Business Analyst & Business Analysis Guide (Business Analyst)
Why does an Author need Business Analysis and Business Analysts?
If you're an Author, you're an Entrepreneur and you're running a business. You have to analyze things as a business would
What are your earnings?
What are your expenses?
What products (books) are profitable?
What marketing channels work?
What areas can you expand into?
What areas should you get out of?
What suppliers/vendors are worth working with?
What strategy do you need for each product?
What is Business Analysis?
Business Analysis is just a fancy way of saying - Analyzing and Figuring out how to be successful as a business. Keeping your expenses lower than your earnings. Saving as much of your profits as you can. Reinvesting wisely into new product lines
There are 7 main things to focus on
1) What are your total expenses. Include Everything that is involved in you writing your book, including the cost of your time
2) What are your total earnings. What do your books earn you?
3) Which of your products are responsible for the majority of your earnings? Which are your 'Golden' products?
4) Which of your customers are your best customers? Which are the customers that keep you in business?
5) How much money are you putting in the bank each month (from your business profits)?
6) What new markets and product lines (books, categories) should you invest in?
7) What product lines and markets should you get out of?
Do I really need to think of Myself as a Business?
Yes, because of the way things currently are in Publishing and eBooks, it's imperative to think of yourself as a business
1) No one other than you is looking out for you
2) Large Markets with near infinite competition necessitate that you keep your expenses low and maximize your earnings. There is very little room for error
3) If you do not build a sustainable business from your book sales, you will have to depend on things such as your day job for money. That is not a good option - you should build your author career as a self sustaining business
How Should I Use Business Analysis?
Analyze your Author Career exactly as if it were an actual Business (because it is)
1) What are your products?
2) Who are your customers?
3) Which are your most profitable products?
4) Which are your most profitable customers?
5) What new markets and new lines of business should you go into?
6) What markets and lines of products should you get out of?
7) What markets are most suited to your abilities?
8) What markets are most lucrative?
9) Which markets have the least competition? Which markets are too competitive to enter?
10) What are your profits (or losses)?
11) What is your Author Business DNA and what is your purpose as an Author?
After using Business Analysis to figure out exactly where you are as a Business, you have to analyze and map out a roadmap for your Business (your Author Career)
Critical Importance of Utilizing Your Resources Well
Each author has a limited amount of resources - time, money, energy, etc
If you do not think of yourself as a business, and don't utilize your resources properly, you will run out of one or more resources before you can become successful as an author
Even after becoming successful as an author, you need to utilize your resources very well to maintain your success and/or to reach a higher level of success
Unfortunately, we are no longer in the days where you could sign a book contract and then live the rest of your life on book royalties. Now, whether or not you sign a book deal, you have to take responsibility of almost every aspect of your career as an author
The Absolute Best way to do that is to Think of Yourself as a Business
What are Jack Welch's 6 Rules?
These are Jack Welch's 6 Rules for Businesses and for CEOs - take them to heart
1) Control Your Destiny, or someone else will
Do not let someone else, such as a book store or a search engine or a Publisher, control your destiny
2) See Reality As It Is, not as it was, or as you want it to be
Be brutally honest with yourself of what the world of publishing and books now is. Do not live in a dream of the past
3) Change Before You Have To
Do not be a Dinosaur. Be a Mammal
4) Lead, don't manage
Set a vision - both for yourself and for anyone who is part of your team. Lead from that vision
5) If you don't have a competitive advantage, don't compete
Compete only where you have one or more huge competitive advantages
6) Be Candid with Everyone
This includes yourself
Take these rules to heart - you're not just an author, you're also an Entrepreneur running a Business
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