The Authorpreneur Business Plan
When you are starting a new business, having a business plan is vital. However, when you are an aspiring author and writer, coming up with a traditional business plan is may be a bit more difficult. Due to traditional publishing being so competitive and self-publishers coming out of the wood work, it is even more critical to have a business plan for yourself if you are going to become a successful full time writer.
There is a new term floating around called an Authorpreneur, meaning not only are you an author, but you are also and entrepreneur creating your own brand and business out of your writing. Again, even more reason to have a solid business plan. Let’s look at the best way to create one for an Authorpreneur.
First it would be important to determine what name or pen name you are going to use for your books. If you choose to write more than one genre, you may want to consider using a Publisher Name as an alternative. However, you must consider if you are going to be using a traditional publishing company before you begin branding anything other than your author name.
Once it is determined what name you are going to use, you should reserve a domain name. Keep this is simple as is allowed. Check my author page out at www.megan-nikole.com and see how it looks. I personally use blogger from Google as it is free and has a simple yet professional layout options.
Just like with the website, as soon as you select your author name, get all your social media accounts set up. Yes ALL of them. Even if you don't plan on using them. This guarantees that you and you alone will be able to use this name. This step is almost just as important as securing a domain. Just like people will look up your website, they will want to find any kind of social media. This is what makes you relevant, as well as offers them a chance to know you and fine your books.
It is important to marry all these steps together to get the perfect outcome. Once you have selected your name, it is time make it come to life.
BASIC BUSINESS PLAN:
You are now your own company. You will become your own brand and here’s where you spell out what you would like that to be. What are you going to be encompassing? What are you going to be writing? Early on you will want to determine if you are going to self-publish or traditionally publish. You will also want to list if you intend on working solo or having a writing partner. This would come into play if you are planning on collaborating your works.
My business will be run with me as the sole owner. I will write both fiction and non-fiction. My fictions will fall within the horror and thriller. My non-fiction is going to focus on women empowerment and women in the work place. I will be self-publishing all of my media.
Products or Services:
There are three primary products that you can offer as a writer. E-Book|Paperback|Audio All three of them have their place, however you need to select which ones you want to incorporate into your plan. If you choose to do all three, make sure you do your research on how to produce each of them and understand they need to be looked at as separate products.
If are writing a non-fiction book, you may want to consider speaking opportunities such as seminars and other forums to speak on your topic as well as promote your book.
My focus is going to be my fiction writing for the first 6 months both in e-book and paperback. The second half of the year will be focusing on my non-fiction e-book and paperback.
The worst thing that you can do, no matter what your selling, is assume that you are going to be able to sell to everyone. When you think like this, you will spin your wheels trying to target your book to everyone. This will prevent you from targeting the right people that will want to read what you’re writing.
When you know what genre, you’ll be working on, you can narrow down your target audience. Young adult, horror, romance… Each will bring its own audience. You should research the genre that you will be focusing and find your audience from there.
I will be focusing on young new age horror and thrillers. My range will be between ages 18 and 40, primarily being women. My non-fiction books will target working women between the ages of 20 to 35 in the work force or going back into the workforce.
Goals & Deadlines:
This section should be very specific and have exact numbers and quantifications on it. How many books do you intend to publish? How fast do you intend to finished them? Are you writing a novel or a short story? What is your goal income? All these questions will lead you to creating your goals and deadlines. Make sure you keep your scheduling and deadlines realistic and something that you personally can reach. I would suggest using a calendar to go through this step.
Annual Publication: 4 Books in 2017 ( 1 per quarter)
Monthly Income: $1200 monthly after month 12
Daily word count: 2500
Marketing: Start Book promoting March 1st 2017
First Draft Completed: April 20th, 2017
First Draft Sent Editing: May 1st, 2017
Release date: July 1st, 2017
And so on….
None of us are here to reinvent the wheel, horror is horror, romance is romance. But it is the twist that you put on it that makes it special and different. However, you will want to know who your competition is. Make it a point to seek them out. Look at what they are doing, where they are doing it, and what their price points are. Go to their websites and look around. Notice what they are doing right and what looks like they are doing wrong. It is also important to note that you want to be looking at the top players in your field. This means they’ve been doing something correctly to get where they are.
I will be writing a horror story about witches. Currently Amy Byles and Izzy Show’s are the top sellers.
+ From there I will go through and look at the top book who wrote them and do my research from there. Look at the author profile, how many books they have, if they have a series, their price points and any other information you think will help you be the best author you can be. Also follow your favorite authors as well.
Because you are now an Authorpreneur all of your marketing will fall onto you. This is both true if you are or are not going with traditional publishing. Once you have your calendar filled out, you will be able to schedule some of your important marketing plans around when you plan on completing your book. Things that you are going to want to address are listed below.
Paper Back = $7.99
E-Book = $2.99
Audio = 9.99
Bookings: $25.00 hr
+ Release schedules:
Blog tours, give aways , pre-orders, reviews ( use your Goals and + Deadline calendar to go thorugh this)
+ Book Series:
Having a series vasilty increases your sales – Consider if this is a direction any of your books can go in.
How do you intend on getting your product in peoples hands? Amazon, Kindle, book fairs…
+Post Release Date:
Just because your book in now released doesn’t mean the promoting stops. Keep it alive with different way to “re-launch” your book and other methods.
Don’t forget that while you are doing all of this, you also need to keep writing. Right before a book release you can be very busy and overwhelmed. Depending on the size of this, you may want to add a team to your planning, depending on your budget.
Fill each of these out for yourself and you will have your Authorpreneur business plan in no time. This will help you stay focused see the process from a bigger picture and possible get some financial help if needed. (As that is just an additional reason business plans are development)