Run a Profitable Memoir-Writing Business
Recently, while thinking about how to grow a business, I was jotting down some ideas about running a profitable memoir-writing business–the what-do-I-know-now-that-I-wish-I-had-known-then sort of stuff. Here are the first five I came up with to help jumpstart my (and your) endeavor:
1. Create business goals.
Many goals, goals in a chain of goals: daily, weekly, monthly, quarterly and yearly. Endeavor to the best of your ability to meet those goals. Adjust your strategies regularly to fine-tune your access to those goals. Goals can be monetary, technical, emotional, but they are all related to your business. As much as possible, once formulated, make your goals non-negotiable. You must reach them for consistent business development.
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2. Follow a business strategy plan.
Don’t ever wing it. Every day you work you must work from a strategy plan that is geared to that day’s goal and to the week’s and the month’s and the quarter’s and the year’s. Creativity is great for art but it is a killer for business. Day by day plodding wins the race to succeed at business.
3. Keep track of performance metrics.
Know your numbers. Money collected and owed, active subscriptions, how many people have registered for your programs and how many more do you need, what percentage of each open project is completed and how likely are the projects in development to be completed by the projected end date. Open projects are money sinks. Completed projects are marketable and so are potential moneymakers. Numbers are a guide to any business development
4. The 80/20 rule is always good!
That is, 80% of your profits will come from 20% of your clients and projects and programs. Conversely, the remaining 80% of your clients, projects and programs will produce only 20% of your income. So…be constantly evaluating your offerings and weed out the unprofitable 80%. The only exception? Something new that has not yet had sufficient marketing. Give it a deadline by which it either produces or it gets chucked out. (Remember: it is to your benefit to strangle your little darlings if they don’t perform.)
5. Lead generation must always win over product development.
The only exception: when you are just starting out and are still employed elsewhere and need to develop a product line. After that, lead generation is king! Creativity is for your artwork not for your business. Systems and consistency are essential for profitability.
Grow your memoir-writing business
I hope this helps you grow your profitable memoir-writing business venture from a hobby to a money-making business.
Have you been working along the lines of these five suggestions? What are your own business “rules”? Please leave your comments below.