While we’re working on new resources for Writer Mom Life, we’ll be posting the most popular posts about Daphne’s first year as an indie author mom. This post first appeared on daphnejameshuff.com on October 8, 2017
I realized the other day that the only thing I’ve spent more on this year than self-publishing is eating out.
This has been hard to rationalize. I am very strict about not going into debt for this. And I haven’t. This was money that was for “fun” so I chose to spend it on my writing instead of clothes or cable. The question is, do I believe in myself enough to think that I’ll make that money back (so I can maybe also get the clothes and cable at some point)?
I am releasing part 2 of my book in a few days and I wanted to get all of these thoughts, feelings, and numbers out before then. Everyone says publishing more – especially finishing a series – will help with sales. While this is not technically a series, I’m obviously very eager to see if this makes a difference.
I also wanted to detail how much I have really been spending. It’s easy to forget about a recurring monthly charge and think “Oh, I only spend $20 on a promotion this month” when in reality, you’re way over budget for the month. I use a great online budgeting tool (get a free month by using my link!) and I made a category for book expenses, so I have an easy way to find the total.
As of the end of September, I have made about $58. That’s total since I published in April, not just for the month. During that same period, I have spent about $1336. This seems really high to me, considering just a few months ago, I was at $400.
At six months in, I am in the red for $1278. I still have no idea if this is normal or not. People so rarely mention numbers in the beginning, but I think a loss is to be expected in any new business. I have a feeling that I am on the low end for expenses, since editing and covers especially can cost at least twice as much as I’ve been paying. I am most certainly on the lower end for sales. Had I started building a list and platform before launching, as well as planned out a series rather than doing a 2-part book (which was unplanned), there would probably be a bit more income.
Here’s the breakdown of what I spent by category:
$450 – editing and covers
$309 – website, mailing list, Bookfunnel/Instafreebie
$227 – marketing/promotions
$88 – tools/books
$116 – Nick Stephenson Facebook group
$146 – Amazon and Facebook ads
After looking over my expenses, I decided to stop both Instafreebie and Nick’s group. This will save $50 a month that I can put into covers or editing. I really feel like I’m at a point where I can read all the craft books in the world, but without a developmental editor and/or writing class, I’ll be stuck not understanding important parts of writing.
My goal for my first year was to make $2000 (not every month, just overall). Right now, I am about $3300 worth of sales away from that, assuming I stop incurring any new expenses, which is obviously not realistic. I am learning more every day, and have some big ideas for early 2018, so I am feeling confident I can get pretty close to breaking even this first year. Hitting the $2000 goal will be nice, but if I don’t make it, I know what I can do in year 2 to make it happen.
Recent Comments