Writing is a Business

The minute you write a book, you’re in business. And if you want to have a successful business, you must think like a business person. What does that mean? First you need to establish a budget. If your goal is to publish yourself, you’ll need to decide how much you are willing to spend (assuming you want a print book) to achieve the end result.  Ask yourself if you’ll need to hire a book designer.  A professional editor?  Do some online research on typical costs for these services.

Next, how much will you allot for marketing the book once it’s published?  Will you do it all yourself, or hire people to do it for you? Will you want a publicist or just someone to write and distribute a press release?  Obviously, your budget won’t be hard and fast in the beginning, but at least you’ll have some ballpark figures.  Once you begin to spend money, these expenditures can be set off against your budget in a simple Excel spreadsheet.

I’m always amazed at how many authors don’t project or monitor their costs.  If getting your book to market takes several years, the expense can really mount up.  And most importantly, how will you know when you’ve made a profit if you don’t know how much you’ve spent? 

Remember, writing is a business and should be treated as such.

January 15th, 2012 | Tags: how to do a budget, the cost of writing a book, writing, writing is a business | Category: Publishing tips, Writer's tool box

4 comments to Writing is a Business

• Jim C. Dewberry

  January 16th, 2012 at 11:56 pm

  Thanks for that comment… Gave me a much better perspecetive in my efforts at writing my first book, and self publishing. So, why not just go ahead and establish my own publishing co. – as I had in mind to begin with.

• Kathy Condon

  January 17th, 2012 at 12:24 am

  You are so right Judith. I have to admit I am an author who handled her first book in much of the way you talked about–then it was a major issue to figure out my taxes.

  Second time around I know every dime I spent, who bought the books and who I gave books to for marketing. Now I know I am in the black after just six months, which I feel is a real accomplishment.

  Let’s trust new authors will heed your good words.

• admin

  January 17th, 2012 at 2:19 am

  Good for you, Kathy. Keeping financial records is critical to an author’s success.

• admin

  January 17th, 2012 at 2:28 am

  Hi Jim, After more than 200 rejections, I did exactly that. I set up my publishing imprint, bought some ISBNs, and used CreateSpace to do it myself. I’m thrilled to say that my novel has been optioned for the big screen and the screenplay should be done any day. Go for it!

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