As more and more writers become familiar with writing for the online world, more are turning their writing into a business. Setting up a business is much easier online than in the physical world, especially a writing business. If you've got a computer and an Internet connection, you've already got most of what you need to start your own writing business.
But what about money?
Bootstrap your writing business
The easiest way to start a writing business is to bootstrap it: to start it without external funding. Rather than taking out a business loan, you're funding your business from your savings, and from working outside the business, in your day job.
Bootstrapping is also the best way to start your writing business, and to learn the fundamentals of running a business, such as the importance of cash flow. A writing business is just like every other business; cash flow rules your life. You need money flowing into the business, so you can pay your business expenses.
Start with a napkin business plan
Most business plans are too complex, and you don't need a complex business plan for your writing business. So write a simple "napkin" business plan, covering:
* A short description of what your writing business is, and what it does
* A short description of who needs your writing services (your target audience)
* A list of the writing services your business provides, and the fees you will charge for these services
* A marketing plan - how you will let your target audience know about your writing services
* A cash-flow estimate for the first 12 months
The best kind of writing business: copywriting services
Copywriting services is the most lucrative type of writing service. Many copywriters earn six-figure incomes, so if you want a writing business which will thrive over the long term, consider copywriting.
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