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Investing in your Freelance Writing Business

If you are going to become a freelance writer, you should learn what it means to invest in your business. But before you do that, you need to look at what you are doing as a legitimate operation. Even though you may not have a company name or products to ship, you are still running a business. And in order to achieve success while continuing to grow, investing in what you do is very important.

What does it mean to invest in your freelance writing business? For me, this means taking a certain amount of my profits and throwing it back into my freelance writing career. How can do you this, you may ask? Here are three ways to invest in your freelance writing business.

1. Buy magazines, books, and memberships that will help you to succeed. This can include everything from books on copywriting to a membership to your favorite freelance site.

2. Invest money in bidding websites such as Elance. This may look like a waste of money at the onset, but as you begin to win jobs you will quickly make up your investment.

3. Take the time to set up a legal entity such as an LLC, corporation, etc. This is not mandatory if you are a freelance writer, but it is something to consider. At this time, I am looking strongly into doing this not only for my freelance writing career, but also for other opportunities that I am developing.

When investing in your freelance writing business, it is important to be careful. You want to make sure that you do not invest too much money as to leave yourself empty when it comes time to pay the bills. Additionally, you only want to invest in areas of your business that will help you to achieve a higher level of success. In other words, be smart about how you spend your money.

There is nothing wrong with putting money back into your freelance writing business. After all, this is how you will grow your operation over the years. Do you think that the biggest and most successful companies keep all of their profits for themselves? No; they invest in new employees, new technology, and much more.

As a freelance writer, consider how you can invest in yourself. Once you do this with success, you will find that your business is in a much better place.  

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3 Comments »Freelance WritingNovember 6th, 2007

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