In today’s tough job market candidates go to great lengths to get shortlisted and hired. Demand for professionally written resumes, therefore, grows, as a good resume increases one’s chances for an interview. If you are familiar with the banking and finance industry and have strong writing skills, you can offer your services as a resume writer and help job-seekers get a dream job in this competitive niche.
The finance resume writing business has a low entry barrier. If you know the industry well, it takes a small investment and relatively short training to get started. In this article, we are going to share some know-how to help you set up your business and make it a success.
Tips to start finance resume writing services
Analyze the competition
To get an idea of how to set up your business, what services to offer, and how to organize the business processes, research local finance resume writing services, for example, https://resumeperk.com/finance. Review their website to understand what kind of professional help they offer to banking and finance job-seekers, pricing policy, qualifications of CV writers and the process.
Pay attention to customer feedback to understand what features matter to your target customers. Also, think about what services are good and what could be improved. This analysis will help you create valuable offers for your customers and define your personal brand.
Decide on the services and prices
Many companies offer resume and cover letter writing only. The others go further and provide their customers with professional LinkedIn profiles, follow-up notes, resignation letters, resume distribution and interview coaching. Create the exact list of services and think about service packages for customers wishing to buy more than one resume. Also, decide whether you will provide a physical copy of the resume to clients.
On average, an online resume writing service costs between $100 and $300. Experienced writers with a good reputation and executive-level customers can charge over $1,000 per resume. As you are getting started with the business, keep your prices within an average range. Don’t offer extremely low prices, as for a customer in the finance industry a $50 resume may be a signal of poor quality.
Choose a business name
A good business name should be memorable and give an idea of the services you offer, your values or your business goals. Take enough time to consider different options and choose the best one. Brainstorm ideas with friends and family. Make sure that the business name is not taken already.
Opt for a name that is short, concise, and easy to say and spell. You may include your own name if you plan to be a sole business owner. Using words like “resume writing” in the business name is good for the online promotion of your website. Once you are certain of the name, register it with the local Chamber of Commerce.
Create a legal entity and open a bank account
Creating a legal entity can protect you from personal liability in case your business is sued. Moreover, the business structure will affect the taxes and registration requirements. You can start a sole proprietorship, partnership, LLC or corporation, as they are the most popular options. After registering your business, get an EIN to pay taxes.
Another issue you need to take care of is opening a business bank account. By doing this, you will separate your personal funds from business assets and protect your assets. Moreover, with a separate account, it is easier to calculate taxes and monitor your business cash flow.
Calculate the expenses
Opening a finance resume writing company doesn’t require a serious investment. If you choose to work from home, you will need only a laptop, a stable internet connection and a word processor to get started. Registering your business name and a legal entity will cost up to $200, starting a website costs $2,000 on average, and getting a resume writer’s certification is around $300.
Renting office space can be costly, but many resume writers choose to work with clients online via phone or email. From the items listed above, creating a professional website is the most expensive thing. In fact, you can get started without a website at the first point and promote your services on social media. Since resume writing requires no regular investments, a profit margin can be 80-90%.
Develop a Client Agreement
If you want to write resumes for finance managers, accountants, auditors, and branch managers without fuss, create a Client Agreement that will explain your terms of service to clients. You need to outline the deadline, prices, and turnaround time for each service, and whether a rush service at an extra fee is available. Document how many revisions you agree to make, as well as a term during which a client can request a revision.
With a Client Agreement at hand, you will communicate the process to the client clearly and avoid any misunderstanding about prices, deadlines, and what each type of service involves. When a client has realistic expectations, they are more likely to be satisfied with your services.
Issue the invoice to clients upfront
There are three ways to charge clients for resume writing: after the work is done, in installments or upfront. Whereas the third approach may turn off some potential clients, it is the most effective for the profitability and stability of your business. If you write a resume and a cover letter for a client, they may not pay you for several reasons.
By charging clients upfront, you will relieve yourself from worries about whether the client will pay and when, and will be able to focus on providing quality documents. Moreover, if the client has paid, they will value your services more highly and be more willing to participate (provide you with the necessary information, complete a questionnaire, etc.)
Take training or obtain a certification
If you have a working knowledge of how people get hired in the finance industry and what must be included in a resume, a certification isn’t a must. Nonetheless, many aspiring resume writers choose to take an online course via Coursera or other learning platforms to boost their skills and provide high-quality services. Since the market of resume writing services is saturated, you need to find ways to stand out.
You can also obtain a resume writing certification, for example, a Certified Professional Resume Writer (CPRW), Nationally Certified Resume Writer (NCRW), Certified Executive Resume Master (CERM) or another. Certified writers become members of a professional network which gives them more opportunities to hone their skills. Moreover, certified writers have more credibility with clients.
Promote your services
Inform everyone in your network about your new business and offer good deals to attract first clients. Maybe, your former colleagues in the finance sector or some of your friends are job-hunting at the moment and need to improve a resume. Consider online promotion as well: you can publish paid ads on Facebook or Instagram.
If you have a website, use SEO tools or paid ads to move your site to the top of the search results. Ask the clients who have already used your services to give their feedback and recommend you to friends. Set up an email newsletter for current and potential customers. The profitability of your business depends on the price of your services as well as the number of clients.
The finance industry is one of the most competitive ones, and you can earn decent money while helping qualified candidates get interviews. Starting your resume-writing business doesn’t require major investments, so update your resume-writing knowledge, advertise your services and make your business a success!