Guest Blogger: Spending Money to Make Money

Juliana had been emailing me for a while about sending along a guest profile for her blog. Initially I thought, I’ve barely even started anything, what does she want me to write about? Then I had my “Ah-ha” moment and I knew exactly what I’d write.

I’m a writer. I’m good at it and I’m passionate about it, a great combination I believe for any entrepreneurial venture. I’ve been working on a book for a while and my initial thoughts were to take my work to a publishing company and work from there. Turns out, publishing a book is a lot more complicated and costly than I thought. I finally decided that self-publishing is probably the most promising option for me, but with the costs involved in the publishing, editing and printing, I’m finally beginning to realize something important that I thought I’d share with you all. You have to spend money in order to make money. Becoming and entrepreneur is rewarding, but it can also be extremely costly. It’s not uncommon to hear entrepreneurs complaining about unforeseen costs, or wiping out their entire savings without seeing a dime in revenue.

What I’ve begun to learn is the importance of not only recognizing the expenses that come along with running a business, but also figuring out how to prioritize them and more importantly how to fund them.
My advice? Make a list of all the things you need to do to get your business started and find out exactly how much it’ll cost you. Start simple with things like getting a business license, or in my case finding a good professional editor. Once you’ve done this, I can’t emphasize the importance of prioritizing. You may need a website, but does it have to come now? You may need business cards, but maybe it’s best to start with the simple ones you can print at home before you get fancy. Last but not least figure out how you’re going to pay for it. Some savings may be necessary, but don’t use it all up- you never know what the future holds. Other options are Venture Capital, Investors/ Business Partners and Family. Recently a number of online communities such as Kickstarter.com have sprung up to speed up the funding process.

Though my perspective is much more realistic it has not deterred me by any means. I look forward to publishing my novel and I hope it’s the first of many more!
Miss A.

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