"Hoosier Ink" Blog

Showing posts with label writing related business practices. Show all posts
Showing posts with label writing related business practices. Show all posts

Tuesday, January 3, 2023

Benefits of a Writing Contest

My first published piece of fiction was written as a contest entry. In 1999, AOL invited members of its fiction writers’ group to submit a Western flash fiction story (no more than 1,000 words) on a weekend writing contest. A free year’s membership was the prize. I won first place with a story titled, “Riders of the Midnight Moon.” That early bit of encouragement kept me going.

Perhaps you’ve competed in NaNoWriMo or one of ACFW’s competitions. If you’re mulling over that idea, consider some benefits of participating in a fiction writers’ contest:

Firm Deadline. Authors have to maintain a consistent work schedule to meet their publisher’s schedule. A contest deadline imposes that kind of discipline before you sign a publishing contract.

Reader Awareness. Some authors believe they can write for their own satisfaction and disregard the needs of other readers. That belief soon fades when you’re writing for a contest. You become conscious of your story’s pacing, character arcs, and other factors that will capture and hold your readers’ interest.

Peer Review. Most contests involve several rounds of evaluation, so your book will be scrutinized by agents, editors, and publishers as well as established authors. In most cases, you’ll receive some feedback from them.

Marketing Leverage. If you do win a prize, it will open doors to agents and publishers who don’t yet recognize your name.  The same is true of the general reading public. Like an Oscar or Golden Globe draws attention to a rising cinema star, a book prize focuses the spotlight on a new author.

A writing contest requires discipline and hard work, like any other aspect of a professional author’s work. Why not enter a contest? It may help you begin writing like a pro.

Joe Allison writes both fiction and nonfiction, and has been a member of the Indiana chapter of American Christian Fiction Writers since 2010. He lives in Anderson, IN, with his wife Maribeth and daughter Heather.

 

Monday, January 3, 2011

Should you add maintaining a Cash Flow Analysis to your 2011 Writing Goals?

by Suzanne Wesley

Like many fiction writers I use writing and other skills to 'supplement my fiction habit' and assist my family in paying the household bills. This year, it was suggested to me that I should create a Cash Flow Analysis to track the highs and lows of my business income. If I repeat this year after year I will better be able to predict when I will experience less work, less income or even potential surges in work (so that someday when I can afford a vacation again I will know what month NOT to leave town!)

Not being a 'math person' I didn't get it right the first go-round. But what I discovered was that I was making the process WAY more complicated than I need to, and it's really pretty simple and easy to maintain throughout the year.

Tips to Make The Process Easier
  1. I recommend having a separate checking account - it can be a second personal account and not a true 'business' account by the standards of your local bank.
  2. Deposit every cent you make via your writing or other freelance skills into this account.
  3. Pay any business related bills through this account
  4. Pay yourself 'wages' to another account in order to pay non-business related expenses.

Creating Your Cash Flow
Essentially my cash flow is an Excel file I use to track how much income came in each month, where any cash was paid out, and how much cash is available for use the start of the following month. (If any, right?) Each month, when you get your bank statement for your business checking account, you will compare it to your Cash Flow analysis to make sure that the balance at the beginning of each month matches what you have recorded on your Cash Flow file.

I find it easiest to record income onto the file whenever I have made a bank deposit, (whether by depositing a paper check, or by moving money from PayPal) and not saving it all for the end of the month.  Additionally, if you pay yourself 'wages' because the house payment is due ASAP ... it's easier to record it right when you do it, then to expect that you will remember where that x amount of $ went at the end of the month.

Thanks to on-line bill pay, many of us already know our bank balance at any given time, but seeing where a whole year's worth of income has really gone is a real eye opener! You may find a few surprises ... or just have black and white evidence of what you already knew. I can definitely see that doing this year after year will help me see semi-predictable financial patterns that will be helpful to growing my business - and paying my bills!

Have you ever done a cash flow for your writing business? 
If not, maybe 2011 is the year to get started on one. I'd be happy to send the blank Excel file that was given to me to get you started. Send me your e-mail via my web-site contact page, www.suzannewesley.com and I'll send the file to you ASAP so that you can started tracking your January income and expenses.