What’s in a Name? The name of your business is important because it gives an image of who you are and what you do. Try not to limit yourself with a name that will not allow you to expand your services and products as the business grows. For example: Write On Creative Writing Services covers a wide variety of writing services, where Write On Copywriting Services would imply that I only do copywriting.
Setting up your Books I recommend that you get a separate banking account for your business. Many banks offer these at no charge if you already have your personal account with them. This will allow your customers to write a check payable to you or to the business name. I’ve had problems when trying to cash checks made to the business through my personal account. This is avoided by having a business account.
Record Keeping
You will need some way to keep track of your income and expenses for income tax purposes as well as to have some idea of where you stand financially with your business. I use an Excel sheet. Excel is part of the standard MS Office Suite, so most PC users have this installed on their computer. I have sent a digital handout of a sample spreadsheet you may use to keep your records. It includes a worksheet for your financial transactions, a mileage record, client time sheet, and an invoice template.
Recommendations for Accounting System or Software
Many people use Quick Books and like the program. I was already an Excel power user so it made sense for me to continue using something I knew well rather than having to learn a new program. There are many programs for accounting that you might consider. The main thing is that you acquire a program that is easy for you to use.
Paying Business Taxes
If you are a sole-proprietor, you simply need to send in an estimated quarterly payment at the end of each quarter. These are due on Jan 15, April 15, July 15, and Sept 15. When you end a quarter, you will send in a portion of your total profits for the preceding quarter. I normally send 15% to cover FICA and SS taxes. If you have a C-corp, S-corp, LLC or incorporation, you will need to check with your CPA or attorney for recommendations about paying taxes.
Client Contracts for your Services
A contract makes good business sense, and provides us you and your client with a clear and mutual agreement for how you plan to work together.
There are standard contracts, which are short and to the point, outlining a mutual understanding of the scope of the project, how and when the drafts will be delivered for your edits and approval, and how much and when the writer is to be paid. It also includes a confidentiality clause and stipulates who retains ownership of the finished written work.
Negotiating contracts can be challenging, and may require an attorney to evaluate any contacts before you sign on the dotted line. By using professionals, you will save time and money that could be wasted by trying to do these things yourself. I paid an attorney $500 to create a generic contract that outlines the details for ghostwriting a book
A Google search with “Purchase ghostwriting contract template” will return many options to purchase a ghostwriting contract template online.
You have the name of your business. You’ve set up your office and your accounting system. You have a plan to pay your taxes, and you have a contract to use with clients. You are ready to start marketing and finding clients. Good luck on your new venture!
Yvonne Perry is a freelance writer and editor who assists people with any type of writing project. She is available to help you with telling your story or writing/editing your book, newsletter, or articles. Her podcast Writers in the Sky is filled with information about the craft and business of writing, publishing, marketing and networking. New subscribers to her F*REE monthly newsletter receive a complimentary eBook “Tips for Freelance Writing.”
Tags: accounting system, business account, cash checks, client time, copywriting services, excel power, excel sheet, financial transactions, income tax purposes, invoice template, ms office suite, personal account, quarterly payment, quick books, sole proprietor, something i knew, standard ms, time sheet, writing services
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