Doing well and in a hurry to grow your writing or editing business? Be careful. If you don't steer it in the right direction, your business can run into all kinds of problems. Small business consultants such as Inc. magazine's Rhonda Abrams offer several warnings:
1. Know what business you're in. What do your clients look to you to provide? What are you best at doing? Independent writers and editors today can go in all sorts of directions -- Web content provider, Web editing, , proofreading, ghostwriting, bookseller, book publisher, copywriter, marketing consultant, and even more. It can be difficult to narrow it down, but doing so can help you make marketing and overall planning decisions.
2. Concentrate on your core business first. Which activities actually bring in the money that pays your bills? Which clients or publications or subject areas comprise your core business? Take care of them first before expanding into other fields or markets.
3. Don't bet all your money on one horse. Over the years, our Network has seen several members run into trouble because a single client or publisher brought in most of their income -- then that client folded or moved on to other writers. Being dependent on one or two revenue streams is perilous, according to Abrams. If you're currently in this situation, make adding new revenue streams a top priority as you begin planning for 2009.
Source: Writers-Editors eZine, Sign up for a complimentary subscription at http://www.writers-editors.com.
WOW! interviewed the founder of writers-editors, Dana K. Cassell, in our March Issue--see it here: http://www.wow-womenonwriting.com/7-review.php