Should the author also be a business?

  • Should the author also be a business?

  • feldolgozas

    Member
    08/04/2020 at 09:17

    Some of you may be asking, why set up a business? But I’m here to tell you that setting up a business is a good idea, and that’s exactly what I did when I first became a self-publisher back in 2016. There are many advantages to adopting good business practices, especially if you are self-publishing.

    • You’ll have more time for writing. You’ll save yourself hours of frustration digging through piles of stuff trying to find information.
    • You’ll be ready for success. As your sales increase, you will be prepared to measure and manage that growth.
    • You’ll avoid losses. If you have a better handle on cash flow, you’ll know when your expenses are getting too far ahead of your income.
    • You’ll know what works. If you have a method of tracking sales, you’ll know which marketing efforts paid off and which were a bust.
    • You’ll avoid mistakes, like forgetting to collect and pay sales tax or to deliver 1099s to freelancers.
    • You’ll save on taxes. If you operate your writing venture as a business, you are more likely to be able to deduct writing expenses from your non-writing income and reduce your tax bill.
    • You’ll feel more legit. If you don’t treat your writing as a legitimate business, then no one else will, particularly the IRS.
    • Your heirs will thank you. If you are hit by the proverbial bus, your heirs will appreciate your organization.
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