It doesn't take long for freelance writing businesses to start focusing on expansion. When I started, I didn’t realize how tough it would be to find clients that truly align with my goals. In the beginning, I took on any project just to build my portfolio. Now, I’m more selective about the work I take and the clients I continue working with. And the business is still quickly growing!
The idea of expanding the business sounds appealing, but it also comes with the realization that a bigger business might mean a bigger team. Over time, I’ve gradually brought people on board to handle tasks I can’t or don’t have time for. You may find yourself asking when you should expand on your own business.
Here are some indicators that it might be the right time to expand:
Consistent Demand Exceeds Capacity: If you consistently have more work than you can handle, it may be time to expand. This could involve hiring subcontractors, virtual assistants, or bringing on additional writers to help manage the workload.
Stable Income and Financial Cushion: If your business has generated a stable income for several months (or years) and you have a financial cushion to support the expansion, this is a good indicator. Expansion typically requires upfront investments, such as marketing, hiring, or new tools to help you write, like Hemingway.
Diverse Client Base: When you work with a variety of clients across different industries, specialties, or content types, your business becomes more resilient. This stability gives you the financial security needed to take the next step in your business growth. A diverse client base also opens up more opportunities for expansion. If you’re already working with clients in different sectors, you can identify new trends, needs, or niches that you can engage in.
Clear Vision and Strategic Plan: Expansion should be driven by a clear vision of where you want your business to go. If you have a solid strategic plan that includes how to scale, what services to offer, and how to manage increased demand, you’re likely ready for expansion.
Desire for Growth and Innovation: If you’re eager to grow and explore new markets, services, or niches, it might be time to expand. This could include venturing into new content types (B2B, ghostwriting, white papers), offering consulting services, or even creating digital products like courses and e-books.
Operational Efficiency: Before expanding, be sure that your current operations are running smoothly. This includes having reliable systems for managing your time and projects, invoicing, client communication, and marketing. Ask yourself how much time you have currently to spend on efforts to expand, and whether you can outsource any tasks to free up your time.
Opportunities in the Market: When you notice trends or gaps in your niche, it’s a signal that there’s room for growth. These opportunities could be new topics gaining popularity (my inbox is full of articles on topics addressed on campaign trails for the upcoming presidential election), a shift in the type of content clients are seeking (short form blogs, narratives, op-eds, listicles), or even an underserved audience that aligns with your skills and expertise. By recognizing these shifts early, you can position yourself to meet these new demands before your competitors do.
In Summary
Expanding a freelance writing business can be exciting but also come with challenges. If you’re consistently swamped with work, have a steady income, and a diverse client base, it might be time to grow. Keep an eye out for market opportunities and be sure your operations are smooth before taking the leap. Expanding is about scaling strategically and ensuring your business continues to thrive in a competitive market.
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