“Business for Authors” is another wonderful book by my favorite author, Joana Penn. Inside the book, she details her journey as an author-entrepreneur. I, too, am striving to be an author-entrepreneur, so this book immediately took hold.
Many authors do not want to deal with the business side of publishing and releasing books. This may put them at a significant disadvantage financially and professionally.
Earning money from royalties is all about control. If you control your creative products, you own the rights to the funds they make.
The more people you involve in your publishing adventure, the smaller the pot of money gets into your bank account. Others prefer to allocate their time to be creative while giving up some rights to their works.
Ultimately, it’s up to the individual authors how far they want to travel down the business side of things. I am 100% on the creative and business side, so this book perfectly suits my situation.
1) Always pay close attention to any contract you sign. You may sign a contract for a publisher to release your audiobook, but it may prevent you from releasing an ebook version. Be careful and tread lightly.
2) Books are worldwide. Having your books available in emerging countries will be a boon in the near future. Be careful if you decide to become exclusive to Amazon or anyone else.
3) Don’t be afraid to split your author and publishing businesses. If you write romance and have a persona that caters to authors, these audiences may not overlap. Consider splitting the branding, but also consider the time requirements.
4) Have a long-term view as an author-entrepreneur. Each book builds upon your body of work. The more books you create, the larger your pool of money-making assets.
5) You can outsource work to freelancers like editing, book covers, and translation. Keep tabs on all outflows of money—it is a business, after all.
Writing is always your top priority. Don’t let checking emails and adjusting logos stand in your way of releasing creative works.
I love being an author-entrepreneur. Writing is a fantastic form of art, but releasing and marketing a book is another skill set indeed.
The more I read about Joana Penn’s work, the more I love it. I believe this is book number six I read from her. I plan to read this entire series in the coming months.
Don’t go into your writing career blind to business aspects. Whether you choose to do these tasks is a different story, but you should know what the business side entails. I highly recommend this book to writers and any small business owners.
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