Tag Archives: business

Writing Conference 2020–Business

I hope you will forgive me for postponing this post while I talked about other things. 🙂 I didn’t drop it entirely, and here it is!

From my writing conference notes, there were way too many classes to include all of them in one post, so I separated out the business ones. If you’re not interested in the business side of being an author, I recommend you skip this one. For the rest of you, here you go, in rough notes. Disclaimer: NOT LEGAL ADVICE. If you need legal advice, get a lawyer! Or maybe an accountant, if more applicable.

How to self-publish
Read contracts carefully.
Don’t spend more than you expect to make.
First-free doesn’t work. (If you query this, you’ll see a huge controversy.)

Amazon SEO
Cover images might be searchable in the future.
Covers will be more important.
To profit on Amazon ads, must have 1000 keywords.

Covers
Check best-selling in category
Keep cover promises
Make sure element that defines your book the best is visible on thumbnail
Use a release for copyright / contract
Pay artists to have legal standing to their work
If you can’t judge book by cover, time is wasted
Covers need to intrigue readers
Purpose of book cover is to attract matching reader
Amazon is changing rules: must be able to read title in thumbnail
Covers are identifiers.
Pay for a professional
Need to have contrast, boldness to draw eyes
Put tropes on cover to convey story
What gives zing factor?
Update every 5-10 years to stay current
To see what people are buying, go to www.yasiv.com (Visual map, compare to comp titles)
Does your cover convey tone, etc of story?
Sometimes cover doesn’t convey scene, but something else.
Cover should change for foreign countries
Pay attention to composition
Give 6 examples of covers you like to designer

How to avoid rookie mistakes
Get an editor
Learn from your mistakes
Go 3 days without responding to flames
Don’t mortgage your house
Remember your family
Backup your work
Ask dumb questions
You have never “arrived”
Marketing can’t copy word of mouth
Keep improving craft
You are your agent’s boss
Fight for your work /dream /etc
Take ownership of your business
Don’t say yes to the first opportunity unless it is right for you
Take advice with a grain of salt
Accept that you are a creative being and will be better when you are creating

Taxes for Authors
Writers will be audited by 2 types of auditors: those who want to be writers, and those who want to catch you red-handed.
Several gray areas: income from books is passive income, so some auditors want you to account for it as rent/royalties up to $65K (no SE tax).
Hire an accountant.
Be aware of state taxes & regulations.
Book advance is same as rent/royalties.
You will receive 1099s for each short story published and from each distributor.
PayPal is not rent/royalty. It’s regular royalty on schedule C, including teaching/presenting.
Offset income with expenses.
Tax deductions: Conference fees, mileage, meals at certain percentages, hotel, computer & software (if you replace regularly, takes 3 years to deduct), office space outside home or part of home used exclusively for work (percentage), phone (get separate phone/plan), internet, research (books, movies, travel, Netflix).
You are a professional writer if you can show you’re actively writing & working toward pro.
Use one credit card for business only. Keep receipts (or make own).
Itemize expenses & income.
Make sure to overpay taxes by few hundred dollars to prevent audit of prior years.
If auditor says you can only have loss for 3 years, ask them to show you the law (no federal law).
Take trip to do research but be careful it’s applicable.
Get an LLC to protect copyrights.
LLC can hire spouse in business (give 1099).
If you get income from other countries, you might have to pay tax there.
Quarterly taxes: don’t worry about <$10K? (Disagreement–some say worry about anything.) Always estimate your best.

Embracing imperfections
Be flawsome
Write it first, fix it later.
Like reality
Be consistent

Business Writing
Treat it like a job, not a hobby
Trad pub: 99.9% rejection rate
Indie: you vs 100K authors. How do you get audience?
Use your business background in your business.
Be prolific: the more you do, the better you get; the better you get, the more people will like you.
Always create more products.
You make money off your backlist. Longer is better. New books remind people to look up other books & keep you on the lists. Need 10 books for backlist to be productive.
Agents take 15% of what you make. Don’t need one.
Always review contracts with contract attorney, $2-300.
Contracts: read & understand! A lot of publishers are predators. What rights are they getting, for how long, non-compete clauses & right of first refusal.
Sublets: to publish in other languages (do not sell UNLESS they specialize in other language)
Dramatic rights: movies, tv, etc. (do not sell without good reason)
Audio: don’t sell rights unless publisher does it well (research on Audible)
How long will they hold rights? Maker sure rights will revert. If publisher goes out of business, you lose the right to publish.
Ebooks: rights might never revert.
Taxes: pay! Talk to attorney re: S-corp or LLC. In Utah, most writers are S-corps.
Deduct reasonable business item.
Pay quarterly taxes once you start making good amounts of money. Work with CPA.
Work out schedule for new books. Schedule your time appropriately for you.
When you lose money by going to work instead of writing, it’s time to quit your day job.
Branding: create one for yourself so fans will follow you. Be yourself.
Marketing: What’s your product for? Success breeds success.
Advances: come from future royalties, paid in thirds.
1 book out is okay, 5 is good, 10+ is really good.
Should family member be employee? Probably not.
Quarterly reporting: min $600 income
Backlist sales: series vs stand alone: make sure 1st book has solid happy ending
Series is where the money is. Give 1st book satisfying conclusion.
Epic fantasy series: people won’t start until it’s finished. Do in timely manner for next book.
Business taxes change all the time.
Indie cover sells the book. Spend $300-500.
Go to bookstores to promote yourself. Be positive! Promote other writers books, too
Ancillary products: related to business & brand: games, comic books, kickstarters

If you ever get the chance to attend a writing conference yourself, I recommend you do. 🙂

Happy writing,
M. C. Lee

LTUE 2019 Business Class Notes

Every year for several years now, I’ve gone to the Life, the Universe, and Everything sci-fi/fantasy conference in Utah. It’s sort of a writing conference, and sort of not. They also have art classes, and a game room, and presentations of academic papers, and meet-and-greets.

But I mostly go for the writing classes. And the business classes. And the worldbuilding classes. And the oh-that-sounds-super-cool classes. Two of my family members got to attend a weapons class with real weapons. They raved for weeks.

I wrote about my other classes here, and now I’m moving on to the business classes. If the class was a panel, I didn’t list the speakers and I didn’t keep track of who said what.

Finances
Rules to pass audits: Keep mouth shut. Answer questions clearly and succinctly. Don’t volunteer anything.
One-time sales tax must be paid right after. Regular sales must have license.

On the Road
Road stuff is no fun
Write what you love, and lots of it

Video trailer
Stock video sites for video clips
Kaden live free software or Adobe premiere
Sony Vegas good for beginners $50
DaVinci resolve free

Tools of the Trade
Scrivener is good for disorganized
Storyoriginapp.com, Prolifwords, and Mybookcave for reader magnets
Bundle rabbit
Kdp rocket

Working with Reviewers
Be polite & professional
Try to build a connection
Kirkus reviews are useless

What I Wish I Knew When I Started Indie, by M.A. Nichols
Don’t wait for book to be perfect
Income is the goal, not sales
Write more books!

Realistic Self-Publishing (all notes for rest of page), by Keary Taylor
Smashwords is a common source of piracy
Publish 2nd book before spending money on ads
She spends $60/day on ads
Be organized

Are you willing to:
Find & hire editors, proofreaders, cover artists, & formatters?
Manage your own marketing & PR?
Learn a lot of new skills?
Get creative with books AND entrepreneurship?
Treat this as business?

Average costs:
Editor/proofreader: $300 for 70K book
Format: $175 e & print
Cover designer: $150+
=$600-1000 to launch book that has a chance

Series starter marketing:
Only book: launch $2.99-5.99 depending on genre/length (pref 2.99-4.99)
Once established, first-in-series:
Full price= more cost to marketing
$0.99= charging a little helps pay for marketing
Free= no risk for readers

Follow-ups in series:
Increase by $1 each book (2.99, 3.99, 4.99)
Same price for each in series
Same price until last book, then increase $1

Backmatter:
Immediately after The End, have lead-in to next book with LINKS
Also by with LINKS
Thanks for reading, ask for review
Author bio
Social links
Follow on Amazon
Newsletter signup
CHOOSE SOME, NOT ALL. Keep it clean & simple.

Don’t get caught up in swag or book signings. They’re fun, but not profitable.

2000 books published/day on Amazon
WILL have to pay for visibility
Readers WILL forget you
Market constantly changes
For full-time, can’t take this casually

Set up social media sites, Goodreads, BookBub, Amazon Author Page, website.
Study what other authors are doing

Places to advertise:
Facebook
Amazon Ads
Bookbub
Other paid sites (in order of effectiveness)
eReader News Today
FreeBooksy
BargainBooksy
Free Kindle Books
RobinReads
FussyLibrarian
BookBarbarian
BookAdrenaline
BookSends
ManyBooks

Schedule sales around book releases
Stack ads (same day or close together)
Cycle ads, including backlist
Plan at least 6 weeks ahead (sites fill up early)
Mailing list advertisers WILL list permafree books

Downfalls: Genre bouncing, not interacting/getting personal with fans, not collaborating with other authors

Whew! I feel overwhelmed now. How about you?

Happy writing,

M. C. Lee