I’m an old guy. Over the course of my lifetime, I have worked for companies, written plans for new companies, helped start up new companies, run my own company and have watched companies I have helped start up or owned plummet into the abyss.
When I decided to take the plunge and write books, I approached it as a lifelong passion, but also as a business. Fortunately, my entry into indie-publishing had a low cost to get going and I got enough satisfaction from completing books and putting them out there. The income aspect of it wasn’t a primary concern.
Now, I’m about nine books in with two on the way and tens of other ideas for books percolating and, guess what, a little bit of income is trickling in. It’s not enough to retire, not even close. It’s enough to have a nice dinner or two with my family each month, but I definitely invest more into writing than I make at this current juncture. I’m hoping it’s an investment for the future.
When tax time rolled along that first year, I received my tax forms from Amazon and added up those sales from various book signings and realized that I had to claim this income. I also realized that I had spent money on Facebook ads, book covers, editing, book trailers and materials for book signings. I also use my home office and home computer equipment. These things became deductions. Like it or not, I was running a business and had to keep records that reflected, and supported this.
So I’m curious about the rest of you out there in the author/blogging community. Do you treat your writing like a business? Do you keep track of your expenses and reinvest into your writing business? It does take some of the enjoyment and luster out of the writing pursuit, but, given my background, it makes sense.
I’d love to hear your comments on this.