Are you a talented speech writer and want to capitalise on your skills? Starting your own speechwriting business may be the perfect opportunity for you. Speechwriters prepare and edit speeches and talking points for a variety of clients. These include politicians, government executives, corporate executives, public relations companies and organisations. Not only are they used for official purposes, speechwriters can be contracted with the task of writing speeches for weddings and social functions. If this sounds like something you’re interested in, read our guide on how you can start your own speechwriting business.
1. Get Qualified and Experienced
Speechwriting is an art, and a good speechwriter is highly sought after. It is important to obtain the relevant qualifications and industry experience before starting your own business. This will ensure the greatest opportunity for your company’s success. At a minimum, most speechwriters have a bachelor’s degree in journalism, English literature, communications or public relations. If you are planning on specialising in a field, you may need additional qualifications. For example, a political science degree would be advantageous when working for political candidates and government officials.
Similarly, experience in speechwriting is often crucial to show your skills in the field. Experience in the specific industry you are planning to target is advantageous. Speechwriters should be well-versed and knowledgeable about the current trends and issues in the field and community more generally. They should also be aware and experienced in audience responses to certain topics or talking points to avoid backlash.
2. Create a Business Plan
Once you’ve got the qualifications and experience, the next step is to create a business plan. Planning is key to any successful business. You will need to decide whether you want to specialise in a field. This will determine your target market, whether that be politicians, government agencies, public relation firms and so on. By establishing a thorough business plan, you are able to tailor your marketing strategies to target your potential audience. Further, creating a plan may involve conducting market research. This can determine the current gaps in the market which your business can fill. It can also provide information on your competitors and the most profitable areas in the industry. This information can greatly influence the direction you wish to take your business. For more information, you can read our guide on ‘How to Write a Business Plan’.
3. Setting Up The Business
Once you have completed the planning process, you are now ready to set up your business. First, you will need to decide on a business structure which can be either a sole trader, partnership, company or trust. However, if you are unsure which structure you should pick, have a look at our quiz on determining ‘What Business Structure is Right For You?’.
In order to legally operate in Australia, you will need to acquire an Australian Business Number (ABN). Registering for an ABN is important to allow you to trade as a separate legal entity. Following on, you may next choose to register your company. This ensures you are able to use your dream company name and protects your companies’ liability. Ultimately, having a registered company is also beneficial as it enhances your reputation and perception as a reliable speechwriting business.
4. Acquire Clients
Now you have sorted the legal requirements surrounding your business, it is time to gain some clients. An eye-catching website is vital in obtaining traffic to your website. You may also choose to utilise Search Engine Optimisation (SEO) to improve market exposure. This can increase of website’s visibility to potential customers when searching for speechwriting businesses on search engines.
Moreover, you may have already established a small customer base from freelance work. Use this to your advantage. Try to encourage your current customers to pass on your information. Word of mouth is a hugely influential in achieving a good business reputation and obtaining new clients.
Developing relationships with business executives and local government leaders is also beneficial. Attending networking events is a great way in meeting potential clients to pitch your business to.
Final Thoughts
To conclude, starting your business can be an exciting and challenging time, particularly in a niche market such as speechwriting. If you’re unsure how to get started, consult a business lawyer who can help you set up your speechwriting business.
