A business plan may not be something you’d naturally associate with your work as an author. In fact, it may feel like a rather creatively dampening kind of document. However, spending time thinking about how to monetize your work is important if you want to take your writing from a nice hobby to a lucrative career choice.
Besides, there is much about business that is creative, and your business plan doesn’t have to become a sort of dry, dull document that you don’t use. Rather it should be something useful, something that you refer to often and that you change and amend as you grow as an author.
A business plan will help you shape your writing career, it is a living document where you can not only note your ideas and goals but make these ideas and goals into realities.
So what should you include in your book’s business plan?
State your ‘why’. Your plan needs to note, as succinctly and clearly as possible, your reasons for writing. The more decisive you are about why you want to write, what motivates you to do so, the reasons behind your choice to spend time writing, will help you remain clear and focused. To make use of this you need to dig deep to understand where your true intentions lie. If money is your motivation, consider why you have chosen writing – there are many different ways to make money after all. If freedom is your reason, consider why freedom is important to you.
Next, you need to determine who you are serving. Every successful business is so because it fulfills a need that other people are willing to pay for. Writers who are serious about making money need to consider their readers at every step of the book creation and publishing process. The better you understand your target demographic, the easier it will be to write a book they want to read and market that book to them successfully.
Remember, your business plan is more of a strategy document. It’s not a space for you to plot and plan your novels. While it should include details of what you plan to write and how you plan to publish, these should be high level and not go into the nitty-gritty, or the individual steps to achieve each goal. You need to consider where you are now and where you want to be in the future and work out a smart strategy to move you toward your end goal.
By creating a solid business plan not only will you understand your target market better, but you’ll also ensure you write a book that’s completely unique and entirely necessary. You should analyze your competition and determine how to make your book stand out. You can also use it to bring clarity and precision to your book idea so that you feel completely confident that it’s marketable and that there is an audience hungry and ready to receive it.
Creating a business plan for your book helps you plan for success. By using the above information, you can start to work on yours and create a useful, fluid document that you can refer back to throughout the creation process through unitl after your book hits the shelves.
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