Top 10 Money Tip$ For Authors...

" I never had any doubts about my abilities. I knew I could write. I just had to figure out how to eat while doing this."   ~Cormac McCarthy

1. When you decide to write a book, begin putting money away each pay for marketing, publishing, touring expenses - don't wait until the book is finished. Partly because you will have to market the book long before it is completed. Immediately create a list of all expenses you may incur and begin to fund them. 

2. Don't let the cost of your book project delay you. Keep going, pay for each expense in bits.

Ex: The editor you chose charges $5 per page, your book is 150 pages which means you need $750 for your editor.  What can you do to earn that amount outside of your day job? How much can you set aside from your paycheck until you reach $750? Maybe you can pay your editor in 3 installments, sending him/her the book in 3 pieces, etc.

Once that's done, tackle the next- cover design, book tours, etc.

3. When you get a book advance - hold on tight – don’t spend it, it has to last a long time! You will probably end up spending it on marketing, so please keep your day job to pay for living expenses!  Have a separate account for your book business, do not mix personal and business money! 

4. Pay your taxes, set aside at least 25 – 30% of every sale for Uncle Sam! Set it aside in a separate account just for TAXES! 

5. Log all you’re your expenses – keep track of mileage, airfare, hotel – any expenses incurred as a result of creating or promoting your project. It’s important to keep your records organized, develop a filing system. This saves time and money – I know it may be a challenge, but like Nike – JUST DO IT! 

6. Don't go broke trying to get to every book conference out there. Choose the most beneficial for your project, based on who you want to meet and what you want to accomplish by attending. Plan a budget for each one; include airfare, car rental, additional book orders, hotel, etc. so you are not strapped when it’s time to go. Ask experienced authors their opinions on various conferences to find out which ones are worth attending. 

7. Write 3 speeches, talks, and/or presentations relating to your topic, genre, etc. Perfect them so you can get paid for speaking about your subject, the writing process, etc.  It’s important to look at other revenue streams as a result of you becoming a published author. 

8. With everything you will need funds for listed in these tips – please keep your day job! You will need the cash it provides to pay for your book project, keep your lights on, health insurance – you get the point. 

9. Save the money for a good editor and cover design. I’m an avid reader and sometimes other ask me to review their financial or business related books. I’ve come across great book covers, horrible editing and vice versa. I’ve also seen where both cover and editing needed a complete revamp.  If I buy your book and can’t get past the first chapter because of poor spelling, format, grammar, etc. – I won’t finish reading it AND I will tell the world how badly done it was. Now multiply me x the number of people in your audience. Word of mouth can hurt your book sales and speaking engagements – thus hurting your bottom line! 

10. Don’t spend your profits. Profits = the money you keep after paying taxes and other expenses related to the book. Re-invest that money back into your book business to cover future conferences, book orders, travel, etc. You will probably need to do this for at least the first year. Eventually, this practice will also allow you to avoid having to dip into your personal finances as the book will be paying its own expenses. (Another reason it’s wise to keep your day job)

Alright - there you have it! Post your book project below so we can all check it out!

Your Financial/Business Coach,

Dorethia

www.connercoaching.com

Tune in to #MONEYCHAT!!

On Monday nights I (@DorethiaConner) discuss all things money & biz! That's right, you can 'tune in' to our weekly Twitter convo #MoneyChat (@MoneyChatLive) held from 8pm-9pm ET and add your two cents or common sense!

#Follow

 @DorethiaConner    @MoneyChatLive