Business Planning for Indie Authors…

businesswoman thinking

So anyways, one of my goals this year is to grow my writing business. Given that it is a business, it needs to be treated as one – and for that reason it needs a business strategy.

I began the process of this in the middle of last year and invested in some marketing consultancy. As an aside, I used Mel Kettle Consulting and she was fabulous. I’ll tell you all about why indie authors need marketing strategies and what to expect from the process in a separate post.

Part of the outcome from this work was an examination of my strengths and my weaknesses – and, most importantly, required me to talk about what it was that I wanted from my business. I have to admit, at the time I hadn’t thought as long and hard about these things as I should have. I threw some figures around, but hadn’t put a lot of science behind them.

Since then, I’ve analysed the data – and developed a longer-term plan. It’s one that has actions and dates and numbers attached to it. Of course everyone knows it’s not a strategy doc until it’s in a power-point presentation, but I consulted with my business partner (Kali, Adventure Spaniel) and we decided we couldn’t be faffed.

In building my strategy I looked at:

WHO I want to be: My vision

WHAT I aim to achieve

HOW I’ll implement the strategy in 2017

WHY I want to do this. What values are important

Ok, here goes:

Vision Statement

To be a financially successful independent author.

3 year Strategy for focused growth

  • Increase product offering
  • Increase independent income to day job levels
  • Begin speaking at conferences and workshops

My Priorities: 2017 in focus

1. Double the number of products offered for sale.

Currently I have 5 products for sale:

  1. Baby, It’s You (Amazon)
  2. Big Girls Don’t Cry (Amazon)
  3. Big Girls Don’t Cry (ibooks)
  4. Wish You Were Here (Amazon)
  5. Wish You Were Here (Ingram Sparks print on demand)

By the end of 2017, there will be 10.

2. Double business income year on year

Despite fiction being responsible for over 80% of my cost base, it accounts for just over 22% of my writing income – the remainder comes from freelance astrology commissions. This needs to begin to even out.

3. Increase email list- both astro and fiction lists

  • Double down on content offerings
  • Develop a calendar for blog posts and schedule in advance
  • Develop a schedule for newsletters
  • Marketplace for astrology list

4. Increase general brand awareness

  • Attend Romance Writers Conference
  • Draft list of potential speaking topics and begin actively seek out opportunities
  • Develop press releases for all new fiction
  • Begin developing networks in Sunshine Coast and Brisbane when relocated

Values – my WHY

Success, for me, is defined as living (or being) the following values:

1. Freedom

  • The financial freedom to travel, explore and create
  • The professional freedom to choose and pursue my projects

2. Independence

  • The financial independence to build my own income and success
  • The professional independence to work with teams of my choice

3. Make a difference

  • Fiction: To be known as an author whose books provide a happy ending and whose stories make a bad day feel better
  • Astrology: To provide readers with the tools to expand their potential and increase their good day ratios

Checking in…

I’ll check in on progress on a quarterly basis – sort of like my own mini-roadshow.

What about you? If you’re an author (indie or traditional), have you planned how you’ll grow your author business this year? What’s your ‘why’?

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