Writers Worth Week, Day Five: Bringing it Together

I’d like to thank Blogger for giving me minor coronaries as it decided to break yesterday and only now get up and running. I have no idea if this post will even show as my last one from yesterday is still MIA.

The final stop on the Writers Worth Week blog tour is the blog of Cathy Miller. Cathy’s been a great friend and a wonderful supporter of the Writers Worth cause. She’s also a wealth of info and sharing. Give her some love, folks.

This has been a terrific week, hasn’t it? Despite Blogger acting stupid, we had the best week of awareness yet. Thank you to Paula for suggesting a full-blown week, and thank you to all who hosted me on your blogs. I appreciate the help in spreading the word.

So far this week, we’ve talked about changing your perspective, viewing yourself as a business as well as a writer, and creating the reality you want to have. We’ve also talked about improving your skills and your business savvy, plus defining your target so you know where you’re going. So let’s bring it together.

Today, map out about 30 minutes. We’re going to build a business. Let’s start here:

Choose your monthly target and annual goal. Get the figure you’d like to earn this year (and yes, you can go this May to next May, if you like), then come to that number you need to earn monthly in order to reach that goal. Once you’re armed with these, the rest will fall into place much easier.

Decide when you’ll market. Never mind deciding what days you’ll market. That’s going to be every day. What you need to decide right now is what time of day works best for you. Some writers like mornings – get a few queries out before that second cup of caffeine, send a few emails, connect with potential clients on LinkedIn forums or Twitter. Others prefer afternoons. I like just before lunch or right after. It’s a great way to wind down from an intense project, or get wound back up into work mode after eating or exercising. Whatever you choose, set it in stone at first. Nothing is worse than planning loosely then forgetting altogether.

Identify whom you’ll be marketing to. No stabs in the dark. Find a mix that works for you. How about a few magazine queries a week mixed with plenty of letters of introduction? Or are you interested in reaching out to Twitter contacts? Whatever the mix, make it clients you’re interested in working for. Also, choose how many potential clients you’ll contact a day. I like to contact at least seven. You may be more comfortable with two or three. Make sure to keep it to a manageable level, and always always track your submissions/LOIs/contacts. Make sure any formal contact you make is charted and followed up on.

Put your invoice system in place. It’s simple. When will you invoice – at the end of the project or the end of the month? How many invoices will you send, and how often, before you attach first late fees, then litigation/collection notices? Once you decide, follow it to the letter. Don’t be afraid of chasing off slow-paying clients. They’re not the ones you should be keeping anyway. Who wants to hassle with someone over a bill every month?

Get the business gear. We all have the computer, printer, and fax capabilities (or should). What I mean is get yourself business cards, a website, and think about creating your own brochure. It doesn’t take much money, but it creates a huge presence. If you’re not a stellar designer or you don’t like the templates available on your ISP’s site, hire a designer.

Think about specialties. You don’t need one, but you may find yourself gravitating toward certain topics or industries. If you like that work and it’s something you do well, you may want to consider specializing. Otherwise, make sure to highlight those areas that interest you on your resume/website.

Practice negotiating. Seriously. We’ve all had that gut-wrenching feeling when a client asks for a lower price. Decide now what your absolute minimum is. Don’t allow yourself to go below it. In fact, picture yourself standing over a pit of alligators – if you say a number lower than the one in your minimum, the board you’re standing on will release and you’ll be an appetizer. Learn to push back with suggestions such as installment payments, a discounted rate if the client signs on for two more projects (now, not later), a smaller project scope, etc. Making it affordable while maintaining your own financial health is good business.

Remember that your business plan is a living document. If something isn’t working, change it. Be consistent in your approach, but be sure to switch things up if you’re getting nowhere.

Writers, how did you build that business of yours? What are your business’s essential elements?