As someone who wants to make a living from your writing, you’ve no doubt heard how difficult it is to be in business – especially in this day and age. People who are supposedly in the know will quote statistics and make it sound like your chances of making it are slim to none. But, nothing could be further from the truth.
There are plenty of businesses that DO fail, and there are probably just as many reasons for those failures as there are businesses that don’t make it. But, that doesn’t mean that YOURS has to be one of them! Here are three reasons that businesses fail, and how you can avoid their fate.
1) Poor understanding of your market. You would be surprised how many times I hear, “My book (or booklet) is for everybody.” Every book, every magazine, every tv show, every product on the face of the planet has a specific market – a group of people who are most likely to buy that item or watch that show. If you don’t understand that, if you don’t know who those people are, what they buy and why, or if you think your book or booklet is for everyone YOU ARE DOOMED! You MUST understand who your market is and what their tastes and buying habits are.
2) Poor planning. This is a big one, though it is often overlooked – especially by those who are just starting out. Often the writer will picture their goal – selling thousands of copies of their book or booklet – without making a solid plan for HOW THAT IS GOING TO HAPPEN. When you’re a writer, the writing part is easy. The planning part, however, takes some serious thought. You need to have a solid plan of how to get where you want to go once your manuscript is completed. Your plan doesn’t need to be perfect. In fact, it should be flexible so you can make a new game plan when something doesn’t work. But, you do need to have one! Without it you’re at a terrible disadvantage!
3) Failure to diversify. Businesses that make it, whether publishing or any other kind of business, know how to diversify to survive. Diversity can be used in several areas of your business – from your sales and marketing methods to the products you sell. If you’ve only got one way of doing what you do, and only one product to sell, and only one market to sell to you’re EXTREMELY LIMITED. Diversify and you’ll not only survive, you’ll make more money too!
To your riches!