The work-from-home lifestyle of a professional writer offers benefits that most professionals working in an office can only dream of. The reality is it requires late nights editing content, researching mundane topics and learning the latest trends to stay relevant. It is a business that a five-year-old can achieve, and at times you can be challenged on your ability to write.
Despite the work that requires an individual to start a writing business, there are tax advantages and you can aim to become a subject matter expert.
Here are the top reasons why you should consider starting a writing business in the New Year.
The freelance lifestyle is on the rise
According to a Financial Post article, "Intuit Canada says freelancers, independent contractors, and on-demand workers will make up 45 per cent of the Canadian workforce by 2020." In the U.K., 1.4 million freelancers are self-employed. Furthermore, 34 per cent of freelancers work in the United States.
One might think it is an oversaturated industry. However, freelance work in healthcare, technology, graphic design, consulting and human resources is increasing. If you possess five to 10 years of experience in your industry, you can take advantage of opportunities and position yourself as a subject matter expert when working with clients.
As a freelance writer in the United Kingdom, there are tax breaks such as capital or business expenditures, administrative costs, and capital allowances. An efficient way to track spending is to create a budget spreadsheet to calculate income and expenses. The total needs to calculate if you had gains or a loss in each month.
In most cases, the expenses you can write off in taxes include invoice software, leasing or rent, printing costs, business education, mileage for business trips, and business entertainment. As a self-employed writer, you need to pay close attention to your personal and business expenses to ensure you stay within budget.
Travel and work
The idea of working and traveling sounds exciting. However, the idea is to travel for business as you stay connected to emails and arrange a time to complete assignments. You might have a personal life that requires you to travel with your family. The goal for an on-the-go lifestyle is to remain disciplined because relaxing on the beach with your laptop can result in an unproductive day.
If you are interested in becoming a travel blogger, the reality of working while playing can be achieved. A travel blogger works long days, networking with restaurants, hotels and other business establishments to add to their story. Most spend hours of their time reviewing video footage of photographs to select the best image. As you begin to build a following, you can travel at the expense of a sponsor. In the beginning, you may need personal resources to afford the lifestyle to remain relevant with your followers.
Pay by the hour or by project
A corporate professional does not have the power to request compensation based on their regular responsibilities. As an entrepreneur, you can negotiate rates based on your results if you can prove your worth to a client. In the freelance industry, the debate on charging by the hour, word count or results vary. You must decide what is best for your business. As a new writer, you might be confused about requesting competitive rates to clients. The best advice I can offer is to fully understand your worth in the marketplace.
You can change the world
As a writer, you will be surprised to discover how your work positively changes the lives of readers. At a point in your career, readers will contact you directly to share their feedback on your work. It can be a kind email from someone that shared a similar experience. On the contrary, a disgruntled reader might be trolling to hear a response about why you have no authority to share an opinion on a topic. The mindset you need to possess is your article or blog inspired a person to respond. Once you believe you are changing the world whether you are working on a marketing piece, share a personal story to inspire readers or write an article on a new technology trend, you will begin to realize the value you add as a writer.
You are born with a skill the rest of world wishes they had. Now is the time to take advantage of a growing trend to help your community or international organizations. A writing business is convenient for a stay at home mother, persons with disabilities, a professional that needs the freedom to work alone or an individual with an entrepreneurial spirit.
Remember, the self-employed lifestyle requires work. You can be distracted by an entertaining reality show in the middle of the day to realize work has not been completed. It is important to pay attention to deadlines and offer superb customer service always. Once you start thinking as a business owner first and then a writer, you will start to realize what your services offer the world.
Follow HuffPost Canada Blogs on Facebook