Writing used to be a simple art form meant to document various historical events so that people in the future may remember. Now, it has become a form of entertainment and marketing. It evolved from its basic form. Now, almost every business uses this art form. However, writing is completely different from starting a writing business. As a writer, you mainly think of what you will write and how you are going to engage your readers. As a business owner, you’re going to think about so much more than that.
If you’re a budding entrepreneur with little to no experience in writing but have some experience running a business, then, by all means, go for it. Read on because we certainly have the information you need to start a writing business. However, if you’re someone with experience in writing but no experience running a business, consider getting a job in the industry first before starting your business. We highly suggest you do this if you have no experience in running a business and writing.
Should You Start a Writing Business This Year?
There are various forms of writing businesses. This article mainly concentrates on both the self-publishing industry and the content marketing industry, as these are the most common digital writing businesses out there. Currently, both markets are expecting to grow by a considerable margin. The self-publishing industry generated 1.25 billion sales in the United States alone. This amounts to a $6 billion industry. On the other hand, the content marketing industry is valued at a staggering $36 billion with a compound annual growth rate of 14%. Both industries have a big space for growth and are welcoming for more entrepreneurs to start their businesses in the sector. So you might be asking yourself right now: how do I start a writing business this year?
Self-Publishing vs. Content Marketing
Before you start, you’ll have to choose between the self-publishing industry and the content marketing industry. Both industries are flexible enough to cross one another, but you’ll have to stick in one industry before crossing into the next during the start of your business.
The self-publishing industry is mainly a career that you’ve set out for yourself. You’ll pretty much be a freelancer. But when you’re not publishing a novel or a book, you’re doing influencer work by the bulk. On the other side of the spectrum, content marketing is all about running a business. It’s all about quantity and managing efficiency. You’ll have a company with a couple of writers working to meet deadlines that align with your client’s goals.
Starting a Website
Whichever industry you choose, you’re going to need a website. You’re going to use this site to promote your works and advertise your services. It can also be a place where people can contact you.
If you have some website creation experience, feel free to do it yourself. If you don’t, you can always use a website hosting company like Squarespace to build your website for you. If you’re planning to upload promotional videos to your site, the website you make or choose must have robust HTML5 video player software embedded within it. If your website does not have this particular feature, your visitors will experience extreme lag and latency playing the promotion video on your site.
Overhead Costs
Overhead costs should be one thing you should consider when starting any business. These costs include your rent, utilities, and wages, among others. Thankfully, if you’re planning to start your business digitally, the only thing you’ll be worrying about is wages. Most of your writers, including you, can work in the comfort of your own home using collaborative tools for different projects. If you’re using tools or letting a website hosting service manage your website, you should also put that on top of your overhead cost when starting your business.
Wages
If you’re part of the self-publishing industry, the only wage you’ll worry about is yours. However, once you’ve grown, you should consider hiring a manager to look for new growth opportunities for your business. If you’re running a content marketing business, you’ll have to worry about your employees’ wages. Since most writers nowadays are freelancers, you should consider paying them by the tasks they accomplish. The traditional way we pay for wages doesn’t work for this industry simply because everyone is working at home, and it’s hard to know whether if they are working the whole day or not.
Once you’ve considered these things, you can start your digital writing business. You can begin this kind of business for as low as $1,000. However, we suggest having between $10,000 and $25,000 for your overhead cost. Having this amount of money will ensure that your business will be operating smoothly for years to come.
