This is a guest post by Lisa Wheatly, a consultant of young entrepreneurs who feels that her knowledge of the human mind allows her to accurately assess the abilities of the young businessmen.
Working from home and making a lot of money sounds almost too good to be true. Your friend is doing it and they are telling you loads of stuff about their online writing business. Maybe they are inflating some of the good or bad stuff? Maybe they want to look like they are doing something great with their lives, or they tell you it’s too hard because they don’t want competition.
You want to try it, but you have too many questions and assumptions on your mind. The wrong impressions can ruin this business challenge for you. With this article, we’ll reveal the truth about making money through writing.
We’ll bust the myths and tell you everything your friend is hiding from you.
1. Anyone Could Write for Money.
There are tons of opportunities for starting an online writing business. You could start working on freelancing websites, such as Upwork or Freelancer. You could also get a job at a writing service like TopAussieWriters. If you browse through the lists of gigs, you’ll realize that content is needed in all niches. If pharmacy is your biggest interest, you could write for websites committed to that subject.
However, the truth is that not everyone is up for the challenge these jobs impose. It’s amazing to see how many people think they can make money writing when they lack basic language skills. First of all, it takes talent. A lot of it! Then, it takes commitment. Are you ready to devote many hours of your days to writing? That’s the only way to make money that counts.
2. It Can’t Take Much Time.
This is a flexible business. It will take as much time as you’re willing to invest. However, you have to consider the fact that a single article will take hours or days. If you’re writing academic content, a single project might take weeks. The more you work – the more money you’ll be making.
People who make a decent income through writing usually write a lot – at least 7 hours per day.
3. It’s Just Not Possible to Earn a Lot.
If you create a profile on Upwork, you’ll be able to browse through the profiles of the freelance writers. You’ll notice that most of them are not paid well, but some are doing great. If you’re good enough, you’ll make enough money to pay the bills, live a comfortable life and save some for vacations.
If you’re up for a real business challenge, you could start your own writing service and offer your services to companies that need them. You can attract freelance writers to join your team. With this approach, you’ll have a huge chance to earn a lot of money.
4. Great; I Won’t Pay Taxes!
Oh, but you will. You’ll have to report the entire income and pay the taxes you need to pay. The online writing industry is controlled by the laws, just like any other business is.
5. You Can Write Whatever You Want.
When you start writing, you will commit to a specific niche. If you’re good at beauty blogging topics, for example, you can start searching for gigs in that niche. However, you won’t write about whatever you want, even if you’re writing for your own blog. You will write about the things your target audience wants to read about.
6. You Can Start Your Own Writing Business for Free.
If you’re a freelance writer, yes you can start working without making any investment. Everyone can make a profile at freelancing websites and start applying to ads. If you plan to start your own writing service, however, you can’t do it for free.
First, you’ll need to register your business according to the laws of your state. You’ll then need to invest in the development of the website, and you can expect to spend at least $500 per year on its maintenance. Not to mention the fact that you’ll be spending hundreds of dollars per month on marketing.
7. You Need a Lot of Money to Start an Online Writing Service.
When you realize you can’t start an actual writing service for free, your thoughts will go in the opposite direction – it must cost a lot of money, then! Well, not necessarily.
Have you heard of The Lean Startup book? It shows you how you can start a successful online business without investing tons of money in it. It’s not specifically focus on the writing business, but you could definitely use the tips this author gives.
8. If You Start a Writing Service, You’ll Have to Pay for the Employee’s Health Insurance.
As anyone else who intends to start a business, you assume you’ll have to provide health insurance to your employees. However, you’re forgetting that you’ll be dealing with freelance writers, who won’t be your full-time employees. They will have to take care of their own insurance.
9. If You Work as a Freelance Writer, You Won’t Have Health Insurance.
Your clients won’t be paying for your health insurance, that’s for sure. However, that doesn’t mean you’ll be living without insurance. You can invest in high-deductible private insurance or a plan offered by Freelancers Medical. If you’re not in the USA, you can check what private insurance plans are available in your country.
10. I Can Just Start a Blog and Make Money from It.
You could, but you can’t expect instant success. Let’s bust another myth related to blogging: it’s not as cheap as you might think it is. If you want your blog to make money from you, you’ll have to invest in good hosting. Then, you will need to stay committed to a detailed content writing plan for months and years before you see actual results translated in money.
There you have it – the 10 most common business about starting an online writing business. Hopefully, you have a clearer impression on how things work in this industry. You can succeed, but you have to start with the right mindset.