Success Point of the Day: Why Writing is a Business: Balancing Creativity and Profitability

When we think of writing, we think of sitting at a keyboard or with a pen and composing our thoughts. Sometimes, some of us will expand our thinking and include writing as part of the reflective time when relaxing in the evening or taking a walk to decompress (though other writers may say this is not writing, but I think it is).

But rare is the author who thinks about the business as a part of writing.

We think of writing as the thing that fuels our passion, but what makes that passion sustainable? It is thinking of writing as a money-making enterprise, like any other profession (considering we are not writing as a hobby).

It’s not crass.

It’s a way to keep the property taxes paid.

For today’s Success Point, what I’d really like you to do is look at your current body of work, look at all your past work, and think of all your future work from the framework that the function of writing is a part of a business, a corporation of sorts (and maybe in actuality) that makes money. To feed the fire of your creativity, you must make money. That’s the law of economics.

Businesses have certain things. They have customers, sales, marketing, and diversity. So, from a writer’s perspective, let’s translate this into who your target audience is, how you can market your work more effectively to increase sales, and what other formats your content could take, such as audiobooks, serialized podcasts, workshops, or keynotes. The possibilities are unlimited.

This puts you squarely in the business mindset.

And, it’s fun.

I love thinking about more people experiencing my work. I make that aspiration a part of my writing.

Writing + Marketing + Diversification = More People Interacting With Me.

By approaching your writing with a writing business mindset, you will find you open doors to new audiences, as well as new revenue streams. You also disseminate your work into the market, giving you credibility for and increasing your intellectual property's value. Market penetration and financial rewards give you the perfect plan for long-term success.

Today, especially if your focus in the past has been totally on your word count, continue that, but also switch it up by adding one small, actionable business goal each day. I make writing and business a part of every single workday.

Create a budget for your project if it requires capital investment. Use that later to create a P&L (profit and loss) sheet to help you navigate the best path forward. This is especially good for self-publishing writers or any writer marketing their work. How much can you afford to spend? How can you reduce spending costs and still get the same asset? How can you ensure a great return on your investment (ROI)?

Other things you can do are put on your marketing hat and think about how you are going to exploit (this is not a bad word) your work, reach new audiences, and bring in additional income.

If you have a backlist, you could also look at it and outline a three-step plan to monetize it better than you might have previously been doing.

Balancing art and business doesn’t dilute creativity.

Both are creative endeavors, just different sides of the same coin. Both amplify and fortify the other. The more strategic you are, the longer you can keep writing what you love.

Today, as your daily Success Point, think about how to integrate business into your art. If you settle into that mindset, you’ll be amazed at the synergy that develops and the places you will go.

Pull out a pen and pad, and instead of writing your word count, write out who you plan to be.

It's a basic exercise, but it will change your life.