The Author Business Startup Guide and Business Plan Template

[Pages:23]The Author Business Startup Guide and Business Plan Template

So, you want to start a business? Or maybe you want to grow the business you have now. Congratulations! Entrepreneurship is exciting journey. You can greatly improve your chances of success by planning ahead, and the goal of this report is to help you prepare.

This report includes the following:

? Business Startup Tasks Checklist ? This covers business licensing, financials, legal issues, logistics, hiring considerations, and software tools.

? Build a Revenue Plan ? Includes a list of popular revenue streams for authors, plus questions to consider before you decide on your ideal revenue streams.

? Business Plan Outline ? Use this outline to begin building your plan.

? Financial Forecast ? Download our financial forecasting template so you can build a solid plan.

? Resources for Authors ? Over 100 links to tools and services.

Please note that this report is for reference only and should not replace financial or legal advice. Be sure to meet with a qualified accountant and attorney to determine the best steps to take for your unique business goals. Disclaimer: Some links in this report are for affiliates.

Tasks Needed to Start Your Author/Publisher Business

Following is a checklist to help get your business running.

Business Licensing

? Choose a business name or publishing company name or both

? Do a trademark search to ensure your chosen business and/or publishing company name isn't registered to someone else.

? File for business license with the county where you live.

? File a DBA (Doing Business As) with your county offices.

? File for a free EIN (Employer Identification Number) with the IRS (so you don't have to use your social security number on business-related documents).

? File for a resale license with your county for sales tax collection.

? File a trademark on your business name. (optional)

Financials

? Open a business bank account ? Keep all receipts ? Start bookkeeping practices (hire out or

do yourself)

? Consult with an accountant or certified tax planner

? Create a cash flow forecast ? Establish a budget

? File quarterly taxes, if required

Legal

? Establish your entity: sole-proprietor, LLC, Scorp (see an accountant or business attorney for help deciding and filing)

? Add a website disclaimer and privacy policy to your site

? Acquire business liability insurance

Logistics

? Set up your office (home or outside)

? Get a post office box

Hiring Considerations

? Virtual assistant ? Graphic designer

? Indexer ? Publicist

? Web designer

? Marketing firm

? Editor ? Proofreader

? Bookkeeper ? Attorney

? Typesetter

Graphic Design Needs

? Accountant

? Business logo design

? Business card design

? Website design

? Marketing collateral (flyers, postcards)

? Book covers

Tools and Software

? Toll-free phone line ? Commercial email delivery ? Webinar/teleseminar ? Photos/images ? Postage printing ? Credit card processing (in-person)

? Social media headers

? Ecommerce ? Skype ? Web camera ? Contact management ? Project management

Build a Revenue Plan

Deciding on a revenue plan for an author business can feel overwhelming. There are many choices for revenue streams. I recommend picking three to five primary revenue streams, and then putting them in order of priority.

Following are some of the most common revenue streams for authors:

Books: ? Niche topics ? Audiobooks ? Workbooks

? Anthologies ? Text books ? Foreign rights

? Branded ? Specialty

Speaking: ? Keynote (paid)

Services: ? Coaching/Consulting

? Break-out (non-paid, back-of-room sales)

? Companion offerings

? Sponsored event/ tour

? Expert witness

Teaching: ? Online courses ? In-person workshops

? Retreats ? Webinars ? Teleseminars

? Schools/colleges ? Adult

learning/recreation

Community: ? Blogging ? Membership program

? Trade association ? Meetup group ? Online directory

? Certification program

? Awards program

Sponsorship: ? Influencer agreements ? Blogging (your site or theirs)

? Videos ? Social media ? Contests ? Webinars

? Speaking ? Tours ? Events ? Spokesperson

Digital Products and Ad Revenue:

? Reports

? Coloring pages

? Whitepapers

? Procedures and

? Audio programs

processes

? Video programs

? Magazine/news

? Databases

? A "system"

? Templates

? Licensing

? Spreadsheets

? Referral/affiliate

? Worksheets

fees

? Bundles of various products

? Software/apps ? Google Adsense ? Banner ads

Important Questions to Consider

Before you plan your revenue streams, consider the following questions: ? What problems can I solve for my

audience with my products and services? In other words, what are their needs and challenges?

? Do I want to offer consulting or coaching services?

? What would my services look like?

? How much should I charge?

? How much do my competitors charge?

? Do I want to become a speaker?

? Will I speak for free or fee or both?

? Realistically, how often would I want to travel for speaking opportunities? (Note: For some single parents, this can be a challenge.)

? Who would likely hire me to speak? (Companies, trade associations, non-profits, hospitals, schools, churches, etc.)

? What kinds of information products could I create for my audience? (Reports, white papers, databases, audio recordings, training videos, workbooks, templates, checklists, etc.)

? Should I offer online or in-person courses?

? What other courses are currently available?

Copyright ? 2019 by Stephanie Chandler

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? What courses are missing? ? What topics should the courses cover? ? Could I develop a process that would work as a certification program? ? Who would participate in my certification program and how would I reach them? ? What is missing in my industry that I can offer?

Copyright ? 2019 by Stephanie Chandler

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Business Plan Outline

Use the following outline to begin writing your business plan. A completed business plan can range from 10 to 50+ pages. Your plan should be a work in progress that you modify over time. If you plan to pursue any kind of business loan or financing, you will need to present a business plan.

I. Company Description / Overview

Business Overview 1. Describe your target audience 2. What are their needs and challenges? 3. How will you solve those challenges?

Your Value Proposition 1. How will your business, including products and services, be different than the competition?

II. Market Analysis

Target Markets 1. Describe your target audience. 2. Where are they located? 3. What is their age range? Gender? Marital status? 4. Can you carve out a distinct niche for yourself within this audience?

Copyright ? 2019 by Stephanie Chandler

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