Content has become a big part of every businesses marketing strategy. Every day, companies and other organizations publish content these days to help promote awareness within their brand. From blog posts, video content, and even social media, the internet is overflowing with new data.
Now, this can present a big opportunity for content writers. Businesses will always need the service of the content writers to help them produce high-quality content, and as a content writer, you can offer that service to them. However, you also have to understand that many are responding to this demand. In other words, the competition might be fierce.
That said, if you’re thinking of starting a content writing service, or any business for that matter, you have to think smart. Here are five tips to follow when starting a content writing service agency:
Do your research
Research the steps of launching a start-up content writing business, from start to finish. With your experience, you should already have plenty of ideas on how the gig works. But remember, you’re working against other content writing businesses. You have to know the ins and out of the industry.
That said, you’ll have to study your competitors. Find out how much they charge for their service. Doing this lets you come up with competitive rates for your business. While you may already have an idea of how much you’ll charge, but remember, running a business requires higher overhead expenses. That said, you might want to adjust your rates to accommodate your business’ needs.
Most importantly, you have to identify who your target audience is and determine their behaviors and pain points. You’ll need to explore how you can motivate them to avail of your services. You need to know how you can stand out among your competitors.
Craft a killer business plan
Others could go on and start a business without having so much as a business plan. However, there may also come a time where you’ll reach breaking points that will call for the need for you to establish standard procedures.
A business plan will serve as the road map on how you can run your content writing agency smoothly. Within it, you’ll have your goals defined and lay out a specific financial plan. You’ll also have to list down the strategies you’ll use to generate a good ROI from every business initiative. You can then revisit these if you lose sight of the bigger picture.
Your business plan will also come in handy when you apply for financing in the future. Banks and other lenders may want to know how you’ll run your business and whether your ideas have potential or not. To increase your odds of approval, writing a killer business plan will help.
Hire an amazing team of writers and staff
If you want to manage your firm smoothly, you need the help of other writers and fill in other roles in your company.
When hiring your, you’ll have three options: full-time, freelancers, and part-time. Freelancers are generally cheaper since you’d only be paying them on a per-project basis. On the other hand, full- or part-time employees might be more costly since you’ll have to pay for employment taxes and other required expenses. Ultimately, the decision will depend on the current budget your business currently has.
As your firm grows, you will need to fill in other administrative roles and add departments (i.e., human resources for small businesses, accounting department), too. You’ll also need an assistants, project managers, and maybe even a lawyer to guide you in employment tax and other business legalities.
When hiring, it’s always essential to pick the ones that would be the best fit for your company. Besides focusing on the skills, you’ll also want to hire someone who can quickly adapt to the company culture.
Never stop promoting
Once you have your agency up and running, it’s critical to never stop promoting your services. Remember, one of your goals is to grow your business. For that to happen, you need to take in more customers.
Another important part of your promoting your business is to market it to your existing customers. How do you do that? Do an excellent job in writing content for their company and hire writers with top-of-the-line skillset. The better your output is, the more likely your customers are to recommend you to others. You can also offer referral discounts. Every time your client they turn an associate your way, you can give them a discount for future projects.
Social media platforms are also a great avenue to promote your content writing services. These platforms, offer paid ads that will help you display your agency to the right audience. You can set the demographics, and the platform will show your ads to the customers, thus extending your reach.
Manage your cash flow efficiently
Cash flow is the lifeline of any business. If you want your business to make it, it’s to manage and maintain a stable cash flow.
Make sure that your clients pay their dues on time. If you offer a 45-day payment period, make sure that their payments are in before or on the 45th day. Send a recurring invoice to them to remind them of their dues. If one of your clients has a habit of missing payments, it might be better to terminate the contract after finishing their project.
Other than that, it’s also helpful to know where you stand financially. This way, you can determine whether you need to cut costs on some aspects of the business or have enough to invest in other business initiatives, like expanding on different niches.
Ready to Start Your Content Writing Agency?
As digital marketing continues to make a significant impact in the business world today, it’s more likely that businesses will continue to seek the services of a content writing company. If you think you’re ready to check “start a business” off your bucket list and take your freelancing career to the next level, keep the tips listed above in mind.