Wednesday, April 06, 2011

Entrepreneur

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?

13 comments:

welcome to my world of poetry said...

Wonderful E letter,
Very informative to read and have come away with another word I ca fully understand,

Yvonne.

Jules said...

Great post and since I'm unemployed being an entrepreneur sounds pretty good :)
Jules @ Trying To Get Over The Rainbow

Karen Walker said...

Diane, if you ever want to go into business you would make an excellent consultant for authors - our own little PR person.
Karen

Jess said...

Great list of things we should be thinking about! You're right~ writing is a creative hobby, but a writing CAREER is a creative business :)

Tamara Narayan said...

I know these are necessary, but part of me wants to go stick my head in the sand. Taxes? Capital? Eeeek! But, seriously, with a degree in math, I have no excuses for not learning about all these things.

Talli Roland said...

I'm trying to be! Taxes are doing my head in.

~Sia McKye~ said...

unless you receive a salary for your writing, you ARE an entrepreneur.

Very true, Diane.

I have been in business for myself and it takes work and dedication to be successful. That's true whether you're a writer or otherwise.

Laura Marcella said...

I never thought about writers as being entrepreneurs before. But it makes sense!

Jai Joshi said...

It is a fact that as a small business owner, taxes are not at all as painful as they might be.

Jai

Eric W. Trant said...

I own a small business, and couldn't agree more! In discussing matters of writing with my publisher, we discuss the business side as well.

There are real-world considerations if you want to be published.

I guess I used to think of writers as "artists" but that's not true, and if you look back in time, no artist in history was an "artist."

Poe, maybe. He died poor and unsung. That's how a true artist passes, and we only found him because someone saw the BUSINESS side of his works.

Only the writers who became ENTREPRENEURS made it to press and found their way into your head.


- Eric

L. Diane Wolfe said...

Karen, I'm sorta there already...

Jess, you said it right.

Tamara, that's what accountants are for - taxes!

Jai - no, it's less!

Eric, you understand!

N. R. Williams said...

Ready or not, I am in the business. Not making any money to worry about taxes as yet.
Nancy
N. R. Williams, The Treasures of Carmelidrium.

Tony Eldridge said...

I think you hit on something that too many of us either overlook or don't stop to realize how much the business side of writing can impact our success. I know there are many of the things you mention here that I had to learn as I went along.