As an author, the best-case scenario is that the only writing you do is the writing needed to complete your book. Apart from that, ideally external forces would take care of the rest, enabling you to churn out book after book as ideas come to you. Unfortunately, when other factors such as expenses and sales come into play, there is bound to be more writing necessary. A business plan is not at the top of the list for every writer, but it’s a great way to help you define and reach your goals for the book. That might include getting it financed, published, distributed, and sold. It might include how you’ll market the book or who your audience is (key to marketing and sales success). If you are writing for commercial success, you’ll want to treat your book like any other business, and any good business has a plan. Here’s a simple list of things you should include in your book’s business plan:
• Identify your target market. What is your audience? If it’s “everyone”, go back to the drawing board and narrow your focus. No one can market to “everyone”.
• Identify your ultimate objective (financial, educational, motivational etc.) Most authors, whether they admit it or not, want fame and fortune. Do you? Whatever your goals, you can’t reach them if you don’t define them. Once defined, think through the steps for reaching those goals.
• Showcase the book’s outline and organizational structure.
• Give examples of your marketing strategy.
• Explain your publication route: traditional, assisted self-publishing, DIY etc.
• Define your delivery mechanisms: Print or eBook or both? If print will you try for traditional retail distribution or focus on selling the book at targeted author events? If you go for retail, are you focused on the local or national chains? What about non-book store retailers?. If you choose to go the eBook route, will you use an online service to format and distribute the eBook or will you do that yourself, posting the files individually to each of the eRetailer sites? Also, which eRetailer sites will you distribute/sell your book on? What about your own website?
• Note how your book differs from other books on the subject. Why is it unique and why is it better? For that matter, why is it worth publishing? If it’s just like every other book on the topic, it likely won’t sell well.
• State your timetable for having the finished product. You can’t do anything until the book is finished, and having a good business plan will help you complete your work faster. Set goals for completing the first draft, each successive edit, and the final rendering of publishable files (for print and eBook).
• Define your metrics for success. A failed screenwriter once said that he never felt like a failure, because his measuring rod was not being produced, not being sold, but being sure he’d told a great story. Decide what your definition of success is… and then reach for it. A good business plan will help you meet exceed your definition of success.
Remember, these are just suggestions. Just like writing a book, creativity can also come in handy when composing your book’s business plan. Do some research. Look at some of your favorite books. Imagine that you are tasked with writing a business plan for one of them. Ask your friends in business for their advice. In order to get where you want to go, it’s good to have a road map. Your book’s business plan can be just that – a road map to your success as a writer.