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How an Author Can Think Like an Entrepreneur
Written by William Ballard
Finishing a manuscript is only the first step in the long process of being a successful author. Books written as a hobby almost always die a quiet death with no one to attend the funeral, so if you want to be a successful self-published author you'll have to treat writing as the business that it is.
Today's writers are artists, business owners, marketers, and organizational geniuses.
A modern writer worries about word count, but also has to be concerned with the day-to-day details any other business owner has to deal with.
Accounting and IRS Withholdings
The minute you publish your book you're an independent business owner, subject to taxes on your royalties. The government treats royalties differently than it does a regular paycheck, with higher withholdings and payments quarterly instead of once a year.
Writers who don't want to get in trouble with the IRS would be smart to hire an accountant to advise them on financial matters.
Authors Need Insurance
Unless you're working full time and have no plan to ever quit and have your writing support you, you'll need to find some type of health insurance. The market varies from state to state. Depending on your age, health, and family situation, insurance can be reasonable or very expensive.
No matter the cost, it's still less expensive than getting hit with a large hospital bill when you aren't expecting it. Some writer's associations and other self-employment clubs offer discounted insurance, so always be on the look out for the best deals.
Writing is a Business and Every Writer Must Write Everyday
Every writer with a solid body of work knows that "the muse" is a myth. No one builds a successful writing career waiting for divine inspiration for each and every word. Writers are in the business of writing and they have to do it every day, just like any other job. Writing is work, and hard work at that sometimes, but it's something that has to be done every day.
You can only build a successful writing career by scheduling writing time on a regular basis. Have either a time limit, such as two hours of work, or a word count goal for each day, and don't allow any interruptions.
Producing something for your book outline every day, inspired or not, is the best way to add titles to your personal bookshelf.
And most importantly...
Profits and Revenue
Return on investment, or ROI, is a simple concept that looks at whether you get out more than you're putting in. Even New York Times Best Sellers drop down in the ratings eventually, and most writers' books fall in the mid-range at best. The way to turn a sudden windfall into a profitable business is to reproduce that same success again and again.
You've invested the time and energy to finish a book and get it published, and much of that time was spent on the learning curve. You've experimented with writing itself, found an editor and support system, and learned what you need to know to get a book published. The time to make use of that investment is right after you've published your book, by starting to write the next one.
One hit wonders are fun for a while, but it's the writer with a large body of work that makes a good living from royalties a long time after the first book was published. That is why I always say, "If you want to be a successful writer you have to understand that your first book will never be the last."
Part of the key to generating a positive ROI (profit) is to have a solid understanding of where the costs are and how you are going to most effectively use your book marketing tools to generate revenue. You will invest a significant amount of time and money in writing, publishing and marketing your book with marketing dollars usually being the toughest to manage. This is a fact not only for authors but also for every marketer on the planet that has to handle the complexities of the art and science of marketing.
Keep the Faith and Don't Stop Writing!
Now Over to You...
Are you an author? What advice could you give for the first time indie author? Share your tips in the comments below.
Plus, don't forget to take advantage of my affiliate offer in this weeks post. The sales and goal setting genius Brian Tracy is having a Black Friday sale where all of his best resources are all 50% off.
The post How an Author Can Think Like an Entrepreneur appeared first on Bubblews.com.
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About William Ballard
Freelance Writer, Copywriter, Blogger, Inbound Marketing Specialist, and Author, William Ballard, helps small businesses and entrepreneurs broadcast their message across the Internet and be seen as experts in their field.
William, a writer and blogger since 2007, enjoys sharing with others his experience on how to become a successful writer, blogger, and author. View more about William Ballard →