I’m looking at you, authors. Whether you’re self-published or not, as soon as that first book hits the shelves, you are a small business owner. You should know the ins and outs of the industry in which you work, but you should also have a working knowledge of the basics of business. Cash flow, profits and losses, budgeting, income and expense, and taxes are just the tip of the iceberg. A vast majority of authors don’t like to, or don’t want to admit that what they’re involved in is as much business as it is art.
Most of us don’t want to deal with the business side of things. Most of us went into writing and/or art to avoid anything business related to begin with. Unfortunately, unless you’re publishing your work for free, there’s no avoiding it.
I’m sharing this Forbes article on The 13 Money Mistakes Most Business Owners Continue To Make because it’s beautifully relevant to authors if you just tweak a few definitions. Pay special attention to the theme of working smarter rather than harder, and investing in what will grow your business the most. Which also means knowing what will grow your business the most. As an author, your focus should be on writing and connecting with readers. The rest, you should leave to professionals. Yes, that means investing your hard-earned money, but trust me, it’s ultimately worth it.