In addition to the business and marketing ethics and other legal and regulatory requirements, the freelancer website will also take an economic impact from the industry patterns, consumer behavior, inflationary pressures, unemployment levels, etc. First of all, the industry patterns will impact its sales and profitability in a way that the entrance of new freelancing websites will enhance the concentration of the industry at large (Longenecker, 2012).

In this way, the customers will have more choices to choose a freelancing website which will be a negative sign for the company. Secondly, the inflationary pressures will restrict a large number of potential customers to get their projects done from third parties -- they will prefer to do these projects by themselves in order to save money for their other necessities (Brown, 2006).

Converse to these negative impacts, the rising level of unemployment can give a benefit to the freelancer website by attracting more and more writers, designers, and freelancers to join the freelancing industry and earn income for their living. Similarly, the bad economic conditions and poor wage rates also make a large number of capable writers to work part-time as freelancers.

In order to keep its operations running smoothly and efficiently, the freelancer website will have to keep an eye on these economic impacts and strategize to transform them in favor of its business. Social, Demographical, and Cultural Impacts: The business growth of freelancing industry largely depends upon the social, cultural, and demographical patterns of the target markets. These factors impact its customer base as well as freelancer workforce (Belew & Elad, 2009). The customers from different regions have different consumption patterns, e.g.

students and professionals in the developed regions of the world are more likely to take the services of freelancers to complete their projects as compared to the students and professionals from underdeveloped regions (Freelance UK, 2007). Reason being, the former have greater access to the freelancers and are more dependent on freelance writing and services industry due to time constraints (Longenecker, 2012). On the other hand, professionals from underdeveloped and developing areas are generally engaged in only one profession at a time.

Therefore, they have more time to complete their projects by themselves (Ilasco & Cho, 2010). The students in underdeveloped countries are also kept aside by their parents from doing jobs during their educational career which gives them time to do their assignments and projects with their own research and efforts. These social, cultural, and demographical impacts create opportunities for the freelancers to apply for part-time jobs at freelancing companies and earn handsome extra incomes (Brown, 2006).

Technological Impact: The freelancing industry is largely exposed to the advancements in Information Technology and Electronic Sciences (Rich, 2008). Reason being, all the business operations, communication systems, customer relationship management systems, human resource management systems, databases, and technical processes operate through Information Technology and the Internet (DeWolf, 2009). In order to keep up pace with the changing market needs and serve its customers in the most effective and efficient way, the freelancer website will have to continuously upgrade its systems.

It will have to give a big focus on its Research & Development and Marketing section so that it can find the most innovative, effective, and cost-efficient ways to serve its customers and manage its orders and database (Rich, 2008). Competitive Analysis Globalization and International Competition: Globalization, Information Technology, and advanced communication mediums have made it easy for customers to access the international markets and buy their favorite products in a very convenient way (Brown, 2006).

Since the Freelancer website is totally dependent on the internet platform which is connected to the Worldwide Web, it will have to compete with the other freelance websites at the Global level (Belew & Elad, 2009). There are a number of multinational freelancing businesses which have a huge customer base and a large team of writers, web designers, and other freelancers; for example, freelancer.com, guru.com, craigslist.com, Odesk, ELance, FreeIndex, vWorker, etc. (Freelance UK, 2007).

These websites are the market leaders in the international freelance business industry with respect to revenues and business network (Lima, 2007). Additionally, this new freelancer website will not only have to compete with the top Global industry rivals, but also with the small scale local freelancer websites. In order to operate competitively and profitably in this industry, it will have to carefully analyze the business policies, customer services, and marketing strategies of these competitor websites (Rich, 2008).

Learning Opportunities from the Competition and Industry patterns: The freelancer website will have to look for learning opportunities from experienced freelance businesses which have been operating in this industry for a long period of time. These opportunities will enable it to have a closer look at the industry patterns and learn the tactics to deal with the environmental issues. The owners can learn how to make an impressive and customer focused website and make attractive revenues in a short period of time (Longenecker, 2012).

There are some freelancer websites which are engaged in more than one type of freelancing services and are making huge profits on daily basis. The new freelancer website can learn from these successful businesses and strategize for its future growth and development. Moreover, it can make partnership and strategic alliances with the well-established freelancer websites which can help it in promoting its business in the potential target markets. Operational Procedures Structure of the business and Hours of Operations: The freelancer website is purely operational through the Internet and web-related services.

The company will basically serve as an intermediary between the clients and the freelance writers, designers, and researchers. Ideally, the company should operate 24/7 and 365 days due to its large scale of operations which is spread around the Globe. Being a freelancer services provider, the company cannot even announce gazette holidays for its writers and freelancers, i.e. The customers can place orders whenever they want without being worried of festivals or holidays (Belew & Elad, 2009).

Pricing Comparison and Order Placement procedure: For a client to place an order with this freelancer website, the first step is to review the available services and pay rates which it charges. This freelancer website will provide a chart for its clients they can review to look for the charges for every order according to its nature, length, complexity, and time span. If the customer is satisfied with the charges, he can place order on the website.

The order placement procedure starts with providing all types of instructions in a pre-designed format on the website. The customer has to fill an online form; provide his personal information and order instructions, and submit it to be included in the available orders database. The next step is to choose the payment method (Entrepreneur Press, 2008). This freelancer website will get the payments for its orders in advance to keep itself on the safest side and avoid financial risk.

The customer chooses to pay through online fund transfer and takes his online receipt from the website (Lima, 2007). Some orders are just placed with a proportion of the total payment while rest of the payment is made after the completion of the assignment or project (DeWolf, 2009). Assignment of Orders to the highest bidders: Once the orders are placed on the available orders database, the registered freelance writers and researchers can review them and choose the ones which best suit their qualification, abilities, skills, and time schedules.

The company assigns the orders to the first bidder or to the highest rate bidder depending upon the type of order and its payment method (DeWolf, 2009). Payment Mechanism for the Freelancers: The freelancer website will pay its writers, researchers, and designers through online bank transfers once or twice a month. The high performers will also be paid bonuses and pay increments upon the performance appraisals by the company's Management team (Longenecker, 2012).

These bonuses and pay increments will motivate these freelancers to work more dedicatedly and take greater number of orders (Mondy, 2009). The best Marketing Strategies for the Freelancer Website This section presents some important marketing strategies which the new freelancer website can use to promote its business effectively. For example, the marketing objectives will define the areas on which the company should focus in the short and long run.

Similarly, the marketing mix will help it in designing the product, place, promotion, and pricing strategies which it can follow to present its services in the most competitive way (McDonald, 2011). The marketing budget will give it an anticipation of the project costs and major sources and revenues. Marketing Objectives for Freelancer Website: For a freelancer website, the core marketing objective is to define a roadmap for the whole workforce and Management team which can be followed to become successful in the freelancing industry (DeWolf, 2009).

For this freelancer website, the marketing objectives can be classified into two categories: qualitative marketing objectives and quantitative marketing objectives. i. Qualitative Marketing Objectives: To establish its brand image in the Global freelancing industry To strengthen the customer base and maintain strong customer relationships To gain high market share in the freelancer websites industry To run effective marketing campaigns that can communicate the company's mission, vision, and objectives to its customers and primary stakeholders in an effective way.

To render the most reliable and efficient writing, designing, development, and other online services To make it convenient for the potential customers to avail the company's services in the most convenient fashion. ii. Quantitative Marketing Objectives: To increase the company's sales from its website in the introductory phase To ensure continuous sales growth in the expansion and maturity stage To earn attractive revenues for the investors and become financially strong in a short period of time.

To distribute the marketing budget in all the marketing mediums according to their significance and effectiveness for this freelancer website To run all the marketing campaigns within the specified marketing budget Target Market for the Freelancer Website: Defining the target market for the freelancer website depends upon the kinds of services it is going to offer. The freelancer website will provide professional and academic writing services, analysis and critics, legal and administrative support, business project planning, and others (Entrepreneur Press, 2008).

Therefore, the target market for the website will include professionals, businessmen, entrepreneurs, engineers, analysts, and students. The services will be offered at very competitive rates (Entrepreneur magazine, 2012). Therefore, there is no target market segmentation on the basis of income class or life style. Since the freelancer website will operate at the Global level, it will target the potential customers from all over the world (Lima, 2007). The customers will directly approach the company through its customer section at the website and place their orders in a specified format (Freelance UK, 2007).

Marketing Mix for the Freelancer Website Marketing mix is a combination of some core marketing strategies which are essential for presenting, promoting, pricing, and delivering a company's products to its most potential customers. It consists of product or service strategies, promotional strategies, pricing strategies, and place or location strategies (McDonald, 2011). These are now discussed below in detail: i. Product/Service-related Strategies: The freelancer website will primarily target the professionals, businessmen, and students that want to get their business projects and academic assignments done in an effective and reliable way.

The major product/service offerings of the company include academic projects, articles, assignments, research proposals, dissertations, thesis, term papers, research papers, business plans, critical reviews, college essays, project feasibilities, market analysis, customer surveys, statistical analysis, and various other types of writing services. With the passage of time, the freelancer website can also offer additional services in order to increase its service line and become more competitive. Moreover, the freelancer website will offer administrative and technical support to the customers in computers, electronics, and IT related projects.

All these service offerings will enable the company in targeting a large customer segment all over the world and become a successful freelancer website in a short period of time. The successful future of the company in the freelance writing industry depends upon the quality of its writing services and the value which it can give to its customers against their money. It will have to make every effort to ensure that its services are fulfilling the requirements of its customers in an effective and efficient way. ii.

Pricing Strategies: Most of the freelancer websites use per-hour pricing model in which the freelancers ask for compensation according to the time required for a project. Some freelancer websites have already-designed pricing charts for the convenience of their clients. These charts give an estimated cost of every project on the basis of available time and length & subject of every project or assignment (Lesonsky, 2011). On the other hand, some projects are paid according to the complexity of their work along with the time required to complete that work.

For this freelancer website, it will be feasible to use both these types of pricing models so as to make it acceptable for the freelancers as well as for the clients (Lima, 2007). That is, the clients should be made clear about the price and other costs which the website will charge from them for their projects. Competitive Pricing Strategy: In order to beat the competition effectively, the freelancer website will have to charge a competitive price for its services, i.e.

The customers must not feel that they have get their projects done at a higher price than the market rates. The low pricing strategy will also help the company in retaining its customers for a long period of time. They can also promote the company's services to other potential clients through word of mouth. The product/service-related strategies and pricing strategies will collectively make the company grow in its industry in the most competitive fashion.

That is, the company can offer highest quality of writing services at very affordable rates in order to attract and retain its customers (Holtje, 2010). iii. Promotional Strategies: The best promotional strategy for the freelancer business is to create a portfolio of the some best writing projects like research papers, critical reviews, customer surveys, etc. These projects should be available for review by any website visitor as they will be able to evaluate the quality of the company's services through this review (Lima, 2010).

Alternatively, the company can place abstracts of the available projects on its website so that the customers can find their required projects and place orders for them (Beesley, 2012). Secondly, the company should make every type of information available to the clients on its website. The most important information for clients while evaluating a freelancer website is its business network, rates for different types of orders, convenient payment methods, available categories of writing services, portfolio of projects, customer services section, testimonials by happy customers, etc.

For the freelancers, the website should provide a separate section in which they can create their account, review available orders, and bid for their favorite projects which best suits their skills and time schedules. All these techniques and steps will help the company in promoting its website in an effective way. Moreover, there should be a 'Career' section through which potential writers and freelancers can apply for jobs and become a part of the freelancer website workforce (Hackwith, 2011).

Marketing and Promotional Mediums: The most effective way to market and promote the freelancer website is to use social media networking sites like Facebook, Twitter, Digital Point Forums, Google+, Google AdWords, Design Bump, Digg, Google Buzz, Hacker News, Google Profiles, YouTube, LinkedIn, etc. Establishing its presence on these social media networking sites will create awareness of its website among the potential students, professional, and businessmen that are also present on these networks (Holtje, 2010). The company can also use public relations and business development agencies to promote its business (Lesonsky, 2011).

These agencies or firms can bring potential customers for the website and grow its customer base in a faster pace. Moreover, digital magazines can also be used to advertise the freelancing services at very affordable rates (Edsman, 2008). iv. Place or Location Strategies: The freelancer website is going to operate at the International level by offering all types of writing and freelancing services to its clients all over the world (Canzer, 2006). Therefore, the website has to be connected to the international freelancing websites database.

However, the company can design different pricing strategies for its clients from different regions due to taxation, data availability for analysis, and other project complexities (Beesley, 2012).

Marketing Budget: The marketing budget for the freelancer website should be divided according to the following proportion: a) Advertisements on the social media networking sites: 30% b) Advertisements on general websites 40% c) Advertisements on digital magazines 10% d) Promotion through public relations 7% e) Promotion through business development firms 8% f) Blogs, pages, other online presence 5% Financial Appraisal and Projections for Freelancer Website Financial appraisal is used to analyze the sources of revenues for the business and the major costs which are incurred to earn these revenues.

By doing financial appraisal for its business, the freelancer website will be able to assess how much each source of revenue will be beneficial for its business and what costs will put the heaviest burdens on its financial performance (Lima, 2010). Primary Sources of Revenues: According to this financial appraisal, the primary sources of revenues for the freelancer website are freelance writing income, graphics and web designing income, administrative and technical support, and a wide array of professional services for its clients.

These primary sources of revenues will be responsible to keep the company alive in the industry and give attractive revenues year by year. Primary Costs of Revenues: i. Software Licensing and Website Registration The freelancer website will primarily provide writing services to its clients from all over the world. Therefore, the major operational expenses will be related to the management of these services (Lesonsky, 2011). For example, it will have to institute the most advanced systems, internet connection and communication, and business processes to connect to the outside world efficiently.

The biggest investment which the freelancer website will have to make is the purchase of business software. It will have to pay a big amount for its licensing in the first month of its incorporation (Beesley, 2012). ii. Web Designing and Development: The second major cost of revenues is the web designing and development expenses. It is feasible for the freelancer website to get an already designed and developed template from some well-known vendor, like Microsoft, SAP, Symantec, Intuit, VMware, Adobe, Oracle, Google, etc.

It will save the time of designing and developing the website; so the Management team will be able to initiate the freelancing operations soon after the purchase of software license and website registration, i.e. It will not have to wait for website designing and development (Entrepreneur Press, 2008). However, the vendor will have to do little customization of the software and web design in order to match the individual needs of this freelancer website.

The software license, web designing and development, and website registration are the one-time costs which the company will have to incur in the initial month (Hackwith, 2011). Thus, these costs will only be reflected in January (or any first month in which the operations are started) in the Income Statement (Lima, 2010). Due to these heavy investments, the company will be showing big loss in the initial period.

However, it will manage to recover its initial investment after establishing and growing its business network in the industry with a consistent pace (Entrepreneur Press, 2008). Operating Expenses: Like any other type of business organization, the freelancer website will also have to incur operating expenses on day-to-day basis (Lesonsky, 2011). These operating expenses are essential for keeping the business operations running smoothly and efficiently (Canzer, 2006).

The major operating expenses for the freelancer website include sales and marketing expenses; research and development expenses; general, administrative, payroll, and training expenses; amortization of intangible assets; restructuring and acquisition charges; and goodwill impairment expenses (Edsman, 2008). Among these major operating expenses, the sales & marketing and research & development expenses are the heavy costs for the entire initial 12 months period. Moreover, the salaries, payroll, and training expenses are also an important part of operating expenses which will keep on increasing with the passage of time (Bly, 2006).

Financial projections will give an estimate to the company regarding its expected revenues during a specific period of time (Holtje, 2010).

Following is the projected income statement of the freelancer website for its initial 12 months of operations: Projected Income Statement for Freelancer Website $ in '000 Months Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Revenues Freelance Writing Income 2000 Graphics and Web Designing income Technical and Administrative support Professional Services 50 50 60 75 90 Total Revenues 2065 Costs of Revenues Software Licensing and Website Registration 0 0 0 0 0 0 0 0 0 0 0 Website Design and Development 0 0 0 0 0 0 0 0 0 0 0 Maintenance and Control 0 Technical and Administrative Support 80 60 60 60 50 50 50 50 50 50 50 Professional Services Amortization of acquired Technology 0 10 20 30 40 50 60 70 80 90 Total Costs of Revenues Gross profit/(Loss) -1900 2090 Operating Expenses Sales, Marketing, and Promotional Expenses Research and Development Expenses General, Administrative, Payroll, and Training Expenses 50 60 70 70 Amortization of Intangible Assets 0 10 20 30 40 50 60 70 80 90 Restructuring, Acquisition and other charges 0 10 10 20 20 30 30 40 40 50 50 60 Goodwill impairment 10 15 20 25 30 30 30 40 45 40 44 48 Total Operating Expenses Operating Income/(Loss) -2410 Other income/(expense): Interest Income 30 40 75 Gain/(loss) on early extinguishment of debt 0 15 18 21 23 27 29 33 37 41 43 47 Interest expenses -50 -50 -50 -50 -50 -50 -50 -50 -50 -50 -50 -50 Change in fair value of derivative instruments 0 0 0 0 0 10 0 0 20 0 0 0 Amortization and write off of debt issuance costs 0 20 20 20 20 20 20 20 30 30 30 35 Amend and extend transaction fees 0 20 23 23 25 27 29 31 33 35 37 40 Total other income (expense) -20 45 86 Income/(Loss) before income taxes -2430 Income tax (benefit) provision -25 -30 -35 -40 -45 -45 -47 -50 -56 -63 -71 -79 Net Income/ (Loss) -2405 Website Developing Method Evaluation of the Software Vendors: There are a number of software vendors which provide website designing and.