Business: My business and its purpose?

[TRish]

Good luck on this endeavor!

About a year ago, I started a business in freelance editorial services. It's a field in which it takes time to build up enough of a clientele to make a living, so I hope you have enough savings or another source of funds to keep you going for the first couple of years.

It will take some time for you to find your "niche." For example, I started off trying to get in with as many publishers as possible that publish books in the field in which I have a Master's. However, I soon found that publishers (at least in that field) tend to pay their freelancers very poorly, and I started working directly with authors who are polishing a book either before submitting it to commercial publishers or in preparation for publication through either self-publishing or a vanity press. I have done a lot of work with first-time authors, and find that I enjoy helping them through a process with which they are unfamiliar. I suggest you take whatever freelance work you can get, and pay attention to which ones are most rewarding for you both personally and financially.

I suggest that one of your first expenses should be the purchase of the Chicago Manual of Style, 16th edition. This is one of the most commonly used style manuals among publishers. (If you are familiar with Turabian, it is based on Chicago, with just the information students need for papers.) Make certain that EVERY communication you write for anyone who may be a potential client follows its rules. (You post here, by the way, contains a number of things that would be considered errors which you, as an editor, would be expected to catch.)

You must also learn to handle the "business" side of your business. I recommend visiting the website sba.gov. Also, go to your public library and find books on such topics as "starting a business," "writing a business plan," and "basic accounting and bookkeeping." These will help you get started off on the right foot.

If you are accustomed to doing your own taxes, do not expect that ever to happen again. Speak with a profession tax preparer or CPA about what kind of records you will need to keep and what issues you should consider now that you are a business owner.

Try to find a trustworthy mentor who has successfully run a small business. They don't necessarily have to be in the same field at all; it's amazing how much alike seemingly completely different businesses can be. There is an organization called SCORE which pairs new business owners with experienced ones. So far, I have not gone to them, but I have two siblings who are business owners, and they have been a great help.

I wish you all the best in this endeavor.