Suppose publishing content is what you’re good at, and you love the flexibility of working from home. In that case, a good business that you should consider starting in 2021 is offering writing services. In addition, with the economy opening and many people raring to get their businesses up and running after a year of lockdowns due to the pandemic, many enterprises will require the help of copywriters and web content providers.
So, here’s a step-by-step guide on how to start a writing business in 2021:
Step 1. Pick Your Niche
You might think that accepting all kinds of writing jobs is what you need to keep your business afloat, especially when you’re just starting. But the writing industry is broad, and no matter how good you are at what you do, you can’t possibly excel in all writing niches. So, it would be a great idea to establish yourself as an expert in a particular area of writing.
For example, if you have a flair for words that encourage people to buy products, maybe you should focus on learning how to start copywriting for advertising. Instead of accepting every gig, from technical writing to Facebook copywriting, you should stick to jobs you have the experience and confidence doing.
Step 2. Create A Business Plan
After researching and deciding what niche market you want to cater to, the next step is creating a business plan. Many people think such a document is only needed if you plan to borrow money from the bank or venture capitalists. However, a business plan is vital when opening a business because it serves as your guide in achieving your business goals. Without a formal plan, you might end up losing your focus.
Here are some of the things that you should incorporate into your business plan:
- The 5 W’s (Who, When, What, Where, and Why)
- A short description of your business
- Growth strategies
- Overview of the market
- Services offered
- Tools you need to open your business
- Your marketing strategy
- Specific financial goals
But remember, the things you put in your business plan aren’t set in stone. As you go about your company’s operations, you may want to change or add more details to the document.
Step 3. Establish Your Online Presence
Since the pandemic hit, e-commerce has surged 40%. The growth is attributed to the fact that more consumers now prefer to order products and services online. With an overwhelming number of people shifting to online shopping, now is an excellent time for you to let your target market know about your business.
Gather up your past work, build a portfolio, and establish your presence online by setting up a blog, business website, or profiles and pages on major social media sites. The digital economy is on the rise, so other business owners require copywriters and bloggers to help them with their ad campaigns or create great content for their respective websites.
Step 4. Decide On Your Rates
Determining your rate can be challenging. If you’ve made the financial strategy portion of your business plan, you probably have a clue of how much you need to earn per project to reach your business goals. Your bottom-line objectives would primarily affect how much you’ll charge clients.
If you still have no idea, maybe you can look at other sites that offer writing services. By doing so, you’ll know their typical rates. However, it’s important not to chase the bottom of your market. You don’t have to bring down your rates just to be competitive in your niche.
Step 5. Sort Out Your Legal Requirements
Even if you’re doing business online, you still need to file taxes and licenses. So, be sure to have your business name, permits, and other requirements in place before you start entertaining clients. Furthermore, you might want to think about invoices, billings, modes of payment, and other aspects of your business operations.
Of course, you can always ask a friend to help you with bookkeeping and other financial stuff. But if you have money to spare, you can also invest in software that will help you with the financial side of your business.
Step 6. Market, Market, And Market Some More
After all your legal and financial requirements are in place, the next step is to market your business. It will help if you promote your business online, so prospective clients are aware of your business. Sponsoring contests and offering free editing services are two ways to showcase your talent and let other people know what you’re offering.
At some point, you may need to allocate some of your funds to SEO, online marketing campaigns, and paid online ads to reach your target niche.
Indeed, 2021 is an excellent time to start your writing business because the demand for online content is rising. This trend is a result of more businesses moving their operations online. But just like in any industry, you need to plan your business carefully if you want it to succeed.