Now, that may seem like an odd topic for a writer. Entrepreneur? Business owner?
Well, if you’re going to make any money as a writer or author, you need to start thinking like a business owner.
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.
Are you ready to open for business?
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Love your photo and you're right about thinking like a business owner. Time waits on no one but everyone has it.
ReplyDeleteA good topic to write about, some people are just right to be in business, though I suspect if more people had more confidence they may well surprise themselves.
ReplyDeleteLovely picture of cat.
Have a good day.
Yvonne.
I love cats. They are so independent, and love us when they want to love us. :)
ReplyDeleteGood post. And I agree with what Yvonne said: confidence is key for me. When I take off my 'I'm scared' hat and jump into the water, I do okay, but if I stop to wonder if I'm good enough, smart enough, I back out. That's exactly why A to Z and IWSG is so perfect for me. They force me to do things/write things and not worry about the consequences.
Very true. I'm hardly a business person, but thankfully my husband is.
ReplyDeleteThe old saying, "It takes money, to make money," certainly rings true!
ReplyDeleteThe puss looks quite at home!
Not something that comes naturally to me but at least I've already set up my own publishing company. Staff... er... one. My wife has a great business brain at least!
ReplyDeleteWhat an excellent word for letter E!! I have always wanted to be an entrepreneur, and have from time to time made the attempt, but I am not "hungry enough" to be successful at it. ;)
ReplyDeletetm
Happy E day!
Nice topic and discussion. Also cute pic and funny caption. Your kitty looks like he is just full of attitude. :)
ReplyDeleteCarolyn, yes it does!
ReplyDeleteOrnery, I've been self employed for 14 years now and love it.
Gossip Girl, yes she was all attitude!
Crucial things you're pointing out here. Certainly ignorance can end your career too soon.
ReplyDeleteCrap, I'm doomed!
ReplyDeleteGreat post and excellent advice. Thinking of it like a business is, pretty much, a must these days.
ReplyDeleteI think, though, time is more important than money in some aspects.
Love the photo, and I love the advice. Although I did do a great deal of research before I self-pubbed, more and more has come to light since self-pubbing. I keep remembering that most businesses need to have two years or more as a "start up" period. Although I've been writing for years, and researching publishing, I feel like my start up day came the day I self-pubbed, and the next two years are all about investment.
ReplyDeleteI think the investment is in time, money, research and writing.
Capital is a mistake many entreprenuers make. Theydont have the income streams to keep them afloat until they reach the point theycan turn a profit.
ReplyDeleteSo glad you picked entrepreneur as your E word. Writers ARE definitely entrepreneurs and need to consider the scope of what that means. But beyond that, getting folks alert to the importance of entrepreneurs is always a good thing. thanks, Maria from Delight Directed Living
ReplyDeleteCute kitty.
ReplyDeleteA great E word, and excuse the pun, but it's definitely on the money in today's writing world.
ReplyDeleteThanks for the tips.
(And LOL @Alex.)
Barbara
E is for Evidence Found in A to Z
The Daille-y News
It's occurred to me several times that when it comes to marketing our books/writing, we must move beyond the artist and yes, become small business minded. I'm thankful for my business background-- hoping it will come in handy when the time is right.
ReplyDeleteThey do say the first five years are the toughest. That leaves me only a couple of more years to make it. Yikes! But even if I can't make a living at it, I'll still be writing.
ReplyDeleteThanks Diane!
You are so right about how to be a successful business owner. Those three elements are key. Great posts, Diane.
ReplyDeleteSerious topic but a goodie.
ReplyDeleteAll the Best with the rest of the challenge.
Serious topic but a goodie.
ReplyDeleteAll the Best with the rest of the challenge.
I'm open for business and your post inspires. Thank you.
ReplyDeleteWould that be a cat from Canada, eh!
Gary, your cordial host of the alternate alphabet challenge..
I was scrolling through the comments, thinking about your post and what my comment would be and I saw Alex's.
ReplyDeleteYup. What he said.
I honestly have no idea where to start in terms of improving my knowledge of the industry and then how to develop a "business plan." Any recommendations for good resources on these topics?
ReplyDeleteLyre at Lyre's Musings
Yes. I will have to think of myself and my book as a product.
ReplyDeleteGood points.
Cute cat!
Heather
Tyrean, two year is about right.
ReplyDeleteJulie, I'm sure it will.
Gary - LOL!
Amy, besides my book? There are thousands of websites and books, not to mention the wealth of information from other writers and authors.
it would be great for someone to make money at their talent or art--but i think about some of the master artists, that didn't have a name until after their death, i wonder if they were trying to make money at it---interesting point about the time thing!
ReplyDeleteWriters are entrepreneur aren't they...
ReplyDeleteIt does take time and a bit of luck to make the business a success.
What about the willingness to take risks; an important trait of an entrepreneur
ReplyDeleteI never thought of authors as entrepreneurs . . . but they are, aren't they. They're launching their own economic enterprise.
ReplyDeleteKeeping in mind it is a business, can help an author keep career building on track. I often look at my business plan to keep on mine. Happy E!
ReplyDeleteBeautiful cat! This post is so true. Invest in yourself.
ReplyDeleteLooks like he's going to have a good scratch to me.
ReplyDeleteJO ON FOOD, MY TRAVELS AND A SCENT OF CHOCOLATE
This is the part of the writing business I had no idea existed until I sold my first book.
ReplyDeleteI was raised an entrepreneur, and I've always loved it. Great pick for E! And I love the photo, very cute.
ReplyDeleteThe A to Z blog said in the latest post to add a link to your own A to Z blog in the comments, so here's mine: kristenhead.blogspot.com
Lots of people shy away from the business side of things.
ReplyDeleteCute kitty cat!
Kitty! :)
ReplyDeleteI think many artists have the business aversion - and fail because of it. Great advice, Diane. We have to move away from the wall and mingle.
Fab pic. And great advice. Now I just need to be an author!
ReplyDeleteGood sound advice here. At this point I just need to make time for writing.
ReplyDeleteThanks for checking out my AtoZ.
Rhonda @Laugh-Quotes.com
AtoZ #42
I'm ready and willing to open shop!! :)
ReplyDeleteGreat summary! and I totally agree. Thanks for the reminder that putting in the effort and money is part of the plan. :)
ReplyDeleteExcellent post. Sometimes it's hard to be patient with yourself, but time and persistence will pay off.
ReplyDeleteAdorable picture!
Time, patients and smart spending are key. And I love the photo! :)
ReplyDeleteI'd never thought of authors as entrepreneurs, but you're completely right - they are! Thanks for the great tips and the funny pic! :-)
ReplyDeleteA good reminder that if we do what we love the money will follow IF we do our part and apply some business savvy. Thanks.
ReplyDeleteJagoda at http://www.conflicttango.com
I wish I had the desire to be an entrepreneur. Not that I have a business in mind. Maybe it's more so that I wish I had any unique ideas :oD
ReplyDeleteCheck out my A to Z! Jen Hemming and Hawing Again
These are helpful tips that make sense, Diane - though we don't tend to think this way. Thank you.
ReplyDeletexoRobyn
...and passion...entrepreneurs need that too, I find. I'd like to think I'm ready to open up my business, but I need one more vital thing that I don't quite have ready yet, and that's a finished product.
ReplyDeleteAgreed! You're literally 'in the business' when it comes to writing. You have to understand the amount of time and effort it takes to, like with all things, become a success. Great tips!
ReplyDeleteGreat post, Lee. I also notice you watch Dr. Who. I've never seen it. I promise myself I'm going to watch something other than hockey. I swear I am. But then something happens to me. I grip the edge of my seat and 3 hours flies past. It's a sickness.
ReplyDeleteLove the kitten. We're big cat fans in my family. Love our dog too. Actually, he's also a cat fan. Which has absolutely nothing to do with A-Z. Ooy.
Great advice. Time to enrol in a business course!
ReplyDeleteI apologize for just now visiting your blog- it's been hectic trying to get so much done this month. I love your theme and your advice is top notch . I am a great attorney, but I quickly learned that I sucked at running my own law firm .
ReplyDeleteI love the cat pick, and yes, it's time to start looking at this as a business, thanks again for a fantastic post.
ReplyDelete