Getting Serious About Your Business

For several years after I started my freelance writing business, I was more or less skating by.

I was good at what I did. But I wasn't actively pursuing growth; I was taking what came. I had several lucrative regulars and a few semi-regulars who dropped in from time to time, and occasionally I'd pick up a new one through a referral. I barely ever marketed. I barely ever networked. I didn't have business cards. I started my business fairly young, and I wasn't putting a lot of effort into it.

But in the past year, I've found myself wanting more than my freedom. I also wanted a more lucrative, stable income. I wanted to think about buying a house. I wanted to bulk up my savings. I wanted clients I didn't have to constantly justify my prices to. I realized that to have all these things, I needed to get grown-up about my business.

No matter where you are in your business, it's never a bad idea to re-evaluate from time to time--and I'm going through a large period of re-evaluation now. Here are a few things to think about when you want to take your business to the next level--whatever that level should be.

Think about how you charge. The more your prices are based on concrete requirements, the better you'll do in negotiations with prospects. If you know why you're charging a certain amount for a certain job, you'll go into negotiations on solid ground--you'll be able to justify strongly. You'll also know when a job is still worth your time and at what price point you have to walk.

Think about how your business is structured. Are you still a sole proprietorship? Is that the best structure for you from a tax perspective? Sole proprietorships may have less paperwork, but they can get slammed when it comes to taxes. As your business grows, question how your business is organized and talk to a tax professional about business structures that may be a better fit for you.

Think about what you're good at. What do you bring to the table that other writers don't? We all start with excellent writing skills--but what is special about yours? Maybe you're a killer interviewer with a background in journalism. Maybe you're a stand-out copywriter with a background in sales. Maybe your prior work experience makes you particularly suited to certain types of clients. Personally, I'm looking to specialize--and I'm considering web writing and resume writing as niches that may be perfectly suited to my prior writing experience. If you know what you do better than your competition, you can also justify your pricing better--because you're not just a dime a dozen.

Think about marketing that. How are you reaching out to clients? When I started (and I admit I still tend to want to do this). I stayed away from phone and direct mail. My marketing was very lackadaisical, and it revolved around cold emailing. I do get business that way--but it's time to move on to more sophisticated forms of marketing. Sending hardcopy mailings gives your business a more legitimate look--and calling prospects on the phone might be scary, but it's not rocket science--and I'm sure that with practice, I'll get better. What could you be doing that you're not doing now to get yourself in front of the better clients?

Maybe the recession is affecting the amount of work you're getting from your regulars--I know it is with me--but freelancers are lean, mean, and flexble. We're the guerilla troops of the job market, and in tough conditions we're well set up to succeed where big companies with high overhead might be prone to fail. So use your flexibility, continually re-evaluate yourself, and hopefully you'll do well regardless of market conditions.