I know I’m broke because I’m counting down the days that I’ll be able to do my tax refund.
Usually, I wait to file taxes until the last minute because I know I’m not going
to do anything with the money but throw t into my savings account. But this year, I’m anxiously waiting for my W-2s. My get out of debt plan has left me as broke as a joke. I’m prepping the paperwork for my tax lady and I’ve even already counted up the money I spent on my growing business. Which leads me to the topic of this post. I’m going to be brutally honest and show you my numbers.
I spent approximately $1,888 on my writing business last year. And according to Amazon
and Smash words I made $20.63. That’s a net loss of -$1,863. Not so great. Not so good at all. But most businesses don’t make money their first year. I’ve read it takes between 3 to 5 years to make money, and five books to create a steady income.
I released two short stories Chaos (Amazon Link
) and Medusa (Amazon Link
). Total publishing
expenses for those two books were less than $200. I didn’t expect much money
for those stories. My goal was to gain a small following for when COAL is
released. So most of the expenses were spent on the actual novel.
2014 was my first serious year of writing and the first time I published anything. I
gave myself room to explore and learn. For 2015, I’m going to be more money
conscious. The learning period is over. I’m going to spend less per book and
make more money.
How does my $1,888 breakdown you ask? See graph. Not shown are books $44.08, giveaways
$10, Writing manuals $55.73)
There were no big equipment purchases. Half of the $428 price tag was to pay for my accountant to do my taxes.
I spent $500 on a developmental edit for COAL. I’m not sure if I will pay for a developmental editor again. I don’t think she did anything that a good
critique group couldn’t do. It could have just been my editor also. On top of that I still have to pay for a copy and line editor.
This is probably my biggest waste of money. I spent too much on covers and
illustrations that I didn’t like or didn’t use. I’m going to go with 99 designs
next and stick with something. Good or bad. No more money will be spent on
cover art for COAL after I dish out the money for 99 designs.