Today I want to continue talking about how you can get started with your Freelance writing business. Before I get too much into it, though, I want to send you off to read about why these tough economic times really are the best time to start your freelance writing business (Make sure to come back, of course, when you’re done reading it.)
Let’s talk some about planning, shall we?
One of the biggest reasons small businesses of any sort, including freelance writing businesses, fail is because they don’t have a solid business plan. I can tell you from personal experience that this is the case, because it happened to me.
it was 2000. Our second child had just been born, and I was working at a power plant as a Network Administrator. I had just been hired from a contract position to full-time, and was in a great place in terms of my career.
Still, I was already showing signs of IT burnout. I wasn’t happy with my job. I’d been selling computers and fixing computers on the side for years, so we decided in July of 2000 to start our own computer business. I quit my IT job, rented an office, and hung my shingle.
Six months and $30,000 of credit card debt later, my business folded. I went back to the IT world, defeated.
There were many reasons my business failed. One was the economy; in the fall of 2000, the economy started a downward trend. That’s a factor that can’t be ignored, but it probably could have been overcome.
No, the bigger component to my failure was this: I didn’t plan my business. I didn’t have an organized marketing campaign, a thorough understanding of the local market, specific business goals and milestones that I was working toward, an understanding of inventory control or any sorts of overall strategies. I just took out some ads and hoped people would call me.
Needless to say, this wasn’t the best of strategies. I had some folks call me (mostly through word of mouth; I wasn’t yet a skilled copywriter). But it wasn’t nearly enough.
So, how do you plan your freelance writing business? Just like you plan any other business. You study your market. You write a business plan. You develop specific strategies, goals, and tactics.
Now, I could go through how to do this, but let’s be honest: it’s been done. I’m not going to be able to tell you anything about writing a business plan you can’t find elsewhere. So, instead, let me point you to the best resource I’ve found for planning a business: The Small Business Association Small Business Planner. Give it a look, especially the sample business plans.
Follow The Journey: Other Posts In This Series
How To Start Your Freelance Writing Business: Introduction
How To Start Your Freelance Writing Business: Education
How To Start Your Freelance Writing Business: Honing Your Craft
How To Start Your Freelance Writing Business: Planning
How To Start Your Freelance Writing Business: Building Your Portfolio
How To Start Your Freelance Writing Business: Finding Work
5 comments ↓
Great article, but this sentence makes no sense: “One of the biggest reasons small businesses of any sort, including freelance writing businesses, is because they don’t have a solid business plan.”
It’s missing something. I think the word “fail” needs to be added after the word “sort.”
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Yes, I agree a plan is indeed one of the most important aspects of starting any business…and this is where most business startups go wrong. Thanks for reminding everyone of this
Bob, even with the plan, I’ve seen businesses fail. It’s the application of the plan that makes all the difference. And it’s the ability to go back and amend the plan if it’s not working.
I have a fairly simple strategy – market even when I’m busy. Work disappears overnight sometimes. It’s better to have too much (amen, alleluia) than not enough.
I agree with Lori. Sometimes, even if you have a business plan it may still fail. that’s especially if you don’t have a real market, or if you don’t know what your market wants.
The first step in putting up a business is knowing whether there is actually a need of the market that you can answer.
Cedric Solidons last blog post..How to Write With Personality (And What You Can Learn from Ozzy Osbourne About It)
I find that most of my writing and creative clients just won’t do a long plan. That’s why I offer them the One page Plan(r) — although the book for consultants is better for them then the one for creative entrepreneurs.
Just having a plan isn’t good. Mainly because you can’t really create the marketing plan piece w/o creating an ideal client profile.
That’s were many fall short. They marketing to “everyone” who breaths. Even with the turndown in the economy, those who stand out and are remembered are those who niche and create an ideal client profile.
Then once your plan is complete… many falter in the accountability piece — they don’t hold themselves accountable. They create a plan and then “that’s it”.
But that can’t be it.
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