Business Budgets
The notion of Profit First was a hit and many of you told me you were already doing it or going to give it a try. Now I'd love to talk with you about budgets.
Crafting tales of love, conflict, and happily-ever-afters requires not only creativity and dedication but also strategic planning and financial savvy. With this in mind, I want to share some advice on how to effectively budget for your new or growing authorial venture, ensuring that your business thrives alongside your narratives.
You may recall our previous discussions on the Profit First strategy, which was an approach that encouraged us to prioritize our earnings' allocation to secure our financial well-being right from the start. Embracing this method means ensuring that a portion of every dollar earned goes directly into your profit account, followed by allocations for taxes, owner's compensation, and operating expenses. This foundation supports not only your immediate financial health but also your long-term growth as an author. But here are some other things you’ll want to budget for:
Personally, I put these all in the OPEX budget.
1. Editing Services: Quality editing is non-negotiable. Whether it’s developmental editing to refine your story’s structure or copyediting to polish your prose, budgeting for professional editing ensures your book meets industry standards and reader expectations. Consider setting aside a portion of your budget for editing, with costs varying depending on the length of your manuscript and the level of editing required.
2. Book Covers: The adage “don’t judge a book by its cover” doesn’t hold in the marketplace. A compelling, genre-appropriate cover is crucial for attracting readers. Professional cover design may range from a few hundred to over a thousand dollars, so research designers with a strong portfolio in romance and allocate funds accordingly.
3. Marketing and Promotion: From social media ads to book tours and launch parties, marketing helps your book find its audience. Set a budget for both online and offline marketing efforts. This might include costs for advertising platforms like Facebook or Amazon, promotional materials, or even hosting virtual events. Remember, marketing is an investment in your book's success.
4. Website and Online Presence: In today’s digital age, a professional website and active social media presence are indispensable. Budget for website hosting, domain registration, and possibly a web designer. Additionally, consider allocating funds for social media tools or courses to enhance your online engagement.
5. Professional Development: The craft and business of writing are constantly evolving. Budgeting for writing conferences, workshops, or courses can provide invaluable learning and networking opportunities.
6. Distribution and Printing Costs: If you’re considering print-on-demand services or purchasing ISBNs for wider distribution, include these costs in your budget. While many platforms offer free ISBNs, purchasing your own can offer greater control over your publishing options.
Creating Your Budget Plan
Start by reviewing your past expenses and sales to guide your budget. If you're new to publishing, research typical costs in the areas outlined above and begin with conservative estimates. Use the Profit First percentages as a guideline to allocate your revenue, ensuring that each dollar serves a specific purpose in growing your business.
Adapting and Evolving
As your author business grows, your budget will evolve. Regularly review your financial plan, adjusting as necessary to accommodate new opportunities or shifts in the market. Your budget is a living document, one that should flex to support your creative and financial goals.
Remember, the journey of a romance author is as much about managing the business behind the books as it is about crafting the stories themselves. By approaching your authorial career with both a creative and entrepreneurial spirit, you set the stage for lasting success and fulfillment.
New for Paid Subscribers: Trope Breakdowns.
I made the Hidden Identity Trope Breakdown available for all on my substack. Now I’m releasing even more! But only to paid subscribers. Up this month is the Enemies to Lovers Trope.
The Enemies to Lovers trope is an intense emotional rollercoaster highlighting the satisfying transformation of a relationship from conflict to romance. This trope involves two main characters who start off with a conflictual relationship, often marked by rivalry, dislike, or even outright hostility. The reasons for their antagonism can vary from personal misunderstandings and professional competition to social, ideological, or cultural differences.
Over the course of the story, these characters are forced into situations that require them to spend time together, allowing them to gain insight into each other’s motivations, vulnerabilities, and true character. This gradual—or sometimes sudden—revelation fosters empathy, respect, and attraction, flipping their initial animosity into affection and ultimately, love.
Want to learn the Three C’s of Enemies to Lovers, see a Detailed Plot Outline, get a breakdown of the Universal Fantasies of the trope, as well as the Heartbeat Moments you can use in marketing efforts like Tiktok? Just upgrade to paid. Here’s a sneak preview…
THE THREE CEE INGREDIENTS TO MAKE THE WRONG FEEL RIGHT
1. CONFLICT: Initial friction that sets the stage, giving both characters and the reader a sense of what’s at stake. This can be personal or external conflict. Eventually, the initial misunderstandings or rivalries are resolved, often leading to a deeper connection and mutual respect.
2. CHEMISTRY: Despite their conflicts, the characters have an undeniable attraction, whether it's physical, intellectual, or emotional, that keeps them drawn to each other.
3. COLLABORATION: Situations where the characters must cooperate or work together, providing opportunities for the relationship to develop in a more positive direction as they undergo significant personal growth throughout the story. Their journey is not just about falling in love but also about self-discovery and overcoming their own flaws or past wounds.
DYNAMICS
There are many dynamics of the Enemies to Lovers trope that you’ll fine in romance novels. While all are not required, these elements help shape these relationships that form under the guise of initial antagonism.
1. Banter and Dialogue
Sharp, witty exchanges are a hallmark of the Enemies to Lovers trope. This banter not only heightens the tension but also serves as a playful form of communication through which characters express attraction indirectly. The dialogue often includes teasing, sarcasm, and double entendres that hint at underlying feelings.
2. Forced Proximity
Often, the plot contrives to throw the adversarial parties together in situations where they cannot escape each other’s company. This could be a joint project at work, a mutual social circle, or a scenario where they are physically stranded together. Forced proximity increases the tension and pushes the characters to confront their feelings.
3. Competitive Scenarios
Competition can fuel the initial animosity, whether it's competing for a job promotion, academic recognition, or a sports trophy. This competition serves to amplify their respective skills and virtues, eventually leading to mutual respect and admiration.
4. Protective Instincts
Despite their conflicts, there might be scenarios where one character instinctively protects or defends the other in moments of vulnerability. This often serves as a turning point, revealing depth of character and the potential for redemption.
5. Gradual Understanding and Empathy
As the characters spend more time together, they begin to uncover layers of each other’s personality and backstory. Understanding the reasons behind a character’s defensive or aggressive behavior can transform animosity into empathy, laying the groundwork for romantic feelings.
6. Moment of Realization
There typically comes a moment when one or both characters realize that their feelings have evolved from animosity to affection. This realization can be triggered by jealousy, fear of loss, or a demonstration of loyalty or affection.
9. Redemption and Apology
Given that their relationship started on a rocky note, redemption plays a key role in these stories. It's common for characters to apologize for past behaviors or misunderstandings, demonstrating growth and sincerity, which helps solidify their relationship.
VARIATIONS ON THE TROPE
The Enemies to Lovers trope has several interesting variations that can adjust the intensity of the initial enmity, the context in which the characters operate, or the path they take towards love. Here are some common ones:
1. Rivals to Lovers: This is a softer version of the trope where the characters are competitors rather than outright enemies. Their rivalry could be professional or personal, like competing businesses, academic rivals, or sports competitors. The focus here is on the competitive tension rather than deep-seated animosity.
2. Hate to Love: This is a more intense variation where the characters genuinely dislike each other at the beginning. Their journey from hate to love can be more volatile and emotionally charged, often requiring a significant event or revelation to bridge the emotional gap.
3. Love-Hate Relationship: In this dynamic, the characters experience frequent shifts between loving and despising each other. This rollercoaster of emotions can be driven by a series of misunderstandings, betrayals, and reconciliations, which keep their relationship dynamic and unpredictable.
4. Frenemies to Lovers: Here, the characters share a relationship that is a mix of friendship and rivalry. They might tease, challenge, and provoke each other, but there's an underlying affection or respect that hints at deeper feelings. This variation often includes a lot of witty banter and comedic elements.
5. Forbidden Love: This variation introduces external pressures against the relationship, such as family feuds, cultural differences, or social taboos. The "enemies" aspect is often due to the characters being part of opposing groups rather than personal dislike.
6. Unlikely Allies to Lovers: In scenarios like crime thrillers or fantasy adventures, characters may initially be on opposing sides of a conflict but are forced to work together to achieve a common goal. Their initial distrust and antagonism slowly turn into respect and affection as they face challenges together.
7. Redemption Romance: One character may initially dislike the other due to past misdeeds or a bad reputation. The focus here is on redemption and proving one's worth, which gradually changes the nature of their relationship from distrust and disdain to love.
8. Revenge to Love: This involves a character initially seeking revenge against the other for a perceived wrong. As the plot develops, they discover misconceptions or hidden truths that shift their desire for revenge into a desire for reconciliation and love.
Next week, we’ll dive into a detailed plot breakdown of the Enemies to Lovers Trope! But you’ll only see it as a Paid Subscriber.