Start a Resume Writing Business

Resume Writing Business - Picture Yourself

Grab Your Business Website Name

Before you get caught up in the whirlwind of setting up your business, invest in a domain name. It's a small but significant step that lays the foundation for your brand and makes it easier for customers to find and trust you. Just like you wouldn't build a house without securing the land first, don't build a business without securing your domain name.

Resume Writing Quick Business Check

This a quick reality check to help you identify the strengths and weaknesses of your business concept before you dive in.

Business Idea: Resume Writing Business

Expected Percent Margin:

• Gross Margin: 85-90%
• Net Profit Margin: 30-50%

Earnings Expectations:

1. Daily Earnings: $100 - $300
2. Weekly Earnings: $500 - $1,500
3. Monthly Earnings: $2,000 - $6,000
4. Annual Earnings: $24,000 - $72,000

Actions to Hit Those Numbers:

Pricing and Services:

• Price your services competitively, for example, between $50 and $200 per resume depending on complexity, with higher prices for executive-level resumes.
• Offer tailored services such as cover letters, LinkedIn profile optimization, and career coaching.

Marketing and Customer Acquisition:

• Website: Develop a professional website showcasing your services, pricing, and portfolio. A blog adds value and helps with SEO.
• Social Media and Networking: Engage with potential clients on platforms such as LinkedIn.
• Referral Program: Offer a referral bonus program to encourage word-of-mouth marketing.

Sales and Customer Experience:

• Client Consultation: Offer free consultation calls to understand client needs and demonstrate your expertise.
• Customer Service: Ensure timely communication and delivery of top-quality resumes to enhance customer satisfaction and drive referrals.

Business Operations:

• Work Volume: Depending on the pricing and complexity, aim to complete 1-5 resumes per day.
• Continuous Learning: Stay updated with latest resume trends and job market demands.

These are generalized estimations and can vary depending on regional pricing standards, your marketing efforts, and your personal proficiency. Knowing your target demographic, networking effectively, and delivering quality work will be key to success. Always consult with a business or financial advisor for personalized advice.

Step 1: Determine if Starting a Resume Writing Business is Right for You

Breakdown of Startup Expenses

Before starting a resume writing business, it is important to understand the startup costs associated with the venture. These expenses can include the cost of a website, software, marketing materials, and any other materials needed to get the business up and running. Additionally, it is important to consider the cost of any certifications or licenses that may be required to operate the business. Finally, it is important to factor in the cost of any necessary insurance coverage.

Breakdown of Ongoing Expenses

After the initial startup costs, there are ongoing expenses associated with running a resume writing business. These expenses can include the cost of office space, supplies, and any other materials needed to run the business. Additionally, it is important to consider the cost of any advertising or marketing efforts that may be necessary to attract new clients. Finally, it is important to factor in the cost of any necessary insurance coverage.

Examples of Ways to Make Money

There are a variety of ways to make money with a resume writing business. One of the most common ways is to charge clients a fee for each resume written. Additionally, some resume writers may offer additional services such as cover letter writing, LinkedIn profile creation, and job search assistance. Finally, some resume writers may offer packages that include multiple services for a discounted price.

Step 2: Name Your Business

Naming your business is an important step in the process of starting a resume writing business. It is important to choose a name that is memorable and easy to pronounce. Consider using a combination of words that reflect the services you offer, such as “Resume Writers” or “Career Services.” You can also use your own name or the name of your city or state. Additionally, you should make sure the name you choose is available for use. You can do this by searching online for the name you have chosen, as well as checking with your local government to make sure the name is not already taken.

Register Your Business

Once you have chosen a name for your business, you should register it with the appropriate government agencies. Depending on where you live, this may include registering with the Secretary of State, the Internal Revenue Service, or the Department of Revenue. Registering your business will allow you to legally operate and will also provide you with the necessary tax documents. Additionally, registering your business will help protect your business name and give you the right to use it.

Step 3: Create a Business Plan

Creating a business plan is an important step in starting a resume writing business. A business plan should include a description of the business, the services offered, the target market, a marketing plan, a financial plan, and a management plan.

Description of the Business

The business plan should include a description of the business, including the type of services offered, the target market, and the objectives of the business. The description should include a brief overview of the resume writing business, the services offered, the target market, and the objectives of the business. It should also include a description of the competitive landscape and the competitive advantages the business has.

Services Offered

The business plan should include a description of the services offered by the resume writing business. This should include a description of the types of resumes the business will offer, the fees associated with each type of resume, and any additional services the business will offer.

Target Market

The business plan should include a description of the target market for the resume writing business. This should include a description of the types of customers the business will target, the geographic area the business will serve, and the types of resumes the business will specialize in.

Marketing Plan

The business plan should include a marketing plan for the resume writing business. This should include a description of the types of marketing activities the business will undertake, the budget for marketing activities, and the expected return on investment for each marketing activity.

Financial Plan

The business plan should include a financial plan for the resume writing business. This should include a description of the startup costs, the ongoing costs, and the expected revenue. It should also include a description of the financial goals of the business and the strategies for achieving those goals.

Management Plan

The business plan should include a management plan for the resume writing business. This should include a description of the roles and responsibilities of the management team, the organizational structure of the business, and the strategies for managing the business. It should also include a description of the strategies for recruiting, training, and retaining employees.

Step 4: Obtain Licenses and Permits

When starting a resume writing business, it is important to obtain the necessary licenses and permits. Depending on the state, county, and city, the licenses and permits required may vary. Generally, the most common licenses and permits needed are a business license, a seller’s permit, and a zoning permit. A business license is required to legally operate a business in the state, county, and city. A seller’s permit is needed to collect sales tax from customers. A zoning permit is needed to ensure that the business is compliant with local zoning laws.

Obtaining Licenses and Permits

To obtain the necessary licenses and permits, the business owner should contact their local government office. The local government office will provide the necessary forms and information needed to apply for the licenses and permits. The business owner should be prepared to provide the necessary documentation, such as proof of business address, proof of business name, and proof of business ownership. The business owner should also be prepared to pay the necessary fees associated with obtaining the licenses and permits.

Benefits of Obtaining Licenses and Permits

The benefits of obtaining the necessary licenses and permits are numerous. Having the necessary licenses and permits will ensure that the business is compliant with local laws and regulations. It will also help to protect the business from potential legal issues. Additionally, having the necessary licenses and permits will help to legitimize the business in the eyes of customers and potential partners.

Conclusion

In conclusion, obtaining the necessary licenses and permits is an important step when starting a resume writing business. The business owner should contact their local government office to obtain the necessary forms and information needed to apply for the licenses and permits. Having the necessary licenses and permits will ensure that the business is compliant with local laws and regulations and will help to protect the business from potential legal issues. Additionally, having the necessary licenses and permits will help to legitimize the business in the eyes of customers and potential partners.

Step 5: Choose a Business Structure

Choosing a business structure is an important step in starting a resume writing business. The business structure will determine the legal and financial obligations of the business. The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and corporation.

Sole Proprietorship: A sole proprietorship is the simplest and most common form of business structure. It is owned and operated by one individual and does not require any formal paperwork to be filed with the state. The business owner is personally liable for all debts and obligations of the business.

Partnership: A partnership is a business structure that is owned by two or more individuals. The partners share the profits and losses of the business, and each partner is personally liable for the debts and obligations of the business. A partnership must file a partnership agreement with the state.

Limited Liability Company (LLC): An LLC is a business structure that provides limited liability protection to its owners. The owners of an LLC are not personally liable for the debts and obligations of the business. An LLC must file articles of organization with the state.

Corporation: A corporation is a business structure that is owned by shareholders. The shareholders are not personally liable for the debts and obligations of the business. A corporation must file articles of incorporation with the state.

Advantages and Disadvantages of Different Business Structures

Each business structure has its own advantages and disadvantages. The business owner should consider the advantages and disadvantages of each structure before deciding which one is best for their business.

Sole Proprietorship: The main advantage of a sole proprietorship is that it is easy to set up and maintain. The main disadvantage is that the business owner is personally liable for all debts and obligations of the business.

Partnership: The main advantage of a partnership is that it allows two or more people to share the profits and losses of the business. The main disadvantage is that each partner is personally liable for the debts and obligations of the business.

Limited Liability Company (LLC): The main advantage of an LLC is that it provides limited liability protection to its owners. The main disadvantage is that it can be more expensive to set up and maintain than a sole proprietorship or partnership.

Corporation: The main advantage of a corporation is that it provides limited liability protection to its shareholders. The main disadvantage is that it can be more expensive to set up and maintain than a sole proprietorship, partnership, or LLC.

Tips for Choosing a Business Structure

When choosing a business structure, the business owner should consider the advantages and disadvantages of each structure and decide which one is best for their business. They should also consider the legal and financial obligations of each structure and make sure they are prepared to meet those obligations. Finally, they should consult with an attorney or accountant to make sure they are making the right decision.

Step 6: Set Up Your Business

Setting Up Your Business Location

When setting up your business location, you should consider the size of your business, the type of services you will offer, and the amount of space you need to provide those services. You may choose to rent a space, such as an office or storefront, or you may choose to work from home. If you choose to rent a space, you should research the local market to find a space that meets your needs and fits your budget. Additionally, you should consider the visibility of the space and the availability of parking for clients.

Setting Up Your Business Finances

When setting up the finances for your business, you should create a business plan that outlines your goals and objectives. This plan should include a budget for startup costs, such as rent, furniture, and supplies, as well as ongoing costs, such as salaries, taxes, and insurance. Additionally, you should research the various financing options available to you, such as small business loans, grants, and crowdfunding. Finally, you should create a system for tracking your income and expenses to ensure that your business is profitable.

Step 7: Market Your Business

Once you have your business set up, it's time to start marketing it. There are a variety of ways to market your resume writing business. You can start by creating a website and using social media to promote your services. You can also join local networking groups and attend job fairs to get your name out there. Additionally, you can create a blog to showcase your writing skills and offer tips on resume writing. Finally, you can also create promotional materials such as flyers and business cards to distribute to potential clients.

Tips for Marketing Your Business

When it comes to marketing your resume writing business, it's important to be creative and think outside the box. You want to make sure your business stands out from the competition. You should also focus on building relationships with potential clients and employers. Additionally, you should take advantage of free marketing opportunities such as creating a presence on social media and attending job fairs. Finally, you should also consider investing in paid advertising to reach a wider audience.

Step 8: Hire Employees

When hiring employees, it is important to look for individuals who have experience in resume writing and/or have a strong background in the field of business. Additionally, it is important to look for individuals who are organized and have strong communication skills. It is also important to look for individuals who have a good understanding of the job market and the current trends in the industry.

Where to Find Employees

When hiring employees, it is important to look for individuals who have experience in resume writing and/or have a strong background in the field of business. There are a few different places to look for potential employees. One option is to utilize job boards such as Indeed or Monster. Additionally, you can also look for potential employees through networking events, social media, and online job postings.

How to Interview Potential Employees

When interviewing potential employees, it is important to ask questions that will help you determine if the individual is a good fit for the job. Some questions to ask include: What experience do you have in resume writing? What do you think sets you apart from other candidates? What do you think are the most important skills for a successful resume writer? Additionally, you should also ask questions about the individual’s work ethic, organizational skills, and communication skills.

How to Train Employees

Once you have hired employees, it is important to provide them with the necessary training. This should include an overview of the company’s policies and procedures, as well as an overview of the resume writing process. Additionally, it is important to provide employees with resources and materials that they can use to help them with their work. This could include sample resumes, templates, and other tools. Finally, it is important to provide employees with feedback and guidance throughout the process.

Step 9: Grow Your Business

The best way to grow your resume writing business is to focus on customer satisfaction and word-of-mouth referrals. You can also use digital marketing strategies such as email campaigns, social media, and search engine optimization to reach new customers. Additionally, you can offer discounts and special offers to attract more clients. You can also join professional organizations and attend networking events to gain more visibility.

Tips for Growing Your Business

When growing your resume writing business, it is important to stay organized and focused. Create a plan for your business and set goals for yourself. Make sure to track your progress and adjust your strategies as needed. Additionally, it is important to stay up-to-date on the latest trends in the industry. Research the competition and look for ways to differentiate yourself from them. Finally, consider hiring additional staff as your business grows. This will help you manage your workload and increase your efficiency.