You’re an author. That means you are also a business.
There are many advantages to adopting good business practices, especially if you are self-publishing.
- You’ll have more time for writing. You’ll save yourself hours of frustration digging through piles of stuff trying to find information.
- You’ll be ready for success. As your sales increase, you will be prepared to measure and manage that growth.
- You’ll avoid losses. If you have a better handle on cash flow, you’ll know when your expenses are getting too far ahead of your income.
- You’ll know what works. If you have a method of tracking sales, you’ll know which marketing efforts paid off and which were a bust.
- You’ll avoid mistakes, like forgetting to collect and pay sales tax or to deliver 1099s to freelancers.
- You’ll save on taxes. If you operate your writing venture as a business, you are more likely to be able to deduct writing expenses from your non-writing income and reduce your tax bill.
- You’ll feel more legit. If you don’t treat your writing as a legitimate business, then no one else will, particularly the IRS.
- Your heirs will thank you. If you are hit by the proverbial bus, your heirs will appreciate your organization.
I highly recommend this comprehensive guide called, Publishing Business in a Box, by Helen Sedwick. Filled with detailed, step-by-step instructions on the best practices for setting up your self-publishing company.
Helen will guide you through:
- The steps needed to enter the business of self-publishing
- Developing a realistic budget, a full-blown business plan, and your tax options.
- Working with vendors, editors and hiring freelancers, and other contract-based workers.
- Purchasing your own ISBNs,
- Setting up bank, PayPal and other business accounts,
- Accepting credit cards, and
- Keeping track of income and expenses.
This package is a great deal at its regular price of $147, but Author Tool Kits Publishing is offering a special deal for the next 5 days, dropping the price from $147 to only $97. It is a great opportunity to get yourself setup properly and see your stories make a profit.