The Money-Making Author Mindset: Strategies for Financial Growth and Success for Writers

The number one mindset shift that authors who want to achieve financial success with their writing need to make, is to start thinking of their writing as a business and adopt an entrepreneurial mindset. Authors who treat their writing as a hobby do not put the proper systems in place to make money. If you only write when you feel like it and do not actively create marketing promotion plans you will not be able to make a living off your writing. Selling books is hard work and if authors want to make substantial money from their books they need to adjust their mindset to think like an entrepreneur instead of a hobbyist.

What is an Entrepreneur? 

Entrepreneurs are people who are willing to go out on a limb, take calculated risks, and take innovative approaches to make their businesses a success. These people quickly adapt to changing circumstances, identify opportunities, and persist through setbacks and failures. Entrepreneurs have a vision for their businesses. These people grind, hustle, and pour their time and money into making their ventures succeed. Simply put, entrepreneurs are often driven people who do what it takes to make a business work.

How Can a Writer Start Acting Like an Entrepreneur and Treat Their Writing Like an Actual Business?

There are numerous ways that authors can start treating their writing like a business.

One way writers can start acting more like an entrepreneur is by defining their short-term and long-term goals and breaking down those goals into a  plan. Authors can break down their plans into smaller specific tasks with deadlines. Authors can then consistently work on accomplishing those tasks and can track their progress.

Authors should consistently work on their writing every day, the same way an entrepreneur puts in hours of work on growing their business. Whether it is actually writing their books or working on marketing, authors should not just haphazardly work on their business every once in a while, but on a  daily basis give their writing career consistent effort.

Writers need to develop marketing plans with strategies for how they can reach their target audience. Common strategies are setting up book signings, online blog tours, speaking engagements, running online ads, and doing social media marketing. Authors need to constantly work on building up their author platform by creating blogs, newsletters, and podcasts, and using social media to expand their reach. Many authors complain they hate marketing but without doing extensive marketing for their books they will not sell. Marketing is a huge part of what makes or breaks an author's writing career.

Authors need to manage their finances just like a real business. Writers need to keep track of the income coming in from their books, their marketing expenses, and how they can reinvest their profits back into their business to keep growing their author platform.

Just like other entrepreneurs, writers need to be ready to quickly adapt to changes, take calculated risks, and innovate creatively to sell more books. Authors need to spot opportunities and continue forward even when there are setbacks and failures. Writers who want to have a thriving writing career need to put in lots of effort, time, and money to succeed.