So, having said that, here's the accounts receivable part of My Small Business Plan. It's got to be a small plan, you see, because I only write short stories, which don't pay much over any one year period, and the occasional cowboy poem, which doesn't pay at all. The important thing is, I have a plan and I'm finally using that Business Degree which Uncle Sam paid for after I responded to that nice letter draft he sent me way back in 1966.
Mine is a three-part plan
Part 1 - Short Stories
I write short stories for paying markets. First submissions go to the higher paying publications. In case of a rejection, I work my submissions down the payment ladder until the story sells or goes into inventory. All of this is common sense and most writers already know this part. Moving on.
Part 2 - Reprints & Other Secondary Markets
In a different situation, Otto Penzler paid me $250 to use one of my reprints in one of his many anthologies. Since then, I've seen other markets for reprints. It's like found money.
Another good use of short stories, whether they were previously published or not, is putting them into e-collections. So, after I had a list of previously published stories, plus an inventory of unpublished short stories, I started looking at Amazon for Kindle and Smashwords for other e-readers. Both of them are free to setup your e-books, all you need is to figure out how to format e-books. It is a different setup for each of the two companies, but due to advances in software, it is now easier than it used to be. Fortunately for me, I had a Huey pilot friend who made the mistake of saying, "I can figure that out." And he did. In 2011, we turned some of my short stories into four e-collections: 9 Historical Mysteries, 9 Twin Brothers Bail Bond Mysteries, 9 Chronicles of Crime and 9 Deadly Tales. Kindle paid royalties by EFT and Smashwords paid via PayPal. Then in 2018, we added two more e-collections: 9 Holiday Burglars Mysteries and 31 Mini-Mysteries. These last two led to Part 3.
Part 3 - Paperbacks
I went back to my Huey pilot friend. He is now figuring out the requirements for a paperback and we are working on the final details. The paperback has a fixed charge, plus a very small charge for every page, none of which the author pays upfront. It's all covered by the buyer when he purchases the book. First, you need to decide what size of book you want and the size of font you prefer. Those two items and the length of your manuscript will determine how many pages your book will have. Then, KDP has a program where you enter the number of pages your book will have and the program will tell you the minimum price you have to put on your book, which is also the cost to KDP for printing your book. Naturally, you want to make a profit, so you also enter the price you want to charge and the program will tell you your royalty profit. Simple, huh?
Well, we'll see. Seems there's a bleed factor on the cover when it comes to cover size. My friend says he's got it figured out, and while he did teach me how to fly OH-6 and OH-58 observation helicopters, I think this cover and formatting thing is over my head. It's nice to have friends.
QUICK UPDATE: A week and a half ago, the 1st paperback went live. We are now working on the conversion of the other five from e-book to paperback.
You've now heard about My Small Business Plan. Do you have your own plan? Feel free to share. Or are you still working on one? We'd like to hear about that too.