With an average entry-level cost of USD500/€469/R9087, the demand for copywriting services to businesses and individuals continues to skyrocket worldwide. Services include various forms of content marketing such as website copywriting, blog writing, product descriptions, email marketing campaigns and social media content.
According to Statista Data, global content marketing revenue reached nearly 66 billion U.S. dollars in 2022, and according to their latest forecasts, the content market industry is projected to double revenues by 2026.
These hard figures are indicative of how what was once a niche or cult-like marketing sub-industry, has become the cornerstone of the Digital Marketing industry. Freelancer- and entrepreneur-copywriters in particular, are the main beneficiaries of such lucrative market revenue figures.
For example, freelance copywriters in the USA tend to charge anywhere from $15 – $49 per hour. The average hourly rate is around $20.73, but rates can be higher or lower depending on the freelance writer’s experience and the project’s requirements.
QUALIFICATIONS
These days, due to the increasing global competition of the copywriter job market, most employers and clients now demand copywriters to have a bachelor’s degree in a related field, e.g. a finance degreed copywriter for a finance business client. This is quintessential of the economic principle of job market hypercompetition.
COSTS
The true cost starting an online copywriting agency that looks to employ an agile team of 3 copywriters for example, would likely cost between $2,500 and $7,000 for the necessary startup costs. This includes the cost of a high performance computer, website, and marketing budget.
The true cost of being an incorporated but independent freelancer (incorporate for legal and tax benefits), really isn't much, i.e. about USD$500/€469/R9087. Keep in mind that additional expenses may arise, such as the cost of software or professional development courses to improve your skills.
As for the cost of hiring freelance copywriters, it can range from $25 to over $100 per hour depending on their experience and expertise, and the specific pricing model they use (per word, per page, per hour, or per project).
WEBSITE DEVELOPMENT
A user-friendly, affordably-designed website, will go a long way in increasing viewer site retention time. A portfolio of past projects, even if it's not for real clients, but as Data Analysts love to call 'passion projects', will demonstrate your capabilities and hopefully your competence, which in turn close a prospective client.
The site must be SEO'd (Search Engine Optimised), in order to increase search visibility on seach engines such as Google, Bing and Yandex. It should also incorporate a mobile-friendly design, as the bulk of searchers are mobile-based, as numerous data sources out there keep heralding.
Moreover, be wary of data protection and privacy protocols, especially when operating in California, USA (California Consumer Privacy Act -CCPA) and the European Union (General Data Protection Regulation - GDPR).
COPYWRITING SOFTWARE AND TOOLS
Software and tools includes grammar and spell checkers, plagiarism checkers, content management systems such as Wix and WordPress, project management tools, as well as research and SEO tools.
A grammar and spell checker ensures that the copy is free of grammatical errors and typos, while a plagiarism checker ensures that the content is original and unique. Copywriting is managed through content management systems, which help with writing, editing, and publishing.
A project management tool helps manage multiple projects, deadlines, and team members, while a research and SEO tool helps analyze content, search engine optimization, and keyword research.
Incorporating these tools into your agency's workflow simply saves precious time, enhances productivity, and doubles up on delivering high-quality content that meets the needs of its clients, at scale.
FINANCIAL PLAN
Financial strategies provide an agency with a roadmap to success and ensure that all necessary expenses are taken into account. When developing a financial plan, the first step is to determine the startup costs, including web development, software purchases, and marketing expenses.
Additionally, the financial plan should account for ongoing expenses such as employee salaries, office expenses, and other operational costs. Revenue streams, such as client projects and retainer fees, should be forecasted, preferably using some kind of financial predictive analytics model.
MARKETING & ADVERTISING STRATEGY
An effective strategy should consider the target audience, the competition, and the agency's unique selling proposition. A content marketing strategy, social media advertising, or search engine marketing campaign may be necessary to reach your target audience.
Ensure that all marketing and advertising efforts highlight the agency's unique selling proposition to ensure that potential clients understand the agency's value. Nobody's vetting you out just for your looks, but for your economic value.
Regular monitoring and analysis of campaign results should also be done to identify areas for improvement and adjust the strategy accordingly. Tools such as Google Search Console and Ahrefs Analytics are useful for reviewing the granulars on campaign performance data.
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