One of the hardest things about being an indie author is learning the business side of writing. You can be the best writer in the world, but if you can’t figure out a way to sell books and maintain those sales, then it’s going to be really hard to turn your talent into a career.
I’ve been published for just over four years now. I have over twenty books under my belt and I still have so much to learn. Over the past few months, I’ve set aside some time to really get my head around the business side of writing. I’ve somehow managed to wing it this far, but 2015 was a rough year for sales and I need to up my game.
If you’re a self-published author, you’re also a small business with all that entails. From deciding a business structure to filing taxes, there are multiple decisions to be made. Should I register as a DBA (Doing Business As?). An LLC (Limited Liability Company?). How should I pay taxes on income earned?
I have only been to one writer’s conference. It was a small one in Auckland, New Zealand run by the Romance Writer’s Guild. So yes, there were a lot of Mills and Boons authors there and yes, I possibly could have found one that was a slightly better fit for me, but all my books have a heavy romantic element and it was in town, so I figured I should give it a shot.
Whether we want to admit it or not, we are running a business with our writing. Sure, some consider it a hobby, but if you are paying expenses and receiving income, then no matter how big or small, you’ve got yourself a business.
Last week, I gave you an overview of what your options are in regards to establishing a corporation. Today, we will focus on ways to leverage the advantages to being self-employed. It doesn’t matter whether you incorporate or remain a sole proprietor, all the tips today apply to both. I hope this will serve as a nice checklist for you when sitting down to do taxes. Continue reading “Deduction, Deduction … What’s Your Function?”