“Do you know how to eat a whale?" the old joke asks.
The answer: "One bite at a time!”
The same advice holds true for writing a business plan for your book.
Many authors don't actually take the time to write a business plan. Either the process seems too boring, too complicated, or "not worth the time." In some cases, writers simply don't think to do it. Whatever the reason, writers who fail to write a business plan for every book they write are missing out on an important tool for writing and publishing success.
Business plans are important whether you self-publish or work with a traditional publishing house, and though it's generally better to write them before you start the novel, it's never too late to write a business plan for your current work-in-progress--even if the book has already released (though if that's the case, you'll probably focus more on the marketing sections and less on the pieces dedicated to how the book gets written).
Today, I thought we'd take a walk through the sections of a book business plan, to take a look at what they contain and offers some #PubLaw pointers on how to write them:
A typical business plan has seven sections, and a book business plan is no exception:
1. The Summary comes first (but you can write it last if you prefer, because it basically summarizes the rest of the business plan.)
The business plan summary isn't the same as a summary or synopsis of the book itself (that's Section 2). Instead, this summary contains a one-paragraph synopsis (think "jacket copy") of the novel and a summary of the entire business plan, including the genre, target audience, and other “at-a-glance” relevant facts about the book and the way you plan to sell and market it to the intended readers.
2. The Book Description contains a synopsis of the book. If you haven’t written your novel yet, it’s OK to create a placeholder – a one-page summary of the story you plan to write. If you write your synopsis (or outline) first, you can add it here before you write the book; if you write it after the manuscript is finished, you can add the completed section to the plan at the appropriate time.
3. The Marketing Section actually consists of three sub-sections, containing your plans to market the book during its pre-release, release, and post-release phases. The more detailed you can be when planning each section, the better. (And if you have no idea how to do this, I've blogged about it in detail at my own blog, in the #PubLaw category.)
4. A Competitive Analysis follows the marketing section. This part of the business plan requires you to identify where your book will sit in a bookstore (even if you plan for an ebook only release) and to examine similar works in the marketplace, analyzing why readers will (or should) want your book instead of (or in addition to) the other options. This is also where you brainstorm strategies to maximize your advantages and minimize any weaknesses you find.
5. The Development Timelines Section is designed to keep both you and your work on track during the various phases of writing, producing, and marketing the book. Like the marketing section, this actually consists of three different timelines: one for the writing process, one for the publishing process (regardless of whether you publish traditionally or self-publish, there will be things you do during the publishing process), and one for marketing the work.
6. In the Operations and Management section, you plan (in detail) who will handle each specific part of the writing, publishing, promotion and sales process. If you publish traditionally, many of the duties will fall to your publisher, whereas if you self-publish, this part of the plan becomes a critical roadmap to the staff and process of bringing your book to market.
7. The Budget finishes up your business plan. As with operations and management, this portion may be simple or complex, depending on the author’s plans and past experience. This is where you plan the budget for everything from production costs (primarily an issue for author-publishers) to marketing and travel expenses associated with the book's release.
In a panic? Don’t be! Business plans take work but they’re not as difficult as they seem. They're also a powerful tool to take control of your book and your writing career.
Have you ever written a business plan for your book? If not, would you consider it in the future? I'd love to hear your thoughts on the business plan!