Investing in Your Writing Business ? Get Paid to Write Online

I suppose it?s natural given the name of this site, but every so often I get a question from a reader about whether it?s really possible to get paid to write and what it takes to do so. Here?s the latest example:

I really need some reliable words of wisdom regarding the ?real? potential to earn money at this kind of writing and the administrative work that goes into it. I know the energy input of the writing, but I?m hoping your site will have guidance on the return on investment and the amount of investment. ? D

I was glad to see that D realized that you have to make an effort to succeed at getting paid to write online, but her questions about the investment required and the administrative work needed were also thought-provoking. First let?s look at the investment.

Investing in Writing Hardware

Any business needs an investment, and a writing business is no exception. When I started freelancing, I already had a computer and printer, which are the basics you need to get started. What kind of computer you get is up to you. I started out with a desktop, moved to a laptop so I could write from anywhere and moved back to a desktop once I had a fixed abode. I also have a laptop for going on the road and doing client presentations.

Fixed or Mobile Writing

My advice: if you want to be mobile, then get a laptop with the biggest screen and fastest processor but lightest weight you can achieve. If mobility is not necessary (say, for example, if you have to be around so kids can stay in school), then a desktop machine offers more hard disk storage, more processing power and the option of a bigger screen. A middle ground, which I have also used, is to have a laptop, but work on my desk with an external screen, keyboard and mouse.

Do You Need a Printer?

Unless you are working for local clients who need to see pieces of paper, you can probably manage without a printer and scanner at first. To replace those, you will need to have the ability to save documents as PDFs. I currently use two tools for this: the Microsoft Word 2007 add-on that lets me save documents as PDFs and doPDF which mimics a printer to let me create PDFs. We have a scanner in the house and once every six weeks or so I use it to scan in a signed contract to return to a client. Many now accept email signatures, so it?s getting rarer. As for printing, I have an HP LaserJet and my first toner lasted 2 years ? that?s how little I print. There are other things you can get to trick out your office of course, like a headset, speakers and the usual assortment of software, but the entry cost isn?t very high. Next, let?s look at administering the writing business.

Writing Business Administration

Administering your writing business is where things get tricky. Unfortunately, it?s not enough to set out your shingle as a freelance writer and wait for the work to come in. As I pointed out in Getting Paid to Write ? It?s More Than Just Writing on Growmap, there?s a whole lot of work to do in getting your name out there. There are tens of thousands of writers out there, all going after the same jobs. However, don?t be discouraged, because there is also plenty of writing work out there.? In Key Aspects of Your Business Website for Writers (and Small Businesses and Others), I mention another investment you need to make ? getting your own website as a platform for self-promotion.

The best way to illustrate what it takes to administer a writing business is to give you a snapshot of some of?the tasks I undertake.

Key Writing Business Tasks

1. Every year, I set up my client tracking spreadsheet, which includes income comparison figures for the last four years, a forecast of expected earnings for the coming year, and a sheet where I track income received, income on the way and client leads. I?ll be setting that up before the end of the year.

2. I have subscribed to several job leads emails, which I skim and send bids/queries for the things that interest me. This is a daily task, or at least 3 times a week if I?m busy.

3. I set out a calendar, including both personal and work obligations and all deadlines so I can have an at-a-glance picture of where I stand. I make sure this appears on my iGoogle page and also send reminders if necessary.

4. I have a schedule for writing. I check email first thing in the morning, which is already lunchtime for my UK/European clients. I spend 3-4 hours writing in the morning, and another 2-3 in the afternoon. I also do a last email check at night. This schedule varies according to other commitments such as client meetings and volunteering.

5. I hang out online on Twitter, Google+ and Facebook as well as a couple of writer forums.

6. I manage income received by entering it in my spreadsheet and managing transfers between Paypal and my bank account. This usually involves checking exchange rates as my clients pay in three currencies.

7. At the end of every month, I tally the income, update my forecast and assess how much more marketing I need to do in the coming month.

There are probably other things I do automatically that I haven?t listed here, but these are some of the main ones ? and they take time.

What about the ROI?

How you assess the return on investment for your writing business is about whether it meets your personal, professional and income goals. For myself, I can say that since I started freelancing, I have earned a steady income that covers my bills and allows for extras. So yes, you can earn money if you have the skill and put in the effort.

I?ve also?made connections with great writers and bloggers, some of whom have become friends. I have met clients and others who trust my professional opinion, consider me their go-to person for writing and recommend me to everyone. I think that?s a pretty good return on the time and effort I have spent on developing my writing business.

So that?s my take on it, but I?d love to hear what the other experienced writers who read this blog have to say. Over to you ?

(Image: MyTudut)

Source: http://www.getpaidtowriteonline.com/investing-in-your-writing-business/

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