I SPY: Business Plans for Writers

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Business Plans for Writers

Most writers long to spend their time writing, not thinking about the business side of, well, the business. But in this day and age, spending all of our time dreaming up worlds and characters isn’t an option. There are a plethora of other things to wrangle, manage, and deal with, from marketing to social media to creating an indie book to finding agents or editors to shop in a traditional market. And everything in between.

At the RWA conference last month, the first workshop I attended was one I had hoped would get my head back in the business of writing. It was entitled “Plan for Success: Create a Motivational Business Plan for Your Writing Career” and was presented by author Stephanie Bond. Sitting in that workshop brought back memories of a chapter workshop I attended a couple years ago with a similar topic: "Dream, Dare, Do!" presented by Shelley Coriell. And it reminded me that I never sat down to finish that business plan that was begun that day. And I certainly hadn't updated my scrawled notes in the intervening years.

Since I've been looking for focus lately, I made creating a business plan my priority when I returned home from conference a couple weeks ago. I started by exploring more about business plans online, and integrated a lot of that fabulous information here.

First, Jami Gold says, “no one will ever care about our success as much as we do.” And therefore, we must have a business mindset. If we have clear goals and a personal definition of success, we can make better business decisions. Amy Atwell says it’s important to think of writing as a “career,” which is why a business plan is helpful. On her "Author E.M.S." website, she refers to other sources, where one can use worksheets to come up with her business plan. She also reminds us the plan isn’t set in stone, and should be revised or updated regularly.

Second, before creating your document, Angela Ackerman recommends brainstorming what you want to accomplish, identifying themes, and then grouping together areas of focus. Then, try to step back and see the big picture, assigning importance to what you need to accomplish.

When you've done some big picture and small picture thinking, put them together into one handy document that summarizes your career plans and goals for the coming year:

THE BASICS of a BUSINESS PLAN

OBJECTIVES (a.k.a., Dreams!)

What do you want out of this business? Do you simply want to see your name on a book? Do you want to hit a bestseller list? Win a RITA award? An Edgar? Do you want to make enough money to quit your day job or put your kids through college?

This is where you put anything you want out of your writing career. Dream big!

MISSION

A mission statement is often brief, and for writers it can be as lofty as “to encourage people to grow through my writing,” or as generic as “to entertain.”

PRODUCTS (or Product Plan) & BRAND

Here’s where you think about what you are creating, which of course, includes your books. Also think about what makes them different/unique, and what formats they’ll be available in, and whether you plan to publish via traditional publishers, indie, or both. Don't forget about audio, film, and even nonfiction items such as series-related coloring books.

Kimberley Grabas also suggests delineating your “ideal reader” as you create your business plan, as well as your “brand personality and culture.” This includes the vibe you want to give off when people land on your website or other social media pages, or when you speak at events. How do you want to be perceived by the public/readers?

Think about what makes you different, and what makes you the same. Everything from business cards to website design to the font and your name placement on your covers should reflect what/how you write.

GOALS (a.k.a., the things I can control!)

This is where we get down to the nitty gritty.

Keeping your dreams and objectives in mind, what can you actively and reasonably DO to make those dreams come true in the short term? This can include such things as attending a signing or conference, submitting to agents, finding a critique partner, researching your next series, etc.

For instance, one of my dreams is to win a RITA. I obviously need to enter the contest to even have a chance of making that goal happen, so entering the contest is listed under my goals and has been added to my calendar. Similarly, to hit a bestseller list, I’ll need to write books and increase my audience, which led to my current annual goals of building my newsletter list and increasing advertising and amount of time spent on social media. 

MARKET ANALYSIS (or Competitive Analysis) & SETTING YOURSELF UP FOR SUCCESS

What do you need to do/change to achieve your dreams? Do you have the necessary equipment, time, and energy? What is the state of the market in your genre/subgenre? How crowded is it?

This includes looking at your “competitors’” or fellow authors’ bodies of work and how they’re advertising them. What are their price points? What things are they doing well, in your opinion? Is it something that should be added to your goal list?

For me, one of the items in this category is to read several top-selling romantic suspense novellas, as I have not written one before but hope to this year. I want to study how the character arcs and plots differ from full-length books, so that I know what novella readers expect.

STRATEGY & IMPLEMENTATION SUMMARY (or Development Plan)

This includes setting up your calendar. Will the amount of writing you do this year be increasing/decreasing from the previous year? What publishers or agents do you want to target and how are you most likely to get your work in front of them? Do you need to register for some conferences or enter contests?

The first item on this list, for me, was writing a business plan. J The second item was transferring my task list to my planner/calendar.

FINANCIAL PLAN

How do you plan to support yourself while you implement these other plans? When would it be a good time to incorporate? To meet with an estate planner or tax consultant?

For me, I plan to create a “Body of Work” document that contains all of my books and information my husband would need to access them, should something happen to me. I also have a note to consider drawing on savings to create audio versions of my new series, but have yet to make a decision on whether that’s a wise investment. But it’s something I can revisit next July, when I update my business plan.

Have you written a business plan? Do you update it regularly? What things do you make sure to include on your plan? 

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See the left sidebar for previous I SPY posts and watch for future I SPYs for more discussion of the craft and business of writing...

We welcome everyone's constructive comments and suggestions!

Where There's Smoke

Burn-out.

I'm not sure there is a more dreaded word in the writerly vocabulary. Some writers get panicky over Writer's Block, but block just means you took a wrong turn somewhere and you need to shift into reverse and find your way back to the road. Maybe there's a problem with the current project or maybe the current project IS the problem, but either way, Writer's Block is fixable.

Burn-out means there is no more road.

And your engine is smoking.

And the landscape around you is on fire.

A few years ago--about five years ago, in fact--I burned out. I had to cancel a slew of projects--in some cases it meant actually paying back advances. It was disastrous. I tried to be, well, not upbeat. It's hard to be upbeat about failing to meet commitments, having to repay money you've already spent, and disappointing your fans. But I tried to be pragmatic about it. Tried to look at it as a positive thing. I was pretty sure (though in my heart of hearts not absolutely positive) that I would be able to write again if I just gave myself time to refill the creative well.

So I took a sabbatical and used that time to do exactly that. I spent time with family and friends, I put a healthy schedule into place that included not eating at my desk, ending the work day at five-ish, taking vacations and even not writing every weekend. All those things helped once I got back to work, but getting back to work took a really long time. It took the full year. And while I read a lot and watched documentaries and movies and got out and about...I mostly worked during that year because a lot of my previously published work reverted to me right about then. And I was investigating translations and audio and print. All those little revenue streams kept me financially afloat during the time that I was not producing new fiction.

Since that time I've been pretty careful, pretty watchful to make sure that I did not get into trouble again. So imagine my surprise when I realized a couple of weeks ago that I was teetering once more on the edge of burn-out.

How could this be? I was working a reasonable (fairly reasonable) schedule, I was taking time out for family and friends, I took vacations and even traveled. Okay, I was falling back into the pattern of mostly working late into the evening and on weekends, I was committing to too many projects, and I was starting to panic over all the stuff there wasn't time to deal with (career planning, marketing strategies, new and additional revenue streams...)

The good news is this time I recognized the symptoms. I could have forced my through the current project but it would likely have been the final project of the year--and maybe the final project for next year as well. Instead, I faced facts and, as embarrassing as it was, told my publisher what was happening. Happily I got an extension, but even if the project had been cancelled it would be have been better than being creatively paralyzed for the foreseeable future.

Money will be tight because my financial health is built on that 90-120 day cycle we all live and die by now. But better that money is tight than having the bank cut me off entirely--and that's what we risk when we repeatedly overdraw from our creative resources.

The most important asset we have as writers is our creative energy. At all costs that energy has to be protected and nurtured. It means getting out of your head and into the real world on a regular basis. It means taking care of your physical health--get off your butt!--and it means preserving your sanity by not spending too much time on social media. There are a lot of variables in a writing career and some things can be fudged and some things can be faked, but the one thing we writers cannot do without are the words.

When we lose the words, the story stops. And when the stories stop, that is truly The End.

Now -- before you're in trouble -- is the time to take stock of your creative resources. How tired are you? How much effort do you put into replenishing that creative well? Do you have a career game plan that doesn't involve constantly producing new books to stay afloat?

Follow Your Bliss

I'm a lucky girl. I've had the opportunity to pursue numerous passions in my life. I’m happiest when I have a sense of purpose—a pursuit (or two or three) that embodies my values, beliefs, and abilities—that gives me a sense of meaning. 

A bliss. 

My background is a combination of pursuits with obvious interests in biology and psychology. I have a Masters degree in counseling. But I only used it “in the field” for a couple years before we moved and started a family.  

I can't help but wonder... Where would I be if I hadn’t gone that direction? What if I’d followed a different fork in the road at any of the numerous places where it, well, forked. ;)

I love being a writer. The flexibility, challenge, and adventure of it. But sometimes I wonder what I’d be doing if I wasn’t a stay-at-home mother of three and a writer. And if I didn’t have a husband who’s source of income was steady enough to allow me to follow my bliss.

When I look back, everything I pursued was to make other people happier and/or healthier. That was my goal. At one time, I wanted to be a physical therapist. But when I volunteered at a hospital, just to try it on for size, I didn’t think I had the forcefulness to push people past their limits as well as the energy to be a constant cheerleader. It just didn’t fit my personality. 

At another time, I wanted to be a doctor, but the hours and lack of sleep weren't appealing. And then there was the likelihood of incurring financial debt for several more years of school.

A profiler? That was a dream at one time. If I’m honest, it still is, though I know I’d most likely never want to go through that much schooling again. It's not that I feel I'm too old (okay, maybe a little bit), but it would take up a large chunk of time I currently devote to my other passions—family and writing.

A life coach? That’s my latest interest. Apparently there’s a certification process. It’s a career that involves helping people—helping them find their own bliss, in fact. And that sounds pretty awesome. 

But with the kids still at home, I’m thinking writer is still the best choice for me. Besides, in what other job can I explore all of these other careers vicariously, through my characters? Still, who knows what the future will bring? 

If you were to follow a new dream, what would it be and why?

The Tax Man Cometh

Did you feel that? That…ghostly pinch?

 

It's that time again. Tax time. The time of year where we all start worrying whether we should be brave enough to actually claim our home office or we should, for this month alone, pretend that room at the end of the long, shadowy corridor doesn’t exist. Time to start sifting through receipts. What the heck happened to the receipt for the new keyboard? Why did I keep a receipt for Trader Joe’s? Hey, I never heard back from that agent about the Paris thing!

 

Tax time.

 

Once upon a time tax time meant refund time. I used to do my taxes early. I couldn’t wait to get that money back! But those days are behind me now and every year my tax bill gets higher and higher and my accountant and I argue more and more. How can forty percent possibly be right? The math HAS to be wrong! How can I owe this tax if this tax is more money than I have?

 

And so it goes. It always ends the same. Me borrowing against my no-interest-credit- cards to pay my taxes during the lean spring months. This year I have decided to look at paying my taxes as contributing to my favorite charity. My taxes buy a lot of stuff I consider important, so…good. I’m glad about that.

 

Which doesn’t change the fact that tax season is VERY painful.

 

But here are a few sites and tips that might help you get through it. My own personal experience? Keep accurate and complete records. Don’t wait until April to start adding stuff up. And last but not least, stay informed about changes to the tax code. (Also -- I hire a professional to do my taxes because this is NOT my strength.)

 

1 - http://www.freelancewritinggigs.com/2014/03/4-tax-tips-freelance-writers/

 

2 - http://www.writersdigest.com/writing-articles/by-writing-goal/get-published-sell-my-work/tax-advice-for-writers

 

3 - http://taxesforwriters.com/book/

 

4 - http://2009taxes.org/2012/01/15/essential-tax-tips-for-freelance-writers/

 

5 - http://www.freelancetaxation.com/should-i-incorporate

 

What about you? Do you have any useful tax tips? Have you formed an LLC or incorporated? Heck, have you filed your taxes yet?

 

Josh Lanyon's latest release from Carina Press is Stranger on the Shore, due out May 5th. You can find Josh at this fine social media venues:

http://www.joshlanyon.com/

http://joshlanyon.blogspot.com/

Twitter: @JoshLanyon