If you’ve recently lost a job or closed a business, you might not know what to do next. However, a job loss opens up new opportunities. For example, maybe you’ve always dreamed of becoming a fiction writer, and you could take this as a chance to start your own business. Courtesy of Win’s Books, here’s how to launch a writing business, from registering for LLC status to organizing your financial documents.
The Grieving Process
First, allow yourself some time to grieve. You need to process the loss you experienced without forcing yourself to move on right away. Headspace recommends sticking to a daily routine to avoid rumination and connecting with a therapist so that you can share anything that’s on your mind. Journaling can also help you sort out your feelings.
You can also make the grieving process a little easier by trying to go easy on yourself. View the home as an oasis away from self-doubt and negativity, and focus on the positive as much as possible. This will give you some additional confidence, as well as allowing you to rest and replenish for the challenges ahead.
Define Your Business Idea
When you’re ready, consider how you could use your fiction writing talents to pursue entrepreneurship. In addition to working on a novel or a series of e-books, you could offer various services to clients. 99BusinessIdeas also recommends blogging for companies, working as a technical writer or copywriter, or becoming a ghostwriter or content marketer.
Form an LLC
You can register your business in your state before you officially launch. By forming an LLC for your business, you can protect your personal financial assets and benefit from helpful tax advantages! Keep in mind that every state will have its own regulations for LLC formation, so read up on your state’s specific rules. You can use a formation service to file – it’s often cheaper and more convenient than hiring a lawyer!
Assemble Your Launch Checklist
No matter which business idea you’ve chosen, you’ll have to tackle a long to-do list before launching your company! Next Insurance recommends doing some market research to determine your target audience, creating a business plan and general budget, building a website, and registering for social media profiles to advertise your business.
Avoid Common Mistakes
As a new entrepreneur, you’ll inevitably make some mistakes while getting your business off the ground. Don’t forget to monitor your cash flow and make sure that your prices are competitive within your market. For example, if you’re writing an extended ebook series, check out prices from other authors in your genre and format to ensure that you’re charging at a fair price point while turning a profit. Finally, don’t neglect networking – this is a key strategy for writers across all niches, specialties, and genres!
Get a Good Business Card
For fiction writers, carrying a business card can be a smart and effective way to market and promote their work. A well-designed business card can leave a lasting impression on potential readers, editors, and agents, helping them stand out from the crowd. A business card can also provide an easy way for interested parties to contact the writer and access their work. Fortunately, it’s now easier than ever to create a custom business card. By creating your business card design using an online generator, writers can easily craft a unique design that reflects their style and brand. This makes it simpler than ever for fiction writers to create and carry a high-quality business card to promote their writing and attract new readership.
If you’re a fiction writer, you likely already possess a set of marketable skills that you could apply to entrepreneurship. Opening your own writing business after a career setback could be a smart move. With these tips, you’ll be able to choose a writing-related business idea, form an LLC, create a winning business card, and stay on top of your finances!