Notes Sharing: Developing Your Author Business Plan: The Key Components

new-learning-author-business-plan

Last October 22, 2016, I am one of the many lucky participants who joined the Indie Author Fringe (Frankfurt Book Fair) Online Conference organized by The Alliance of Independent Author (ALLi). It was such a privilege to learn many things from all of the speakers during that event. And of course, my notebook was with me all the time to keep notes on the important topics beings discussed.

One important learning that I got there was the topic discussed by Kimberly Grabas, Author of http://www.yourwriterplatform.com/. She was so kind to share her knowledge about the key components that must be considered when building an author’s business plan. I found this very helpful especially for an indie author like myself. I’ve decided to  share my notes here on my blog, hoping to spread this wonderful teaching of Kimberly to those who wasn’t able to join that conference .

“A business plan is fluid and ever evolving.”

So here they are:

The Key Components Of Author Business Plan
A. Business Vision + Author Brand
  •  Mission Statement
  • Your Ideal Reader
  • Brand Personality and Culture
  • Career Goals, Objectives and Expansion Plans
B. Business Description + Publishing Plan
  •  Describe who you are as a writer.
  • Who do you serve?
  • What is your publishing schedule and how often do you write?
  • What is your business structure? Traditional or Self-published?
  • Business Tasks + Schedule e.g Sales Tracking and editorial.
  • What are your distribution channels? E.g. Social Medias, Author platform
C. Market Analysis
  •  Bestselling Authors/Comparable titles in your genre or niche.
  • Pricing Models (of your genre)
  • Competitor Strengths and Weaknesses
  • Trends and Opportunities
D. Audience Research
  •  Identify your ideal reader
  • Understand their needs and desire. Conduct survey.
  • Differentiate yourself and your work.
  • Determine how to engage with your readers.
E. Community + Platform Building
  •  Social Media Plan
  • Email List Building Plan
  • Content Strategy
  • Speaking appearance and PR plan
  • Reviews, Testimonials, and Endorsements
  • Engagement + Exclusivity
  • Networking and Relationship Building
F. Offerings + Monetization
  •  Your products and services
  • What pricing strategy will you employ?
  • Collaboration and Premium Partnership
G. Marketing Strategy
  •  Marketing and Promotion
  • Resource Commitment
  • Careful execution when launching strategies
H. Financials
  •  Monthly expenses e.g. Website hosting, office supplies
  • Monthly revenue from your book sales
  • Production Budget. Per book or project?
  • Sales + Income Projections
I. Additional Growth + Expansion Strategies
  •  Professional Development in skills in writing
  • Paid advertising and other paid options
  • Repurposing (articles, short stories, blogs)
  • Outsourcing

 

Cherry Seniel is the author of ‘A Timeless Heartbeat‘, the story of defying fate—a love of a lifetime. During the day, she works with her team and applies her knowledge in the field of Information Technology. In her free time, she reads anything she can find on the internet. Currently, she is working on her second novel that will be out soon.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s