Monday, June 28, 2010

Finances, the joy

It's best to think about finances early on. I know I didn't. I put my book on hold for a long time after it was completed (not a final draft, but completed nonetheless). I didn't think about finances - I figured "I am making no money so why bother?" Well, there are always options. You can find an investor (family member or not) or apply for a business loan. Did you know there are FREE services that help you do these things? SCORE is a free consultation organization that matches you with people who want to offer their expertise. I realized these things way too late. Not that it's ever too late to learn something or that I failed in any way, but I really should have been on the ball when it came to finances.

Basically, I waited until I actually had a real salary and started paying for 100% of the expenses myself. BAD IDEA. If there is anything you should know about your own creative endeavors or projects (music, books, movies) is to never use your own money. Investors can screw you over too, telling you what to do, etc, which is what I wanted to avoid, (not like I could find a random investor). But I kept paying for things and soon enough realized... CRAP! While I covered most expenses, there is NO WAY I can afford to pay for the printing of my book! Why am I a couple months out from needing to pay for this and just now thinking about it? FINANCES. The best thing I can suggest is to create a business plan, mainly your expenses and estimated time-line of events.

There are cheap routes and expensive routes, either way - make sure you know what lies ahead. I figured I'd have everything covered and I was wrong. So now I am in the process of applying for a business loan and asking the parents for further investments.

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