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What is your writer's business plan? : Conversation question • Writing Forum | WritersDigest.com

What is your writer's business plan?

Every month in Writer's Digest's InkWell section, we pose a question related to the writing life. Tell us your thoughts.
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Christopher Sly
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What is your writer's business plan?

Postby Christopher Sly » Fri Aug 22, 2014 10:50 am

I suspect that I am not the only writer here hoping to get paid someday. I wrote my first novel 27 years ago but have not cared much about the money until recently when I became a father.

About 10 years ago I began self-publishing my novels and all new works online for free. My business plan is to continue providing my text for free, and try to interest an agent in handling the film rights to the works in my library.

I think I need a back-up plan.

If you don't mind me asking, what is your writer's business plan?
"The word that can be spoken is not the true word." Lao Tzu

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Fictional Cowboy
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Re: What is your writer's business plan?

Postby Fictional Cowboy » Fri Aug 22, 2014 3:56 pm

~ Cowboy

If you're so inclined, feel free to correct my punctuation. I'm relearning.

DISCLAIMER: My posts are always my opinions, my thoughts and information based on my research. There are exceptions, and no one right way, to do everything.

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atwhatcost
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Re: What is your writer's business plan?

Postby atwhatcost » Fri Aug 22, 2014 5:10 pm

(I've never heard of a business plan with no thought of a business.) Writing for free and then hoping to talk someone into making one of your stories a movie isn't really "business." "Business" includes making money at it.)

My business plan is laid out:
1. Learn how to market.
2. (Directly related to the first one, but also apart from it.) Learn how to SEO, since most of my marketing needs to be done online.
3. Write the novel.
4. Make it good enough to sell.
5. Research agents (and publishers that don't require agents) in my genre and audience-age level.
6. Learn how to write a great synopsis, query, author bio and whatever else I need to learn.
7. Query.
8. Work on second book while all that waiting is happening.
9. Repeat 3 and 4.

So far, I've accomplished 2 and 3, am working on 1 and 4, and will worry about the rest when 4 is done.
Lynn

Working on my first novel.

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Christopher Sly
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Re: What is your writer's business plan?

Postby Christopher Sly » Fri Aug 22, 2014 5:51 pm

I love the passion and determination both of you show. Very inspirational. I have a lot of catching up to do, but it looks like I came to the right place. I will read, and I will define goals I can achieve. Thank you both. I'll be looking for you on the bestseller list.
"The word that can be spoken is not the true word." Lao Tzu

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James A. Ritchie
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Re: What is your writer's business plan?

Postby James A. Ritchie » Sat Aug 23, 2014 9:06 pm


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DrG2
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Re: What is your writer's business plan?

Postby DrG2 » Sat Aug 23, 2014 10:07 pm


James A. Ritchie
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Re: What is your writer's business plan?

Postby James A. Ritchie » Sat Aug 23, 2014 10:25 pm


Ultimate Cheapskate
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Re: What is your writer's business plan?

Postby Ultimate Cheapskate » Sun Aug 24, 2014 7:16 am

I've been making a living the past ten years as a nonfiction writer, and since the start my business model was to generate at least two dollars in non-book revenue for every dollar I receive in book advances/royalties. In the beginning that was just a goal, since at that time nearly 100 percent of my income was from my first book advance. But once my first book was published and did fairly well, freelance assignments (including paid blogging) started rolling in, followed by paid speaking gigs and broadcast work. By the time my second book was published, I was already at that 2-to-1 ratio revenue goal I'd set for myself, which, of course, provides greater financial stability than relying on a single revenue stream (e.g., just books). Now, ten years and four books later, book revenues only account for about 25 percent of my annual revenues, even though the absolute amount of my book revenues have generally increased over the years.

I realize that this type of diversified revenue model is more practical for nonfiction writers than for fiction writers, but it's still something worth thinking about, and most of the nonfiction writers I know have adopted a similar approach to their business plans. Good luck!
- Jeff Yeager --- http://www.UltimateCheapskate.com
Author, "The Ultimate Cheapskate's Road Map to True Riches" and three other fine-but-cheap books published by Random House
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atwhatcost
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Re: What is your writer's business plan?

Postby atwhatcost » Mon Aug 25, 2014 10:38 am

Lynn

Working on my first novel.

Fictional Cowboy
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Re: What is your writer's business plan?

Postby Fictional Cowboy » Mon Aug 25, 2014 1:45 pm

~ Cowboy

If you're so inclined, feel free to correct my punctuation. I'm relearning.

DISCLAIMER: My posts are always my opinions, my thoughts and information based on my research. There are exceptions, and no one right way, to do everything.

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