Authors set out to write a book. They often don’t realize the bookkeeping and budgeting aspect of becoming a published author. In this episode, we’ll talk about establishing a budget, what to regard as high priority vs. low priority and how the publishing path you choose should figure into your budget.
SHOW NOTES:
Which publishing path will you take?
Self : Editing (content & line), Cover, Formating, publishing (ISBN), distribution & marketing
Hybrid: Up-front cost for the above shared w/ the publisher, plus some or all marketing
Small Press: Most, if not all, marketing
Agent >Big Five: Some to no marketing costs
Indie authors earn between 40-60% royalties per book
Agented/Big Five authors receive an advance and 10-12% of the royalties per book
Planning your budget:
Author necessities:
Laptop
Author photo
Domain name
Website
Mailer (if this doesn’t come with your website)
Optional:
Education
Conferences
Book program fee(s): Scrivener, ProWriting Aid…
Graphics program fees
Dues for professional affiliations
Book reviews (Kirkus, Publisher Weekly, book tours, NetGalley, etc.)
Book swag
Free giveaways
Entry fees for festivals (other events)
Awards
Promotional ads
Postage & supplies
Travel (& accommodations)
Publicist
Assistant
Financial Advisor
Lawyer
What are your priorities?
Tracking your expenses & adjusting your budget
How to keep track of it all (see sample on website)
SOURCES & LINKS:
“How Much a Professional Author Earn Per Book in 2023? $100K OR…?” McZell Book Publishing
The Business of Being a Writer (Chicago Guides to Writing, Editing, and Publishing), Jane Friedman
Before and After the Book Deal, Courtney Maum
Self Publishing for Dummies, Jason Rich
NetGalley Co-op: Victory Editing
Sample Budget Spreadsheet:
DO NOW:
Educate yourself. Determine which publishing path you plan to take. Create a cost assessment list & establish your priorities. Access this free download to use: Setting a Budget. Determine what is essential for you. Adjust accordingly.
Full Show Notes are available on our website as well as free downloads mentioned in the episode.
Authors Talking Bookish https://www.authorstalkingbookish.com
Hope Gibbs, author of Where the Grass Grows Blue https://www.authorhopegibbs.com/
Donna Norman-Carbone, author of All That is Sacred & Of Lies and Honey https://www.donnanormancarbone.com
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