Some of you may be asking, why set up a business? But I’m here to tell you that setting up a business is a good idea, and that’s exactly what I did when I first became a self-publisher back in 2016. There are many advantages to adopting good business practices, especially if you are self-publishing.
You’ll have more time for writing. You’ll save yourself hours of frustration digging through piles of stuff trying to find information.
You’ll be ready for success. As your sales increase, you will be prepared to measure and manage that growth.
You’ll avoid losses. If you have a better handle on cash flow, you’ll know when your expenses are getting too far ahead of your income.
You’ll know what works. If you have a method of tracking sales, you’ll know which marketing efforts paid off and which were a bust.
You’ll avoid mistakes, like forgetting to collect and pay sales tax or to deliver 1099s to freelancers.
You’ll save on taxes. If you operate your writing venture as a business, you are more likely to be able to deduct writing expenses from your non-writing income and reduce your tax bill.
You’ll feel more legit. If you don’t treat your writing as a legitimate business, then no one else will, particularly the IRS.
Your heirs will thank you. If you are hit by the proverbial bus, your heirs will appreciate your organization.