2. The Basics

When is the best time to start?

Not everyone gets to choose when they can set up a business. For many copywriters, self-employment may come unexpectedly as a result of redundancy or in response to an unforeseen change in circumstances. Otherwise, the timing might be dictated by the end of a course of study or other change in professional circumstances. In some cases, though, you might have the luxury of picking your moment, and you might be wondering when is best.

The short answer is that you can set up your business at any time, but it helps to be assured of some work from the outset.

Preferably, you should have a good idea of how much you need or want to earn (see ‘Having a business plan’, below) and firm offers of regular work that will cover most of your required income.

You can usually count on picking up extra clients once you get going, but remember that not every promise of a job results in an assignment. For the same reason, be wary of setting up in business on the basis of a single project, no matter how large, unless you are reasonably confident you can sell your skills elsewhere too.

If you are in full-time employment, you might want to work out your full notice to give you time to start thinking about and working on your business. It also helps to leave on good terms – your former employer may well turn out to be a valued client.

In any event you should, if you can, start lining up work a good few weeks in advance of your proposed start date. In the fortnight or so leading up to D-day, warm up your contacts and get firm briefs or contracts.

It is all very well to ‘open up shop’ and hope for trade to come rolling through the door, but copywriting is not like owning a shop. You have to go out and get the business. And there is no better way to start than to have a project in hand.

Who will be involved in your business?

Most independent copywriters set up in business on their own. After all, what they are selling are their own, particular skills. However, there might be reasons why you would want to go into business with others.

• You may know someone whose skills are a good fit with yours, either as a copywriter or in an allied field such as design or marketing. Going into business together might improve your chances of success because you will be able to cross-sell each other’s services. But bear in mind that finding two salaries may be more than twice as difficult as finding one. If you are unsure about whether the partnership will work, it could be a good idea to first try forming an informal alliance, trading separately and independently but taking on projects together.
• If you are fortunate enough to be certain of a guaranteed high level of business, you might feel you will need to employ other copywriters and staff to do other work, such as running your accounts. In this case, you will probably want to talk to a business adviser about putting together a detailed business plan (see below) and perhaps doing some research to make doubly sure of your profit expectations before setting out.
• If you have a partner who is not in full-time employment, there can be tax advantages to their being involved in your business. Paying a member of your family to help out with things such as administration can count as a tax-deductible expense for your business, for example, and cut your costs by using up their personal tax allowance.

Having a business plan

Starting a copywriting business does not usually demand a fully-fledged business plan. After all, you are not likely to need to sell your idea to anyone, unless you need to approach your bank for a loan for equipment. However, it is definitely advisable to put your ideas about your business in order and make a few calculations to be sure it will be viable. Things you need to consider include:

• Roughly how much do you need or want to earn a year?
• How many days a year can you realistically expect to work? (Remember to subtract holidays and weekends – and do not expect to get work five days a week, every week.)
• Your expected earnings divided by the days you work will give you an idea of the minimum day rate you need to charge. Now ask yourself whether it is realistic. (See Chapter 6 for more on pricing.)
• Where will you find the clients to provide you with this work? (Again, see Chapter 6 for more on this, but you should preferably have a good idea of where your clients will come from before you get started.)
• Have you taken into account the costs of setting up your business – buying equipment and so on – plus other outgoings, such as office space (if you intend to rent it)?

Whether or not you formalise these points on paper is up to you, but it will definitely help build your confidence and probably improve your chances of success if you go through the exercise. It can also help to set goals for your business – increasing your turnover by a certain amount each year, for example, or boosting the number of clients you work for – which you can review on a regular basis and which will help you move ahead as time goes by.