The Making of the Next Best Seller, Part II

Last month I wrote about the basics of self-publishing a children's book. I covered the writing of the book, working with an illustrator and publisher, designing a website and legal implications.

The Making of the Next Best Seller, Part II will cover a marketing plan, a financial plan and record keeping:

Marketing Plan:
When you self-publish, you have to market your book.
19.Target your marketing. Ask yourself, "Who is my audience?" other than parents and grandparents. Think about: (1) Public, private and religious schools (coordinate the book with State Language Arts Standards); (2) Colleges and universities (give lectures, have book signings, reach out to alumni); (3) Libraries (readings, book signings, presentations); (4) Companies (give your books as a gift to clients); (5) Churches and temples; (6) Organizations (Chamber of Commerce, Reading Councils, Early Learning Coalitions, Education Foundations, Children Museums, Girl/Boy Scouts, Big Brother/Big Sister, PAL, etc.); (7) Local businesses (Children's boutiques, book stores, gift shops); (8) Newspapers/Print Media (hometown newspapers, weekly free newspapers, monthly magazines); (9) Social Media (webinars, podcasts, Facebook, Instagram, Linkedin, You Tube, TV, radio); (10) Events (special story times, reading councils, festivals, networking groups in person and Zoom); (11) Advertising (business cards, flyers, brochures, t-shirts, bookmarks, pens, stuffed animals, ad agencies); (12) Individual Leads.

Financial Plan:
20. Speak to your accountant to determine what type of business you are establishing.
21. Create a separate checking or bank account.
22. Complete a Resale Tax Registration Form for your state as well as a Multi-jurisdiction Form and individual state forms for all other states.
23. Keep track of all your personal sales. Separate into those that are sales-tax free (schools, libraries, etc.) and those that pay sales tax.
24. If your state has a sales tax, send sales tax revenue quarterly to your state's Department of Revenue.
25. Complete any registrations necessary to sell in other states.
26. Separate your business from your personal finances.

Record Keeping:
27. Keep a record of all expenditures. They are deductible (supplies, advertising, professional organizations, postage, milage, credit card fees, festival/trade show costs, networking events).
28. Keep a record of all personal sales and don't forget sales tax. Separate records into taxable and tax exempt sales as well as credit card sales that will be a direct deposit. Keep a record of fees from credit card sales.
29. Keep a record of all Book Distributor Sales Royalties from Amazon, Barnes & Noble, Lightning, Kindle, Nook. These will all be direct deposit.
30. Keep track of your inventory for tax purposes.
31. Keep track of book purchases for your personal sales. Don't forget to include shipping costs.
32. Deposit personal sales by check or cash into your business account. Don't forget to get sales tax on every sale. Direct deposit credit card sales, book distributor fees and Kindle/Nook sales.