Create a Writing Budget for Your Fiction Writing Business!A writing budget will help your fiction writing business grow in a more orderly fashion by helping provide guidance and direction for your finances that relate to your fiction book writing. A budget is a detailed spending plan for your writing so you can plan ahead and grow systematically as your income grows over time. When just starting out with your spending plan for writing, you probably do not make any money from your writing. That is totally okay. You have to start somewhere. Just like any business out there, you must personally devote your own money as an initial investment to get things running. It doesn't really matter how much money you have to devote toward your business. For instance, a hundred dollars may be enough to get started, or even better, the cost of a notebook and pens. In order to help you get started with your writing business, I've created a sample writing budget to help you put one together for yourself. Your budget should be drafted for monthly tracking and yearly tracking. Once you get your monthly budget created, make a similar budget for income and spending for the entire year based on your monthly estimates. Or if you prefer, you can work backwards doing a yearly budget first then working back to a monthly writing budget. It may be easier to print out this page or type it out on your own spread sheet or word document. TOTAL INCOME: __________ (total of all writing incomes) Income from Writing: _______ (total income from writing) TOTAL EXPENSES: ______________ (total of all expenses) Consumables: _________ (Items such as pens, paper, or ink cartridges that must be replaced occasionally.) Surplus/Deficit: __________ (Surplus is a positive amount left over after expenses are taken away from income. Deficit is a negative number after expenses are taken away from income.) Allocation of Surplus: ___________ (where you put the money left over each month - savings, checking, money market, reinvest back into your business.) This is just a basic budget to show you some of the particular incomes and expenses to expect from your writing business. You can add more items to your budget at any time to make it more customized to your actual situation. For more information on budget and finance for your writing business of if you need help to create a writing budget, contact me and I can help you through the process. When you aren't making enough money at the beginning of your writing career, you probably don't have enough money to be advertising a whole lot. Learn how to promote your book on a budget so you can start building income streams for your writing business and stop paying out of pocket for your writing budget. |
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