Freelance writers generate written content about a variety of topics for readers of websites, newspapers, journals, magazines, books, and other publications.Learn how to start your own Freelance Writing Business and whether it is the right fit for you.
Start a freelance writing business by following these steps
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your freelance writing business. These steps will ensure that your new business is well planned out.
Plan your Business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
What are the startup and ongoing costs?
Who is your target market?
How long it will take you to break even?
What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a freelance writing business?
You must have a computer, a high-speed internet connection, a desk, and possibly a printer. A laptop, depending on the brand you choose and the word processing software that you use, purchasing a computer can cost up to around $1,500. Wireless internet connect costs an average of $50/month, but the cost can be significantly higher or lower depending on the wifi provider that you use and the speed of the connection that you desire. A desk and a printer are both optional purchases that can be bought at your preference.
What are the ongoing expenses for a freelance writing business?
Writers must pay for high-speed internet. This costs between $30 and $60 per month. Computer maintenance, repairs and replacement are also necessary. Budget at least $50 per month for these expenses. Ink for a printer will likely cost $20 to $50, depending on how frequently it is used. Certain online content mills force writers to pay fees to obtain access to clients. If you take this route, you will spend between $10 and $50 or more per month to gain access to clients.
Who is the target market?
The ideal client type is an organization that requires a steady stream of written content. Examples of such clients include online content mills, newspapers, magazines, and owners of small to medium-sized businesses who need online content optimized for search engines.
How does a freelance writing business make money?
Freelance writers make money by charging clients for the creation of content. The price of a piece is usually based on cents per word. Alternatively, it is possible to charge a client a specific price for an individual project regardless of its length.
How much can you charge customers?
You can charge a wide range of prices per word or project. The exact price hinges on the client’s budget, the nature of the piece, your experience level and your desire to write about the project in question. In general, a 1,000 word article will pay between $25 and $175.
How much profit can a freelance writing business make?
A freelance writer can make upwards of $20,000 or more in his first year. Stick with the business and you can earn $30,000 or more in subsequent years. Continue to add clients and you might reach the $50,000 mark or higher after several years of hard work.
How can you make your business more profitable?
If you work for an online content mill that gives clients the option of rejecting pieces, do not delete those articles. There are other online content mills where you can post such rejected articles for purchase. Some busy freelance writers decide to outsource certain projects to other writers and skim a percentage of the pay off the top as a “finder’s fee” of sorts.
What will you name your business?
Choosing the right name is very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.