The greatest aspect of funding your freelance writing business is that you are only as limited as your ambitions, creative talents and the time it takes you to complete writing projects. As a freelance writer you likely have already gained some knowledge on what it takes to win larger projects as well as specific knowledge different clients seek.
It is imperative to create a business plan and set aside some of your income from freelance writing projects. Once you begin building it, funding a small online business will be as easy as paying writers as they complete projects. When considering funding your freelance writing business, realize that it is a distinct possibility that others may not have the ethical practices you have. Clients have been known to run off without pay, so be prepared emotionally and financially for that possibility as well.
The Basic Requirements
Before you delve into creating a small online business of your own in the writing niche, you need a reliable internet connection, an up-to-date computer and the willingness to work longer hours than you would as a part-time or even a full-time freelance writer. You will likely need at least two to four hours per day to have enough success to ensure your failures are not ‘end-alls’ for your company.
Build on Your Good Name
Never mislead a client if you are outsourcing jobs they give you. This is not only unethical but can end up costing you your reputation. If a client has agreed that your work is up to their standards and you turn in work from another writer who did not meet those standards, the client will assume you lack consistency and may decide to terminate your contract. Fair assumption, you didn’t supply consistent content, regardless of who created it. On many freelance work sites, the client would win that disagreement in a moderation process.
However, once you have clients with whom you have made clear you will have a group of writers on their project, make sure that each writer
‘s work lives up to the standards that you originally provided. This may require that you spend less time writing and a bit more proofreading the work of others. Be financially prepared with a bit of overhead from your own completed assignments in case the proofing or approval process takes a bit longer with larger orders. It will. Expect to spend at least a couple hours per day doing not much else for even the smallest projects.
Don’t Multitask Too Much
The freelance writing world is full of competent writers and websites that clients can be fully satisfied with. For this reason it will become your personal responsibility to see that your freelance writing business stands out among others. Before you go from employee to employer, you may also want to consider building up some funds to invest in marketing. Without a bit of help, the time you spent hunting, managing, and completing projects, will go from around two hours per day to ten. You can not add the much needed element of marketing on top of your many other responsibilities and expect any of them to be highly-effective. You can also expect to find yourself failing at both ends if you do. Certainly be hands-on when it comes to learning how the marketing process works. You will eventually have the time to give that area of your business far more consideration.
Funding your freelance writing business will become much easier if you demand high standards from your employees and perhaps even set up a series of rewards for consistently meeting those high standards. This will return your own private working time back to you, which you can turn over to completing the projects that will be funding your freelance writing business.
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Joy Lynskey is the owner of JRL Solutions, a copywriting and content management company based in Bedford, Virginia. JRL Solutions hosts a Freelance Writers Education Blog that is managed by direct and guest posting. Joy is the Content Manager and Editor for Puglisi Consulting Group at Digital Brand Marketing Education. Joy regularly works in SMM via freelance consulting private clients with their social media campaigns. @JoyLynskey
About Joy Lynskey
Full-Time Freelance Writer and Content Manager for Puglisi Consulting Group, Joy Lynskey specializes in Technology, SEM, SMM, and other elements of Digital Marketing.