You’ve dreamed of becoming an author for years, and now, you’re preparing to submit your first manuscript to agents and start offering additional writing services through your new small business. And while you’re excited, you might also feel overwhelmed; after all, you have a lot to learn about being an author and an entrepreneur! The following resources can guide you through everything from tackling writer’s block to marketing your book, and these tips will help you master the best practices for managing a thriving writing business.
Shift Your Mindset
It’s important to shift from thinking of yourself as a freelance creative to thinking of yourself as a small business owner. This means that you need to uphold professional standards in all of your communications, set up organized systems that help you stay productive, and make decisions with your future reputation in mind. Have confidence in your writing abilities!
Establish a Payroll System
Eventually, your business might grow to the point where you need a couple of employees to keep everything running smoothly. When that time comes, it’s best to set up an organized payroll system so that you can manage your 2021 payroll calendar and make sure everyone receives their paychecks on time. Using a payroll template can be a good choice if your business is too small for an automated payroll system. Payroll template software can also include helpful functions like time tracking, invoicing capabilities, and employee scheduling.
Paying Taxes
You will need to pay taxes on the earnings that you make through your writing business. Yes, this means setting aside a chunk of your income from book sales and any other services you offer through your business! Paying your taxes late — or neglecting to pay them at all – can have serious consequences down the road. It can be a good idea to work with an accountant for guidance in this area. Wealthfront recommends looking for an accountant who has relevant experience working with businesses similar to yours, so see if you can get any recommendations from other writers you know!
Join Your Chamber of Commerce
As an author, you want to spend lots of time networking. You never know when those connections with other authors will come in handy! If you have a writing business, you could consider joining your local chamber of commerce. Founder’s Guide recommends joining your chamber because it allows you to have a voice in your business community, make new contacts with people in your industry, and promote your business. You’ll be able to attend events with entrepreneurs you might not have met otherwise!
Ongoing Marketing
Naturally, you’ll want to spend most of your time writing and editing, but you also need to leave room in your schedule for marketing. Even if you’re working with a publisher, maintaining a public presence and letting your readers know where they can find your book is important! And if you provide other writing services, you have to make an effort to get the word out. When you’re busy, it’s all too easy to put marketing on the backburner, so automating social media posts is one simple way to ensure that you’re always promoting your business.
Starting your journey as an author can be difficult. Every author’s career is unique, and building your professional writing business will involve lots of highs and lows. But with these tips, you’ll start taking your business seriously from day one so that you can invest in your future success.
Are you ready to become an author and publish your first book? Almost An Author can help you navigate your new career path. Check out our resources for aspiring and new authors today!
As a former banker, Jim McKinley uses his background and skills to provide advice and valuable resources to anyone who needs help with their financial literacy. In his spare time, Jim spends time with his family and his dogs and he maintains his website Money with Jim.
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