Member-only story
Strategic Allocation for Book Marketing Swag
Authors, have a plan before spending on the fun stuff
This sounds like an article on book marketing. And it is. But before that, it’s an article on strategic author decisions. Namely, on only spending an allotted amount of money on marketing gimcrack after you’ve also allowed for profit, future tax obligations, and a paycheck for yourself.
Ever since I learned about it and tested its effectiveness for myself, I’ve been telling anyone who will listen about the wisdom of Mike Michalowicz’s book, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine. The Profit First system shows you how to build profit into your business activities from Day 1 — and you do have a business, authors, if you are selling books and making money from that and other efforts related to your author status.
After ensuring that you’ve set aside some profit from every tranche of money that comes your way, Michalowicz shows you how to assign different jobs for the remaining income so that you have a paycheck, monies to pay Uncle Sam, and the dough for operating expenses.
