There has never been a better time to stop spending and start investing – not in the stock market, but in you and your ideas!
by Jan King
Are you afraid the new economic challenges will delay (or maybe destroy) your dream of becoming an author?
If you are, this is not necessarily the case. In fact, the new economy might move your book project a lot closer to the top of your ‘to-do’ list.
Here are six tips to help you get closer to success as an author:
- Focus on income creation. Know the difference between spending and investing. Slow down your spending and consider whether each disposable income purchase is an immediate want, need or an investment in your future. The more money you can spend on things that have a real future return, the more ready you will be to capitalize on that investment when the economy turns around. Spending money on developing your book is an investment in your future. Remember, you don’t have to incur any of the costs of publishing until you are ready. This is your chance to draft that book, create information products, and produce them when you are in the right economic climate to do so. Slowing down also gives you the opportunity to look for others who may want to invest in your good ideas so that you can share the expense.
- Change means new opportunity. If your expertise, passion or topic of your book is helping people restore balance, get back to basics, reduce stress, reduce expenses or live happily within their means, this is your time. Or, if you can take your expertise and use it to create products or services that are in demand right now, get out there and get started. There is always opportunity to make money in any economy, so take some time to brainstorm and get clear on yours.
- Redesigning and repurposing reduces costs. If we’re honest, most of us could live comfortably for a number of years without buying another piece of jewelry or new piece of furniture. Get your broken jewelry fixed or refurbish your existing furniture instead of going out and spending on something new. By the same token, take your client proposals, articles, workshops and speeches and repurpose them into a book. Use the networking groups to which you belong to find people to interview and get real human-interest stories for your book.
- Be cautious about investments that sound too good to be true. In the real estate market, too good to be true has meant low down payments and a variable interest rate. In the publishing world, there are a scandalous number of “publishers” who charge you to publish your own work and don’t give you much in return. Get smart, and don’t sign anything without having contracts reviewed by experts you trust.
- Reallocate your marketing dollars. No matter how much we spend on marketing ads, gimmicks, direct mail campaigns and trade shows, there are fewer buyers for our services in this economy. Accurately assess your real opportunities and go back to making calls and sending personal letters and emails to prospects from referral sources, which are generally more likely to pay off anyway. Then invest in long-term marketing – highlighting YOU as an expert with a new and important book.
- Reallocate your time. If you have fewer clients, then it stands to reason that you are spending less time serving them. You can use this time worrying or you can use it to invest in the future by writing your book. You probably won’t be able to directly spend more than an hour or two a day (at the most) on writing, but you can spend a lot of your time doing something related to your book: giving your expertise away. If you can’t sell your time, then give it without expecting anything in return. Help as many people as you can, talk to them by phone for free and give talks or workshops whenever you can. What you will get back is priceless: You will have tested your ideas with a real audience and that audience will ask questions and probably give you the key to making your book a success. You will create a fan-base and goodwill that you can call on when the economy turns around.
Final Thoughts. This could be the opportunity you have been waiting for to write your book. So often when we have money, we have no time and when we have time, we have no money. If you have time, use it now. Try these things that won’t cost much, but have immeasurable value:
- Create a writing retreat in your hometown rather than taking a spa vacation.
- Start a publishing success group with a few friends and meet at your home or the local library rather than going to an expensive restaurant for a social lunch or dinner.
- Take an online class to increase your expertise or to learn more about publishing or marketing instead of traveling to a high-cost seminar.
The economy is cyclical and smart people learn to make the inevitable down times work for them while waiting for good times to return. Stay focused on your game plan and look for ways – like writing a book – to invest your time and money wisely for the great future that is just around the corner.