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10 Reasons Why Your Book Needs a Business Plan…

If you are a writer, I am almost sure that you don’t think of your book as a product to be launched to the market.

Authors are highly creative people, so every time you have an idea the first thing you want to do is run to your computer and start writing. But have you ever thought about mapping your book, building up a plot, outline the story and the main scenes as per the results of a business plan?

Would you develop your story the same way if you knew the interests of your target reader, the average price of your competitors’ books, and many other business details of your book as a product?

If you do, you have the first stage of a planned a marketable book. Maybe you have not realized this, but you have outlined a product. The following step is to develop a business plan, get to know your target market and compare it with the trends and your book’s outline.

From the idea conception to the launching date and beyond, a business plan will help your book to achieve sales in a highly competitive market.

Creativity + Marketability

Developing a business plan for your book, needs to evaluate the book idea from both, the business and the creative perspectives. This helps you determine if the developed idea would be profitable as a book, meaning if you would get ROI and income together with recognition. Imagine it this way: you and your name are the equivalent to an enterprise, and your books are your products; you need recognition for both. For example, P&G is you, and the brand “Tide” is one of your books, so each book is a different brand, then each book needs it own business plan.

When creating a business plan, creativity and marketability go together, so please don’t think of them as opposites. Both are needed pieces to succeed; actually, your book’s business plan would require of your creativity.

If you are not yet convinced about needing a business plan for you book; here you have 10 reasons to work on this business plan even before writing your book, and how does this contribute to your success.

  1. Developing a business plan helps you to focus your book on your reader – target market-. You have to identify your target reader when you develop your business plan.

  2. This helps you determine the development of your book, the language to be used, for example. The tone and format. The more benefit you offer to your target market, and the wider you make it, the more sales you may achieve.

  3. Develop a business plan forces you to know your competitors, a competitors analysis will help you making your book a unique story, therefore, more appealing.

  4. A book with a business plan makes a better presentation to agents and publishers

  5. A business plan helps you building up a budget in a way that you can save and put it together while writing the book.

  6. A business plan helps you defining the best tools and activities to promote your book.

  7. A business plan, helps you knowing your competitors, so building up an outstanding promoting strategy becomes easier. You stand alone from the rest of the books and authors.

  8. Your business plan helps you having a pre and post publication strategy, allowing you to build up a platform starting a year before your book is published and up to 3 years after its publication

  9. Developing a business plan helps you building up a target readers’ community before publishing your book

  10. Having a business plan will help you determine ROI and income goals. This allows you to plan ahead – the next book?

You may compare a book development with a new product, actually the process is exactly the same.

You may ask… What if I already have the book?

It’s okay, you may develop its business plan and take it to the target market. There are two ways to work out a business plan:

  • While creating the product

  • For an existing product

As you can see, working out your book’s business plan even before writing it gives you advantages that turns your into a highly successful and professional author.

Many things and advice are given to promote books, but your best choice it to get the coaching of a professional and experienced marketer.

By Monica Paul, Marcomtec & Magic MasterMinds

 

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