Are you a self-published author looking to make a big impact without breaking the bank? I have compiled my top 5 budget-friendly tips that will help you maximize your success as a self-published author. I understand that self-publishing can be a challenging journey, especially when it comes to managing your budget effectively. But fear not! I will show you how to get the most out of every penny, while still achieving your goals and reaching a wider audience.
The importance of budgeting for self-published authors
As a self-published author, having a well-planned budget is crucial for your success. It allows you to allocate your resources effectively, ensuring that you can invest in the areas that will yield the highest returns. Without a budget, you may find yourself overspending on unnecessary expenses or missing out on valuable opportunities. By budgeting wisely, you can make the most of your financial resources and maximize your chances of success.
One of the first steps in budgeting as a self-published author is to determine your overall goals and objectives. Are you looking to generate income, build a fan base, or establish yourself as an expert in your niche? Once you have a clear understanding of your goals, you can allocate your budget accordingly. This will help you prioritize your spending and focus on the areas that will have the greatest impact on achieving your desired outcomes.
Another important aspect of budgeting is tracking your expenses. By keeping a record of all your financial transactions, you can easily identify areas where you may be overspending or where you can cut costs. This will allow you to make informed decisions when it comes to allocating your budget and ensure that you are getting the most value for your money. I record every expense in a spreadsheet and use Wave to track everything, more on this in a bit! I hope some of these these budget-friendly tips are actionable for your business as well.
Tip 1: Assess who you need to hire
You really need to figure out what you can do yourself and what is best left to a professional. Do you really need to hire 45 people to publish your book? No, absolutely not! Just know that some things will take longer to learn and you have to figure out if you’re comfortable learning it. However, I’m stubborn and a perfectionist, so for me, I like to learn how to do things by myself. It also saves me TONS of money because I figured it out. If you’re wondering what services I hire out, it comes down to three professionals: an illustrator, an ebook formatter (for the special large text pop-up box), and an offset printing company (for hardcovers). Here’s an idea of some of the things I learned how to design to save myself money.
*I am not affiliated with any of the companies I mention below, these are just places I’ve used and have been happy with their quality of products and/or customer service.
- Website (I use WordPress with WooCommerce and have it integrated with PirateShip)
- Social media graphics (CanvaPro)
- A brand logo, font, colors, and images (CanvaPro)
- Printable resources (PowerPoint and/or CanvaPro to make digital book resources for teachers and items for book events) *Special note: I was a teacher for 15 years and also have my own TeachersPayTeachers shop. This is an area that comes easily to me.
- Banners and business cards (GotPrint)
- Stickers (StickerMule or CustomSticker)
- Custom character cutouts (Custom Cutout Standee)
The question that I’m asked most often is if I will make stuffed animals. While I would love to, the cost-per-unit does not align with my goals at this time. I analyze every detail down to the penny (remember, I love researching and keeping spreadsheets).
Tip 2: Track your expenses
Everything. Track it. Are you documenting every time you purchase something for your business? This is my favorite out of all of the budget-friendly tips! Don’t forget to track your expenses on labels, bubble mailers, tape, pens, event decor, the items listed above, and gas mileage? Yes, your gas mileage to/from events, school author visits, and the post office…include it all. Do you over-donate books? Stop! That costs you money. Offer an eBook or a sample of your book, but stop giving away your books that most likely will lead to a dead end. Be selective about who receives a free copy of your book (as a thank-you courtesy for an author visit, a raffle/contest, etc.). Everyone doesn’t need a free book. Offer a discount, but do not lose money.
These are your expenses, know them! Don’t tell me “I write it on a piece of paper” or “I never thought about it” because that will make doing taxes a pain. You are a business, whether you think of yourself that way or not.
Most importantly, know that some things can be used as write-offs. Did you order a book from me and use it for market research? That could be a write-off. Think savvy!
OK, you know I’m going to tell you to put it in a spreadsheet, but I also use Wave to track my expenses. I am the CEO of The Teacher Tourist, LLC. This involves paying quarterly taxes. Do you know how frustrating these times would be? Create a system and stick with it!
Tip 3: Reduce your spending ( the best of the budget-friendly tips)
If you really want to know exactly what I do on a daily basis, then this tip is for you! This may not be feasible for everyone, but I took “extreme measures” and worked it to my advantage. I’m shocked with the savings and how much this has allowed me to focus on my main goal of having a business and selling books.
- No excess/impulse shopping (that means clothes, shoes, jewelry, makeup, random products, etc.)
- Not overindulging in hair, nails, tanning, massages, and facials
- Limiting eating out to 1-2 times a month at quality restaurants (I’m not a huge foodie or fast food junkie, so this area was pretty easy)
- I’m not a coffee drinker, so this wasn’t an issue, but I can imagine how much savings could be here as well
- Not ordering every “extra” product for my book (it must be cost-effective and not distract from my goals)
It sounds like I don’t have any of those things, but I do. I’m sure we can agree that we have an excess of clothes, shoes, and makeup. Do I really need 15 different eye shadow palettes just for fun? No, not really. Do I need to try every new type of lotion, perfume, etc. Nope. It’s just being smart about buying what you need rather than what you want.
Chances are that a lot of us are not coming into the self-publishing world with tons of extra money. Every penny counts. Know your profit margins, cost-per-book (if you do offset printing of hardcovers), shipping costs, and everything else!
Tip 4: Take advantage of free or affordable marketing tools
Did you know that marketing your book doesn’t have to break the bank? In fact, there are numerous free or affordable marketing tools available that can help you promote your book and reach a wider audience.
Email marketing platforms like ConvertKit (which I use) and others offer free plans for authors with smaller subscriber lists. These platforms allow you to create professional-looking email campaigns and automate your marketing efforts. By building an email list of interested readers, you can keep them updated on your latest releases, promotions, and events. If you’re on my email list, then you know exactly what I’m talking about. If not, sign up today…I’m known as your “short email bestie”!
Social media scheduling tools can also be valuable assets for self-published authors. These tools allow you to schedule your social media posts in advance, saving you time and ensuring a consistent online presence. Additionally, many of these platforms offer free plans that provide basic features and functionality. Think of how you can batch your content to save yourself time later. CanvaPro is great here as well for content creation.
Tip 5: Offer limited-time discounts or promotions
Out of all of the budget-friendly tips, this one doesn’t require much work and is easy to organize. Discounts and promotions can be powerful incentives for readers to purchase your books. By offering limited-time discounts or promotions, you can create a sense of urgency or “buzz” and encourage potential readers to take action.
Consider running a limited-time sale on your eBooks or consider partnering with promotional platforms like Fussy Librarian, which offer book promotions to their subscribers.
When running discounts or promotions, it’s important to set clear start and end dates and communicate them effectively. This will create a sense of urgency and encourage readers to take advantage of the offer before it expires. Additionally, consider offering exclusive bonuses or incentives for those who purchase during the promotional period to further entice potential readers.
As most of you know, I am running a Christmas in July sale where my hardcovers are available for the price of a paperback + free stickers with every order. This will be the lowest price of the year for the hardcovers, so it’s a really fun way to engage my audience and allow them to save money at the same time.
I hope these budget-friendly tips provided you with some insight into how I operate my business behind the scenes. Maybe you even found something you could implement today. I know this looks like a lot of things, but please know this was strategically developed over the last three years. It will not happen overnight. Above all else, it will take a mindset shift to some degree if you’re serious about the business.
Be smart, savvy, and strategic. And take a chance on yourself!
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