Creating an Effective Business Plan
Some
authors think that upon completing their manuscripts, their responsibilities
for the success of their books are complete, but as a self-published author,
you know better. As your book and cover are being formatted and designed, take
a moment (or two) to consider developing a business plan for your book. By
exploring the five following elements and how they relate to your book, you’re putting yourself in a position to succeed.
Step 1: Market Research- Any
solid marketing effort should begin with research- discovering publishing and
distribution channels and costs, learning what other books will be in
competition with yours. This foundation for your plan should involve as much
data gathering and fact finding as you can do. Are there titles similar to
yours already available? What can you do to differentiate yourself from them? Tailoring your efforts to the preferences of
your readers will provide them with added value and incentive to purchase your
book.
Step 2: Create a Mission Statement- Developing
a powerful, purpose-driven mission statement for your business plan is
essential to helping you keep your goals and objectives in mind. A mission
statement is a clear and compelling summary of goals, intended to focus your
efforts in a specific direction defined by three elements: the purpose of your
work, what steps you are taking to achieve the purpose, and the motivating
factors behind why you plan to achieve your purpose. Your mission statement
should inspire you to remain committed to your purpose, so be specific in
describing the actions you plan to take.
Step 3: Document Your Goals, and Create
Objectives to Achieve Them- When
you make goals, you choose a destination on a map; by creating objectives, you
choose your route to this destination. By putting your goals on paper, you will
be better able to create solutions to achieve them. Will the number of copies
you plan to sell be affected by the size of your target audience? Will you need
to invest in a wider variety of marketing initiatives to compete with the
number of titles in your category?
Step 4: Determine Your Distribution
Strategies- Most
self-publishing companies provide distribution channels online, so consider
special sales outlets beyond online and bookstores. If your book is specific to
a town or state, consider targeting retailers in that area for distribution.
Gift shops, airports, or even restaurants are often eager to stock books
that relate to them specifically. To determine the best channels for your book,
seek out places your target audience shops frequently and begin networking with
managers and decision makers.
Step 5: Strategize Specific Promotional
Tactics- It’s important to think about how you will sell your book
in advance of your publication date so you can take advantage of early sales.
The momentum you build at the beginning of your promotional efforts will set
the tone for future sales. As you form your business plan, determine how much
time you can dedicate to each of the following areas: publicity, advertising,
sales promotion, personal selling, and printed materials.
For more information
on creating a business plan, visit the Small Business Administration.
|