Budgeting—not a task that many like. And I’ll be the first to admit, I’ve always struggled to make a budget work.
The most important part of budgeting is establishing what things cost. We do it in our personal lives by knowing how much the rent, the utilities, groceries, car payment, etc. is each month. Those numbers tell us how much money we need to bring in each month.
And we need to do the same for our author business. Yes, your writing is a business. If you’re just starting out, it’s likely that money you spend toward getting your book ready for publishing is going to come out of your own pocket. That’s exactly how I started.
What to Budget For
Editing
Whether you plan to indie publish or traditionally publish, I recommend you budget and save for a professional editor. A professional editor is doubly important if you don’t participate in a critique group or submit your manuscript for feedback from beta readers. Editing is often your largest expense.
Cover Design
An excellent book cover is essential if you hope to capture the reader’s eye. You know it, and I know it; the amateur covers are easy to spot. You’re less inclined to read the sales copy, let alone buy the book.
Book Layout for Print and Ebook
Whether you publish through KDP or one of the many other options, your book file needs to meet certain specifications. It can be accomplished in MS Word, on Canva, or even through the free tool that Reedsy.com offers. But if you have neither the time nor the inclination to do this yourself, hiring someone becomes necessary.
Advertising
Once you launch your book, you’ll want to advertise it. Many options exist here as well.
Purchasing Books for Live Events
If you plan live events, you’ll also want to account for purchasing books to sell at the event. Generally, you’ll pay the cost of printing and shipping, plus taxes. I say generally because if you’re using a hybrid publisher or are traditionally published, your costs could be higher.
Understanding the basics of printing a book will go a long way in helping you make wise choices about your book layout and its printing.
What Will It Cost?
How much will all this cost? A natural question if you are trying to design a budget. I recommend reviewing the rates listed on The Editorial Freelancers Association website. You’ll find costs for editing, design, layout, and more.
Advertising costs vary widely. What you’re willing to spend is in your court.
For printing your book, you can use the KDP pricing calculator to determine an estimated rate. They’ll ask for a page count. If you’ve written your book in MS Word, double-spaced, then the page count is pretty close to what the actual layout will be.
Amazon’s printing rates are the lowest I’ve found; however, their quality isn’t always the best. In addition, Amazon charges the same rate no matter how many books you print, be it 1 or 1000.
If you’ve booked several live events or are a speaker and anticipate selling more than 100 and up, then using a standard printing house is the way to go. The more you print, the less they cost. If you didn’t read the article on the basics of printing, read it; it could save you big dollars down the road.
I always encourage writers to start budgeting and saving for these items the moment they start writing. If the dollars are coming from your 9-to-5 day job, then set aside what you can with each paycheck. Set up a separate bank account for your author business and deposit your funds there. And don’t touch them until you’re ready for that expenditure.
Invest in Yourself
I want to encourage you to view these things as an investment in yourself and your book because that’s exactly what they are! God has placed you here and has a purpose for you. He wants to reach others through your book(s). Trust Him to provide.
Other Resources
Guidebook for New Authors from The EFA (free download).
“How to Manage Your Author Business,” an 18-pg pdf for $3.99. (Excerpted from Self-editing & Publishing Tips for the Indie Author.)