For the A to Z Challenge, I’m posting promo and other tips for writers. Today it’s entrepreneur.
Now, that may seem like an odd topic for a writer. Entrepreneur? Business owner?
Well, unless you receive a salary for your writing, you ARE an entrepreneur! And if you’re going to make any money as a writer or author, you need to start thinking like a business owner. I could write a really long post on the subject, but let me cover the basics:
Knowledge - There’s two things that kill new businesses in the first five years, and one is a lack of knowledge. Study the industry. Learn and understand all aspects of publishing before you embark on the journey.
Capital - This is the other thing that kills new businesses. A lack of capital. Big publishers pour tens of thousands of dollars in the creation and promotion of a book. I doubt your investment will be that large, but no matter which path you choose, you will need capital. Develop a business plan and realize you are investing, not spending.
Time - It will take time! You’ll invest time into writing, editing, researching, promoting… all without pay. Owning a business means long hours. And if your author dreams are big enough, you WILL find the time.
Taxes - As certain as death! As a business owner, you get to work WITH the tax laws now. Talk to your accountant. Understand deductions, tax breaks, sales tax, and the like.
Are you ready to open for business?