If you want to write a book, start with a plan.

Not just a plan for the book itself (what it’s about, its structure, your writing schedule, etc.) but a more comprehensive plan that treats your project like a small business with a single product.

Write a business plan for your book.

The idea of writing a business plan may seem overwhelming, but consider these two points:

  1. If you can’t write a plan for your book, you’ll probably have trouble writing the book.
  2. AI can help you write the business plan.

Writing a book is a tremendous investment of time and money. Even if your goal is to find a traditional publisher, you’ll still have to spend money during the writing process and to market your book after it’s published. If you’re planning to self-publish, you’ll be spending thousands of dollars. You need a plan to make sure you spend that money wisely.

A good business plan doesn’t have to be formal or complicated, but it must be thorough. The key is to make it as detailed as necessary to give yourself a roadmap for your project. It also needs to be in writing; it’s not enough to have the information in your head.

If you need help getting started, I recommend QuickWrite, an AI tool designed specifically for writers.

Note: I explain more about why I like QuickWrite and how you can get lifetime access to it in my blog AI Doesn’t Scare Me, and it Shouldn’t Scare You.

Here’s what a business plan for a book should include:

Executive Summary

The executive summary is a brief overview of the business. For a book, this is a short description of the book, why you want to write it, and what it will bring to the readers.

Business Description

The business description is a more detailed look at the business. For your book project, this is where you refine the message of your book; consider any ancillary products such as seminars, speeches, and even doodads such as t-shirts, mugs and calendars; decide how you’re going to publish it; and plan what happens after your book is published.

Market Strategies

The next part of a business plan is defining the market and marketing strategies. For your book plan, this is where you identify who will buy your book—besides your relatives, who probably all think they should get free copies—and how you will market to those buyers. Remember, no matter how great your book is, your market is not “everyone.” You must know who is in your audience if you’re going to be able to reach them. Your plan should include the specific marketing tactics you’ll use along with a budget and schedule.

Competitive Analysis

Next is the competitive analysis. For a business, this is where you identify current and potential competition and analyze their strengths and weaknesses. For a book plan, this is where you answer questions such as: What other books are available on your topic? How are they selling? If there are no other books on the topic, is it because no one has thought of it yet or because the idea isn’t marketable? If there are a lot of other books on the topic, what will make yours different? Why will people buy it instead of or in addition to similar books? One of the best ways to do this analysis is by searching on Amazon.

Design and Development

The next element of a business plan is a section on design and development. For a book, figure out how you’re going to turn your idea into a manuscript. Do you have the time and skill to write it yourself? Do you need to hire researchers? Do you need a ghostwriter? If you need the services of researchers or ghostwriters, include a budget for them.

Operations and Management

For a business, this section demonstrates how the company will function on a continuing basis. For a book, this is where you decide on which type of publishing you’re going to do and who is going to do the work. If you want to go with a traditional publisher, you’ll need to create a book proposal and find a literary agent. If you want to use a pay-to-publish company, you need to figure out exactly what services it will provide and what it will cost. If you’re going to self-publish and outsource some of the work such as editing, proofreading, and design, how will you find these sources? How will you evaluate them? How much are you willing to pay them? How will you manage them so your book stays on schedule?

Financial Components

The last section of a business plan includes the financial components. This is the real backbone of your plan and should include an income statement, a cash flow statement, and a balance sheet. Pull these numbers from the other areas of your plan. How much will you spend on getting the book written? Include the cost of research, a ghostwriter if you hire one, editing, design, and so on. What are your production costs (cover and interior design, printing, graphics, and so on)? What will it cost to implement your marketing plan? Now, look at what you can realistically expect the book to earn, whether that’s in actual sales of the book or ancillary sales, and how long it will take for you to receive the revenue.

Get excited

Are there some tedious parts of writing a business plan? Yes, but if you’re excited about your book, you should be excited about putting together the plan that will make it a reality.

 

To learn more about QuickWrite and all the ways it can help writers, check out AI Will Never Replace Human Writers But …

This article includes information adapted from The Simple Facts About Self-Publishing

 

Jacquelyn Lynn
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