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Keep your feet on the ground, financially. While a very small percentage of people in this E-Type earn a great deal of money (John Grisham, Danielle Steel, and other bestseller authors) don’t let that blind you to the financial reality of writing. Most writing-related businesses do not generate great sums of money. Because so many people want to be writers, there’s lots of competition for most every job. So if you need to support yourself or your family, look for a niche that isn’t of interest to many others.

Competition will be tough. You’ll have to put in your time to make a name for yourself and build a track record as a capable, reliable writer, trainer, or speaker. It takes a while to get established.

Corporations cut their communications budgets in lean times. If you are very dependent on corporate clients, put money away to tide you over during economic downturns.

Legal ownership issues. In many cases, your contract will state that you are working on a “work-for-hire” basis. This means that your client—not you—owns whatever content you create. This not only includes any written material, but could include course curriculum you create for company training programs, or PowerPoint presentations. Be clear about ownership—and the ability to recreate and re-use content—before you begin work with a client.